[Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong Q1 2025 mmWave revenue growth, offsetting memory IC EOL, and anticipates continued mmWave solution growth - First quarter **mmWave revenue** alone exceeded the total mmWave revenue for the entire full year of 2024[2](index=2&type=chunk) - The company completed the final **end-of-life (EOL) shipments** for its memory IC products during the quarter[2](index=2&type=chunk) - Achieved a major upgrade to PERSPECTUS modules for fixed wireless access (FWA), increasing supported users per access point by **50%**[3](index=3&type=chunk) - Secured a strategic contract with a leading specialized defense contractor, with initial production shipments expected in Q2[3](index=3&type=chunk) [First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Peraso reported **$3.9 million** total net revenue in Q1 2025, a **37%** increase, with improved gross margin and reduced net loss Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Total Net Revenue | $3.9 million | $2.8 million | +37% | | GAAP Gross Margin | 69.3% | 46.4% | +22.9 p.p. | | GAAP Operating Expenses | $3.2 million | $4.9 million | -34.5% | | GAAP Net Loss | ($0.5 million) | ($2.0 million) | +75% Improvement | | GAAP Net Loss Per Share | ($0.10) | ($1.07) | +90.7% Improvement | | Adjusted EBITDA | ($0.3 million) | ($1.4 million) | +78.6% Improvement | [Business Outlook](index=2&type=section&id=Business%20Outlook) The company projects Q2 2025 total net revenue between **$1.8 million** and **$2.0 million**, reflecting memory IC discontinuation - Expects total net revenue for Q2 2025 to be in the range of **$1.8 million** to **$2.0 million**[9](index=9&type=chunk) - The anticipated sequential decline in total revenue for Q2 is due to the planned roll-off of **EOL shipments** for memory IC products[4](index=4&type=chunk)[9](index=9&type=chunk) - Despite the Q2 total revenue outlook, the company anticipates solid sequential revenue growth for its core **mmWave solutions** throughout 2025[4](index=4&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2025, including operations and balance sheets [Condensed Consolidated Statements of Operations](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total net revenue increased to **$3.87 million**, with gross profit doubling and operating loss significantly narrowing Statement of Operations (in thousands) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Total net revenue | $3,869 | $2,816 | | Gross Profit | $2,680 | $1,306 | | Total operating expenses | $3,194 | $4,937 | | Loss from operations | ($514) | ($3,631) | | Net loss | ($471) | ($2,031) | | Net loss per share | ($0.10) | ($1.07) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were **$6.73 million**, liabilities decreased, and stockholders' equity increased Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,775 | $3,344 | | Total current assets | $5,959 | $6,293 | | Total assets | $6,729 | $7,206 | | Total current liabilities | $2,962 | $3,503 | | Total liabilities | $3,136 | $3,740 | | Stockholders' equity | $3,593 | $3,466 | [Reconciliation of GAAP to Non-GAAP Measures](index=5&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP financial measures, adjusting for non-cash items to show core performance [Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share](index=5&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Net%20Loss%20and%20Net%20Loss%20Per%20Share) Q1 2025 non-GAAP net loss improved to **$0.38 million** (or **$0.08** per share) from **$1.59 million** in Q1 2024 GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | GAAP net loss | ($471) | ($2,031) | | Stock-based compensation | $125 | $1,222 | | Amortization of intangibles | $0 | $815 | | Change in fair value of warrant liabilities | ($35) | ($1,591) | | **Non-GAAP net loss** | **($381)** | **($1,585)** | [Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit](index=5&type=section&id=Reconciliation%20of%20GAAP%20Gross%20Profit%20to%20Non-GAAP%20Gross%20Profit) Q1 2025 GAAP and non-GAAP gross profit were identical at **$2.68 million** (**69.3%** margin) due to no amortization GAAP to Non-GAAP Gross Profit Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP gross profit | $2,680 (69.3%) | $1,306 (46.4%) | | Amortization of intangibles | $0 (0.0%) | $563 (20.0%) | | **Non-GAAP gross profit** | **$2,680 (69.3%)** | **$1,869 (66.4%)** | [Reconciliation of GAAP Net Loss and Adjusted EBITDA](index=6&type=section&id=Reconciliation%20of%20GAAP%20net%20loss%20and%20adjusted%20EBITDA) Adjusted EBITDA for Q1 2025 improved to negative **$0.31 million** from negative **$1.40 million** in Q1 2024 Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | GAAP net loss | ($471) | ($2,031) | | Non-GAAP net loss | ($381) | ($1,585) | | EBITDA adjustments | $68 | $181 | | **Adjusted EBITDA** | **($313)** | **($1,404)** |

