Business
Peraso Announces Third Quarter 2022 Results
Total Revenue Increased 63% Year-over-Year; Ended Quarter with Record Order BacklogSAN JOSE, CA / ACCESSWIRE / November 14, 2022 / Peraso Inc. (NASDAQ:PRSO)
About this update from Peraso Inc.
[{"type":"text","content":"Total Revenue Increased 63% Year-over-Year; Ended Quarter with Record Order BacklogSAN JOSE, CA / ACCESSWIRE / November 14, 2022 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a leader in mmWave technology, today announced financial results for the third quarter ended September 30, 2022.Management CommentaryPeraso's CEO, Ron Glibbery, stated, \"We've continued to experience strong customer demand for our mmWave solutions, which contributed to another quarter of year-over-year growth. However, third quarter revenue was lower than we previously expected, as we were unable to recognize revenue on certain orders that shipped to a customer late in the quarter. We are working closely with this customer and expect to recognize the associated revenue in the fourth quarter.\"Beyond this customer-specific issue, we continue to benefit from incremental traction in the fixed wireless access market, which has demonstrated sustained momentum despite the current macroeconomic environment. We also see strong interest from multiple customer prospects for our recently introduced 5G mmWave solution targeting customer premise applications with carriers. During the quarter, we demonstrated this highly integrated, dual-band 5G beamformer IC, at multiple prominent industry events. Moreover, we recently made key additions to the Peraso team in support of further expanding commercial engagements with both prospective customers and partners. Together with our existing order backlog, we have good visibility into future demand and expect to resume sequential growth in the fourth quarter.\"Third Quarter 2022 Financial ResultsTotal net revenue for the third quarter of 2022 was $3.3 million, compared with $4.3 million in the prior quarter and $2.0 million in the same quarter a year ago. Product revenue for the third quarter of 2022 was $3.1 million, compared with $4.1 million in the prior quarter and $1.4 million in the year ago period. The sequential decrease in revenue was attributable to approximately $1.1 million of product shipments for which the Company was unable to recognize revenue during the third quarter. The year-over-year revenue growth was driven by increased demand and shipments of memory IC products.GAAP gross margin for the third quarter of 2022 was 39.3%, compared with 34.7% in the prior quarter and 54.5% in the same quarter a ...