Q4 2024 Peraso Inc Earnings Call Transcript
Key Points
- Peraso Inc (PRSO) achieved 100% year-over-year revenue growth in the fourth quarter of 2024.
- The company successfully reduced operating expenses by 20% year-over-year, despite doubling its revenue.
- Peraso Inc (PRSO) reported a significant improvement in gross margins, with non-GAAP gross margin reaching 71.6% in Q4 2024.
- The company has expanded its customer base for mmWave solutions, now supporting over 60 commercial products across 11 different customers.
- Peraso Inc (PRSO) received a $3.6 million purchase order from a strategic customer, indicating strong demand for its mmWave technology.
- Peraso Inc (PRSO) is facing a decline in royalty and other revenues, primarily due to a reduction in memory royalties.
- The company reported a GAAP net loss of $1.6 million for the fourth quarter of 2024.
- Peraso Inc (PRSO) anticipates some lumpiness in revenue from quarter to quarter due to the transition from memory IC products to mmWave solutions.
- The gross margin for mmWave products is expected to be lower than the high margins achieved with memory products.
- The company is still navigating uncertainties related to the BEAD program and its potential impact on future revenues.
Good afternoon and welcome to Peraso Inc's fourth-quarter 2024 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Wednesday, March 19, 2025.
I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead.
Good afternoon and thank you for joining today's conference call to discuss Peraso's fourth-quarter and full year 2024 financial results. I'm Jim Sullivan, CFO of Peraso, and joining me today is Ron 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 Peraso's website at www.perasoinc.com under the investor relations section. There's 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.
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