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(PRSO) - 2023 Q4 - Annual Results