Financial Performance - Net losses of approximately $9.2 million for the nine months ended September 30, 2024 and $16.8 million for the year ended December 31, 2023, with an accumulated deficit of approximately $175.6 million as of September 30, 2024[140] - The company incurred net losses of $9.2 million for the nine months ended September 30, 2024 and $16.8 million for the year ended December 31, 2023, raising substantial doubt about its ability to continue as a going concern[170][172] Revenue and Sales - Product revenue decreased by 11% to $3.811 million for the three months ended September 30, 2024, compared to $4.262 million in the same period of 2023[145] - Product revenue decreased by 7% to $10.596 million for the nine months ended September 30, 2024, compared to $11.385 million in the same period of 2023[145] - Memory IC product shipments increased to $3.677 million for the three months ended September 30, 2024, compared to $3.384 million in the same period of 2023[146] - mmWave IC product shipments decreased to $67,000 for the three months ended September 30, 2024, compared to $576,000 in the same period of 2023[146] - Non-cancelable purchase order backlog for memory IC products of $5.7 million as of September 30, 2024, with final shipments expected by March 31, 2025[147] - Royalty and other revenue decreased by 86% to $30,000 for the three months ended September 30, 2024, compared to $219,000 in the same period of 2023[149] - Royalty and other revenue decreased by 44% to $299,000 for the nine months ended September 30, 2024, compared to $531,000 in the same period of 2023[149] Cost and Expenses - Cost of net revenue decreased by 17% to $2.034 million for the three months ended September 30, 2024, compared to $2.445 million in the same period of 2023[150] - Cost of net revenue decreased by 26% to $5.431 million for the nine months ended September 30, 2024, compared to $7.346 million in the same period of 2023[150] - R&D expenses for the three months ended September 30, 2024 decreased by 38% to $2.2 million compared to $3.5 million in the same period of 2023, due to reduced salary and consulting costs[153][154] - R&D expenses for the nine months ended September 30, 2024 decreased by 31% to $7.6 million compared to $11.0 million in the same period of 2023[153] - SG&A expenses for the three months ended September 30, 2024 increased by 11% to $2.3 million compared to $2.1 million in the same period of 2023, primarily due to increased consulting and professional services costs[156][157] - SG&A expenses for the nine months ended September 30, 2024 increased by 4% to $6.6 million compared to $6.3 million in the same period of 2023[156] - The company recorded severance charges of approximately $0.4 million for each of the three and six months ended June 30, 2024, related to employee lay-offs[158] - The company expensed $1.6 million for non-cancelable software license commitments during the three months ended June 30, 2024[159] Gross Profit - Gross profit for the three months ended September 30, 2024 decreased by 11% to $1.8 million compared to $2.0 million in the same period of 2023, primarily due to decreased sales of mmWave IC and module products[152] - Gross profit for the nine months ended September 30, 2024 increased by 20% to $5.5 million compared to $4.6 million in the same period of 2023, driven by higher shipments of memory IC products[152] Liquidity and Capital Resources - As of September 30, 2024, the company had cash and cash equivalents of $1.3 million and working capital of $0.4 million[161] - The company's existing cash and cash equivalents as of September 30, 2024, along with proceeds from the warrant inducement offering and expected product sales, are projected to fund operating needs into Q2 2025[178] - Variability in the operating forecast, driven by product sales, customer licensing, NRE transactions, and timing of expenditures, could impact the company's cash runway[178] - The company may need to secure additional capital or financing, or significantly delay, defer, or reduce cash expenditures over the next two quarters to continue operations beyond the current forecast[179] Off-Balance Sheet Arrangements and Indemnifications - The company does not maintain any off-balance sheet arrangements that could materially affect its financial condition, results of operations, liquidity, or capital resources[180] - Indemnification agreements with officers and directors, as well as contractual indemnifications, are not reflected in the condensed consolidated financial statements for the three and nine months ended September 30, 2024[180]

