Peraso Inc (PRSO) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to Barossa Inc's fourth quarter 2023 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, March 18, 2024.

下午好，歡迎參加 Barossa Inc 的 2023 年第四季電話會議。（操作員說明）謹此提醒，本次電話會議將於今天（2024 年 3 月 18 日星期一）錄製。

I would now like to turn the call over to the host for today's program, Mr. Jim Sullivan. Please go ahead.

現在我想將電話轉給今天節目的主持人吉姆·沙利文先生。請繼續。

Good afternoon, and thank you for joining today's conference call to discuss process Fourth Quarter and Full Year 2023 financial results. I'm Jim Sullivan, CFO of Peraso, and joining me today is Ron Glibbery, our CEO. Today after the market closed, we issued a press release and related Form 8-K which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso’s website at www.priceline.com under the Investor Relations section.

下午好，感謝您參加今天的電話會議，討論 2023 年第四季和全年財務表現。我是 Peraso 財務長吉姆·沙利文 (Jim Sullivan)，今天加入我的是我們的執行長 Ron Glibbery。今天收盤後，我們發布了一份新聞稿以及向美國證券交易委員會提交的相關 8-K 表格。新聞稿和 8-K 表可在 Peraso 網站 www.priceline.com 的投資者關係部分取得。

There is also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the Investor Relations website. As a reminder, comments made during today's conference call may include forward looking statements. All statements other than statements of historical fact could be deemed as forward looking. Peraso advises caution in reliance on forward looking statements. These statements include, without limitation, any projections of revenue, margins, expenses, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, non-GAAP Net Loss, cash flows or other financial items, including anticipated cost savings; Also, any statements concerning the expected development performance and market share or competitive performance of our products or technologies. All forward-looking statements are based on information available to Peraso on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Peraso’s actual results to differ materially from those implied by the forward-looking statements, including unexpected changes in the company's business. More detailed information about these risk factors and additional risk factors, are set forth in Peraso’s public filings with the SEC. Peraso expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

我們還將在今天的電話會議中使用幻燈片演示文稿，可以透過投資者關係網站上的網路廣播連結進行存取。提醒一下，今天的電話會議期間發表的評論可能包括前瞻性陳述。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述。佩拉索建議謹慎依賴前瞻性陳述。這些報表包括但不限於收入、利潤、費用、非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 營運費用、調整後 EBITDA、非 GAAP 淨虧損、現金流量或其他財務項目的任何預測，包括預期的成本節省；此外，有關我們產品或技術的預期開發績效和市場份額或競爭績效的任何陳述。所有前瞻性陳述均基於 Peraso 截至本新聞稿發布之日可獲得的資訊。這些陳述涉及已知和未知的風險、不確定性和其他因素，可能導致 Peraso 的實際結果與前瞻性陳述所暗示的結果有重大差異，包括公司業務的意外變化。有關這些風險因素和其他風險因素的更多詳細信息，請參見 Peraso 向 SEC 提交的公開文件。Peraso 明確表示不承擔任何更新或更改其前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in terms of GAAP and non-GAAP. With respect to remarks on today's call involving non-GAAP numbers, unless otherwise indicated, references to amounts excludes stock-based compensation expense, amortization of reported intangible assets, goodwill impairment charges, and the change in fair value of warrant liabilities

此外，該公司在本次電話會議期間的新聞稿和管理層聲明將包括根據公認會計原則和非公認會計原則討論某些措施和財務資訊。關於今天電話會議中涉及非公認會計原則數字的言論，除非另有說明，所提及的金額不包括股票補償費用、報告的無形資產攤銷、商譽減值費用以及認股權證負債公允價值的變化

These non-GAAP financial measures, definitions and the reconciliation of the differences between them and comparable GAAP measures are presented in our press release and related Form 8-K, which was filed today with the SEC, which provides additional details. All share and per-share amounts disclosed during this call reflect the retroactive impact of a 1-for-40 reverse split of our common stock as applicable that became effective after market close on January 2, 2024. For those of you unable to listen to the entire call at this time, a recording will be available on the Investor Relations section of our website.

這些非 GAAP 財務指標、定義以及它們與可比較 GAAP 指標之間差異的調整均在我們的新聞稿和今天向 SEC 提交的相關表格 8-K 中介紹，其中提供了更多詳細資訊。本次電話會議期間揭露的所有股份和每股金額均反映了 2024 年 1 月 2 日收盤後生效的普通股 40 比 1 反向分割（如適用）的追溯影響。對於目前無法收聽整個電話會議的人，我們網站的投資者關係部分將提供錄音。

Now I'd like to turn the call over to our CEO, Ron Glibbery, for his prepared remarks. Ron?

現在我想將電話轉給我們的執行長 Ron Glibbery，聽聽他準備好的演講。羅恩？

Thank you, Jim. Good afternoon, and welcome to everyone on the phone and webcast. We appreciate you joining us. I want to start with a few brief comments on the fourth quarter and our current outlook. Then I'll get into more detail on the key management developments and progress we've been making since our last conference call. Consistent with our prior expectations, multiple headwinds contributed to lower revenue for the quarter.

謝謝你，吉姆。下午好，歡迎大家透過電話和網路廣播。我們感謝您加入我們。我想首先對第四季度和我們當前的前景進行一些簡短的評論。然後我將更詳細地介紹自上次電話會議以來我們所取得的關鍵管理進度和進展。與我們先前的預期一致，多重不利因素導致本季營收下降。

In our mmWave business, our customer demand reflected the continued impact of the industry-wide inventory correction. Separately, while total order backlog for our memory IC products increased sequentially, revenue was lower in the fourth quarter due to the timing of production and shipment schedules. Since the beginning of the new year, both of these headwinds have begun to moderate. We anticipate revenue growth to resume in the current quarter ending March 31, and also expect double digit growth for the full year. These growth expectations are based upon two key drivers.

在我們的毫米波業務中，我們的客戶需求反映了全行業庫存調整的持續影響。另外，雖然我們的記憶體 IC 產品的積壓訂單總數較上季增加，但由於生產和出貨計畫的時間安排，第四季的收入較低。自新年伊始，這兩個不利因素都開始減弱。我們預計截至 3 月 31 日的本季營收將恢復成長，並預計全年將達到兩位數成長。這些成長預期基於兩個關鍵驅動因素。

First is the overall $12 million of total order backlog for our memory IC products. And second, our new orders we've recently begun receiving for our mmWave products targeting fixed wireless access applications, including from our largest customer. Based on this initial return of orders and customer demand, we believe the prolonged inventory correction in fixed wireless is clearing.

