The following is a summary of the Zapata Computing Holdings Inc. (ZPTA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Zapata Computing Holdings reported Q1 2024 revenues of $1.22 million, a decrease from $1.5 million in Q1 2023 due to the completion of certain customer contracts.

• Gross margin remained flat at 14%, and operating costs were $5.24 million versus $5.3 million in Q1 2023.

• The company reported a GAAP operating loss of $5.08 million and a GAAP net loss of $22.32 million.

• They raised a total of $6.1 million through financing activities in Q1 2024 and additional capital post-Q1 2024.

Business Progress:

• Zapata formed strategic partnerships with Tech Mahindra, One Stop Systems, and D-Wave and continued their collaboration with Insilico Medicine, University of Toronto, and Harvard University.

• They created viable cancer drug candidates using quantum-enhanced generative AI and continued to innovate in creating tools for predicting hazardous conditions in racing.

• Ongoing discussions are taking place with potential customers in diverse sectors, indicating promising growth in their pipeline.

• The company is enhancing its team and IP portfolio and has demonstrated significant operational successes, notably in environments like IndyCar racing and network intrusion detection for carriers.

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