- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PRSO

PRSO fundamentals

You can ask Aime