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What were the key takeaways from Peraso's earnings call?

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- **Revenue Surge**: Q3 mmWave revenue up 45% QoQ, driven by fixed wireless and new OEM wins.
- **Margin Expansion**: 56.2% gross margin vs. 48.3% prior quarter, targeting 50%+ sustainably.
- **Strategic Breakthroughs**: Field trials complete for military mmWave solution; exploring edge AI applications.
- **Q4 Outlook**: $2.8-3.1 million revenue guided, with $0.375 million memory tailwind.
- **Pipeline Growth**: 10+ preproduction SKUs in pipeline, up from 5 in Q2.

**【CEO Summary Section】**
- **Record Revenue Growth**: Q3 2025 mmWave product revenue reached $3 million, up 45% sequentially and 2,900% year-over-year, driven by fixed wireless access demand.
- **Gross Margin Expansion**: Achieved 56.2% GAAP gross margin (mid-50% target) due to favorable product mix and inventory management.
- **New Market Wins**: Secured first-time OEM customer for mmWave modules, with potential to expand into defense and edge AI applications.
- **Pipeline Momentum**: 10+ preproduction SKUs in pipeline, up from 5 in Q2, reflecting diversifying end markets.
- **Tactical Defense Breakthrough**: Completed field trials of mmWave-based mobile communication system for military applications, targeting Q2 2026 production.
- **Edge AI Expansion**: Exploring mmWave for high-bandwidth video streaming in autonomous vehicles, drones, and last-mile delivery.

**【CFO Financial Commentary】**
- **Q3 Financials**: 
  - Total revenue: $3.2 million (up 45% QoQ, down 16% YoY due to legacy memory IC phaseout)
  - GAAP net loss: $1.1 million (-$0.15 EPS)
  - Cash balance: $1.9 million (up $0.1 million QoQ)
- **Q4 Outlook**: Revenue guidance of $2.8-3.1 million, driven by mmWave orders and $0.375 million in high-margin memory product shipments.
- **Cost Management**: Operating expenses down 12% YoY to $3 million, with non-GAAP OpEx at $2.9 million.
- **Gross Margin Sustainability**: Targeting 50%+ gross margin, with Q3 benefit from inventory write-downs expected to moderate.

**【Q&A Highlights】**
- **Customer Production Timelines**: 
  - Fixed wireless: 9-12 months from engagement to mass production
  - Tactical defense: 12-15 months due to customization needs
  - Edge AI: 12-15 months for new market entries
- **Working Capital Strategy**: 
  - AR collections >70% within 30 days
  - Inventory builds aligned with backlog visibility, avoiding excess stock
- **Gross Margin Drivers**: 
  - mmWave product mix (91% of Q3 revenue)
  - Memory product tailwinds ($0.375 million Q4 contribution)
  - Regulatory approvals completed for 90% of pipeline SKUs

Peraso Inc. (PRSO) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 mmWave revenue up 45% QoQ and 200% YoY, driven by fixed wireless and defense wins.
- **Market Leadership**: 2 million cumulative mmWave shipments, solidifying 60 GHz technology dominance.
- **Strategic Wins**: Tachyon partnership delivers breakthrough fixed wireless solution; defense contractor deployment validates tactical mmWave applications.
- **Financial Improvement**: Operating expenses down 10% YoY; GAAP net loss narrows 64% YoY to $1.8 million.
- **Growth Visibility**: Q3 revenue guidance $2.8-3.1 million, backed by 14 production customers and 7 preproduction engagements.
- **Regulatory Tailwind**: BEAD funding shift supports cost-effective fixed wireless deployments.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 mmWave product revenue reached $2.2 million, up 45% sequentially and 200% year-over-year, driven by fixed wireless access and tactical defense solutions.
- **Milestone Achievement**: Cumulative shipments of mmWave devices surpassed 2 million, reflecting market leadership in 60 GHz solutions.
- **Strategic Wins**: 
  - Tachyon Networks selected Peraso's modules for their outdoor 60 GHz fixed wireless solution, offering gigabit connectivity and compatibility with existing infrastructure.
  - Defense contractor partnership resulted in initial production shipments of mmWave solutions for tactical communication systems, enabling stealthy, low-latency data transmission.
- **Pipeline Expansion**: 14 customers now in production (up from 7 in Q4 2023), with 7 preproduction engagements, supporting Q3 revenue expectations of $2.8-3.1 million.

