Peraso Announces Fourth Quarter and Full Year 2024 Results
Rhea-AI Summary
Peraso (NASDAQ:PRSO) reported strong Q4 2024 financial results with total revenue of $3.7 million, marking a 100% year-over-year increase. The company achieved significant margin expansion, with GAAP gross margin reaching 56.3% and non-GAAP gross margin at 71.6%.
Key highlights include a recent $3.6 million purchase order for mmWave devices expected to be fulfilled in 2025, and increased demand for fixed wireless access (FWA) deployments. The company's Q4 GAAP net loss improved to $1.6 million ($0.37 per share) compared to $8.9 million ($12.48 per share) in Q4 2023.
For full-year 2024, total revenue was $14.6 million with a GAAP net loss of $10.7 million. Looking ahead, Peraso expects Q1 2025 revenue between $3.6-4.0 million, with mmWave revenue projected to exceed full-year 2024 levels.
Positive
- 100% year-over-year revenue growth in Q4 2024
- Significant gross margin improvement to 56.3% GAAP and 71.6% non-GAAP
- New $3.6 million purchase order for mmWave devices
- Operating expenses reduced both sequentially and year-over-year
- Net loss improved to $1.6M in Q4 2024 from $8.9M in Q4 2023
Negative
- Sequential revenue decline from $3.8M in Q3 to $3.7M in Q4 2024
- Continued net losses ($10.7M for full-year 2024)
- Reduced shipments of mmWave products year-over-year
- Memory IC product line approaching end-of-life
News Market Reaction 1 Alert
On the day this news was published, PRSO declined 2.75%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Fourth Quarter Total Revenue Increased
GAAP Gross Margin Expanded to
SAN JOSE, CALIFORNIA / ACCESS Newswire / March 19, 2025 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a pioneer in mmWave wireless technology solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024.
Management Commentary
"Fourth quarter revenue represented strong year-over-year growth, driven by ongoing end-of-life (EOL) shipments for our memory IC products," stated Ron Glibbery, CEO of Peraso. "Combined with expanded gross margin and reduced operating expenses, we delivered significant improvement in our operating performance for the quarter and the full year.
"We've recently begun seeing renewed demand and purchase orders from our leading customers for mmWave solutions in support of fixed wireless access (FWA) deployments. Most notably, we recently received a
"In summary, we are encouraged by the growing momentum for our mmWave technology, including increasing production orders from customers. We anticipate significant growth of mmWave revenue throughout 2025 driven by increasing order backlog and ramping customer production. Most notably, we expect mmWave revenue for the first quarter of 2025 to exceed comparable revenue for the full year 2024."
Fourth Quarter 2024 Financial Results
Total net revenue for the fourth quarter of 2024 was
GAAP gross margin for the fourth quarter of 2024 was
Total operating expenses on a GAAP basis for the fourth quarter of 2024 were
GAAP net loss for the fourth quarter of 2024 was
Adjusted EBITDA for the fourth quarter of 2024 was negative
A reconciliation of GAAP to non-GAAP results and GAAP net loss to Adjusted EBITDA is provided in the financial statement tables following the text of this press release.
Full Year 2024 Financial Results
Total net revenue for 2024 was
GAAP gross margin for 2024 was
Total operating expenses on a GAAP basis for 2024 were
GAAP net loss for 2024 was
Non-GAAP net loss for 2024 was
Business Outlook
The Company expects total net revenue for the first quarter of 2025 to be in the range of
Earnings Conference Call and Webcast Information
Ron Glibbery, CEO, and Jim Sullivan, CFO, will host a conference call and webcast with slides today, March 19, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
Date: Wednesday, March 19, 2025
Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)
Conference Call Number: 1-888-506-0062
International Call Number: +1-973-528-0011
Participant Access Code: 394749
Webcast and Slides: Click Here
For those unable to listen to the live Web broadcast, it will be archived on the Company's website, and can be accessed by visiting the Company's investor page at https://investors.perasoinc.com/events-presentations. A replay of the conference call will also be available through April 2, 2025, and can be accessed by calling 1-877-481-4010, and using passcode 52076. International callers should dial 1-919-882-2331 and enter the same passcode at the prompt. Any supporting materials referenced during the live broadcast will be made available in the Investor Relations section of the Company's website following the conclusion of the conference call.
