Q1 2024 Peraso Inc Earnings Call Transcript
Key Points
- Peraso Inc (PRSO) reported a sequential increase in first quarter revenue, surpassing the midpoint of their guidance due to improved customer demand for mmWave products and increased shipments of memory IC products.
- The company has a significant remaining backlog of non-cancelable purchase orders for end-of-life memory IC products, expected to provide meaningful revenue and cash flow through the first quarter of 2025.
- Peraso Inc (PRSO) has secured multiple new customer engagements for its mmWave solutions, indicating potential for growth and market expansion.
- The company successfully launched the DUNE platform, addressing network access issues in densely populated urban areas, with initial positive feedback and proof-of-concepts shipped to multiple WISPs in Africa.
- Peraso Inc (PRSO) has achieved notable design wins, including Panasonic's adoption of their X710 mmWave chipset, validating their leading technology in the industry.
- Despite improvements, Peraso Inc (PRSO) reported a GAAP net loss of $2 million for the first quarter of 2024, indicating ongoing financial challenges.
- The company faces intense competition in the mmWave market, particularly in international markets like Africa and India, where local competitors may also be present.
- There are uncertainties in the memory IC segment, as it is nearing its end-of-life with final shipments expected by the first quarter of 2025, which could affect future revenue streams.
- The gross margin, although improved, is affected by inventory write-downs and the mix of product sales, which could fluctuate depending on the product mix and market conditions.
- Peraso Inc (PRSO) is dependent on the successful ramp-up and expansion of new products like the DUNE platform and mmWave solutions, which involve risks related to customer acceptance and technical challenges.
Good afternoon and welcome to per Peraso Inc.'s first quarter 2024 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, May 13, 2024.
I would now like to turn the call over to the host for today's program, Mr. Jim Sullivan. Please go ahead.
Good afternoon, and thank you for joining today's conference call to discuss Peraso first quarter 2024 financial results. I'm Jim Sullivan, CFO, Peraso , and joining me today is Ronald Glibbery, our CEO. Today after the market closed, we issued a press release and related Form 8-K, which was filed with the SEC. The press release and Form 8-K are available on process website at wwwperasoinc.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 website.
As a reminder, comments
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