Peraso's Q4 2024 Earnings Call: Navigating Contradictions in Military Timelines, BEAD Contributions, and Inventory Recovery

These are the key contradictions discussed in Peraso's latest 2024Q4 earnings call, specifically including: Military Application Timelines, Expected Contributions from BEAD, and Inventory Situation:



Revenue and Product Performance:
- Peraso Inc. reported total net revenue of $3.7 million for Q4 2024, representing 100% growth year-over-year.
- This growth was primarily driven by increased shipments of memory IC products to fulfill end-of-life orders and favorable product margins.

Millimeter Wave Momentum:
- The company is experiencing renewed momentum for its mmWave technology, with increased production orders from lead customers.
- This is attributed to a growing customer base and expanding market reach across various applications, including fixed wireless access and military communications.

Operational Efficiency Improvements:
- Fourth quarter operating expenses decreased by 20% year-over-year, despite revenue doubling from Q4 2023.
- This improvement was due to previously implemented cost reductions and ongoing efforts to drive higher operational efficiencies.

Military Defense Orders:
- Peraso secured a $3.6 million purchase order from a strategic customer for military defense applications, expected to commence production in the middle of 2025.
- This upsize of an initial production order reflects the strong demand and potential for Peraso's mmWave technology in military communications.