Business
Peraso Inc. Announces Fourth Quarter and Full Year 2021 Results
Fourth Quarter Product Revenue Up Greater Than 6X Year-Over-YearListed on Nasdaq through Business Combination with MoSys in December 2021SAN JOSE, CA /
About this update from Peraso Inc.
[{"type":"text","content":"Fourth Quarter Product Revenue Up Greater Than 6X Year-Over-YearListed on Nasdaq through Business Combination with MoSys in December 2021SAN JOSE, CA / ACCESSWIRE / March 8, 2022 / Peraso Inc. (NASDAQ:PRSO) (\"Peraso\" or the \"Company\"), a pioneer in high-performance, 5G mmWave wireless technology and provider of chipsets, modules, software and IP, today announced financial results for the fourth quarter and year ended December 31, 2021.Fourth Quarter 2021 Financial ResultsTotal net revenue for the fourth quarter of 2021 was $1.9 million, which included two weeks of revenue from MoSys, Inc. following the closing of the business combination in December 2021. Revenue in the fourth quarter of 2020 was $5.9 million, which included $5.0 million of one-time licensing contribution from a major customer. Product revenue for the fourth quarter of 2021 was $1.9 million, compared with $0.3 million in the year ago period. The year-over-year increase in product revenue reflected higher shipments of Peraso's mmWave integrated circuits (\"ICs\") and modules.Gross margin for the fourth quarter of 2021 was 30.4%, compared with 89.2% for the fourth quarter of 2020. Gross margin reflected a change in revenue mix with lower contribution from high-margin licensing and other non-product revenue partially offset by increased product sales.Total operating expenses on a GAAP basis for the fourth quarter of 2021 were $5.3 million, compared with $3.3 million in the fourth quarter of 2020. Operating expenses on a non-GAAP basis for the fourth quarter of 2021, which excluded stock-based compensation expenses, amortization of intangible assets, business combination transaction costs and change in fair value of warrant liability, were $3.7 million, compared with $2.1 million in the fourth quarter of 2020. A reconciliation of GAAP to non-GAAP results is provided in the financial statement tables following the text of this press release.GAAP net income for the fourth quarter of 2021 was $2.5 million, or $0.28 per diluted share, compared with net income of $0.1 million, or $0.02 per diluted share, for the fourth quarter of 2020.Non-GAAP net loss for the fourth quarter of 2021 was $3.9 million, or $0.70 per share, compared with net income of $1.6 million, or $0.25 per diluted share, in the fourth quarter of 2020. Adjusted EBITDA for the fourth quarter of 2021 w...