UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 PERASO INC. (Exact name of registrant as specified in its charter) FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-32929 (State or other jurisdiction of (I.R.S. Employer Incorpor ...

Peraso (PRSO) Q1 2025 Earnings Call May 12, 2025 04:30 PM ET Speaker0 Good afternoon. Welcome to Puraso, Inc. First Quarter twenty twenty five Conference Call. At this time, all participants are in a listen only mode. As a reminder, this conference call is being I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead. Speaker1 Good afternoon, and thank you for joining today's conference call to discuss first quarter twenty twenty five financial resu ...

EX-99.1 2 prso_ex991.htm PRESS RELEASE EXHIBIT 99.1 Peraso Announces First Quarter 2025 Results First Quarter Total Revenue Increased 37% Year-over-Year, Driven by Triple-Digit Growth from mmWave Products SAN JOSE, Calif., May 12, 2025 – Peraso Inc. (NASDAQ: PRSO) ("Peraso" or the "Company"), a pioneer in mmWave wireless technology solutions, today announced financial results for the first quarter ended March 31, 2025. Management Commentary "Our first quarter results demonstrated continued progress and year ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 000-32929 PERASO INC. (Exact name of registrant as specified in its charter) Delaware 77-0291941 (State or other jurisdiction of incorporation or organization) (IRS Employer Identificatio ...

Peraso (PRSO) Q4 2024 Earnings Call March 19, 2025 11:03 PM ET Company Participants James Sullivan - Chief Financial OfficerRonald Glibbery - Co-Founder, CEO & DirectorKevin Liu - Founder & CEO Conference Call Participants David Williams - Equity Research Analyst Operator and welcome to PIRAZULINK's Fourth Quarter twenty twenty four Conference Call. At this time, all participants are in a listen only mode. As a reminder, this conference call is being recorded today, Wednesday, 03/19/2025. I would now like t ...

Peraso Inc. (NASDAQ:PRSO) Q4 2024 Earnings Conference Call March 19, 2025 5:00 PM ET Company Participants James Sullivan - Chief Financial Officer Ron Glibbery - Chief Executive Officer Conference Call Participants David Williams - Benchmark Kevin Liu - K. Liu & Company Operator Good afternoon, and welcome to Peraso Inc.'s Fourth Quarter 2024 Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded today, Wednesda ...

Peraso (PRSO) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.17. This compares to loss of $8.52 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.53%. A quarter ago, it was expected that this semiconductor technology company would post a loss of $0.17 per share when it actually produced a loss of $0.34, delivering a surprise of -100%.Over the last four quarters, the compa ...

Revenue Performance - Fourth quarter total revenue increased 100% year-over-year to $3.7 million, compared to $1.8 million in the same quarter a year ago[1][4] - Full year 2024 total net revenue was $14.6 million, compared to $13.7 million in 2023, driven by increased shipments of memory IC products[10] - Total net revenue for Q4 2024 was $3,678 million, a 100% increase from $1,832 million in Q4 2023[23] - The company expects total net revenue for Q1 2025 to be in the range of $3.6 million to $4.0 million[14] - The company anticipates significant growth in mmWave revenue throughout 2025, with Q1 2025 expected to exceed full year 2024 revenue[4] Profitability and Margins - GAAP gross margin for the fourth quarter expanded to 56.3%, up from 47.0% in the prior quarter and negative 147.3% a year ago; non-GAAP gross margin reached 71.6%[5] - GAAP gross margin for 2024 was 51.7%, significantly improved from 13.6% in 2023; non-GAAP gross margin was 67.2%[11] - Gross profit for Q4 2024 was $2,069 million, compared to a gross loss of $2,699 million in Q4 2023, marking a significant turnaround[23] Operating Expenses - Total operating expenses on a GAAP basis decreased to $3.7 million in Q4 2024, down from $4.5 million in the prior quarter and $5.5 million a year ago[6] - Total operating expenses on a non-GAAP basis for 2024 were $14.9 million, down from $16.4 million in 2023, reflecting cost reduction initiatives[12] - Total operating expenses for the twelve months ended December 31, 2024, were $19,968 million, down from $22,497 million in 2023, a reduction of 11%[23] - Research and development expenses for the twelve months ended December 31, 2024, were $9,232 million, down from $14,398 million in 2023, indicating a 36% reduction[23] Net Loss - GAAP net loss for Q4 2024 was $1.6 million, or ($0.37) per share, an improvement from a net loss of $2.7 million in the prior quarter and $8.9 million a year ago[7][8] - The net loss for Q4 2024 was $1,560 million, a decrease from a net loss of $8,938 million in Q4 2023, representing an 83% improvement[30] - Non-GAAP net loss for Q4 2024 was $536 million, compared to a non-GAAP net loss of $6,098 million in Q4 2023, reflecting a 91% improvement[30] - The company reported a basic and diluted net loss per share of $0.37 for Q4 2024, significantly improved from $12.48 in Q4 2023[30] Cash and Assets - Cash and cash equivalents increased to $3,344 million in 2024 from $1,583 million in 2023, showing a growth of 111%[25] - Total assets decreased to $7,206 million in 2024 from $10,714 million in 2023, a decline of 33%[25] Other Financial Metrics - The change in fair value of warrant liabilities resulted in a gain of $44 million in Q4 2024, compared to a loss of $746 million in Q4 2023[30] - A $3.6 million purchase order for mmWave devices was received, expected to be fulfilled in 2025, indicating renewed demand from leading customers[3]