Company Performance - Peraso reported a quarterly loss of $0.34 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.17, and a significant improvement from a loss of $1.60 per share a year ago, indicating a surprise of -100% [1] - The company posted revenues of $3.84 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 3.98%, and down from $4.48 million in the same quarter last year [2] - Over the last four quarters, Peraso has surpassed consensus EPS estimates only once, while it has topped consensus revenue estimates three times [2] Stock Performance - Peraso shares have declined approximately 90% since the beginning of the year, contrasting sharply with the S&P 500's gain of 25.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $4.38 million, and for the current fiscal year, it is -$1.33 on revenues of $15.43 million [7] Industry Outlook - The Technology Services industry, to which Peraso belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics - Total net revenue for Q3 2024 was $3.8 million, down from $4.2 million in Q2 2024 and $4.5 million in Q3 2023 [35] - Product revenue from memory ICs and millimeter-wave products was $3.8 million in Q3 2024, compared to $4.1 million in Q2 2024 and $4.3 million in Q3 2023 [35] - GAAP gross margin decreased to 47% in Q3 2024 from 55.5% in Q2 2024 and 45.4% in Q3 2023 [36] - Non-GAAP gross margin was 61.7% in Q3 2024, down from 68.8% in Q2 2024 and 58% in Q3 2023 [37] - GAAP operating expenses decreased to $4.5 million in Q3 2024 from $6.8 million in Q2 2024 and $5.6 million in Q3 2023 [38] - Non-GAAP operating expenses were $3.3 million in Q3 2024, down from $4.9 million in Q2 2024 and $4 million in Q3 2023 [38] - GAAP net loss for Q3 2024 was $2.7 million, or $0.98 per share, compared to a net loss of $4.4 million, or $1.88 per share, in Q2 2024 and a net loss of $0.6 million, or $0.87 per share, in Q3 2023 [39] - Non-GAAP net loss for Q3 2024 was $0.9 million, or $0.34 per share, compared to a net loss of $2.1 million, or $0.88 per share, in Q2 2024 and a net loss of $1.1 million, or $1.56 per share, in Q3 2023 [40] - Adjusted EBITDA was negative $0.8 million in Q3 2024, compared to negative $1.9 million in Q2 2024 and negative $0.9 million in Q3 2023 [42] Business Line Data and Key Metrics - Memory IC shipments increased sequentially to $3.7 million in Q3 2024 from $3.4 million in Q2 2024 [10] - The company has a remaining purchase order backlog of $5.7 million for memory ICs, expected to be fulfilled by Q1 2025 [10] - The company has 82 new funnel opportunities and 23 active engagements in the millimeter-wave solutions pipeline [14] - Nine prior design engagements have been converted to in-production wins [15] - Recent wins include SAF TEHNIKA's FreeMile 60 radio and Miliwave's MWC-932 product, both utilizing Peraso's millimeter-wave modules [16][17] - A follow-on purchase order of $1.4 million was secured from a South African WISP for the DUNE millimeter-wave platform [21] - Another DUNE order was announced from a WISP in Kenya, targeting improved internet services for 22.7 million users [23] Market Data and Key Metrics - The company is focusing on fixed wireless access and tactical military communications markets [9] - Recent customer wins have been announced in Africa, Asia, and other global regions [13] - The DUNE platform is being deployed in dense urban environments, particularly in Africa, where reliable low-power connectivity is essential [20][22] - The company is participating in the 2024 Africa Tech Festival to promote millimeter-wave solutions [25] - The company secured an initial purchase order from a military customer for millimeter-wave modules, with shipments expected in Q1 2025 [27][28] Company Strategy and Industry Competition - The company is focused on reducing costs and increasing efficiencies, resulting in a 20% year-over-year decrease in operating expenses [8] - The company is expanding its sales funnel across diverse geographies and applications, with a focus on converting engagements into production orders [12][33] - The company is leveraging the US government's BEAD program, which provides $42 billion in grants for high-speed internet infrastructure, to expand market opportunities for its millimeter-wave technology [31][32] - The company is targeting tactical defense and military applications, with a focus on secure, high-speed communication platforms [26][29] Management Commentary on Operating Environment and Future Outlook - The broader macro environment and prolonged inventory adjustments remain challenges, but the company is making progress in customer engagements [9] - The company