Peraso(PRSO) - 2025 Q2 - Quarterly Results

Revenue Performance - mmWave product revenue increased 45% sequentially and over 200% year-over-year, contributing to total net revenue of $2.2 million for Q2 2025[1][4] - The company expects total net revenue for Q3 2025 to be in the range of $2.8 million to $3.1 million[9] Operating Expenses - Total operating expenses decreased to $2.9 million in Q2 2025 from $3.2 million in the prior quarter and $6.8 million year-over-year[6] - Operating expenses on a non-GAAP basis for Q2 2025 were $2.7 million, down from $3.1 million in the prior quarter[6] - Total stock-based compensation expense for Q2 2025 was $141 million, down from $1.155 billion in Q2 2024[22] - Amortization of intangible assets for Q2 2025 was $815 million, compared to $1.630 billion in Q2 2024[22] - Total severance costs for Q2 2025 were $424 million, slightly down from $446 million in Q2 2024[22] Profitability Metrics - GAAP net loss for Q2 2025 was $1.8 million, or ($0.31) per share, compared to a net loss of $0.5 million, or ($0.08) per share in the prior quarter[7] - Adjusted EBITDA for Q2 2025 was negative $1.6 million, compared to negative $0.3 million in the prior quarter[8] - GAAP net loss for Q2 2025 was $1.829 million, compared to a loss of $4.425 million in Q2 2024, representing a 58.8% improvement[22] - Non-GAAP net loss per share for Q2 2025 was $(0.28), an improvement from $(0.88) in Q2 2024[22] - GAAP gross profit for Q2 2025 was $1.073 billion, a decrease of 54.4% from $2.351 billion in Q2 2024[24] - Non-GAAP gross profit for Q2 2025 was $1.073 billion, maintaining a gross margin of 48.3%[24] - GAAP gross margin for Q2 2025 was 48.3%, down from 69.3% in the prior quarter and 55.5% year-over-year[5] - GAAP net loss for the first half of 2025 was $2.300 million, an improvement from a loss of $6.456 million in the first half of 2024[22] - Non-GAAP gross profit for the first half of 2025 was $3.753 billion, a decrease from $4.784 billion in the first half of 2024[24] Market Position and Partnerships - The company achieved over two million cumulative shipments of mmWave devices, highlighting its market leadership[2][3] - A leading partner, Tachyon Networks, selected Peraso's mmWave module for its latest 60 GHz fixed wireless solution, indicating market expansion[3] Financial Adjustments - Change in fair value of warrant liabilities for Q2 2025 was $29 million, compared to a loss of $54 million in Q2 2024[22]