Q3 2024 Peraso Inc Earnings Call Transcript
Key Points
- Peraso Inc (PRSO) reported a meaningful improvement in operating performance with operating expenses decreasing by almost 20% year over year.
- The company has successfully converted nine prior design engagements into production wins, indicating strong progress in customer engagement.
- Peraso Inc (PRSO) has a robust pipeline of 82 customer engagements, with 23 active engagements undergoing hardware evaluation or at advanced design stages.
- The company secured significant customer wins in diverse geographies, including Africa and Asia, for its millimeter wave solutions.
- Peraso Inc (PRSO) anticipates total revenue for the second half of 2024 to increase over the first half and represent double-digit growth over the prior year period.
- Total net revenue for the third quarter of 2024 decreased to $3.8 million from $4.2 million in the prior quarter and $4.5 million in the third quarter of 2023.
- GAAP gross margin decreased to 47% in the third quarter from 55.5% in the prior quarter, primarily due to a $0.3 million write-down of millimeter wave inventory.
- The company reported a GAAP net loss of $2.7 million for the third quarter of 2024, compared to a net loss of $0.6 million in the same quarter a year ago.
- Peraso Inc (PRSO) is still facing challenges from the broader macro environment and prolonged inventory adjustments.
- The company's cash and equivalents decreased to $1.3 million as of September 30, 2024, indicating a cash burn of approximately $0.6 million from the prior quarter.
Good afternoon and welcome to Perso Inc's third quarter, 2024 conference call. (Operator Instructions)
As a reminder, this conference call is being recorded today, Tuesday, November 12, 2024.
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 Paso's third quarter, 2024 financial results. I'm Jim Sullivan CFO of pros and joining me today is Ron Glory. Our CEO today. After the market closed, we issued a press release and related form eight K which was filed with the SEC.
The press release and form eight K are available on Processa's website at www dot parass Inc dotcom under the Investor relations section. There is also a slide presentation that we will be using in conjunction with today's call. There may be accessed through the webcast link on the investor relations website as a reminder comments made during today's conference call may include
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