**【CFO Financial Commentary】**
- **Revenue Performance**: Total net revenue $2.2 million (down 44% QoQ, up 5% YoY), with mmWave products accounting for all revenue.
- **Gross Margin**: GAAP and non-GAAP gross margin 48.3%, down from 69.3% QoQ due to exclusive reliance on mmWave products.
- **Cost Management**: Operating expenses decreased 10% YoY to $2.9 million (GAAP) and $2.7 million (non-GAAP), driven by reduced stock-based compensation and cost containment.
- **Net Loss**: GAAP net loss $1.8 million (-$0.31/share), narrowing 64% YoY. Non-GAAP net loss $1.7 million (-$0.28/share), improving 19% YoY.
- **Balance Sheet**: $1.8 million cash as of Q2 end, with $1.1 million raised via ATM program. Board exploring strategic alternatives, including potential sale or merger.

**【Q&A Highlights】**
- **Military Segment**: CEO highlighted stealth capabilities of mmWave technology for tactical communications, with NRE deals supporting custom designs for defense applications. Drone-related opportunities under evaluation.
- **Balance Sheet & Liquidity**: CFO stated cash runway extends into Q4 2025, with $1.8 million on hand. NRE deals (e.g., $600k+ in Q2) offset engineering costs without requiring headcount additions.
- **Inventory Management**: Inventory digestion progressing, with key customer orders replenishing chipset components. Remaining inventory spoken for in future shipments.
- **Regulatory Support**: Positive impact of BEAD funding shift to technology-neutral broadband deployment, benefiting fixed wireless access rollouts.


Peraso Inc. (PRSO) Q2 2025 Earnings Call Transcript

- **mmWave revenue surge**: Q1 mmWave revenue ($1.5M) exceeded full-year 2024 total, with 68 commercial products in production
- **Defense breakthrough**: $3.4M addressable market for stealth mmWave tactical comms, initial shipments Q2
- **Gross margin improvement**: 69.3% GAAP margin vs. 46.4% YoY, driven by cost control and product mix
- **Q2 growth visibility**: $1.8-2.0M revenue guidance, 10+ new pipeline opportunities maturing
- **Innovation momentum**: 25% YoY pipeline expansion to 120 opportunities, 48-endpoint PERSPECTUS upgrade enables 50% network capacity boost

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $3.9M, up 40% YoY from $2.8M, driven by mmWave product revenue of $1.5M (vs. $0.3M in Q1 2024). 
- mmWave revenue exceeded full-year 2024 totals, with 68 commercial products in production across 14 customers.
- Pipeline expanded to 120 commercial opportunities (+25% YoY), including 10 production-stage deals.
- Key milestones: 
  - PERSPECTUS module upgrade enabling 50% more endpoints per access point
  - PRM2141X-D module for high-mobility body-worn applications
  - New defense contract for stealth mmWave tactical communications
- Defense market addressable size: ~3.4M active military personnel globally.

**【CFO Financial Highlights】**
- GAAP gross margin: 69.3% (vs. 56.3% QoQ, 46.4% YoY), driven by favorable product mix and reduced intangible amortization.
- Non-GAAP gross margin: 69.3% (vs. 71.6% QoQ, 66.4% YoY)
- GAAP net loss: $0.5M (-$0.10/share) vs. $1.6M (-$0.37/share) prior quarter
- Sequential revenue growth expected in mmWave, with Q2 guidance of $1.8-2.0M.

**【Key Q&A Takeaways】**
- Visibility: Q2 backlog includes defense shipments and Ubiquiti order ($3.6M)
- Tariff impact: Minimal due to non-US production
- Product adoption: Software-upgradeable PERSPECTUS modules enable immediate customer benefits
- Defense expansion: Global interest in stealth mmWave comms, with initial shipments Q2
- BEAD funding: Expected to drive rural fixed wireless growth in H2 2025

Peraso (PRSO)-12 May 25-2025 Q1 Earnings call transcript

- **Revenue Surge**: Q4 2024 revenue up 100% YoY to $3.7 million, driven by memory IC end-of-life shipments and mmWave growth.
- **$3.6M Order**: Strategic FWA customer purchase to fuel 2025 mmWave revenue, expected to exceed full-year 2024 levels.
- **Military Breakthrough**: First production orders for secure mmWave comms in Q2 2025, expanding into drone and infrastructure applications.
- **BEAD Opportunity**: U.S. government shift to tech-neutral broadband funding could accelerate mmWave adoption in 2025.
- **Financial Health**: GAAP net loss narrowed to $1.6M in Q4; cash position strengthened to $3.3M, supporting growth initiatives.
- **Gross Margin Target**: Aiming for 50%+ as mmWave scales; 2025 margins to improve with production ramp and inventory utilization.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 revenue of $3.7 million, up 100% YoY, driven by end-of-life memory IC shipments and mmWave solutions.
- **Memory IC Completion**: Final $3.4 million shipments in Q4, completing $12.9 million full-year backlog; remaining $2.3 million to be fulfilled in March 2025.
- **New Purchase Order**: $3.6 million order from a strategic FWA customer, expected to fulfill in 2025 with revenue weighted to the second half.
- **mmWave Momentum**: 60+ commercial products in production across 11 customers; DUNE platform gaining traction in dense urban deployments.
- **Military Expansion**: First military production orders expected in Q2 2025, targeting secure, undetectable communications; pipeline includes drone and infrastructure applications.
- **BEAD Program**: U.S. government shift to tech-neutral funding could accelerate mmWave adoption; NTIA's updated guidance supports unlicensed spectrum use.

