The following is a summary of the Peraso Inc. (PRSO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Peraso reported Q1 2024 revenue of $2.8 million, an increase from $1.8 million in the prior quarter.
The company saw a significant improvement in gross margin, rising to 46.4% compared to a negative 147.3% in the prior quarter.
GAAP net loss for the first quarter of 2024 was $2 million.
Product revenue for Q1 was $2.68 million, with $2.38 million from memory and $300,000 from millimeter wave ICs and modules.
Looking ahead to Q2 2024, the company expects total net revenue to be in the range of $3.7 million to $4 million.
Business Progress:
Peraso is focused on achieving solid growth in 2024, with new customer engagements for their millimeter-wave (mmWave) solutions.
Peraso filled backlog orders for End-of-Life (EOL) memory IC products, positioning it for revenue increases and financial improvement.
It garnered a significant win with Panasonic's adoption of their X710 mmWave chipset.
The company launched DUNE, a network access platform for dense urban areas, with initial reception positive.
Peraso has made progress in expanding their customer base and increasing their global presence, including in North America, South America, and Africa.
More details: Peraso IR
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