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.7 million, representing a 100% year-over-year growth compared to $1.8 million in Q4 2023 [10][36] - Full year 2024 total net revenue was $14.6 million, up from $13.7 million in 2023 [36] - GAAP gross margin increased to 56.3% in Q4 2024 from 47% in the prior quarter and negative 147.3% in the year-ago quarter [38] - GAAP net loss for Q4 2024 was $1.6 million, a significant improvement from a net loss of $8.9 million in Q4 2023 [40] Business Line Data and Key Metrics Changes - Product revenue from memory integrated circuits and millimeter wave products in Q4 was $3.7 million, compared to $1.5 million in Q4 2023 [36] - Full year product revenue was $14.2 million, up from $12.9 million in the prior year [37] - Operating expenses decreased by 20% year-over-year in Q4 2024, despite revenue doubling [11] Market Data and Key Metrics Changes - The demand for fixed wireless access (FWA) is projected to grow significantly, with global FWA connections expected to reach 280 million by 2028 [17][19] - North American FWA has become the majority of all broadband net additions, with major carriers adding approximately 10.4 million FWA connections since 2021 [18] Company Strategy and Development Direction - The company is focusing on diversifying its customer base for mmWave solutions, having increased its customer count significantly over the past two years [53] - The DUNE mmWave platform is gaining traction in dense urban environments, addressing the challenges of high-speed connectivity [22] - The company is optimistic about the potential of the BEAD program to enhance funding for fixed wireless access technologies [25][27] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in customer demand and purchase orders, indicating the end of the inventory correction impacting fixed wireless access customers [20] - The company expects mmWave revenue for Q1 2025 to exceed the total revenue for the full year 2024, driven by increasing order backlog [35] Other Important Information - The company had $3.3 million in cash and cash equivalents as of December 31, 2024, up from $1.3 million at the end of Q3 2024 [42] - Adjusted EBITDA for Q4 2024 was negative $0.4 million, an improvement from negative $5.9 million in Q4 2023 [41] Q&A Session Summary Question: Can you provide details on the $3.6 million order and its fulfillment timeline? - Management indicated that the order fulfillment will be reasonably linear, with a slight weighting towards the second half of the year [50] Question: How are other customers trending regarding inventory? - Management expressed optimism about a more diverse customer base and indicated that the inventory crisis is over [53] Question: Are there developments in military applications? - Management confirmed ongoing engagements in military applications, with some expected to convert to production by 2026 [80] Question: What is the expected contribution from the BEAD program? - Management is hopeful that the BEAD program will start to show effects this year, with a focus on technology-neutral funding [84]

