Peraso Inc. Q1 FY2025 earnings call

• Kicked off 2025 with strong momentum, with mmWave revenue exceeding full-year 2024. • Engagement pipeline as of early April had nearly 120 total engagements, with a 25% growth in identified commercial opportunities over 12 months. • Recent innovations include an upgrade to the PERSPECTUS product family increasing supported endpoints, the PRM2141X-D mmWave module, and a newly allowed patent. • DUNE platform traction, fixed wireless access demand recovering, and a strategic contract in military defense announced with initial production shipments expected in Q2.

Total net revenue for the first quarter of 2025 was $3.9 million. Product revenue from memory integrated circuits and millimeter wave products was $3.8 million. Millimeter wave product revenues were $1.5 million for the first quarter, compared with $0.2 million in the prior quarter and $0.3 million in the first quarter of 2024. GAAP gross margin increased to 69.3% in the first quarter. Non-GAAP gross margin was also 69.3%. GAAP operating expenses were $3.2 million, with non-GAAP operating expenses at $3.1 million. GAAP net loss was $0.5 million, and non-GAAP net loss was $0.4 million.

• Expect sequential revenue growth for mmWave solutions throughout 2025. • Total net revenue for the second quarter of 2025 is expected to be in the range of $1.8 million to $2 million.

• Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. • Risks include unexpected changes in business, patent outcomes, and impacts from external factors like tariffs (though no current impact seen).

Q: Kevin Liu asked about millimeter wave visibility and innovation.

A: James Sullivan mentioned backlog visibility, including with a South African customer, defense shipments starting this quarter, and the Ubiquiti purchase order. Ronald Glibbery discussed the immediate benefit of the PERSPECTUS software upgrade.

Q: David Williams asked about defense interest and BEAD funding.

A: Ronald Glibbery spoke about the stealth capabilities of mmWave in military applications and global interest, and mentioned optimism about BEAD funding impact but noting it takes time to materialize.