expects total revenue for the second half of 2024 to increase over the first half and represent double-digit growth over the prior year period [33] - For Q4 2024, the company expects total net revenue to be in the range of $3.6 million to $4 million [48] Other Important Information - The company had $1.3 million in cash and equivalents as of September 30, 2024, with a cash burn of $0.6 million from the prior quarter [44] - The company raised $2.9 million through the exercise of Series B warrants [45] Q&A Session Summary Q: When will the design wins translate into revenue? - The company expects to see an inflection point in Q1 2025, with shipments resuming as backlog builds [50] Q: Is inventory being worked through in North America? - Inventory adjustments are being seen both in North America and with other customers, with green shoots expected in Q4 and new customers coming online in Q1 [52][53] Q: Are fixed wireless access deployments coming from existing providers or startups? - Over 95% of the company's engagements are with experienced WISPs, many of whom are replacing 5G systems due to congestion issues [55] Q: Will there be a transition from 5G to 60 GHz in North America? - The company believes the transition is likely, especially with the BEAD program potentially adopting a tech-neutral approach that includes millimeter-wave solutions [56][57] Q: Is BEAD funding being spent on fiber now? - BEAD funding is still in the early stages, with funds expected to trickle out in 2025 and 2026 [59] Q: What is the size of the military contract and when will shipments begin? - The military contract is material to the company's business, with volume shipments expected in Q2 2025 [61][63]

Revenue Performance - Total net revenue for Q3 2024 was $3.8 million, a decrease from $4.5 million in Q3 2023, representing a year-over-year decline of approximately 16%[4] - Product revenue for Q3 2024 was $3.8 million, down from $4.3 million in the same quarter last year, indicating a year-over-year decrease of about 12%[4] - The company expects total net revenue for Q4 2024 to be in the range of $3.6 million to $4.0 million[12] - Total net revenue for the three months ended September 30, 2024, was $3,841 million, a decrease from $4,481 million in the same period last year, representing a decline of 14.3%[20] Gross Margin - GAAP gross margin for Q3 2024 was 47.0%, compared to 45.4% in Q3 2023, showing a year-over-year improvement of 1.6 percentage points[5] - Non-GAAP gross margin for Q3 2024 was 61.7%, down from 58.0% in the same quarter last year, reflecting a decrease of 3.7 percentage points[5] - Non-GAAP gross profit for the three months ended September 30, 2024, was $2,371 million, which is 61.7% of total revenue, compared to 58.0% in the same period last year[23] Operating Expenses - Total operating expenses on a GAAP basis decreased to $4.5 million in Q3 2024 from $5.6 million in Q3 2023, a reduction of approximately 20%[6] - Operating expenses totaled $4,507 million for the three months ended September 30, 2024, down from $5,596 million in the same period last year, a reduction of 19.5%[20] - Research and development expenses for the three months ended September 30, 2024, were $2,158 million, up from $3,484 million year-over-year, indicating an increase of 18.5%[20] Net Loss - GAAP net loss for Q3 2024 was $2.7 million, an improvement from a net loss of $4.4 million in the prior quarter[7] - The net loss for the three months ended September 30, 2024, was $2,712 million, compared to a net loss of $623 million in the same period last year, representing an increase in loss of 335.5%[20] - Non-GAAP net loss for the three months ended September 30, 2024, was $940,000, an improvement from a loss of $1,115,000 in the prior year[26] - The company reported a net loss per share of $0.98 for the three months ended September 30, 2024, compared to a loss of $0.87 in the same period last year[24] Assets and Liabilities - Total current assets decreased to $5,246 million as of September 30, 2024, from $5,540 million at the end of December 2023, a decline of 5.3%[21] - Total liabilities decreased to $5,169 million as of September 30, 2024, from $6,631 million at the end of December 2023, a reduction of 22.0%[22] - Stockholders' equity decreased to $2,026 million as of September 30, 2024, from $4,083 million at the end of December 2023, a decline of 50.5%[22] Other Financial Metrics - Adjusted EBITDA for Q3 2024 was negative $0.8 million, an improvement from negative $0.9 million in the same quarter last year[8] - Adjusted EBITDA for the three months ended September 30, 2024, was $(773,000), compared to $(867,000) in the same quarter of 2023[26] - Stock-based compensation expense for the three months ended September 30, 2024, totaled $960,000, down from $1,308,000 in the previous year[26] - Total stock-based compensation for the nine months ended September 30, 2024, was $3,337,000, down from $3,934,000 in the previous year[26] - Interest expense for the three months ended September 30, 2024, was $2,000, down from $6,000 in the same quarter of 2023[26] Orders and Backlog - The company secured a $1.4 million follow-on order from a South African WISP during the quarter, indicating growing momentum for its DUNE platform[3] - The company had approximately $5.7 million of remaining order backlog for its memory IC products at the end of Q3 2024[4]

Revenue Performance - For the three months ended June 30, 2024, product revenue increased to $4.1 million, an 84% increase from $2.2 million in the same period of 2023[129] - Revenue from memory ICs for the three months ended June 30, 2024, was $3.4 million, up from $1.6 million in the same period of 2023[130] - The company expects revenues to increase in 2024 compared to 2023, driven by anticipated sales of memory IC products based on EOL purchase orders[131] - Royalty and other revenue decreased to $129,000 for the three months ended June 30, 2024, a 23% decline from $168,000 in the same period of 2023[132] Profitability - The gross profit margin for the three months ended June 30, 2024, improved to 55% compared to 25% in the same period of 2023[134] - Gross profit for the three months ended June 30, 2024, was $2,351,000, a 287% increase from $608,000 in 2023, representing 55% of total net revenue[136] - Gross profit for the six months ended June 30, 2024, was $3,657,000, a 44% increase from $2,535,000 in 2023, representing 52% of total net revenue[136] Expenses - Research and development expenses for the three months ended June 30, 2024, were $2,644,000, a 28% decrease from $3,668,000 in 2023, representing 62% of total net revenue[137] - Research and development expenses for the six months ended June 30, 2024, were $5,457,000, a 28% decrease from $7,555,000 in 2023, representing 77% of total net revenue[137] - Selling, general and administrative expenses for the three months ended June 30, 2024, were $2,141,000, an 8% increase from $1,977,000 in 2023, representing 51% of total net revenue[139] - Selling, general and administrative expenses for the six months ended June 30, 2024, were $4,243,000, a 1% increase from $4,219,000 in 2023, representing 60% of total net revenue[139] Losses and Financial Position - The company incurred net losses of approximately $6.5 million for the six months ended June 30, 2024, and an accumulated deficit of approximately $173 million as of the same date[124] - The company incurred net losses of approximately $6.5 million for the six months ended June 30, 2024, and $16.8 million for the year ended December 31, 2023[146] - The company expects to continue incurring operating losses and will need to secure additional capital to sustain operations beyond 2024[147] - Cash and cash equivalents as of June 30, 2024, were $1.9 million, with working capital of $1.1 million[142] - Net cash used in operating activities for the first six months of 2024 was $3.2 million, primarily due to a net loss of $6.5 million[142] Corporate Actions - The company completed a 1-for-40 reverse stock split effective January 2, 2024, to consolidate its outstanding shares[125] - The company initiated an end-of-life (EOL) for its memory IC products in May 2023, with expected final shipments by March 31, 2025, and a non-cancelable purchase order backlog of $9.1 million as of June 30, 2024[131] - The company anticipates increased sales of mmWave products over the next 12 months as new customers are expected to commence production during 2024[131] Indemnification Agreements - The company has entered into contractual arrangements for indemnifications related to breaches of representations and warranties, with no material amounts reflected in the financial statements for the three and six months ended June 30, 2024[155] - Indemnification agreements have been established with the company's officers and directors, but no significant financial impact has been reported[155]