首先是我們的記憶體 IC 產品的積壓訂單總額為 1,200 萬美元。其次，我們最近開始收到固定無線接取應用的毫米波產品的新訂單，包括來自我們最大客戶的訂單。基於訂單的初步恢復和客戶需求，我們認為固定無線領域的長期庫存調整正在清理。

Turning to slide 4, I wanted to provide a brief update on the End-of-Life of our current memory IC products. Since notifying our memory customers of the planned End-of-Life in May of 2023, we have received purchase orders for the last-time buys totaling $14 million. We’ve commenced initial shipments against these orders in the third quarter of 2023, which were largely fulfilled from existing inventory. Shipments against backlog orders slowed in the fourth quarter, primarily due to the manufacturing lead times required by our foundry partners to fabricate additional wafers in memory products. In total for the second half of 2023, we completed End-of-Life shipments of approximately $3.7 million.

轉向投影片 4，我想提供有關我們目前記憶體 IC 產品壽命終止的簡要更新。自從通知我們的記憶體客戶計劃於 2023 年 5 月停產以來，我們已收到總計 1,400 萬美元的最後一次採購訂單。我們已於 2023 年第三季開始對這些訂單進行首次發貨，這些訂單大部分是透過現有庫存來履行的。第四季積壓訂單的出貨量放緩，主要是由於我們的代工合作夥伴在記憶體產品中製造額外晶圓所需的製造交貨時間。2023 年下半年，我們總共完成了約 370 萬美元的報廢出貨量。

As of year-end, we had remaining End-of-Life order backlog of approximately $10.3 million. We also had an additional $1.8 million of backlog for regular production orders. Based on current manufacturing schedules at our foundry partner, we expect shipments of our memory IC products to ramp again in the first quarter, and we expect to fulfill the majority of the combined remaining backlog over the next 12-months.

截至年底，我們剩餘的報廢訂單積壓約為 1,030 萬美元。我們還額外積壓了 180 萬美元的常規生產訂單。根據我們代工合作夥伴目前的製造計劃，我們預計第一季記憶體 IC 產品的出貨量將再次增加，並且我們預計將在未來 12 個月內完成大部分剩餘積壓訂單。

As previously discussed on our last conference call, we anticipate these collective End-of-Life orders and shipments of memory IC products to contribute significant revenue and cash flow throughout 2024.

正如我們之前在上次電話會議上討論的那樣，我們預計這些記憶體 IC 產品的壽命終止訂單和出貨量將在 2024 年貢獻大量收入和現金流。

Flipping to Slide 5 and an update on our mmWave business, one of our key strategic initiatives continues to be building a larger and more diversified customer base for Peraso’s, mmWave technology. Having historically served as a relatively small number of fixed wireless customers in North America, in 2023, we set out to expand our market reach in terms of customers, geographies and end market applications.

翻到投影片 5 並更新我們的毫米波業務，我們的關鍵策略措施之一仍然是為 Peraso 的毫米波技術建立更大、更多元化的客戶群。過去，我們在北美的固定無線客戶數量相對較少，因此我們開始在 2023 年在客戶、地理和終端市場應用方面擴大我們的市場覆蓋範圍。

Our team's ongoing engagement efforts are continuing to drive tangible results, contributing to a steady funnel of new opportunities and expanded number of active engagements. Over roughly the past six months, or since October, we've increased active engagements to 18, from 18 to 25. We continue to put an emphasis on prioritizing the highest quality engagements in terms of both projected economic and anticipated time-to-market today. We believe we have more existing funnel opportunities that are positioned to transition to active hardware evaluation engagements, as compared with our last quarterly update. Consistent with the past, we continue to view our engagement pipeline as a leading indicator to measure our progress towards expanding reach and a more diversified, diversified business. With that in mind, one additional highlight related to our current active engagements-- compared with our last quarterly update, they now comprise a larger number of prospective customers and targeted applications outside of North America.

我們團隊持續不斷的參與努力正在繼續推動取得實際成果，為穩定的新機會管道和擴大的積極參與數量做出貢獻。大約在過去 6 個月內，或者說自 10 月以來，我們已將活躍參與次數從 18 次增加到 25 次，增加到 18 次。我們繼續強調在預計經濟和預計上市時間方面優先考慮最高品質的合作。我們相信，與上一季更新相比，我們有更多現有的漏斗機會可以過渡到積極的硬體評估活動。與過去一樣，我們繼續將我們的參與管道視為衡量我們在擴大影響力和更加多元化業務方面取得的進展的領先指標。考慮到這一點，與我們目前的積極參與相關的另一個亮點是——與我們上一季的更新相比，它們現在包括北美以外更多的潛在客戶和目標應用程式。

Turning to Slide 6. We believe the value proposition of our 60 gigabits mmWave solutions for Fixed Wireless access is continuing to resonate across an expanding number of equipment manufacturers as well as directly with WISPs or wireless Internet service providers. The left side of the slide reflects only a sample of the WISPs that we've identified with 60 gigahertz fixed wireless deployments enabled by Peraso’s hardware. The total number of WISP deployments utilizing that technology is difficult to track because we don't have the visibility with regards to the ultimate end customers.

轉到投影片 6。我們相信，我們用於固定無線存取的 60 GB 毫米波解決方案的價值主張將繼續在越來越多的設備製造商以及 WISP 或無線網路服務供應商中產生直接共鳴。投影片左側僅反映了我們透過 Peraso 硬體支援的 60 GHz 固定無線部署所確定的 WISP 範例。利用該技術的 WISP 部署總數很難跟踪，因為我們無法了解最終客戶。

Another way to look at the market traction we're gaining with our 60 gigahertz mmWave solutions. On the right side of the slide is the list of equipment manufacturers and WISPs with commercial fixed wireless access products powered by Peraso hardware. In addition to each of them having multiple products using our technology, I want to point out that collectively, they are targeting a mix of rural and urban market applications. Keeping in mind that early traction with our mmWave solutions were primarily in rural fixed wireless applications in North America, this really highlights our accelerating expansion into urban market applications as well. Additionally, we are increasing, increasingly seeing many of the urban deployments targeting geographies outside of North America.

另一種看待我們透過 60 GHz 毫米波解決方案獲得的市場吸引力的方法。投影片右側是擁有由 Peraso 硬體支援的商業固定無線存取產品的裝置製造商和 WISP 的清單。除了他們每個人都有多種使用我們技術的產品之外，我想指出的是，他們共同瞄準了農村和城市市場應用。請記住，我們的毫米波解決方案的早期吸引力主要集中在北美的農村固定無線應用中，這確實凸顯了我們對城市市場應用的加速擴張。此外，我們正在增加，越來越多地看到許多針對北美以外地區的城市部署。

Now looking at slide 7, it's important to understand part of what is driving the expanded market opportunity in urban applications. Although there are shared challenges and needs between rural and urban fixed wireless applications, mmWave offers a unique value proposition for solving a series of challenges encountered in dense urban environments.

