Business
Peraso Announces Fourth Quarter and Full Year 2023 Results
SAN JOSE, CA / ACCESSWIRE / March 18, 2024 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a global leader in mmWave technology for 60 GHz unlicensed
About this update from Peraso Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / March 18, 2024 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a global leader in mmWave technology for 60 GHz unlicensed and 5G licensed networks, today announced financial results for the fourth quarter and full year ended December 31, 2023.Management Commentary\"Consistent with our prior expectations, product revenue for the fourth quarter reflected the ongoing inventory correction in the market for our mmWave products, as well as the non-linear timing of end-of-life shipments for our memory IC products,\" commented Ron Glibbery, CEO of Peraso. \"Since the beginning of the new year, these headwinds have begun to moderate, and we anticipate revenue growth to resume in the first quarter and for the full year. These expectations are supported by over $12 million of remaining total order backlog for our memory IC products, as well as new orders for our mmWave products targeting fixed wireless access (FWA) applications, including from our largest customer.\"Also notable, we have recently seen an uptick in customer engagement activity with wireless Internet service providers (WISPs) seeking to deploy affordable gigabit wireless connectivity in international markets. In January, we secured the first commercial order for Peraso's newly launched DUNE product platform designed specifically for dense urban environments, and we have since commenced proof-of concept engagements with multiple additional service providers.\"More recently, we took actions to strengthen our cash position and balance sheet by completing a public offering, which provides working capital to continue executing our business plan and focus on growing the customer base for our mmWave products. With the expanding engagement pipeline for our mmWave solutions and the initial indications of renewed customer demand, we are very optimistic about the Company's outlook for 2024.\"Fourth Quarter 2023 Financial ResultsTotal net revenue for the fourth quarter of 2023 was $1.8 million, compared with $4.5 million in the prior quarter and $3.9 million in the same quarter a year ago. Product revenue for the fourth quarter of 2023 was $1.5 million, compared with $4.3 million in the prior quarter and $3.8 million in the same quarter a year ago. The sequential and year-over-year decrease in revenue was primarily attributable to reduced shipmen...