The following is a summary of the Peraso Inc. (PRSO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Peraso reported Q1 2024 revenue of $2.8 million, an increase from $1.8 million in the prior quarter.

• The company saw a significant improvement in gross margin, rising to 46.4% compared to a negative 147.3% in the prior quarter.

• GAAP net loss for the first quarter of 2024 was $2 million.

• Product revenue for Q1 was $2.68 million, with $2.38 million from memory and $300,000 from millimeter wave ICs and modules.

• Looking ahead to Q2 2024, the company expects total net revenue to be in the range of $3.7 million to $4 million.

Business Progress:

• Peraso is focused on achieving solid growth in 2024, with new customer engagements for their millimeter-wave (mmWave) solutions.

• Peraso filled backlog orders for End-of-Life (EOL) memory IC products, positioning it for revenue increases and financial improvement.

• It garnered a significant win with Panasonic's adoption of their X710 mmWave chipset.

• The company launched DUNE, a network access platform for dense urban areas, with initial reception positive.

• Peraso has made progress in expanding their customer base and increasing their global presence, including in North America, South America, and Africa.

More details: Peraso IR

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