Company Performance - Peraso reported a quarterly loss of $0.13 per share, better than the Zacks Consensus Estimate of a loss of $0.17, and a significant improvement from a loss of $8.52 per share a year ago, indicating an earnings surprise of 23.53% [1] - The company posted revenues of $3.68 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 3.21%, but showing growth from $1.83 million in the same quarter last year [2] - Over the last four quarters, Peraso has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Peraso shares have declined approximately 30.6% since the beginning of the year, contrasting with the S&P 500's decline of 4.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.30 on revenues of $3.38 million, and for the current fiscal year, it is -$1.60 on revenues of $13.25 million [7] Industry Outlook - The Technology Services industry, to which Peraso belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Peraso's stock performance [5]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.7 million, representing a 100% year-over-year growth compared to $1.8 million in Q4 2023 [7][25] - Full year 2024 total net revenue was $14.6 million, up from $13.7 million in 2023 [25] - GAAP gross margin increased to 56.3% in Q4 2024 from 47% in the prior quarter and negative 147.3% in the year-ago quarter [26] - Non-GAAP gross margin for Q4 2024 was 71.6%, compared to 61.7% in the prior quarter and negative 116.6% in Q4 2023 [27] - GAAP net loss for Q4 2024 was $1.6 million, or a loss of $0.37 per share, compared to a net loss of $8.9 million, or $12.48 per share, in the same quarter a year ago [29] Business Line Data and Key Metrics Changes - Product revenue from memory integrated circuits and millimeter wave products in Q4 was $3.7 million, compared to $1.5 million in Q4 2023 [25] - Full year product revenue was $14.2 million, up from $12.9 million in the prior year [26] - Operating expenses decreased by 20% year-over-year in Q4 2024, despite revenue doubling [8] Market Data and Key Metrics Changes - The demand for fixed wireless access (FWA) is projected to increase significantly, with global connections expected to reach 280 million by 2028 [11][12] - North American FWA has become the majority of all broadband net additions since 2021, with major carriers adding approximately 10.4 million FWA connections [12] Company Strategy and Development Direction - The company is focusing on diversifying its customer base and expanding its market reach across new geographies and applications [9][10] - The introduction of the Dune MMA platform for dense urban applications is gaining traction, addressing the challenges of delivering reliable connectivity in populated areas [15] - The company is optimistic about the potential of its Wave technology in tactical defense and military applications, with initial production orders expected to commence in mid-2025 [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted a positive shift in customer demand and purchase orders, indicating the end of the inventory correction impacting fixed wireless access customers [13][39] - The company anticipates significant growth in MMwave revenue throughout 2025, driven by increasing order backlog and ramping customer production [24] - Management expressed optimism regarding the BEAD program, which aims to improve access to high-speed Internet and could benefit the company's solutions [19][63] Other Important Information - The company had $3.3 million in cash and cash equivalents as of December 31, 2024, compared to $1.3 million at the end of Q3 2024 [31] - Adjusted EBITDA for Q4 2024 was negative $400,000, an improvement from negative $5.9 million in Q4 2023 [30] Q&A Session Summary Question: Inquiry about the $3.6 million order and its fulfillment timeline - Management indicated that the order fulfillment will be reasonably linear throughout the year, with some weight towards the second half [36][37] Question: Trends in customer inventory and potential new orders - Management confirmed a more diversified customer base and expressed optimism about new orders coming in 2025 [38][39] Question: Engagement in military applications - Management stated that they are currently focused on a third of the potential military applications and have ongoing engagements for tactical communication [40][41] Question: Impact of AI trends on connectivity needs - Management noted that there is a growing demand for high-speed data transfer in enterprise environments, which aligns with the company's capabilities [45][46] Question: Expectations for millimeter wave sales ramp-up - Management expects a good increase in millimeter wave sales year-over-year, with some lumpiness in revenue from quarter to quarter [52][54] Question: Timeline for military applications to convert to production - Management indicated that most military opportunities are expected to convert to production in 2026, with the first application moving quickly [59][60] Question: Anticipated contributions from the BEAD program - Management expressed hope that the BEAD program will start to show effects this year, aligning with the administration's push for high-speed Internet access [62][63]

As filed with the Securities and Exchange Commission on February 5, 2024 Registration No. 333-276247 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PERASO INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3674 77-0291941 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 230 ...

As filed with the Securities and Exchange Commission on January 23, 2024 Registration No. 333-276247 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PERASO INC. (Exact name of registrant as specified in its charter) | | | (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 2309 Bering Dr. San Jo ...

As filed with the Securities and Exchange Commission on December 22, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PERASO INC. (Exact name of registrant as specified in its charter) Delaware 3674 77-0291941 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 2309 Bering Dr. San Jose, C ...

As filed with the Securities and Exchange Commission on June 16, 2023 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PERASO INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 3674 77-0291941 (I.R.S. Employer Identification Number) 2309 Bering Dr. San Jose, Calif ...