BOSTON, May 15, 2024  -- Zapata Computing Holdings Inc. (“Zapata AI”) (Nasdaq: ZPTA), the Industrial Generative AI company, today announced its financial results for the first quarter of 2024 and provided a business update.

Business Highlights

• Completed business combination with Andretti Acquisition Corp. on March 28, 2024 and commenced trading on the Nasdaq under the ticker ZPTA on April 1, 2024
• Entered into a $1 million commercial expansion agreement with Andretti Global, broadening the scope of an already multi-year partnership and the companies' co-branding and marketing relationship, and resulting in 43% sequential growth in quarterly bookings
• Ramped up existing collaboration with Sumitomo Mitsui Trust Bank, applying generative AI to simulate financial scenarios and more accurately price derivatives and value adjustments
• Along with collaboration partners, Zapata AI demonstrated the first instance of a generative model running on quantum hardware outperforming state-of-the-art classical models in generating viable cancer drug candidates
• Partnered with D-Wave on a strategic technical and commercial collaboration agreement to advance quantum-enabled machine learning, with an initial focus on the discovery of new molecules, such as drugs, chemicals and materials
• On May 14, 2024, announced a strategic collaboration with Tech Mahindra that leverages Zapata AI’s quantum-based generative AI on offerings that enhance operational efficiencies and customer responsiveness for Tech Mahindra’s global telecom customers

Financial highlights

• Revenue of in $1.22 million in Q1 2024 versus $1.51 million in Q1 2023
• Operating loss of $5.08 million in Q1 2024 versus $5.09 million in Q1 2023
• Cash used by operating activities of $2.15 million in Q1 2024 versus $5.32 million in Q1 2023
• Cash and cash equivalents of $7.25 million, excluding $0.14 million of restricted cash, as of March 31, 2024 versus $3.33 million at December 31, 2023
• $5.4 million in capital raised subsequent to the end of Q1 2024 as of May 10, 2024