Business
Peraso Announces Second Quarter 2023 Results and Provides Business Update
SAN JOSE, CA / ACCESSWIRE / August 14, 2023 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a leader in mmWave technology, today announced financial
About this update from Peraso Inc.
[{"type":"text","content":"SAN JOSE, CA / ACCESSWIRE / August 14, 2023 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a leader in mmWave technology, today announced financial results for the second quarter ended June 30, 2023 and provided a business update.Management Commentary\"Our second quarter financial results reflected lower product revenue, which we primarily attribute to an industry-wide inventory correction,\" stated Ron Glibbery, CEO of Peraso. \"Although disappointed with the reduced shipments during the quarter, we have continued to make progress expanding the customer base for our millimeter wave (mmWave) products targeting fixed wireless access (FWA) applications. This progress included a series of recently announced new customers for our 60GHz mmWave solutions, as well as a collaboration with pSemi on a radio frequency (RF) solution for 5G mmWave FWA customer premises equipment.\"\"Additionally, in connection with the end-of-life implemented earlier this year for our memory integrated circuit products (memory IC products), we have received initial forecasts from our customers. Based on those indications, we expect that customer purchase orders for last time buys will be in the range of $15 to $20 million, with the associated shipments and revenue anticipated to begin this year.\"\"Despite the headwinds in our business, there continues to be positive momentum in the FWA market, as wireless internet service providers (ISPs) expand 60 GHz deployments to a growing number of subscribers. Leveraging Peraso's leadership in mmWave FWA, we remain focused on expanding our pipeline of new engagements, which directly supports our strategic focus of diversifying our customer base to drive renewed and more predictable growth.\"Second Quarter 2023 Financial ResultsTotal net revenue for the second quarter of 2023 was $2.4 million, compared with $5.0 million in the prior quarter and $4.3 million in the same quarter a year ago. Product revenue for the second quarter of 2023 was $2.2 million, compared with $4.9 million in the prior quarter and $4.1 million in the same quarter a year ago. The sequential and year-over-year decrease in total revenue was primarily attributable to reduced shipments of both mmWave and memory IC products.GAAP gross margin for the second quarter of 2023 was 25.3%, compared with 38.3% in the prior quarter and 34.7% in th...