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]
Peraso(PRSO) - 2024 Q3 - Quarterly Results