Use of Non-GAAP Financial Measures
To supplement Peraso's consolidated financial statements presented in accordance with GAAP, Peraso uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation,amortization of reported intangible assets, severance costs, and the change in fair value of warrant liabilities. Peraso's management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that Peraso's management uses for planning and forecasting future performance. The press release also makes reference to and reconciles GAAP net income (loss) and adjusted EBITDA, which the Company defines as GAAP net income (loss) before interest expense, the income tax provision, and depreciation and amortization, as well as stock-based compensation, amortization of reported intangible assets, severance costs, and the change in fair value of warrant liabilities. Management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management's operating performance.
Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are provided in tables below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management's explanation of why it considers such measures to be useful, refer to the Current Report on Form 8-K dated March 19, 2025, that the Company filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release may contain forward-looking statements about the Company, including, without limitation, the Company's expectations regarding growth prospects for the Company's products and the Company's 2024 revenue and gross margin trends. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited, to the following:
the Company's ability to continue as a going concern;
the Company's ability to raise additional capital to fund its operations;
annual expense savings expected from the Company's cost reduction initiatives;
the timing of customer orders and product shipments;
risks related to pandemics, wars and terrorist activities that may have an adverse impact on the Company's business and financial results and result in component shortages and increased lead times that may negatively impact the Company's ability to ship its products;
inflationary risks;
customer concentrations and length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn;
lengthy sales cycle;
ability to enhance the Company's existing proprietary technologies and develop new technologies;
achieving additional design wins for the Company's products through the acceptance and adoption of its technology by potential customers and their suppliers;
difficulties and delays in the production, testing and marketing of the Company's products;
reliance on manufacturing partners to assist successfully with the fabrication of and production of the Company's products;
impacts of the end-of-life of the Company's memory products;
availability of quantities of the Company's products supplied by its manufacturing partners at a competitive cost;
level of intellectual property protection provided by the Company's patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which the Company may be or may become a party from time to time;
vigor and growth of markets served by the Company's customers and its operations; and
other risks identified in the Company's public filings it makes with the Securities and Exchange Commission.
Peraso does not intend to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
About Peraso Inc.
Peraso Inc. (NASDAQ:PRSO) is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, immersive video and factory automation. In addition, Peraso's solutions for data and telecom networks focus on Accelerating Data Intelligence and Multi-Access Edge Computing, providing end-to-end solutions from the edge to the centralized core and into the cloud. For additional information, please visit www.perasoinc.com.
Company Contact:
Jim Sullivan, CFO
Peraso Inc.
P: 408-418-7500
E: jsullivan@perasoinc.com
Investor Relations Contacts:
Shelton Group
Brett L. Perry | Leanne K. Sievers
P: 214-272-0070
E: sheltonir@sheltongroup.com
PERASO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
|
| Three Months Ended |
|
| Twelve Months Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Revenue |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Product |
