Peraso Announces Preliminary Second Quarter 2024 Revenue Results Above Guidance

Rhea-AI Summary

Peraso Inc. (NASDAQ:PRSO) has announced preliminary revenue results for Q2 2024, exceeding previous guidance. The company anticipates total net revenue of approximately $4.2 million, surpassing the earlier projected range of $3.7-$4.0 million. This represents a strong growth of over 50% sequentially and over 70% year-over-year.

The higher revenue was primarily driven by increased shipments of end-of-life memory IC products and a new volume production order for mmWave antenna modules supporting the initial deployment of the DUNE platform by a South African service provider. Peraso expects additional orders from this customer and growing engagements for gigabit-speed fixed wireless access applications in urban environments.

Positive

• Revenue exceeded guidance, reaching approximately $4.2 million
• Strong growth of over 50% sequentially and over 70% year-over-year
• New volume production order for mmWave antenna modules
• Initial deployment of DUNE platform by South African service provider
• Expectation of additional orders and growing customer engagements
• Increased confidence in continued growth for second half of 2024

Negative

• None.

Insights

Financial Analyst

Peraso's preliminary revenue results show an impressive increase, exceeding the upper guidance range with $4.2 million in total net revenue. This is a significant sequential growth of over 50% and year-over-year growth of over 70%. Retail investors should note that such growth indicates robust demand and successful market penetration for Peraso's products.

The key driver was the increased shipments of end-of-life (EOL) memory IC products and the new volume production order for the mmWave DUNE platform. However, reliance on EOL products suggests potential revenue volatility once these products phase out. Investors should assess the sustainability of the growth driven by mmWave technology and the DUNE platform orders.

In summary, the strong preliminary results and optimistic outlook for additional orders in the coming quarters are positive indicators. Still, investors should remain cautious until the full financial results are released in August.

Tech Expert

Peraso's mmWave technology, particularly the DUNE platform, is gaining traction, exemplified by the new volume production order from a South African service provider. mmWave (millimeter-wave) technology is important for high-speed wireless communications, especially in dense urban environments where traditional methods fall short. This technology's ability to support gigabit-speed fixed wireless access makes it a strong contender in the 5G deployment race.

The mention of growing customer engagements for mmWave solutions suggests that Peraso is well-positioned within the expanding 5G market. However, investors should watch how effectively Peraso can scale production and manage competition from larger tech firms in the mmWave space.

This progress in mmWave could differentiate Peraso significantly if they maintain technological leadership and capture substantial market share.

Stronger Than Anticipated Revenue Included First Volume Production Order for mmWave DUNE Platform Solution

SAN JOSE, CA / ACCESSWIRE / July 16, 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 preliminary revenue results for the second quarter ended June 30, 2024. Total net revenue for the second quarter is anticipated to be approximately $4.2 million, exceeding the Company's previous guidance of revenue to range between $3.7 million and $4.0 million.

"Our stronger than expected preliminary revenue results for the second quarter represent strong growth of over 50% sequentially and over 70% year-over-year," stated Ron Glibbery, CEO of Peraso. "The higher revenue for the quarter was primarily driven by increased shipments of our end-of life ("EOL") memory IC products, combined with a new volume production order for our mmWave antenna modules in support of the initial deployment of our DUNE platform by a South African service provider. We expect additional incremental orders from this customer in the coming quarters, together with a growing number of mmWave customer engagements targeting gigabit-speed fixed wireless access applications in dense urban environments."

Glibbery concluded, "The further ramping of our mmWave shipments, as well as continued fulfillment of our sizable backlog orders of EOL memory products, gives us increased confidence in the Company's outlook for continued growth in the second half of 2024."

All results presented in this press release are preliminary and unaudited, and they are subject to adjustment during the Company's standard quarterly closing process. Peraso will report its complete financial results for the second quarter of 2024 in conjunction with the Company's quarterly earnings conference call, which is currently planned to be held in August.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created by those sections. All statements in this release that are not based on historical fact are "forward-looking statements." These statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "strategy," "goal," or "planned," "seeks," "may," "might", "will," "expects," "intends," "believes," "should," and similar expressions, or the negative versions thereof, and which also may be identified by their context. All statements that address customer relationships, as well as availability, operating performance, cost benefits, and advantages of the products of Peraso, market acceptance of Peraso' products, and anticipated acceptance and use of mmWave technology, that are not otherwise historical facts, are forward-looking statements.

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 timing, receipt and fulfillment of customer orders associated with Peraso's mmWave products and solutions; anticipated use of mmWave by Peraso's customers and intended users of Peraso's products; the availability and performance of Peraso's products and solutions; the successful integration of Peraso's products and technology with customer and third-party semiconductor; antenna and system solutions; reliance on manufacturing partners to assist successfully with the fabrication of Peraso's ICs and antenna modules; availability of quantities of ICs supplied by Peraso's manufacturing partners at a competitive cost; level of intellectual property protection provided by Peraso's patents; vigor and growth of markets served by Peraso's customers and operations; and other risks included in Peraso's Securities and Exchange Commission filings. Peraso undertakes no obligation 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

SOURCE: Peraso, Inc.

View the original press release on accesswire.com

FAQ

What was Peraso's (PRSO) preliminary revenue for Q2 2024?

Peraso's preliminary revenue for Q2 2024 was approximately $4.2 million, exceeding the company's previous guidance range of $3.7-$4.0 million.

How much growth did Peraso (PRSO) report in Q2 2024?

Peraso reported strong growth of over 50% sequentially and over 70% year-over-year in Q2 2024.

What factors contributed to Peraso's (PRSO) higher revenue in Q2 2024?

The higher revenue was primarily driven by increased shipments of end-of-life memory IC products and a new volume production order for mmWave antenna modules supporting the DUNE platform deployment.

What is Peraso's (PRSO) outlook for the second half of 2024?

Peraso expressed increased confidence in continued growth for the second half of 2024, based on ramping mmWave shipments and fulfillment of backlog orders for EOL memory products.