Q2 2024 Peraso Inc Earnings Call Transcript
Key Points
- Total revenue of $4.2 million exceeded the high end of original guidance, representing over 50% sequential growth and more than 70% year-over-year growth.
- Gross margin expanded significantly, with GAAP gross margin increasing to 55.5% and non-GAAP gross margin reaching 68.8%.
- Strong growth driven by increased shipments of end-of-life memory IC products and new volume production orders for millimeter wave antenna modules.
- The DUNE platform received its first volume production order from a South African service provider, validating its commercial potential.
- The company has a growing pipeline of customer engagements for millimeter wave solutions, with total engagements up more than 25% compared to last year.
- GAAP operating expenses increased to $6.8 million, up from $4.9 million in the prior quarter and $5.6 million in the same quarter last year.
- GAAP net loss for the second quarter was $4.4 million, or a loss of $1.88 per share, compared to a net loss of $2 million in the prior quarter.
- Non-GAAP net loss for the second quarter was $2.1 million, or a loss of $0.88 per share, which is higher than the non-GAAP net loss of $1.6 million in the prior quarter.
- Cash decreased by approximately $0.6 million during the second quarter, leaving the company with $1.9 million in cash as of June 30, 2024.
- The company is still undergoing an inventory correction for its millimeter wave products, which could impact revenue timing.
Good afternoon and welcome to Peraso Inc's second-quarter 2024 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, August 12, 2024.
I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead.
Good afternoon, and thank you for joining today's conference call to discuss Peraso's second-quarter 2024 financial results. I'm Jim Sullivan, CFO of Peraso, and joining me today is Ron Glibbery, our CEO.
Today, after the market closed, we issued a press release and related Form 8-K which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso's website at www.perasoinc.com under the Investor Relations section. There is also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the Investor Relations
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
