Peraso(US:PRSO)2025-05-13 10:07Financial Performance - For the three months ended March 31, 2025, the company reported net revenue of $2.676 million, a decrease of 42% compared to $3.800 million for the same period in 2024[117]. - The product revenue for mmWave ICs increased to $975,000 in Q1 2025 from $77,000 in Q1 2024, reflecting a change of 1160%[117]. - The company incurred a net loss of approximately $0.5 million for the three months ended March 31, 2025, and an accumulated deficit of approximately $177.6 million as of the same date[109]. - Gross profit for the three months ended March 31, 2025, was $1.306 million, representing a 105% increase from $2.680 million in Q1 2024[122]. - The company incurred net losses of approximately $0.5 million for the three months ended March 31, 2025, and $10.7 million for the year ended December 31, 2024, with an accumulated deficit of approximately $177.6 million as of March 31, 2025[134]. Expenses - Research and development expenses decreased by 44% to $2.835 million for the three months ended March 31, 2025, compared to $1.583 million in the same period of 2024[123]. - Selling, general and administrative expenses decreased by 23% to $2.102 million for the three months ended March 31, 2025, compared to $1.611 million in Q1 2024[126]. Cash Flow and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $2.8 million and working capital of $3.0 million[128]. - Net cash used in operating activities was $2.6 million for the first three months of 2024, primarily due to a net loss of $2.0 million[130]. - The company expects to continue incurring operating losses during 2025, as cash expenditures are anticipated to exceed receipts for at least the next 12 months[135]. - The company is currently seeking additional financing to meet cash requirements for the foreseeable future, raising uncertainty about its ability to maintain liquidity[136]. Market Outlook - The company expects revenues to decrease in 2025 compared to 2024 due to the cessation of memory IC product sales after March 31, 2025, but anticipates an increase in mmWave product sales[118]. Compliance and Risks - The company received a letter from Nasdaq indicating non-compliance with the minimum bid price requirement, with a compliance period until October 1, 2025[110]. - The company is subject to various risks, including competition, financing challenges, and market volatility, which could impact future operations[114]. - The independent registered public accounting firm expressed substantial doubt about the company's ability to continue as a going concern[136]. Inventory and Financing Activities - As of March 31, 2025, the company had outstanding non-cancelable purchase orders for inventory of approximately $2.9 million[133]. - The company sold 328,966 shares of common stock for proceeds of approximately $433,000 during the three months ended March 31, 2025[137]. - Net cash provided by financing activities for the three months ended March 31, 2024, included $3.4 million in net proceeds from a public offering of common stock[132]. Workforce Management - The company implemented workforce reductions, eliminating 19 full-time equivalent positions to preserve cash[139]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements that are likely to have a material effect on its financial condition[142].