現在請看投影片 7，了解推動城市應用市場機會擴大的部分因素非常重要。儘管在農村和城市固定無線應用存在共同的挑戰和需求，但毫米波為解決密集城市環境中遇到的一系列挑戰提供了獨特的價值主張。

Demand for Internet connectivity is ubiquitous. However, many technologies simply weren't designed to work well in densely concentrated population centers especially those found in emerging markets such as India, South America and Africa. In addition to significant upfront infrastructure and deployment costs, WiFi technology, for example, struggles with the wireless congestion and interference resulting from high numbers and the density of connected devices. Another critical consideration in many dense urban environments is electricity, which can often be limited and less reliable in emerging markets. In order to avoid service interruptions, infrastructure equipment must be able to remain operational for extended periods on alternative sources such as solar and battery power. Leveraging the inherent advantages of the mmWave, Peraso’s technology provides a proven solution to WISPs targeting deployments in these dense urban environments. At the core of our solution is the newest addition to our PERSPECTUS series mmWave modules. The PRM2144 X incorporates a 128 element, phased array antenna that provides high gain and narrow-beamwidth, which coupled with excellent power efficiency, make it ideal for achieving reliable connectivity in dense urban environments.

對網路連線的需求無所不在。然而，許多技術根本無法在人口密集的中心很好地發揮作用，尤其是在印度、南美和非洲等新興市場中發現的技術。例如，除了大量的前期基礎設施和部署成本之外，WiFi 技術還面臨大量和高密度連接設備導致的無線擁塞和乾擾問題。在許多人口稠密的城市環境中，另一個重要的考慮因素是電力，在新興市場中，電力往往有限且較不可靠。為了避免服務中斷，基礎設施設備必須能夠依靠太陽能和電池等替代能源長時間來保持運作。Peraso 的技術利用毫米波的固有優勢，為針對這些密集城市環境中的部署的 WISP 提供了經過驗證的解決方案。我們解決方案的核心是 PERSPECTUS 系列毫米波模組的最新成員。PRM2144 X 採用 128 個元件的相控陣天線，可提供高增益和窄波束寬度，再加上出色的功效，使其成為在密集城市環境中實現可靠連接的理想選擇。

Now turning to slide 8. Building on the positive initial feedback from WISPs following our introduction of the PRM2144 X, in January we announced the commercial availability of Peraso’s DUNE platform for fixed wireless access. Designed specifically for dense urban environments, this integrated hardware and software platform provides WISPs a cost-effective turnkey solution. In addition to multi-gigabit connectivity comprising a full suite of capabilities, including dynamic traffic management and adaptive load balancing, Peraso’s DUNE platform employs network isolation to enable coexisting overlapping networks. This feature is absolutely critical for successful deployments in dense urban environments. The introduction of this platform was a result of first-hand dialogue with numerous operators to understand specific deployment challenges they face in these environments. We recently announced our first commercial win utilizing the platform, which is an important third-party validation of this solution and we have commenced proof-of-concept engagements with multiple additional service providers.

現在轉到投影片 8。基於我們推出 PRM2144 X 後 WISP 的正面初步回饋，我們在 1 月宣布用於固定無線存取的 Peraso DUNE 平台投入商業使用。此整合硬體和軟體平台專為密集的城市環境而設計，為 WISP 提供了經濟高效的交鑰匙解決方案。除了包含動態流量管理和自適應負載平衡等全套功能的多千兆位元連線之外，Peraso 的 DUNE 平台還採用網路隔離來實現共存的重疊網路。此功能對於在密集的城市環境中成功部署絕對至關重要。該平台的推出是與眾多運營商進行第一手對話的結果，以了解他們在這些環境中面臨的具體部署挑戰。我們最近宣布利用該平台贏得了第一個商業勝利，這是對該解決方案的重要第三方驗證，並且我們已經開始與多個其他服務提供者進行概念驗證。

Shifting to slide 9, I wanted to briefly touch on aerospace and defense. Although still a relatively new end market for us, we continue to see expanded opportunities for our mmWave technology in various military defense applications. In addition to mmWave’s ability to support multi-gigabit connectivity with low latency as well as utilize unlicensed/unused frequency bands, our advanced integrated antenna technology allows for communication using unique, uniquely narrow and focused beams. Unlike other traditional wireless technologies, this directional beamforming capability makes it more difficult to intercept or even detect in sensitive data communications.

轉到幻燈片 9，我想簡單談談航空航天和國防。儘管對我們來說仍然是一個相對較新的終端市場，但我們繼續看到毫米波技術在各種軍事防禦應用中的更多機會。除了毫米波能夠以低延遲支援多千兆位元連接以及利用未經許可/未使用的頻段之外，我們先進的整合天線技術還允許使用獨特、獨特的窄波束和聚焦波束進行通訊。與其他傳統無線技術不同，這種定向波束形成功能使得敏感資料通訊中的攔截甚至偵測變得更加困難。

On our previous conference call, I mentioned having secured our first commercial engagement in this area in the form of a customer-funded proof-of-concept. This initial engagement is progressing well and continues to be in the customer evaluation phase. Over the last couple of months, we have sourced additional new opportunities for our mmWave solutions in defense applications. We have conservative expectations with respect to any material near-term contribution from these opportunities, however, they serve as evidence that defense applications were brisk and represent an incremental future market opportunity. In closing, with our expanding engagement pipeline for our mm Wave solutions across an increasingly diverse customer base and market applications, as well as initial indications of renewed customer demand for fixed wireless access, we're very optimistic about the Company's outlook for 2024 as we continue to execute on our strategic efforts to grow the customer base for our mmWave products. We believe there's a large opportunity to realize growth over the coming quarters and beyond.

在我們之前的電話會議上，我提到我們已經以客戶資助的概念驗證的形式確保了我們在該領域的首次商業合作。此次初步合作進展順利，並持續處於客戶評估階段。在過去的幾個月裡，我們為我們的毫米波解決方案在國防應用中找到了更多新機會。我們對這些機會的任何實質近期貢獻持保守預期，然而，它們證明國防應用活躍並代表未來增量市場機會。最後，隨著我們在日益多樣化的客戶群和市場應用中擴大毫米波解決方案的參與管道，以及客戶對固定無線存取的新需求的初步跡象，我們對公司2024 年的前景非常樂觀，因為我們繼續執行我們的策略性努力，以擴大我們毫米波產品的客戶群。我們相信，在未來幾個季度及以後，有很大的機會成長。

With that, I'll turn the call back to Jim to review the fourth quarter and full year financials as well as our revenue expectation for the first quarter of 2024.

