Peraso Inc. (PRSO) Reports Strong Prelim Q2 Results

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

Peraso Inc. (NASDAQ: PRSO) 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.

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