Business
Peraso Announces Fourth Quarter and Full Year 2022 Results
Fourth Quarter Product Revenue Increased 25% Sequentially and Over 100% Year-over-YearTotal Revenue for the Full Year Increased 160% Year-over-YearSAN JOSE,
About this update from Peraso Inc.
[{"type":"text","content":"Fourth Quarter Product Revenue Increased 25% Sequentially and Over 100% Year-over-YearTotal Revenue for the Full Year Increased 160% Year-over-YearSAN JOSE, CA / ACCESSWIRE / March 22, 2023 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a leader in mmWave technology, today announced financial results for the fourth quarter and full year ended December 31, 2022.Management Commentary\"We delivered another consecutive quarter of strong year-over-year growth to complete our first full year of combined operations,\" stated Ron Glibbery, CEO of Peraso. \"Throughout the year, we continued to build upon Peraso's leadership position in the mmWave fixed wireless access (FWA) market. Also contributing to our robust growth during 2022 was sustained demand and increased shipments of our memory IC products. The year was further highlighted by the introduction of our PERSPECTUS family of integrated 60GHz solutions that provide unique point-to-multipoint capability, as well as multi-gigabit connectivity. Customer adoption and orders for our mmWave solutions have continued to expand with the momentum of FWA, which according to industry reports now accounts for a majority of the net broadband subscription additions in the U.S. We have also received very positive feedback and cultivated new prospective customer engagements for our dual-band 5G mmWave beamformer solution, which we introduced to the market mid-year.\"Looking ahead, we remain encouraged by the expanding growth opportunities in the FWA market, both domestically and abroad, while also acknowledging the broader macroeconomic conditions. In order to prudently manage expenses and preserve cash during this uncertain environment, we recently implemented cost reduction initiatives to optimize our allocation of resources and prioritize near-term opportunities with the highest potential ROI. We anticipate these actions to streamline our organization, reduce operating expenses by approximately $5.0 million annually and position the Company to achieve improved operating results, as we continue to drive top-line growth over the coming year.\"Fourth Quarter 2022 Financial ResultsTotal net revenue for the fourth quarter of 2022 was $3.9 million, compared with $3.3 million in the prior quarter and $1.9 million in the same quarter a year ago. Product revenue for the fourth quarter of 20...