接下來，我將把電話轉回吉姆，以回顧第四季度和全年的財務狀況以及我們對 2024 年第一季的收入預期。

Thank you, Ron. Turning now to the fourth quarter and full year results, total net revenue in the fourth quarter of 2023 was $1.8 million compared with $4.5 million in the prior quarter and $3.9 million during the same quarter a year ago. Full year 2023 total net revenue was $13.7 million compared with $14.9 million in the prior year.

謝謝你，羅恩。現在轉向第四季和全年業績，2023 年第四季的總淨收入為 180 萬美元，而上一季為 450 萬美元，去年同期為 390 萬美元。2023 年全年總淨收入為 1,370 萬美元，而前一年為 1,490 萬美元。

Product revenue from the sale of our memory integrated circuits and millimeter-wave antenna solutions in the fourth quarter was $1.5 million compared with $4.3 million in the prior quarter and $3.8 million in the fourth quarter of 2022.

第四季儲存積體電路和毫米波天線解決方案的銷售收入為 150 萬美元，而上一季為 430 萬美元，2022 年第四季為 380 萬美元。

For the full year 2023, product revenue was $12.9 million compared with $14.2 million in the prior year. Royalty and other revenue for the fourth quarter of 2023 was $0.4 million compared with $0.2 million in the prior quarter and $0.1 million in the same quarter a year ago. For the full year 2023, royalty and other revenue was $0.9 million compared with $0.7 million in 2022. GAAP gross margin was negative 147.3% in the fourth quarter compared to a positive 45.4% in the prior quarter and 44.2% in the year-ago quarter. For the full year 2023 GAAP gross margin was 13.6% compared with 40.1% in the prior year. On a non-GAAP basis, excluding amortization of acquired intangible assets, gross margin for the fourth quarter was negative 116.6% compared with positive 58% in the prior quarter and positive 53.4% in the fourth quarter of 2022. For the full year 2023 non-GAAP gross margin was 28% compared with 49.7% in the prior year. The negative gross margin for the fourth quarter of 2023 primarily reflected inventory write-downs for the company's mmWave and memory IC products. Inventory write-downs were recorded in the company in accordance with the company's accounting policies. The write-downs for our mmWave inventory reflected the application of significant management judgment and estimates in consideration of the industry-wide inventory correction, current order backlog and short term sales forecast. Management continues to actively pursue orders for the inventory from both existing and new customers and based on initial order flow to date, new customer engagements and mid to longer term sales forecasts, the inventory remained favorable. The write-down of our memory inventory represented existing inventory for our Bandwidth Engine 3 IC product, for which expected EOL orders have not yet been received to date.

2023 年全年，產品收入為 1,290 萬美元，而前一年為 1,420 萬美元。2023 年第四季的特許權使用費和其他收入為 40 萬美元，上一季為 20 萬美元，去年同期為 10 萬美元。2023 年全年，特許權使用費和其他收入為 90 萬美元，而 2022 年為 70 萬美元。第四季 GAAP 毛利率為負 147.3%，上一季為正 45.4%，去年同期為 44.2%。2023 年全年 GAAP 毛利率為 13.6%，而前一年為 40.1%。以非公認會計原則計算，不包括收購的無形資產攤銷，第四季的毛利率為負 116.6%，而上一季為正 58%，2022 年第四季為正 53.4%。2023 年全年非 GAAP 毛利率為 28%，而前一年為 49.7%。2023年第四季毛利率為負主要反映了該公司毫米波和儲存IC產品的庫存減記。存貨跌價依公司會計政策計入公司。我們的毫米波庫存減記反映了管理層在考慮全行業庫存修正、當前積壓訂單和短期銷售預測的情況下，運用了重要的管理層判斷和估計。管理層繼續積極尋求現有和新客戶的庫存訂單，根據迄今為止的初始訂單流、新客戶參與度和中長期銷售預測，庫存仍然有利。我們記憶體庫存的減記代表了我們頻寬引擎 3 IC 產品的現有庫存，迄今尚未收到該產品的預期 EOL 訂單。

GAAP operating expense for the fourth quarter of 2023 were $5.5 million compared with $5.6 million in the prior quarter and $16.2 million in the fourth quarter of 2022, which included a $9.9 million goodwill impairment charge.

2023 年第四季的 GAAP 營運費用為 550 萬美元，上一季為 560 萬美元，2022 年第四季為 1,620 萬美元，其中包括 990 萬美元的商譽減損費用。

For the full year 2023 GAAP operating expenses were $22.5 million compared with $38.3 million in the prior year. Non-GAAP operating expenses, which excludes stock-based compensation, amortization of reported intangible assets and the goodwill impairment charge incurred in 2022, were $4 million, consistent with the prior quarter and compared with $4.8 million in the same quarter a year ago.

2023 年全年 GAAP 營運費用為 2,250 萬美元，而前一年為 3,830 萬美元。非公認會計準則營運費用（不包括股票薪酬、報告無形資產攤銷以及 2022 年產生的商譽減損費用）為 400 萬美元，與上一季持平，而去年同期為 480 萬美元。

NON-GAAP operating expenses for the full year 2023 were $16.4 million compared with $22 million in the prior year. Operating expenses on both a GAAP and non-GAAP basis were reduced by nonrecurring gains on the 2022 asset license sale, of which $0.4 million and $2.6 million were recognized in 2023 and 2022 respectively.

2023 年全年非 GAAP 營運費用為 1,640 萬美元，而前一年為 2,200 萬美元。2022 年資產許可銷售的非經常性收益減少了以 GAAP 和非 GAAP 計算的營運費用，其中 2023 年和 2022 年分別確認了 40 萬美元和 260 萬美元。

The year-over-year reduction in non-GAAP operating expenses for both fourth quarter and full year 2023 was attributable to a combination of cost reduction activities initiated in the second half of 2022, as well as incremental cost containment actions, including layoffs implemented by the company during the fourth quarter of 2023.

2023 年第四季和全年非公認會計準則營運費用年減的原因是 2022 年下半年啟動的成本削減活動，以及增量成本控制行動，包括由該公司在 2023 年第四季。

GAAP net loss for the fourth quarter of 2023 was $8.9 million or a loss of $12.48 per share compared with a net loss of $0.6 million or $0.87 per share in the prior quarter and a net loss of $14.6 million or a loss of $28.45 per share in the same quarter a year ago.