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $4.2 million, exceeding the high end of guidance, representing over 50% sequential growth and more than 70% year-over-year growth [6][16] - GAAP gross margin increased to 55.5% from 46.4% in the prior quarter and 25.3% year-over-year, while non-GAAP gross margin rose to 68.8% from 66.4% sequentially and 45.9% year-over-year [17] - GAAP net loss for Q2 2024 was $4.4 million or a loss of $1.88 per share, compared to a net loss of $2 million or $1.07 per share in the prior quarter and a net loss of $4.1 million or $6.68 per share in the same quarter a year ago [19] Business Line Data and Key Metrics Changes - Product revenue from memory integrated circuits and millimeter-wave products was $4.1 million, compared to $2.7 million in the prior quarter and $2.2 million in the same quarter last year, with approximately 80% from memory and 20% from millimeter-wave [16][33] - Shipments of end-of-life memory IC products increased to approximately $3.4 million from $2.4 million in the prior quarter, with a remaining backlog of approximately $9.1 million [7][16] Market Data and Key Metrics Changes - The company is focusing on expanding its millimeter-wave business across diverse geographies and end markets, with a current engagement pipeline of 95 total engagements, up more than 25% compared to the previous year [10][12] - The DUNE platform received its first volume production order from a South African service provider, indicating strong market interest and potential for future orders [11][12] Company Strategy and Development Direction - The company aims to convert existing customer engagements into production orders for millimeter-wave products and expects ongoing shipments of memory IC products to contribute to revenue and cash flow [15] - The anticipated guidance from the NTIA regarding funding for unlicensed spectrum fixed wireless access could significantly expand market opportunities for the company [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong design activity in millimeter-wave technology, particularly in fixed wireless access and military applications, indicating a robust pipeline for future growth [23][24] - The company expects total revenue for the second half of 2024 to increase over the first half, with Q3 2024 revenue projected between $3.8 million and $4.2 million [21] Other Important Information - GAAP operating expenses for Q2 2024 were $6.8 million, up from $4.9 million in the prior quarter, primarily due to severance and software license charges [18] - The company had $1.9 million in cash as of June 30, 2024, a decrease of approximately $0.6 million during the quarter [20] Q&A Session Summary Question: Can you talk about the expansion in your engagement pipeline and customer diversity? - Management noted strong design activity in millimeter-wave technology and increasing opportunities in fixed wireless access, with new opportunities arising almost weekly [22][23] Question: How do you view the Wi-Fi 8 opportunity and development? - The company is considering collaboration with existing players rather than significant capital investment, focusing on fixed wireless and military applications for now [25][26] Question: What is the size of the market opportunity for the DUNE platform? - Management indicated that deployment is ready, and the speed of service provider adoption will determine revenue generation [27][28] Question: What is the potential impact of BEAD funding on fixed wireless access? - Management estimated that around 20 million homes in North America could benefit from fixed wireless technology, with expectations for funding eligibility to be announced soon [30][31] Question: Can you elaborate on military engagements? - The company has ongoing proof of concept deals and is seeing strong interest due to the stealth capabilities of their technology [39][40]

Company Performance - Peraso reported a quarterly loss of $0.88 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.29, representing an earnings surprise of -203.45% [1] - The company posted revenues of $4.24 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 0.91%, and showing a year-over-year increase from $2.4 million [2] - Over the last four quarters, Peraso has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Movement and Outlook - Peraso shares have declined approximately 89% since the beginning of the year, contrasting with the S&P 500's gain of 12% [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at -$0.09 on $5 million in revenues for the upcoming quarter and -$1.16 on $18.02 million in revenues for the current fiscal year [7] Industry Context - The Technology Services industry, to which Peraso belongs, is currently ranked in the top 38% of over 250 Zacks industries, indicating a favorable environment for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Total revenue for Q2 2024 was $4.2 million, a 50.5% increase sequentially and