Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.7 million, representing a 100% year-over-year growth compared to $1.8 million in Q4 2023 [10][36] - Full year 2024 total net revenue was $14.6 million, up from $13.7 million in 2023 [36] - GAAP gross margin increased to 56.3% in Q4 2024 from 47% in the prior quarter and negative 147.3% in the year-ago quarter [38] - GAAP net loss for Q4 2024 was $1.6 million, a significant improvement from a net loss of $8.9 million in Q4 2023 [40] Business Line Data and Key Metrics Changes - Product revenue from memory integrated circuits and millimeter wave products in Q4 was $3.7 million, compared to $1.5 million in Q4 2023 [36] - Full year product revenue was $14.2 million, up from $12.9 million in the prior year [37] - Operating expenses decreased by 20% year-over-year in Q4 2024, despite revenue doubling [11] Market Data and Key Metrics Changes - The demand for fixed wireless access (FWA) is projected to grow significantly, with global FWA connections expected to reach 280 million by 2028 [17][19] - North American FWA has become the majority of all broadband net additions, with major carriers adding approximately 10.4 million FWA connections since 2021 [18] Company Strategy and Development Direction - The company is focusing on diversifying its customer base for mmWave solutions, having increased its customer count significantly over the past two years [53] - The DUNE mmWave platform is gaining traction in dense urban environments, addressing the challenges of high-speed connectivity [22] - The company is optimistic about the potential of the BEAD program to enhance funding for fixed wireless access technologies [25][27] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in customer demand and purchase orders, indicating the end of the inventory correction impacting fixed wireless access customers [20] - The company expects mmWave revenue for Q1 2025 to exceed the total revenue for the full year 2024, driven by increasing order backlog [35] Other Important Information - The company had $3.3 million in cash and cash equivalents as of December 31, 2024, up from $1.3 million at the end of Q3 2024 [42] - Adjusted EBITDA for Q4 2024 was negative $0.4 million, an improvement from negative $5.9 million in Q4 2023 [41] Q&A Session Summary Question: Can you provide details on the $3.6 million order and its fulfillment timeline? - Management indicated that the order fulfillment will be reasonably linear, with a slight weighting towards the second half of the year [50] Question: How are other customers trending regarding inventory? - Management expressed optimism about a more diverse customer base and indicated that the inventory crisis is over [53] Question: Are there developments in military applications? - Management confirmed ongoing engagements in military applications, with some expected to convert to production by 2026 [80] Question: What is the expected contribution from the BEAD program? - Management is hopeful that the BEAD program will start to show effects this year, with a focus on technology-neutral funding [84]

Peraso (PRSO) Q4 2024 Earnings Call March 19, 2025 11:03 PM ET Company Participants James Sullivan - Chief Financial OfficerRonald Glibbery - Co-Founder, CEO & DirectorKevin Liu - Founder & CEO Conference Call Participants David Williams - Equity Research Analyst Operator and welcome to PIRAZULINK's Fourth Quarter twenty twenty four Conference Call. At this time, all participants are in a listen only mode. As a reminder, this conference call is being recorded today, Wednesday, 03/19/2025. I would now like t ...

Peraso (PRSO) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to loss of $8.52 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.53%. A quarter ago, it was expected that this semiconductor technology company would post a loss of $0.17 per share when it actually produced a loss of $0.34, delivering a surprise of -100%.Over the last four quarters, the compa ...

