Financial Data and Key Metrics Changes - Total revenue for Q4 2021 was $1.9 million, down from $5.9 million in Q4 2020. For the full year 2021, total revenue was $5.7 million, compared to $9.1 million in 2020 [43] - Product revenue in Q4 2021 was $1.9 million, a significant increase from $0.3 million in the prior quarter, marking over a 6x increase year-over-year. Full-year product revenue was $4.9 million, up more than 3 times from $1.5 million in 2020 [43][44] - Gross margin for Q4 2021 was 30.4%, down from 89.2% in the prior year quarter. Full-year gross margin was 42.4%, compared to 80.8% in 2020 [46][47] - GAAP operating expenses for Q4 2021 were $5.3 million, up from $3.3 million in the year-ago period. Full-year operating expenses were $18.5 million, compared to $15.5 million in 2020 [50][51] Business Line Data and Key Metrics Changes - The company commenced selling millimeter wave modules in 2021, which contributed to product revenue growth in both Q4 and full-year 2021 [44] - Licensing and other revenue for Q4 2021 was negative $27,000, down from $5.6 million in Q4 2020. Full-year licensing and other revenues were $0.8 million, compared to $7.6 million in 2020 [45] Market Data and Key Metrics Changes - The company is positioned in the millimeter wave technology market, which is expected to grow significantly due to increasing demand for bandwidth driven by video applications and the proliferation of 5G technology [12][14] - The total addressable market (TAM) for 5G millimeter wave for consumer premise and hotspot applications is estimated to be $3 billion over the next three years [12] Company Strategy and Development Direction - The company aims to expand its product line from existing 60-gigahertz mmWave products to include 5G mmWave products, leveraging its established technology and customer relationships [12][20] - Peraso has developed a strategy focused on millimeter wave modules, controlling most aspects of the module IP, which allows for competitive pricing and performance [26][27] Management's Comments on Operating Environment and Future Outlook - Management highlighted the exponential increase in wireless bandwidth demand driven by new users and video traffic, indicating that existing spectrum has capacity limitations [59] - The company believes it is well-positioned for growth in the coming years, particularly with the global expansion of 5G mmWave technology [12][60] Other Important Information - The company completed a business combination with MoSys in December 2021, which has provided additional product lines and revenue visibility [41][38] - Cash, cash equivalents, and investments as of December 31, 2021, were $18.1 million, significantly up from $1.7 million at the end of 2020 [56] Q&A Session Summary Question: Can you discuss the challenges in shipping within the 5G frequency range? - Management indicated that they are currently shipping at 60-gigahertz and are reducing frequency for 5G from 24 to 43-gigahertz, suggesting that their experience is applicable to 5G technology [66] Question: How do you view the adoption cycle for 5G and fixed wireless equipment? - Management noted that Verizon's millimeter wave usage has increased by 856% year-over-year, indicating a positive trend in the adoption of millimeter wave technology [68] Question: What is the outlook for the balance sheet and cash burn rate? - Management expressed confidence that they have adequate cash to support their business plan and continue investing in product development [70] Question: Any surprises from the MoSys combination? - Management reported a positive outlook for the MoSys memory products, with existing design wins and a strong gross margin expected [72]

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, 2021 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 MOSYS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction (I.R.S. Employer of Inco ...

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, 2021 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 MOSYS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction (I.R.S. Employer of Incorpora ...

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, 2021 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 MOSYS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction (I.R.S. Employer of Incorpor ...

Financial Performance - The company recorded a net loss of approximately $3.8 million for the year ended December 31, 2020, with an accumulated deficit of approximately $242.7 million[75]. - The company expects a decrease in 1T-SRAM royalty revenues compared to historical results, with no guarantee that IC product revenues will replace these losses in the near future[104]. - For the year ended December 31, 2020, the company's three largest customers accounted for approximately 66% of total revenue, up from 61% in 2019, indicating high revenue concentration risks[105]. - At December 31, 2020, four customers represented 79% of total trade receivables, posing credit risks that could negatively affect cash flow and financial condition[107]. - The semiconductor industry is cyclical, and downturns can negatively impact revenue and profitability, with past downturns lasting several years[103]. - The company had over $200 million of net operating loss (NOL) carryforwards for U.S. federal tax purposes as of December 31, 2020[126]. - The company may incur additional debt in the future, which could negatively impact its financial condition if it violates terms of indebtedness[125]. Strategic Objectives - The ongoing development of the Virtual Accelerator Engine (VAE) product line is a principal strategic objective, involving significant risks and resource allocation[84]. - Future revenue growth is dependent on winning designs with existing and new customers, as well as retaining current customers[88]. - The company faces challenges in product development, manufacturing, and market acceptance, which could hinder revenue growth and strategic objectives[98]. Manufacturing and Supply Chain Risks - The company relies on TSMC for manufacturing, and any issues with yields or quality could negatively impact operating margins and customer relationships[91]. - The company relies on third-party contract manufacturers for a significant portion of revenue, and any financial difficulties faced by these manufacturers could adversely affect sales[113]. - The reliance on independent foundries and contractors for manufacturing poses risks, as any failure to deliver could damage customer relationships and sales[114]. - The company has experienced increased lead times for wafers and substrates due to COVID-19 but has managed to satisfy customer orders timely[77]. Market and Competitive Landscape - The design win process for IC products is lengthy and competitive, with no guarantee of revenue, which poses risks to the company's financial results[89]. - The lengthy sales cycle for IC products ranges from six to 24 months, making it difficult to predict revenue timing and success in the market[102]. - The company has not actively pursued new license arrangements for 1T-SRAM technologies, leading to anticipated declines in royalty revenue[104]. Intellectual Property and Employment - The company relies on a combination of patents, trademarks, and trade secret laws to protect its intellectual property rights, but existing patents may not provide sufficient protection[123]. - The company has not entered into employment agreements with key personnel, which could negatively affect technology development and strategic relationships[124]. Financial and Regulatory Risks - The company may face financial risks from future acquisitions, including increased costs and potential dilution of earnings per share[129]. - The company is subject to continued listing requirements on the Nasdaq, including a minimum stockholders' equity of $2.5 million and a market value of listed securities of at least $35 million[137]. - If the company experiences an "ownership change," it may face limitations on utilizing its NOL carryforwards, potentially resulting in substantial expirations[126]. - The company could face significant adverse consequences if it were to be delisted from the Nasdaq, including reduced liquidity of its common stock[139]. - The company’s common stock may be less attractive to investors due to its status as a "smaller reporting company," leading to reduced disclosure obligations[136]. COVID-19 Impact - The impacts of COVID-19 on operations and financial performance remain uncertain, with potential long-term effects on business continuity[76].