2023 年第四季的GAAP 淨虧損為890 萬美元，即每股虧損12.48 美元，而上一季的淨虧損為60 萬美元，即每股虧損0.87 美元，2023 年第四季的淨虧損為1460萬美元，即每股虧損28.45 美元。一年前的同一季度。

For the full year 2023 GAAP net loss was $16.8 million, while a loss of $26 per share compared with a net loss of $32.4 million or $64.41 per share in the prior year. On a non-GAAP basis, net loss for the fourth quarter of 2023 was $6.1 million or a loss of $8.52 per share, which excludes stock-based compensation, amortization of acquired intangibles, a goodwill impairment charge incurred in 2022 and the change in fair value of warrant liabilities.

2023 年全年 GAAP 淨虧損為 1,680 萬美元，每股虧損 26 美元，而前一年淨虧損為 3,240 萬美元，每股虧損 64.41 美元。以非公認會計原則計算，2023 年第四季淨虧損為610 萬美元，即每股虧損8.52 美元，其中不包括股票補償、收購無形資產攤銷、2022 年產生的商譽減損費用以及公允價值變動認股權證負債的價值。

This compared with a non-GAAP net loss of $1.1 million or $1.56 and a net loss margin of $2.8 million or a loss per share of $5.41 per share in the same quarter a year ago. Full year 2023 non-GAAP net loss was $12.2 million or a loss of $18.90 per share compared with a net loss of $14.7 million or $29.17 per share in the prior year. The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and non-GAAP EPS for the fourth quarter of 2023 was approximately 716,000 shares, which excludes approximately 45,000 shares of our common stock and exchangeable shares that are currently escrowed.

相比之下，去年同期的非 GAAP 淨虧損為 110 萬美元或 1.56 美元，淨虧損率為 280 萬美元或每股虧損 5.41 美元。2023 年全年非 GAAP 淨虧損為 1,220 萬美元，即每股虧損 18.90 美元，而前一年的淨虧損為 1,470 萬美元，即每股虧損 29.17 美元。用於計算 2023 年第四季 GAAP 和非 GAAP 每股盈餘的已發行基本股和稀釋股的加權平均數量約為 716,000 股，其中不包括目前託管的約 45,000 股普通股和可交換股。

Adjusted EBITDA, which we define as GAAP net income or loss as reported, excluding stock-based compensation, amortization of acquired intangibles, impairment of goodwill and change in fair value of warrant liabilities, interest expense, depreciation and amortization, and the provision for income taxes was negative $5.9 million in the fourth quarter compared with negative $0.9 million in the prior quarter and negative $2.5 million in the prior year period. For the full year 2023 adjusted EBITDA was negative $11.2 million compared with negative $13.7 million in the prior year.

調整後EBITDA，我們將其定義為報告的GAAP 淨利潤或虧損，不包括股票補償、收購的無形資產攤銷、商譽減值和認股權證負債公允價值變動、利息費用、折舊和攤銷以及收入撥備第四季稅負為 590 萬美元，而上一季為負 90 萬美元，去年同期為負 250 萬美元。2023 年全年調整後 EBITDA 為負 1,120 萬美元，而前一年為負 1,370 萬美元。

For a balance sheet perspective, as of December 31, 2023, the company had cash and cash equivalents of approximately $1.6 million. We generated cash flow of approximately $0.9 million during the fourth quarter of 2023, which was primarily attributable to proceeds from the end-of-life from our memory IC products. Subsequent to year end, in February 2024, we completed an underwritten public offering of common stock and warrants generating net proceeds to the Company of approximately $3.4 million.

從資產負債表的角度來看，截至2023年12月31日，該公司擁有現金和現金等價物約160萬美元。2023 年第四季度，我們產生了約 90 萬美元的現金流，這主要歸功於我們的記憶體 IC 產品報廢所產生的收益。年底後，在 2024 年 2 月，我們完成了普通股和認股權證的承銷公開發行，為公司產生了約 340 萬美元的淨收益。

Turning to our outlook, as Ron mentioned, since year end, we have begun to see indications of improving customer demand and order patterns. While also having a solid backlog of noncancelable purchase orders for our memory IC products. The company currently expects total net revenue for the first quarter of 2024 to be in the range of $2.6 million to $2.9 million.

談到我們的前景，正如羅恩所提到的，自去年年底以來，我們開始看到客戶需求和訂單模式改善的跡象。同時我們的記憶體 IC 產品也積壓了大量不可取消的採購訂單。該公司目前預計 2024 年第一季的總淨收入將在 260 萬美元至 290 萬美元之間。

This concludes our prepared remarks, and I'll now turn the call back over to the operator to assist with the Q&A session. Operator?

我們準備好的演講到此結束，現在我將把電話轉回接線生以協助問答環節。操作員？

(Operator Instructions) David Williams, The Benchmark.

（操作員說明）David Williams，《基準》。

Hey, good afternoon, gentlemen. Thanks for letting me ask a question and congrats on the, at least starting to see the fruits of a maybe a little better backdrop here.

嘿，下午好，先生們。感謝您讓我提出問題，並祝賀您，至少開始看到這裡可能更好一點的背景所帶來的成果。

First, you mentioned the backlog from your larger customer and that inventory, you're starting to see that some, some improving order flow there. I know that's been an area that's had some pretty steep inventory issues in the past. It sounds like that's being cleared up. I guess my question is do you get a sense that this is more demand-driven, is, are we seeing better, better end demand? Or is this just kind of work through of the existing inventory returning back to a more normal level, you think?

首先，您提到了大客戶的積壓訂單和庫存，您開始看到一些訂單流有所改善。我知道這個領域過去存在一些相當嚴重的庫存問題。聽起來這件事正在被澄清。我想我的問題是，您是否感覺到這更多是需求驅動的，我們是否看到了更好、更好的最終需求？或者您認為這只是現有庫存恢復到更正常水準的一種工作？

Do you want me to take that, Jim?

你想讓我接受嗎，吉姆？

Yes, why don't you speak to the customer demand, please?

是的，為什麼不談談客戶的需求呢？

Yes. So, to answer your question, I think it's a combination of both. I mean, you know for Peraso, what the issue was, if you really recall back even to 2022 when lead times were like pushing 12, 12 plus months, customers ordered, over ordered, I would say. And so that was kind of part of the inventory buildup. So part of this is bleeding that off certainly, but we know we feel that certainly the feedback from our lead customer and other customers is that there is there is strong demand for fixed wireless access, as we all know, right? So. it's really a combination of both. I mean, we're kind of bleeding off that kind of 2022, early 2023 build-up. But at the same time, we are seeing demand from fixed wireless customers. So, it's really a combination of both would be my interpretation.