| $ | 3,652 |
|
| $ | 1,468 |
|
| $ | 14,248 |
|
| $ | 12,853 |
|
Royalty and other |
|
| 26 |
|
|
| 364 |
|
|
| 325 |
|
|
| 896 |
|
Total net revenue |
|
| 3,678 |
|
|
| 1,832 |
|
|
| 14,573 |
|
|
| 13,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cost of Net Revenue |
|
| 1,609 |
|
|
| 4,531 |
|
|
| 7,040 |
|
|
| 11,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross Profit (Loss) |
|
| 2,069 |
|
|
| (2,699 | ) |
|
| 7,533 |
|
|
| 1,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
| 1,617 |
|
|
| 3,359 |
|
|
| 9,232 |
|
|
| 14,398 |
|
Selling, general and administrative |
|
| 2,081 |
|
|
| 2,174 |
|
|
| 8,673 |
|
|
| 8,505 |
|
Severance and software license obligations |
|
| - |
|
|
| - |
|
|
| 2,063 |
|
|
| - |
|
Gain on license and asset sale |
|
| - |
|
|
| - |
|
|
| - |
|
|
| (406 | ) |
Total operating expenses |
|
| 3,698 |
|
|
| 5,533 |
|
|
| 19,968 |
|
|
| 22,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loss from operations |
|
| (1,629 | ) |
|
| (8,232 | ) |
|
| (12,435 | ) |
|
| (20,625 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Change in fair value of warrant liabilities |
|
| 44 |
|
|
| (746 | ) |
|
| 1,693 |
|
|
| 3,493 |
|
Other income, net |
|
| 25 |
|
|
| 40 |
|
|
| 14 |
|
|
| 337 |
|
Net loss |
| $ | (1,560 | ) |
| $ | (8,938 | ) |
| $ | (10,728 | ) |
| $ | (16,795 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
| $ | (0.37 | ) |
| $ | (12.48 | ) |
| $ | (3.57 | ) |
| $ | (26.00 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares used in computing net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
| 4,269 |
|
|
| 716 |
|
|
| 3,002 |
|
|
| 646 |
|
PERASO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
|
| December 31, |
| |||||
|
| 2024 |
|
| 2023 |
| ||
|
|
|
|
|
| |||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 3,344 |
|
| $ | 1,583 |
|
Accounts receivable, net |
|
| 682 |
|
|
| 731 |
|
Inventories |
|
| 2,079 |
|
|
| 2,606 |
|
Prepaid expenses and other |
|
| 188 |
|
|
| 620 |
|
Total current assets |
|
| 6,293 |
|
|
| 5,540 |
|
|
|
|
|
|
|
|
| |
Property and equipment, net |
|
| 512 |
|
|
| 1,156 |
|
Intangible assets, net |
|
| 13 |
|
|
| 3,280 |
|
Right-of-use lease assets |
|
| 267 |
|
|
| 615 |
|
Other |
|
| 121 |
|
|
| 123 |
|
Total assets |
| $ | 7,206 |
|
| $ | 10,714 |
|
|
|
|
|
|
|
|
| |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 1,036 |
|
| $ | 2,448 |
|
Deferred revenue |
|
| 341 |
|
|
| 1,105 |
|
Short-term lease liabilities |
|
| 139 |
|
|
| 370 |
|
Accrued expenses and other |
|
| 1,987 |
|
|
| 611 |
|
Total current liabilities |
|
| 3,503 |
|
|
| 4,534 |
|
|
|
|
|
|
|
|
| |
Long-term lease liabilities |
|
| 182 |
|
|
| 349 |
|
Warrant liabilities |
|
| 55 |
|
|
| 1,748 |
|
Total liabilities |
|
| 3,740 |
|
|
| 6,631 |
|
|
|
|
|
|
|
|
| |
Stockholders' equity |
|
| 3,466 |
|
|
| 4,083 |
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
| $ | 7,206 |
|
| $ | 10,714 |
|
PERASO INC.
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
(In thousands, except percentages; unaudited)
|
| Three Months Ended |
|
|
|
| Twelve Months Ended |
|
|
| ||
|
| December 31, 2024 |
|
|
|
| December 31, 2024 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
GAAP gross profit |
| $ | 2,069 |
| 56.3 | % |
| $ | 7,533 |
| 51.7 | % |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
-Amortization of intangibles |
|
| 564 |
| 15.3 | % |
|
| 2,255 |
| 15.5 | % |
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP gross profit |
| $ | 2,633 |
| 71.6 | % |
| $ | 9,788 |
| 67.2 | % |
|
| Three Months Ended |
|
|
|
| Twelve Months Ended |
|
|
| ||
|
| December 31, 2023 |
|
|
|
| December 31, 2023 |
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
GAAP gross profit (loss) |
| $ | (2,699 | ) | -147.3 | % |
| $ | 1,872 |
| 13.6 | % |
Reconciling items: |
|
|
|
|
|
|
|
|
|
|
|
|
-Amortization of intangibles |
|
| 563 |
| 30.7 | % |
|
| 1,980 |
| 14.4 | % |
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP gross profit (loss) |
| $ | (2,136 | ) | -116.6 | % |
| $ | 3,852 |
| 28.0 | % |
|
|
|
|
|
|
|
|
|
|
|
| |
PERASO INC.
Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share
(In thousands, except per share amounts; unaudited)
|
| Three Months Ended |
|
| Twelve Months Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP net loss |
| $ | (1,560 | ) |
| $ | (8,938 | ) |
| $ | (10,728 | ) |
| $ | (16,795 | ) |
Stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Research and development |
|
| 116 |
|
|
| 737 |
|
|
| 1,979 |
|
|
| 3,046 |
|
-Selling, general and administrative |
|
| 136 |
|
|
| 542 |
|
|
| 1,610 |
|
|
| 2,167 |
|
Total stock-based compensation expense |
|
| 252 |
|
|
| 1,279 |
|
|
| 3,589 |
|
|
| 5,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Amortization of intangibles (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Cost of net revenue |
|
| 564 |
|
|
| 563 |
|
|
| 2,255 |
|
|
| 1,980 |
|
-Selling, general and administrative |
|
| 252 |
|
|
| 252 |
|
|
| 1,007 |
|
|
| 884 |
|
Total amortization of intangible assets |
|
| 816 |
|
|
| 815 |
|
|
| 3,262 |
|
|
| 2,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Severance costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Research and development |
|
| - |
|
|
| - |
|
|
| 441 |
|
|
| - |
|
-Selling, general and administrative |
|
| - |
|
|
| - |
|
|
| 5 |
|
|
| - |
|
Total severance costs |
|
| - |
|
|
| - |
|
|
| 446 |
|
|
| - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Change in fair value of warrant liabilities |
|
| (44 | ) |
|
| 746 |
|
|
| (1,693 | ) |
|
| (3,493 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP net loss |
| $ | (536 | ) |
| $ | (6,098 | ) |
| $ | (5,124 | ) |
| $ | (12,211 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
GAAP net loss per share |
| $ | (0.37 | ) |
| $ | (12.48 | ) |
| $ | (3.57 | ) |
| $ | (26.00 | ) |
Reconciling items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Stock-based compensation expense |
|
| 0.06 |
|
|
| 1.78 |
|
|
| 1.19 |
|
|
| 8.07 |
|
-Amortization of intangible assets (1) |
|
| 0.19 |
|
|
| 1.14 |
|
|
| 1.08 |
|
|
| 4.43 |
|
-Severance costs |
|
| - |
|
|
| - |
|
|
| 0.15 |
|
|
| - |
|
-Change in fair value of warrant liabilities |
|
| (0.01 | ) |
|
| 1.04 |
|
|
| (0.56 | ) |
|
| (5.40 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP net loss per share |
| $ | (0.13 | ) |
| $ | (8.52 | ) |
| $ | (1.71 | ) |
| $ | (18.90 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Shares used in computing non-GAAP net loss per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
| 4,269 |
|
|
| 716 |
|
|
| 3,002 |
|
|
| 646 |
|
(1) Non-cash charges for amortization of intangibles arising from acquired assets. These charges are included in cost of net revenue and selling, general and administrative expenses.
PERASO INC.
Reconciliation of GAAP and Non-GAAP Financial Information
(In thousands; unaudited)
|
| Three Months Ended |
|
| Twelve Months Ended |
| ||||||||||
|
| December 31, |
|
| December 31, |
| ||||||||||
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| ||||
Reconciliation of GAAP net loss and adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
| ||||
GAAP net loss |
| $ | (1,560 | ) |
| $ | (8,938 | ) |
| $ | (10,728 | ) |
| $ | (16,795 | ) |
Stock-based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Research and development |
|
| 116 |
|
|
| 737 |
|
|
| 1,979 |
|
|
| 3,046 |
|
-Selling, general and administrative |
|
| 136 |
|
|
| 542 |
|
|
| 1,610 |
|
|
| 2,167 |
|
Stock-based compensation expense |
|
| 252 |
|
|
| 1,279 |
|
|
| 3,589 |
|
|
| 5,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Amortization of intangibles (1) |
|
| 816 |
|
|
| 815 |
|
|
| 3,262 |
|
|
| 2,864 |
|
Severance costs |
|
| - |
|
|
| - |
|
|
| 446 |
|
|
| - |
|
Change in fair value of warrant liabilities |
|
| (44 | ) |
|
| 746 |
|
|
| (1,693 | ) |
|
| (3,493 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Non-GAAP net loss |
|
| (536 | ) |
|
| (6,098 | ) |
|
| (5,124 | ) |
|
| (12,211 | ) |
EBITDA adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Depreciation and amortization |
|
| 133 |
|
|
| 232 |
|
|
| 651 |
|
|
| 946 |
|
-Interest expense |
|
| 2 |
|
|
| 4 |
|
|
| 11 |
|
|
| 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA |
| $ | (401 | ) |
| $ | (5,862 | ) |
| $ | (4,462 | ) |
| $ | (11,244 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(1) Non-cash charges for amortization of intangibles arising from acquired assets. These charges are included in cost of net revenue and selling, general and administrative expenses.
SOURCE: Peraso Inc.
View the original press release on ACCESS Newswire
FAQ
What was Peraso's (PRSO) Q4 2024 revenue and how did it compare to last year?
What is the size of PRSO's recent purchase order for mmWave devices?
How much did Peraso's (PRSO) gross margins improve in Q4 2024?
What is Peraso's (PRSO) revenue guidance for Q1 2025?
How much memory IC product backlog does PRSO have remaining?