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.7 million, representing a 100% year-over-year growth compared to $1.8 million in Q4 2023 [7][25] - Full year 2024 total net revenue was $14.6 million, up from $13.7 million in 2023 [25] - GAAP gross margin increased to 56.3% in Q4 2024 from 47% in the prior quarter and negative 147.3% in the year-ago quarter [26] - Non-GAAP gross margin for Q4 2024 was 71.6%, compared to 61.7% in the prior quarter and negative 116.6% in Q4 2023 [27] - GAAP net loss for Q4 2024 was $1.6 million, or a loss of $0.37 per share, compared to a net loss of $8.9 million, or $12.48 per share, in the same quarter a year ago [29] Business Line Data and Key Metrics Changes - Product revenue from memory integrated circuits and millimeter wave products in Q4 was $3.7 million, compared to $1.5 million in Q4 2023 [25] - Full year product revenue was $14.2 million, up from $12.9 million in the prior year [26] - Operating expenses decreased by 20% year-over-year in Q4 2024, despite revenue doubling [8] Market Data and Key Metrics Changes - The demand for fixed wireless access (FWA) is projected to increase significantly, with global connections expected to reach 280 million by 2028 [11][12] - North American FWA has become the majority of all broadband net additions since 2021, with major carriers adding approximately 10.4 million FWA connections [12] Company Strategy and Development Direction - The company is focusing on diversifying its customer base and expanding its market reach across new geographies and applications [9][10] - The introduction of the Dune MMA platform for dense urban applications is gaining traction, addressing the challenges of delivering reliable connectivity in populated areas [15] - The company is optimistic about the potential of its Wave technology in tactical defense and military applications, with initial production orders expected to commence in mid-2025 [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in customer demand and purchase orders, indicating the end of the inventory correction impacting fixed wireless access customers [13][39] - The company anticipates significant growth in MMwave revenue throughout 2025, driven by increasing order backlog and ramping customer production [24] - Management expressed optimism regarding the BEAD program, which aims to improve access to high-speed Internet and could benefit the company's solutions [19][63] Other Important Information - The company had $3.3 million in cash and cash equivalents as of December 31, 2024, compared to $1.3 million at the end of Q3 2024 [31] - Adjusted EBITDA for Q4 2024 was negative $400,000, an improvement from negative $5.9 million in Q4 2023 [30] Q&A Session Summary Question: Inquiry about the $3.6 million order and its fulfillment timeline - Management indicated that the order fulfillment will be reasonably linear throughout the year, with some weight towards the second half [36][37] Question: Trends in customer inventory and potential new orders - Management confirmed a more diversified customer base and expressed optimism about new orders coming in 2025 [38][39] Question: Engagement in military applications - Management stated that they are currently focused on a third of the potential military applications and have ongoing engagements for tactical communication [40][41] Question: Impact of AI trends on connectivity needs - Management noted that there is a growing demand for high-speed data transfer in enterprise environments, which aligns with the company's capabilities [45][46] Question: Expectations for millimeter wave sales ramp-up - Management expects a good increase in millimeter wave sales year-over-year, with some lumpiness in revenue from quarter to quarter [52][54] Question: Timeline for military applications to convert to production - Management indicated that most military opportunities are expected to convert to production in 2026, with the first application moving quickly [59][60] Question: Anticipated contributions from the BEAD program - Management expressed hope that the BEAD program will start to show effects this year, aligning with the administration's push for high-speed Internet access [62][63]

Revenue Performance - Fourth quarter total revenue increased 100% year-over-year to $3.7 million, compared to $1.8 million in the same quarter a year ago[1][4] - Full year 2024 total net revenue was $14.6 million, compared to $13.7 million in 2023, driven by increased shipments of memory IC products[10] - Total net revenue for Q4 2024 was $3,678 million, a 100% increase from $1,832 million in Q4 2023[23] - The company expects total net revenue for Q1 2025 to be in the range of $3.6 million to $4.0 million[14] - The company anticipates significant growth in mmWave revenue throughout 2025, with Q1 2025 expected to exceed full year 2024 revenue[4] Profitability and Margins - GAAP gross margin for the fourth quarter expanded to 56.3%, up from 47.0% in the prior quarter and negative 147.3% a year ago; non-GAAP gross margin reached 71.6%[5] - GAAP gross margin for 2024 was 51.7%, significantly improved from 13.6% in 2023; non-GAAP gross margin was 67.2%[11] - Gross profit for Q4 2024 was $2,069 million, compared to a gross loss of $2,699 million in Q4 2023, marking a significant turnaround[23] Operating Expenses - Total operating expenses on a GAAP basis decreased to $3.7 million in Q4 2024, down from $4.5 million in the prior quarter and $5.5 million a year ago[6] - Total operating expenses on a non-GAAP basis for 2024 were $14.9 million, down from $16.4 million in 2023, reflecting cost reduction initiatives[12] - Total operating expenses for the twelve months ended December 31, 2024, were $19,968 million, down from $22,497 million in 2023, a reduction of 11%[23] - Research and development expenses for the twelve months ended December 31, 2024, were $9,232 million, down from $14,398 million in 2023, indicating a 36% reduction[23] Net Loss - GAAP net loss for Q4 2024 was $1.6 million, or ($0.37) per share, an improvement from a net loss of $2.7 million in the prior quarter and $8.9 million a year ago[7][8] - The net loss for Q4 2024 was $1,560 million, a decrease from a net loss of $8,938 million in Q4 2023, representing an 83% improvement[30] - Non-GAAP net loss for Q4 2024 was $536 million, compared to a non-GAAP net loss of $6,098 million in Q4 2023, reflecting a 91% improvement[30] - The company reported a basic and diluted net loss per share of $0.37 for Q4 2024, significantly improved from $12.48 in Q4 2023[30] Cash and Assets - Cash and cash equivalents increased to $3,344 million in 2024 from $1,583 million in 2023, showing a growth of 111%[25] - Total assets decreased to $7,206 million in 2024 from $10,714 million in 2023, a decline of 33%[25] Other Financial Metrics - The change in fair value of warrant liabilities resulted in a gain of $44 million in Q4 2024, compared to a loss of $746 million in Q4 2023[30] - A $3.6 million purchase order for mmWave devices was received, expected to be fulfilled in 2025, indicating renewed demand from leading customers[3]

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 - 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]