是的。因此，為了回答你的問題，我認為這是兩者的結合。我的意思是，你知道佩拉索的問題是什麼，如果你真的回想起2022 年，當時的交貨時間就像推到12、12 個多月，我會說，客戶訂購了，超額訂購了。這就是庫存增加的一部分。因此，其中一部分肯定會消失，但我們知道我們認為我們的主要客戶和其他客戶的回饋肯定是對固定無線存取的強烈需求，眾所周知，對嗎？所以。這確實是兩者的結合。我的意思是，我們正在逐漸擺脫 2022 年、2023 年初的那種累積。但同時，我們也看到了固定無線客戶的需求。所以，我的解釋其實是兩者的結合。

Okay. Do you have anything you wanted to add there? Sorry?

好的。有什麼想要補充的嗎？對不起？

No, I mean that, the key, the key point was obviously at the end of the year. It's our annual audit. And just given the corrections, although we believe we're seeing it clearing and I think other companies out there are reporting certainly by the, by the June 30 kind of timeframe, middle of the year expecting to see that clear up.

不，我的意思是，關鍵、關鍵點顯然是在年底。這是我們的年度審計。考慮到這些修正，儘管我們相信我們正在看到情況得到澄清，而且我認為其他公司肯定會在 6 月 30 日的時間範圍內發布報告，預計情況會在年中得到澄清。

Yeah, we just felt it was prudent based on where we sat to look at the valuation of the inventory and then apply our policies, took some write-downs. We didn't, didn't junk the inventory. We're continuing to push to sell it. But just given the lack of visibility began to follow our accounting policies and apply conservatism, took some write-downs there.

是的，我們只是覺得根據我們的立場來查看庫存估值，然後應用我們的政策，進行一些減記，這是謹慎的。我們沒有，沒有丟棄庫存。我們正在繼續推動出售它。但鑑於缺乏可見性，我們開始遵循我們的會計政策並採取保守主義，在那裡進行了一些減記。

Okay, great thanks for the color there.

好的，非常感謝那裡的顏色。

And then maybe from the guidance here, you talked about the sequential growth through the year. And I believe you said even for the full year, how should we think about that? It seems like you have a couple of things that have turned to tailwinds here and obviously the improving demand from some of the DUNE products and that you've talked about.

然後也許從這裡的指導中，您談到了全年的連續成長。我相信你說過，即使是全年，我們該如何看待這個問題？看來你有一些事情已經變成了順風車，顯然你已經談到了一些 DUNE 產品的需求不斷增加。

But how should we think about that? It should we would still remain fairly conservative here? Or do you think there's a chance we could see second half become more meaningful in terms of the growth trajectory?

但我們該如何思考這個問題呢？我們是否應該仍然保持相當保守？或者您認為我們有可能看到下半年的成長軌跡變得更有意義嗎？

As when we look at the projections, we're seeing certainly a bigger pickup in the second half than the first.

當我們查看預測時，我們發現下半年的回升肯定比上半年更大。

Yes, we're still on the mmWave, still in the early stages with some of the new customers. We've made the DUNE, shipments, expecting orders for additional, working with additional providers on initial proof-of-concepts. That's probably going to take a little bit longer. We are going to see the memory end-of-life shipments really start to ramp in Q2, Q3 and then probably come down in Q4.

是的，我們仍然在毫米波上，仍然處於一些新客戶的早期階段。我們已經製作了 DUNE，已發貨，期待更多訂單，並與其他供應商合作進行初步概念驗證。這可能需要更長的時間。我們將看到記憶體報廢出貨量在第二季、第三季真正開始增加，然後可能在第四季下降。

So we're looking obviously for heavy, heavy memory Q2, Q.3, little bit lesser in Q4, but really still using mmWave kind of turn on starting in that Q3 time frame and really beginning to ramp beginning offset on memory starts coming down. And but yes, it's obviously becoming at least on the memory side, a little bit more on linear for the next two quarters.

因此，我們顯然正在尋找大量、大量的內存，Q2、Q.3，Q4 的內存量會少一點，但實際上仍在使用mmWave 類型，從Q3 時間範圍開始，並且內存上的開始偏移量開始下降。 。但是，是的，顯然至少在記憶體方面，接下來的兩個季度會變得更加線性。

Okay, fantastic. And how long do you think that the typical design cycle is here, just, just kind of based on your commentary now it sounds like you have some turnkey products that should ramp fairly quickly. I know it depends on the customer, but maybe just speak to any kind of indication you received from customers in terms of their, their design cadence or their rollout cadence.

好吧，太棒了。您認為典型的設計週期需要多長時間，只是，根據您的評論，現在聽起來您有一些交鑰匙產品應該會相當快地提升。我知道這取決於客戶，但也許只是談論您從客戶那裡收到的任何指示，包括他們的設計節奏或推出節奏。

Dave, I’ll speak to that. So, I so we have like a real example. I mean, the June order that we announced before, around Christmas, actually was a customer that we engage with in June of 2023. So, it was really about six months. And I think you hit the nail on the head. The reason that it moved quite quickly was because we've actually got, I mean, if you look at the one, one of the slides that I presented, there's actually … we have four manufacturers now. And so basically, there's just much more maturity in our pipe, in our ability to manufacture these products. So, when we do find either WISPs or an OEM that wants to get to market quickly, we've got very experienced manufacturers who can bring our products to market very quickly. So, I would say six months was very fast, but I think realistically 6, 9, 12 months is well within our wheelhouse in terms of in on-prem and customer engagement to customer deployments. So that's a real improvement. I mean, if we go back to our first customer, you know four years ago, it took two years, which was crazy, right?

戴夫，我會談談這個。所以，我們有一個真實的例子。我的意思是，我們之前在聖誕節前後宣布的 6 月訂單實際上是我們在 2023 年 6 月接觸的客戶。所以，這實際上是大約六個月。我認為你說得一中要害。它移動得很快的原因是因為我們實際上已經有了，我的意思是，如果你看一下我展示的一張幻燈片，實際上…我們現在有四家製造商。所以基本上，我們的管道和製造這些產品的能力更加成熟。因此，當我們確實找到希望快速進入市場的 WISP 或 OEM 時，我們擁有經驗豐富的製造商，他們可以很快地將我們的產品推向市場。因此，我想說 6 個月非常快，但我認為實際上，就本地部署和客戶參與到客戶部署而言，6、9、12 個月完全在我們的掌控範圍之內。所以這是一個真正的改進。我的意思是，如果我們回到四年前的第一個客戶，你知道，花了兩年時間，這太瘋狂了，對吧？

So, that's one of the biggest changes I would say in our in our business coming into 2024 us, it's really the time to market for our customers is much more accelerated because of the, because of the manufacturing capability that we have behind us now.

