Financial Data and Key Metrics Changes - Total net revenue for Q4 2023 was $1.8 million, down from $4.5 million in the prior quarter and $3.9 million in the same quarter a year ago [68] - GAAP gross margin was negative 147.3% in Q4 2023, compared to positive 45.4% in the prior quarter and 44.2% in the year-ago quarter [10] - GAAP net loss for Q4 2023 was $8.9 million or a loss of $12.48 per share, compared to a net loss of $0.6 million or $0.87 per share in the prior quarter [12] - For the full year 2023, total net revenue was $13.7 million, down from $14.9 million in the prior year [68] Business Line Data and Key Metrics Changes - Product revenue from memory integrated circuits and millimeter wave antenna solutions in Q4 was $1.5 million, down from $4.3 million in the prior quarter and $3.8 million in Q4 2022 [34] - Non-GAAP gross margin for Q4 was negative 116.6%, compared to positive 58% in the prior quarter [69] - Non-GAAP operating expenses for Q4 were $4 million, consistent with the prior quarter and down from $4.8 million in the same quarter a year ago [70] Market Data and Key Metrics Changes - The company reported an increase in active engagements from 18 to 25 over the past six months, indicating a growing interest in their mmWave solutions [30] - The company is expanding its market reach beyond North America, targeting both rural and urban applications [31][90] Company Strategy and Development Direction - The company aims to diversify its customer base and reduce time to market, achieving a significant reduction in the time from customer engagement to deployment [25][64] - The introduction of the DUNE platform for fixed wireless access is designed for dense urban environments, providing a cost-effective solution for WISPs [32][90] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2024, citing an expanding engagement pipeline and renewed customer demand for fixed wireless access [33][60] - The company anticipates revenue growth to resume in Q1 2024, with expectations of double-digit growth for the full year [60] Other Important Information - The company had cash and cash equivalents of approximately $1.6 million as of December 31, 2023, and generated cash flow of approximately $0.9 million during Q4 2023 [13] - The company completed a public offering in February 2024, generating net proceeds of approximately $3.4 million [13] Q&A Session Summary Question: What is the outlook for customer demand and inventory issues? - Management indicated that the current demand is a combination of clearing existing inventory and renewed customer demand for fixed wireless access [75] Question: How long is the typical design cycle for new products? - The company noted that the time to market has significantly improved, now averaging around nine months for new customer engagements [55] Question: Is the company reaching a tipping point for fixed wireless access? - Management expressed optimism about reaching a tipping point, especially in urban environments where traditional Wi-Fi solutions struggle [102] Question: What is the expected mix of memory IC versus millimeter wave sales in Q1? - The guidance indicated that sales will predominantly come from memory ICs, with millimeter wave sales expected to remain flat compared to Q4 [104]

Revenue Performance - Total net revenue for Q4 2023 was $1.8 million, a decrease of 60% from $4.5 million in the prior quarter and 54% from $3.9 million year-over-year[4]. - Product revenue for Q4 2023 was $1.5 million, down 65% from $4.3 million in the prior quarter and 61% from $3.8 million in the same quarter last year[4]. - Total net revenue for the full year 2023 was $13.7 million, down from $14.9 million in 2022, with product revenue decreasing to $12.9 million from $14.2 million[11]. - The company expects total net revenue for Q1 2024 to be in the range of $2.6 million to $2.9 million[15]. - Total net revenue for Q4 2023 was $1,832 million, a decrease of 53.0% compared to $3,887 million in Q4 2022[24]. Profitability and Loss - GAAP gross margin for Q4 2023 was negative 147.3%, compared to 45.4% in the prior quarter and 44.2% in the same quarter last year, primarily due to a $3.0 million inventory write-down[5]. - Non-GAAP net loss for Q4 2023 was $6.1 million, or ($8.52) per share, compared to a net loss of $1.1 million, or ($1.56) per share, in the prior quarter[8]. - GAAP gross margin for 2023 was 13.6%, a significant decline from 40.1% in 2022, attributed to the inventory write-down in Q4 2023[12]. - The net loss for Q4 2023 was $8,938 million, compared to a net loss of $14,593 million in Q4 2022, representing a 38.1% improvement[24]. - Non-GAAP net loss for Q4 2023 was $6,098 million, compared to a non-GAAP net loss of $2,775 million in Q4 2022[28]. Expenses - Total operating expenses on a GAAP basis for 2023 were $22.5 million, down from $38.3 million in 2022[13]. - Research and development expenses for Q4 2023 were $3,359 million, down from $4,130 million in Q4 2022, a decrease of 18.7%[24]. - Total operating expenses for Q4 2023 were $5,533 million, down from $16,248 million in Q4 2022, a decrease of 66.0%[24]. Cash and Assets - Cash, cash equivalents, and investments decreased to $1,583 million in Q4 2023 from $2,906 million in Q4 2022, a decline of 45.5%[26]. - Total assets decreased to $10,714 million in Q4 2023 from $22,486 million in Q4 2022, a reduction of 52.4%[26]. - Total liabilities decreased to $6,631 million in Q4 2023 from $7,229 million in Q4 2022, a decrease of 8.3%[26]. Order Backlog and Financing - The company has a remaining total order backlog of over $12 million for memory IC products, indicating potential revenue growth[2]. - The company completed a public offering resulting in net proceeds of approximately $3.4 million to strengthen its cash position[10].

Peraso Inc. (NASDAQ:PRSO) Q3 2023 Earnings Call Transcript November 13, 2023 5:00 PM ET Company Participants Jim Sullivan - CFO Ron Glibbery - CEO Conference Call Participants Kevin Liu - K. Liu & Company David Williams - Benchmark Operator Good afternoon and welcome to Peraso Inc.'s Third Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded today, Monday, November 13, 2023. I would now like to t ...

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 September 30, 2023 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) | Delaware | 77-0291941 | | --- | --- | | (State or o ...

Peraso Inc. (NASDAQ:PRSO) Q2 2023 Earnings Conference Call August 14, 2023 5:00 PM ET Company Participants Jim Sullivan – Chief Financial Officer Ron Glibbery – Chief Executive Officer Conference Call Participants Kevin Liu – K. Liu & Company David Williams – Benchmark Operator Good afternoon, and welcome to Peraso Inc.'s Second Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded today, Monday, ...

UNLEASH THE POWER OF mmWAVE SECOND QUARTER 2023 EARNINGS CONFERENCE CALL This presentation is for information purposes only. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, we makes no representation or warrant with respect to the accuracy of such information. Trademarks and trade names referred to in this presentation are the property of their respective owners. We do not intend our ...

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 June 30, 2023 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 Incorpora ...

Peraso Inc. (NASDAQ:PRSO) Q1 2023 Earnings Conference Call May 16, 2023 8:30 AM ET Company Participants Jim Sullivan - Chief Financial Officer Ron Glibbery - Chief Executive Officer Conference Call Participants David Williams - Benchmark Company Kevin Liu - K. Liu & Company Timothy Savageaux - Northland Capital Markets Operator Good morning and welcome to Peraso Inc.'s First Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, Tuesday, May 16, 20 ...

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (408) 418-7500 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Commission file number 000-32929 PERASO INC. (Exact name of reg ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-32929 PERASO INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 2309 Bering Drive San Jose, California 95131 (A ...