Peraso(PRSO) - 2024 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2024 was $4.2 million, a 50.5% increase sequentially and over 70% year-over-year[2] - GAAP gross margin expanded to 55.5%, up from 46.4% in the prior quarter and 25.3% a year ago; non-GAAP gross margin reached 68.8%[4] - Product revenue for Q2 2024 was$ 4.1 million, compared to $2.7 million in the prior quarter and$ 2.2 million a year ago[4] - GAAP net loss for Q2 2024 was $4.4 million, or ($ 1.88) per share, compared to a net loss of $2.0 million, or ($ 1.07) per share, in the prior quarter[6] - Non-GAAP net loss for Q2 2024 was $2.1 million, or ($ 0.88) per share, compared to a net loss of $1.6 million, or ($ 0.83) per share, in the prior quarter[6] - GAAP net loss for the three months ended June 30, 2024, was $4,425,000 compared to a loss of$ 4,086,000 for the same period in 2023, reflecting a 8.3% increase in losses[18] - Non-GAAP net loss for the six months ended June 30, 2024, was $3,648,000, a decrease of 26.9% compared to$ 4,998,000 for the same period in 2023[21] - GAAP gross profit for the three months ended June 30, 2024, was $2,351,000, with a gross margin of 55.5%, compared to$ 608,000 and 25.3% in the same period of 2023[20] - Non-GAAP gross profit for the three months ended June 30, 2024, was $2,915,000, representing a gross margin of 68.8%, compared to$ 1,103,000 and 45.9% in the same period of 2023[20] Operational Highlights - The increase in revenue was primarily driven by increased shipments of end-of-life memory IC products and a new volume production order for mmWave antenna modules[2] - The company is focused on converting existing customer engagements into production orders for mmWave products and platform solutions[3] - The company ended Q2 2024 with a memory IC product backlog of approximately $9.1 million, expected to be fulfilled by Q1 2025[3] Expenses and Liabilities - Total operating expenses on a GAAP basis for Q2 2024 were$ 6.8 million, compared to $4.9 million in the prior quarter[5] - Total current liabilities increased to$ 5,600,000 as of June 30, 2024, from $4,534,000 on December 31, 2023, indicating a 23.5% rise[16] - Stock-based compensation expense for the three months ended June 30, 2024, was$ 1,155,000, down from $1,319,000 in the same period of 2023, a decrease of 12.4%[21] Assets and Cash Flow - Total current assets increased to$ 6,744,000 as of June 30, 2024, up from $5,540,000 on December 31, 2023, representing a 21.7% increase[16] - Cash and cash equivalents increased to$ 1,868,000 as of June 30, 2024, compared to $1,583,000 on December 31, 2023, a growth of 18.0%[16] - Total assets decreased to$ 9,759,000 as of June 30, 2024, down from $10,714,000 on December 31, 2023, a decline of 8.9%[16] Future Outlook - The company expects total net revenue for Q3 2024 to be in the range of$ 3.8 million to $4.2 million[7] - Adjusted EBITDA for the three months ended June 30, 2024, was$ (1,906,000), an improvement from $(2,769,000) in the same period of 2023[21]