所以，這是我想說的我們業務中進入 2024 年的最大變化之一，我們的客戶的上市時間實際上大大加快了，因為我們現在擁有的製造能力。

Okay thanks for that. And one more for me if you don't mind, but just kind of wondering, do you feel like we're reaching that tipping point for fixed wireless access. I know we've been looking for this for some time, but it feels like we're really starting to gain some momentum here. So, what do you do think, we're starting to see that tipping point now? And maybe is there a way to think about maybe your global TAM just given how much more interest you're receiving outside North America?

好的，謝謝。如果您不介意的話，我還有一個問題，但只是想知道，您是否覺得我們正在達到固定無線接入的臨界點。我知道我們已經尋找這個有一段時間了，但感覺我們真的開始在這裡獲得一些動力。那麼，您認為我們現在開始看到這個轉折點了嗎？也許有一種方法可以考慮您的全球 TAM，因為您在北美以外地區收到了更多的興趣？

Thank you.

謝謝。

And that's a good question, Dave. So, last week, or this was two weeks ago now in Oklahoma City, there was a trade show for WISPs And the good news is that we had a similar Trade Show in Las Vegas in September. And at the time, you know, the feedback we heard from customers was kind of lukewarm on 60 gig, but this time, the feedback we got was much more optimistic.

這是一個很好的問題，戴夫。所以，上週，或者說是兩週前，在俄克拉荷馬城，舉辦了一場 WISP 貿易展，好消息是我們 9 月在拉斯維加斯舉辦了類似的貿易展。當時，我們從客戶那裡聽到的關於 60 場演出的反饋有點冷淡，但這一次，我們得到的反饋要樂觀得多。

And I think that's, frankly speaking without let's say, the fixed wireless in the US 5G space is kind of exploded over the last couple of years. I think the issue we had was a little bit where people were getting used to the millimeter-wave side of things and 60 gigahertz, but now they're getting used to it or seen it where it's … if you go to the chat sites, you can see you can see for yourself that people are really now believing that this technology works very well. And obviously, that's more of a rural that's historically been a rural, rural cell for us. But you know, the real we think the real growth over the next few years is again in more dense urban environments where traditional WiFi solutions just are too, cannot handle the congestion.

坦白說，我認為美國 5G 領域的固定無線網路在過去幾年中呈現爆炸性成長。我認為我們遇到的問題是人們已經習慣了毫米波和 60 GHz，但現在他們已經習慣了或看到了它的所在......如果你去聊天網站，您可以親眼看到人們現在確實相信這項技術效果很好。顯然，這更像是一個農村，歷史上對我們來說一直是個農村、農村細胞。但你知道，我們認為未來幾年真正的成長再次出現在更密集的城市環境中，傳統的 WiFi 解決方案也無法應付擁擠。

So to your point, based on what we're hearing from when we go to trade shows is that people are saying they're getting used to 60 gig and they're seeing that growth. So, we're optimistic in terms of whether we've hit that tipping point or not.

因此，就您的觀點而言，根據我們在參加貿易展時聽到的情況，人們說他們已經習慣了 60 場演出，並且看到了這種增長。因此，我們對是否達到這個臨界點持樂觀態度。

Great ,thanks again for the help.

太好了，再次感謝您的幫忙。

(Operator Instructions) Kevin Liu, K. Liu & Company.

（操作員說明）Kevin Liu，K. Liu & Company。

Good afternoon, guys. First question here, just wanted to understand in terms of your Q1 guidance, any help you can give us in terms of the mix of memory ICs versus your mmWAVE wafer sales are anticipated in that guide?

下午好，夥計們。這裡的第一個問題，只是想了解您的第一季指導，您可以在該指南中預期的內存 IC 組合與毫米波晶圓銷售方面為我們提供任何幫助嗎？

Yeah, it'll be predominantly memory ICs with the order backlog we have there, based on where we sit, kind of quarter to date, we see mmWave being kind of flat with where we were to Q4. So, still kind of the early ramping. .We are seeing the orders turn back on to larger customers. We did get the initial June order, but still, you know, we'll see more coming in Q2 and then growing from there.

是的，這將主要是內存 IC，根據我們的情況，到目前為止，我們看到毫米波與第四季度的情況持平。所以，仍然是早期的成長。.我們看到訂單重新轉向大客戶。我們確實收到了最初的 6 月訂單，但我們仍然會在第二季看到更多訂單，然後從那裡開始成長。

Understood. And then just on the memory IC side, are you guys still expecting to book additional end of life orders or production orders or is the fact remaining backlog you have fairly set and this is kind of what we should anticipate from here on out?

明白了。然後，就內存 IC 而言，您們是否仍希望預訂額外的停產訂單或生產訂單，或者您是否已經合理設定了剩餘的積壓訂單，這是我們從現在開始應該預期的情況？

Yes, certainly, we're guiding based on the existing backlog kind of the over $12 million number that we have. Now that said, the foundry is still processing wafers, I think through September. So, when you look at the two products, they are the vast majority of the orders are the Bandwidth Engine 2, we believe, were done there.

是的，當然，我們是根據現有的積壓訂單（超過 1200 萬美元）來進行指導的。話雖如此，我認為到九月，代工廠仍在加工晶圓。因此，當你查看這兩種產品時，我們相信，絕大多數訂單都是頻寬引擎 2 在那裡完成的。

But there is a potential for just depending on the customer's cutovers, eventual cutover schedule to new product, how much inventory they're willing to stock to manage that risk, et cetera, that additional orders could come back in. We're certainly not guiding towards that. On the Bandwidth Engine 3, we have one lead customer there who was still working through a design. We kept the window open for that customer to order. We actually have the Bandwidth Engine 3 inventory in stock, which was why that was part of the write-down since we didn't have the orders and we can't say for certain the additional order is coming.

但有可能僅僅取決於客戶的切換、新產品的最終切換時間表、他們願意儲存多少庫存來管理風險等等，額外的訂單可能會回來。我們當然不會引導這樣做。在頻寬引擎 3 上，我們有一位主要客戶仍在進行設計。我們保持窗口開放，以便客戶訂購。我們實際上有頻寬引擎 3 庫存，這就是為什麼這是減記的一部分，因為我們沒有訂單，而且我們不能肯定地說額外的訂單即將到來。

But there is the potential there, which would be great because we can fulfill that from existing inventories. But for now, we're guiding with what we have and any of that will be upside, which we'll be happy to report if it comes to fruition.