Financial Performance - Net losses of approximately $9.2 million for the nine months ended September 30, 2024 and $16.8 million for the year ended December 31, 2023, with an accumulated deficit of approximately $175.6 million as of September 30, 2024[140] - The company incurred net losses of $9.2 million for the nine months ended September 30, 2024 and $16.8 million for the year ended December 31, 2023, raising substantial doubt about its ability to continue as a going concern[170][172] Revenue and Sales - Product revenue decreased by 11% to $3.811 million for the three months ended September 30, 2024, compared to $4.262 million in the same period of 2023[145] - Product revenue decreased by 7% to $10.596 million for the nine months ended September 30, 2024, compared to $11.385 million in the same period of 2023[145] - Memory IC product shipments increased to $3.677 million for the three months ended September 30, 2024, compared to $3.384 million in the same period of 2023[146] - mmWave IC product shipments decreased to $67,000 for the three months ended September 30, 2024, compared to $576,000 in the same period of 2023[146] - Non-cancelable purchase order backlog for memory IC products of $5.7 million as of September 30, 2024, with final shipments expected by March 31, 2025[147] - Royalty and other revenue decreased by 86% to $30,000 for the three months ended September 30, 2024, compared to $219,000 in the same period of 2023[149] - Royalty and other revenue decreased by 44% to $299,000 for the nine months ended September 30, 2024, compared to $531,000 in the same period of 2023[149] Cost and Expenses - Cost of net revenue decreased by 17% to $2.034 million for the three months ended September 30, 2024, compared to $2.445 million in the same period of 2023[150] - Cost of net revenue decreased by 26% to $5.431 million for the nine months ended September 30, 2024, compared to $7.346 million in the same period of 2023[150] - R&D expenses for the three months ended September 30, 2024 decreased by 38% to $2.2 million compared to $3.5 million in the same period of 2023, due to reduced salary and consulting costs[153][154] - R&D expenses for the nine months ended September 30, 2024 decreased by 31% to $7.6 million compared to $11.0 million in the same period of 2023[153] - SG&A expenses for the three months ended September 30, 2024 increased by 11% to $2.3 million compared to $2.1 million in the same period of 2023, primarily due to increased consulting and professional services costs[156][157] - SG&A expenses for the nine months ended September 30, 2024 increased by 4% to $6.6 million compared to $6.3 million in the same period of 2023[156] - The company recorded severance charges of approximately $0.4 million for each of the three and six months ended June 30, 2024, related to employee lay-offs[158] - The company expensed $1.6 million for non-cancelable software license commitments during the three months ended June 30, 2024[159] Gross Profit - Gross profit for the three months ended September 30, 2024 decreased by 11% to $1.8 million compared to $2.0 million in the same period of 2023, primarily due to decreased sales of mmWave IC and module products[152] - Gross profit for the nine months ended September 30, 2024 increased by 20% to $5.5 million compared to $4.6 million in the same period of 2023, driven by higher shipments of memory IC products[152] Liquidity and Capital Resources - As of September 30, 2024, the company had cash and cash equivalents of $1.3 million and working capital of $0.4 million[161] - The company's existing cash and cash equivalents as of September 30, 2024, along with proceeds from the warrant inducement offering and expected product sales, are projected to fund operating needs into Q2 2025[178] - Variability in the operating forecast, driven by product sales, customer licensing, NRE transactions, and timing of expenditures, could impact the company's cash runway[178] - The company may need to secure additional capital or financing, or significantly delay, defer, or reduce cash expenditures over the next two quarters to continue operations beyond the current forecast[179] Off-Balance Sheet Arrangements and Indemnifications - The company does not maintain any off-balance sheet arrangements that could materially affect its financial condition, results of operations, liquidity, or capital resources[180] - Indemnification agreements with officers and directors, as well as contractual indemnifications, are not reflected in the condensed consolidated financial statements for the three and nine months ended September 30, 2024[180]

Company Performance - Peraso reported a quarterly loss of $0.34 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.17, and a significant improvement from a loss of $1.60 per share a year ago, indicating a surprise of -100% [1] - The company posted revenues of $3.84 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 3.98%, and down from $4.48 million in the same quarter last year [2] - Over the last four quarters, Peraso has surpassed consensus EPS estimates only once, while it has topped consensus revenue estimates three times [2] Stock Performance - Peraso shares have declined approximately 90% since the beginning of the year, contrasting sharply with the S&P 500's gain of 25.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $4.38 million, and for the current fiscal year, it is -$1.33 on revenues of $15.43 million [7] Industry Outlook - The Technology Services industry, to which Peraso belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]