Peraso Inc. reported a net revenue of $14.2 million for the fiscal year ending December 31, 2024, marking a 10.9% increase from $12.9 million in 2023. The company's financial performance was primarily driven by a rise in shipments of its memory integrated circuits (ICs), which were boosted by the end-of-life (EOL) process initiated for these products. However, the overall revenue growth was tempered by a decline in shipments of mmWave products, which the company anticipates will recover in the coming year as existing customers reduce inventory levels and new customers begin production.
The company incurred a net loss of approximately $10.7 million in 2024, a decrease from the $16.8 million loss reported in 2023. This reduction in losses was attributed to a significant decrease in inventory write-down charges, which fell from $3.5 million in 2023 to $0.4 million in 2024. Peraso's gross profit increased to $7.5 million, representing a gross margin of 52%, compared to 14% in the previous year. The improved gross profit was largely due to a favorable product mix, with higher-margin memory ICs contributing more significantly to revenue.
In terms of operational developments, Peraso has undergone strategic changes, including a workforce reduction in late 2023 aimed at cutting operating expenses. As of December 31, 2024, the company employed 42 individuals, down from previous levels, with a focus on enhancing its research and development capabilities. The company is also actively pursuing new customer engagements, particularly in the fixed wireless access (FWA) market, where it has established partnerships with several original equipment manufacturers (OEMs) and wireless internet service providers (WISPs).
Looking ahead, Peraso's outlook remains cautious as it anticipates continued operating losses into 2025, particularly with the cessation of shipments of its memory products after March 2025. The company has indicated that it will need to secure additional capital to support its operations and product development efforts. As of December 31, 2024, Peraso had cash and cash equivalents of $3.3 million, which it expects will be sufficient to meet its capital needs through at least the second quarter of 2025. The company is exploring various financing options, including an at-the-market offering program, to bolster its liquidity and support future growth initiatives.
About Peraso Inc.
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