**【CFO Financial Commentary】**
- **GAAP Results**: Q4 2024 net loss of $1.6 million (-$0.37 EPS), improving from $8.9 million loss in Q4 2023; full-year 2024 loss of $10.7 million (-$3.57 EPS).
- **Non-GAAP Metrics**: Q4 non-GAAP net loss of $0.5 million (-$0.13 EPS), up from $6.1 million loss in Q4 2023; full-year non-GAAP loss of $5.1 million (-$1.71 EPS).
- **Gross Margin**: Q4 GAAP gross margin 56.3%, up from -147.3% YoY; non-GAAP 71.6%, up from -116.6% YoY, driven by memory IC shipments.
- **Operating Expenses**: Q4 GAAP expenses $3.7 million, down 33% YoY; non-GAAP $3.2 million, down 20% YoY, reflecting cost reductions.
- **Cash Position**: $3.3 million as of Q4 2024, up from $1.3 million Q3 2024, supported by warrant exercises and ATM sales.
- **Q1 2025 Outlook**: Revenue expected $3.6-$4.0 million, up YoY, with mmWave revenue exceeding full-year 2024 levels.

**【Q&A Highlights】**
- **Order Fulfillment**: $3.6 million FWA order to ship linearly through 2025, weighted to Q3/Q4; military orders expected Q2 2025.
- **Customer Diversification**: 20% YoY increase in pipeline opportunities (100+ engagements); reduced reliance on two major customers.
- **AI Edge Applications**: mmWave solutions enabling high-speed data transfer for AI at the edge, with enterprise deployments underway.
- **BEAD Impact**: Potential 2025 contributions from tech-neutral funding; long-term opportunity for mmWave in rural broadband.
- **Gross Margin Outlook**: Targeting 50%+ gross margin as mmWave scales; 2025 margins to benefit from inventory write-downs and production ramp.


Peraso (PRSO)-19 Mar 25-2024 Q4 Earnings call transcript

Peraso (PRSO)-12 Nov 24-2024 Q3 Earnings call transcript

Peraso (PRSO)-12 Aug 24-2024 Q2 Earnings call transcript

Peraso (PRSO)-13 May 24-2024 Q1 Earnings call transcript

- **Revenue Recovery**: Q1 2024 guidance of $2.6-2.9M signals return to growth, with full year double-digit expansion driven by $12M memory IC backlog. 
- **mmWave Momentum**: First commercial DUNE platform win and 25 active customer engagements highlight urban market expansion. 
- **Cash Position**: $3.4M from recent equity offering bolsters liquidity for growth initiatives. 
- **Cost Efficiency**: Non-GAAP operating expenses down 31% YoY, supporting margin improvement.

**【CEO Summary Section】**
- **Revenue Outlook**: Anticipates revenue growth resuming in Q1 2024 with double-digit growth for the full year, driven by $12 million of memory IC backlog and new mmWave orders. 
- **Memory IC End-of-Life**: $14 million in end-of-life orders received, with $10.3 million remaining backlog as of Q4. Expected to fulfill majority over next 12 months. 
- **mmWave Expansion**: Active engagements increased from 18 to 25, with growing focus on urban applications outside North America. Introduced DUNE platform for dense urban environments, securing first commercial win. 
- **Aerospace & Defense**: Early-stage opportunities in military defense applications, leveraging mmWave's directional beamforming capabilities. 

**【CFO Financial Commentary】**
- **Q4 2023 Results**: Total revenue $1.8M (down 60% YoY), GAAP net loss $8.9M, non-GAAP net loss $6.1M. Gross margin negative due to inventory write-downs. 
- **Q1 2024 Guidance**: Revenue $2.6-2.9M, driven by memory IC shipments. Cash position strengthened by $3.4M public offering proceeds. 
- **Cost Management**: Non-GAAP operating expenses reduced 31% YoY to $16.4M, reflecting cost containment efforts. 

**【Q&A Highlights】**
- **Demand Nature**: CEO attributes improving order flow to both inventory correction completion and genuine demand for fixed wireless access. 
- **Growth Trajectory**: Memory IC shipments to ramp in Q2-Q3, while mmWave growth expected to accelerate in Q3+ with DUNE platform adoption. 
- **Design Cycle**: Time to market reduced to 6-12 months (vs. 2 years historically), enabled by partnerships with experienced manufacturers. 
- **Global TAM**: Increasing interest in urban deployments outside North America, driven by mmWave's ability to handle dense connectivity in emerging markets.

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