Business
Peraso Announces First Quarter 2023 Results
Total Revenue Increased 29% Sequentially and 48% Year-over-Year, Driven by Record Product Revenue of $4.9 MillionSAN JOSE, CA / ACCESSWIRE / May 15, 2023 /
About this update from Peraso Inc.
[{"type":"text","content":"Total Revenue Increased 29% Sequentially and 48% Year-over-Year, Driven by Record Product Revenue of $4.9 MillionSAN JOSE, CA / ACCESSWIRE / May 15, 2023 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a leader in mmWave technology, today announced financial results for the first quarter ended March 31, 2023.Management Commentary\"Our first quarter results reflect a strong start to the year, highlighted by continued revenue growth driven by record product revenue from a combination of Peraso's mmWave solutions for the fixed wireless access (FWA) market, as well as our memory IC products,\" stated Ron Glibbery, CEO of Peraso. \"Our near-term focus remains on expanding Peraso's leadership in mmWave FWA, as wireless ISPs (WISP) seek to aggressively deploy multi-gigabit connectivity in the unlicensed 60 GHz spectrum to secure share of a rapidly growing subscriber base. In addition, we continue to see encouraging signs of traction on prospective engagements for 5G mmWave applications, with multiple tier-one equipment vendors targeting future FWA deployments worldwide.\"As an update on our memory IC business, we have been informed by our sole foundry that the process used to fabricate wafers for our memory devices will be discontinued in 2024. Given this, we recently provided an end-of-life (EOL) notice to our customers. Although it is still too early to forecast the potential size and linearity of customers' last-time purchase orders, for which we have imposed a deadline of December 2023, we do anticipate the implemented EOL to result in a potential pull-forward of future demand and revenue related to our memory IC products, as last-time buys are fulfilled during 2024.\"Overall, we are optimistic about our mmWave business and the resilient growth of the FWA market, in spite of the ongoing macroeconomic uncertainty. We continue to prudently manage expenses and cash, as we begin to realize the benefits from the previously taken actions to streamline our organization, while simultaneously advancing our robust pipeline of new business engagements in support of future growth.\"First Quarter 2023 Financial ResultsTotal net revenue for the first quarter of 2023 was $5.0 million, compared with $3.9 million in the prior quarter and $3.4 million in the same quarter a year ago. Product revenue for the first quarter of 2023 was $4.9...