Business
Peraso Announces First Quarter 2022 Results
Product Revenue Increased 205% Year-Over-YearSAN JOSE, CA / ACCESSWIRE / May 9, 2022 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a leader in
About this update from Peraso Inc.
[{"type":"text","content":"Product Revenue Increased 205% Year-Over-YearSAN JOSE, CA / ACCESSWIRE / May 9, 2022 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a leader in mmWave technology, today announced financial results for the first quarter ended March 31, 2022.First Quarter 2022 Financial ResultsTotal net revenue for the first quarter of 2022 was $3.4 million, which included the first full quarter of revenue contribution from MoSys, Inc. (\"MoSys\") following the closing of the business combination in December 2021, compared with $1.1 million in the same quarter a year ago and $1.9 million in the prior quarter, which included two weeks of revenue from MoSys. Product revenue for the first quarter of 2022 was $3.2 million, compared with $1.1 million in the year ago period and $1.9 million in the prior quarter. The year-over-year increases in product revenue reflected higher shipments of Peraso's mmWave modules and memory IC products.Gross margin for the first quarter of 2022 was 53.3%, compared with 43.8% in the same quarter a year ago and 30.4% in the prior quarter. The increase in gross margin primarily reflected a more favorable product mix.Total operating expenses on a GAAP basis for the first quarter of 2022 were $8.4 million, which included a full quarter of expenses related to the acquired operations of MoSys, compared with $4.1 million in the first quarter of 2021 and $5.3 million in the prior quarter. Operating expenses on a non-GAAP basis for the first quarter of 2022, which excluded stock-based compensation expenses and amortization of intangible assets, were $6.7 million, compared with $2.9 million in the same quarter a year ago and $3.7 million in the prior quarter. A reconciliation of GAAP to non-GAAP results is provided in the financial statement tables following the text of this press release.GAAP net loss for the first quarter of 2022 was $6.8 million, or ($0.34) per share, compared with a net loss of $4.2 million, or ($0.79) per share, in the first quarter of 2021 and net income of $2.5 million, or $0.28 per diluted share in the prior quarter.Non-GAAP net loss for the first quarter of 2022 was $5.1 million, or ($0.25) per share, compared with a net loss of $3.0 million, or ($0.57) per share, in the first quarter of 2021 and a net loss of $3.9 million, or ($0.70) per share, in the prior quarter. Adjusted EBITDA for the f...