Peraso(PRSO) - 2024 Q4 - Annual Results

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]