但那裡有潛力，這將是巨大的，因為我們可以利用現有庫存來實現這一目標。但就目前而言，我們正在以我們所擁有的資源為指導，任何這些都將帶來積極的影響，如果它取得成果，我們將很樂意報告。

Yeah, makes sense. And then just turning back to the mmWave side of the business, so that when you look at the order flow starting to come back from your larger existing customers, any sense now of whether it gets back to kind of historical levels in relatively short order? Or does it do you see kind of a more gradual ramp as we work through some of those inventory correction.

是的，有道理。然後回到業務的毫米波方面，這樣當您查看較大的現有客戶開始返回的訂單流時，現在是否知道它是否會在相對較短的時間內恢復到歷史水平？或者，當我們進行一些庫存調整時，您是否會看到更漸進的成長。

So I can jump in on that. So, Kevin, I think that there's somewhere in between like I said, like in 2022 and early 2023, they were probably above normal because people were stocking up. So, you know, as that bleeds off, I think we're going to end up somewhere some, you know, like obviously, better than 2023, but maybe not as strong as 2022.

所以我可以參與其中。所以，凱文，我認為就像我說的那樣，在 2022 年和 2023 年初，它們可能高於正常水平，因為人們在囤貨。所以，你知道，隨著時間的推移，我認為我們最終會達到某個地方，你知道，顯然，比 2023 年更好，但可能不如 2022 年那麼強勁。

But somewhere, somewhere in between is what we're kind of seeing from the from the existing customers. I think the thing to keep in mind is what is a really, really important part of our presentations is customer diversification. And you know, with Mark Lunsford as Chief Revenue Officer, now the biggest thing we’ve done over the last years is really, really expanded our customer base. And I know we had a slide where we showed several customers with products that they have in the marketplace. Like that a year ago was just two customers, right?

但我們從現有客戶看到的情況介於兩者之間。我認為要記住的是，我們的演示中非常非常重要的部分是客戶多元化。你知道，在馬克·倫斯福德 (Mark Lunsford) 擔任首席營收長後，我們過去幾年所做的最大的事情就是確實擴大了我們的客戶群。我知道我們有一張幻燈片，向幾位客戶展示了他們在市場上擁有的產品。一年前只有兩個客戶，對嗎？

So we've really made a point of and in expanding our customer base, I mean that was really one where we think one of the main limitations we just you know, the vulnerability to having two customers that you've kind of live or die by.

因此，我們確實很重視擴大我們的客戶群，我的意思是，這確實是我們認為主要限制之一，我們只是你知道，擁有兩個客戶的脆弱性，你要么生要么死經過。

So that's been I think the main change in our business outlook in our backlog is really that customer diversification.

因此，我認為我們積壓業務前景的主要變化實際上是客戶多元化。

Understood and runs a function that, you know, in terms of kind of the new customers that are coming to market with products now, any sense of how quickly these guys can become more material contributors to your revenue. I want to understand, you know, as you look to the full year mmWave guidance, whether a big portion of that is still from the existing base or whether some of these new opportunities are sizable enough to contribute to that?

了解並運行一項功能，您知道，就現在帶著產品進入市場的新客戶的類型而言，這些人可以多快地為您的收入做出更多物質貢獻。我想了解，當您展望全年毫米波指導時，其中很大一部分是否仍然來自現有基礎，或者其中一些新機會是否足以為此做出貢獻？

I think every earnings call we're going to show that progress, right. So, we and as I mentioned to Dave earlier, Kevin, like we really feel we, that was a leading factor in our overall strategy, another vector overall strategy was to shorten the time to market. And so with that, we've really engaged with now four manufacturers who are very adept at doing this product. So if you look at the DUNE the product, the customer that we announced in Christmas, that customer was really time the market from June of 2023 until Christmas so just over six-months now that was extremely accelerated because that customer is highly motivated.

我認為每次財報電話會議我們都會展示這一進展，對吧。因此，正如我之前向戴夫提到的那樣，凱文，我們確實認為這是我們整體戰略的主導因素，另一個向量總體戰略是縮短上市時間。因此，我們現在確實與四家非常擅長生產該產品的製造商進行了合作。因此，如果你看一下DUNE 產品，我們在聖誕節宣布的客戶，該客戶實際上是從2023 年6 月到聖誕節期間進入市場的，所以現在只有6 個多月的時間，速度非常快，因為該客戶的積極性很高。

But I think realistically, we can expect like kind of a nine month plan, but we are engaged with, again, a pipeline of customers that we feel will be starting to ramp over the course of every single quarter this year. So, really the kind of two highlights of our strategy was to was to diversify our customer base, which we feel we've achieved and is ongoing and continuing.

但我認為，實際上，我們可以期待一個九個月的計劃，但我們再次與一系列客戶接觸，我們認為這些客戶將在今年每季開始增加。因此，我們策略的兩個亮點實際上是使我們的客戶群多樣化，我們認為我們已經實現了這一目標，並且正在持續進行。

And the other is to reduce that time to market. So, for frankly, speaking, two years ago or three years ago, our time the market was really, was two years. So, we didn't really see revenue from engagement for two years and now we've got that down, we think kind of realistically in the nine to 12-month range. So that's been a huge change for us as well. So we're really trying to work on the issues that have been plaguing us in the past, and we feel we're going to start to see the benefits of that in '24.

另一個是縮短上市時間。所以，坦白說，兩年前或三年前，我們的市場時間其實是兩年。因此，我們已經兩年沒有真正看到參與的收入，現在我們已經把它降下來了，我們認為在 9 到 12 個月的範圍內是現實的。所以這對我們來說也是一個巨大的改變。因此，我們確實在努力解決過去困擾我們的問題，我們認為我們將在 24 年開始看到這樣做的好處。

Sounds good thanks, for taking those questions and good luck to you in 2024.

聽起來不錯，謝謝您提出這些問題，祝您 2024 年好運。

My pleasure, Kevin. Thank you.

我很榮幸，凱文。謝謝。

Thanks, Kevin.

謝謝，凱文。

Okay, we have no further questions include, excuse me, in the queue.

好的，抱歉，我們隊列中沒有其他問題了。

This concludes today's conference and you may disconnect your lines at this time thank you.

今天的會議到此結束，您可以掛斷電話了，謝謝。