over 70% year-over-year[2] - GAAP gross margin expanded to 55.5%, up from 46.4% in the prior quarter and 25.3% a year ago; non-GAAP gross margin reached 68.8%[4] - Product revenue for Q2 2024 was $4.1 million, compared to $2.7 million in the prior quarter and $2.2 million a year ago[4] - GAAP net loss for Q2 2024 was $4.4 million, or ($1.88) per share, compared to a net loss of $2.0 million, or ($1.07) per share, in the prior quarter[6] - Non-GAAP net loss for Q2 2024 was $2.1 million, or ($0.88) per share, compared to a net loss of $1.6 million, or ($0.83) per share, in the prior quarter[6] - GAAP net loss for the three months ended June 30, 2024, was $4,425,000 compared to a loss of $4,086,000 for the same period in 2023, reflecting a 8.3% increase in losses[18] - Non-GAAP net loss for the six months ended June 30, 2024, was $3,648,000, a decrease of 26.9% compared to $4,998,000 for the same period in 2023[21] - GAAP gross profit for the three months ended June 30, 2024, was $2,351,000, with a gross margin of 55.5%, compared to $608,000 and 25.3% in the same period of 2023[20] - Non-GAAP gross profit for the three months ended June 30, 2024, was $2,915,000, representing a gross margin of 68.8%, compared to $1,103,000 and 45.9% in the same period of 2023[20] Operational Highlights - The increase in revenue was primarily driven by increased shipments of end-of-life memory IC products and a new volume production order for mmWave antenna modules[2] - The company is focused on converting existing customer engagements into production orders for mmWave products and platform solutions[3] - The company ended Q2 2024 with a memory IC product backlog of approximately $9.1 million, expected to be fulfilled by Q1 2025[3] Expenses and Liabilities - Total operating expenses on a GAAP basis for Q2 2024 were $6.8 million, compared to $4.9 million in the prior quarter[5] - Total current liabilities increased to $5,600,000 as of June 30, 2024, from $4,534,000 on December 31, 2023, indicating a 23.5% rise[16] - Stock-based compensation expense for the three months ended June 30, 2024, was $1,155,000, down from $1,319,000 in the same period of 2023, a decrease of 12.4%[21] Assets and Cash Flow - Total current assets increased to $6,744,000 as of June 30, 2024, up from $5,540,000 on December 31, 2023, representing a 21.7% increase[16] - Cash and cash equivalents increased to $1,868,000 as of June 30, 2024, compared to $1,583,000 on December 31, 2023, a growth of 18.0%[16] - Total assets decreased to $9,759,000 as of June 30, 2024, down from $10,714,000 on December 31, 2023, a decline of 8.9%[16] Future Outlook - The company expects total net revenue for Q3 2024 to be in the range of $3.8 million to $4.2 million[7] - Adjusted EBITDA for the three months ended June 30, 2024, was $(1,906,000), an improvement from $(2,769,000) in the same period of 2023[21]

Group 1: Momentum Investing Overview - Momentum investing contrasts with the traditional "buy low and sell high" strategy, focusing instead on "buying high and selling higher" to capitalize on fast-moving stocks [1] - Identifying the right entry point for trending stocks can be challenging, as they may lose momentum if future growth does not justify their high valuations [1] Group 2: Investment Strategy - A safer investment approach involves targeting bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [2] - The 'Fast-Paced Momentum at a Bargain' screen is effective in spotting fast-moving stocks that remain attractively priced [2] Group 3: Peraso (PRSO) Stock Analysis - Peraso (PRSO) has shown a four-week price change of 9.3%, indicating growing investor interest and positioning it well within the momentum investing framework [3] - Over the past 12 weeks, PRSO has gained 9.3%, demonstrating its ability to deliver positive returns over a longer timeframe [4] - PRSO has a beta of 1.82, suggesting it moves 82% more than the market in either direction, indicating fast-paced momentum [4] Group 4: Valuation and Earnings Estimates - PRSO has a Momentum Score of B, suggesting it is an opportune time to invest in the stock to leverage its momentum [5] - The stock has a Zacks Rank 2 (Buy) due to an upward trend in earnings estimate revisions, which typically attracts more investor interest [6] - PRSO is trading at a Price-to-Sales ratio of 0.36, indicating it is relatively cheap, as investors pay only 36 cents for each dollar of sales [6] Group 5: Additional Investment Opportunities - Besides PRSO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-32929 PERASO INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer Incorpor ...