Peraso Inc (PRSO) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Peraso Inc.'s third quarter, 2024 conference call. (Operator Instructions)

下午好，歡迎參加 Peraso Inc. 的 2024 年第三季電話會議。（操作員說明）

As a reminder, this conference call is being recorded today, Tuesday, November 12, 2024. I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead.

謹此提醒，本次電話會議於今天（2024 年 11 月 12 日星期二）錄製。現在我想將電話轉給今天電話會議的主持人吉姆·沙利文先生。請繼續。

Good afternoon, and thank you for joining today's conference call to discuss Peraso's third-quarter 2024 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 SEC.

下午好，感謝您參加今天的電話會議，討論 Peraso 的 2024 年第三季財務業績。我是 Jim Sullivan，Peraso 的首席財務官，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和相關的 8-K 表格，該表格已提交給 SEC。

The press release and Form 8-K are available on Peraso's website at www.perasoinc.com under the Investor Relations section. 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.

新聞稿和 8-K 表格可在 Peraso 網站 www.perasoinc.com 的投資者關係部分取得。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。

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 EBITA, 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.

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EBITA、非GAAP 淨虧損、現金流量或其他財務項目（包括預期成本）的任何預測節省，以及有關我們產品或技術的預期開發、性能、市場份額或競爭性能的任何聲明。

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.

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。

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.

有關這些風險因素和其他風險因素的更多詳細信息，請參閱 Peraso 向 SEC 提交的公開文件。Peraso 明確表示不承擔因新資訊、未來事件或其他原因而更新或更改其前瞻性聲明的義務，除非適用法律要求。

Additionally, the company's press release and management's 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 referenced amounts exclude stock-based compensation expense, amortization of reported intangible assets, severance costs, and the change in fair value of warrant liabilities. 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 provide additional details.

此外，本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，否則引用的金額不包括股票補償費用、報告的無形資產攤銷、遣散費以及認股權證負債公允價值的變化。我們的新聞稿和相關的 8-K 表格中介紹了這些非 GAAP 財務指標的定義以及它們與可比較 GAAP 指標之間差異的調節，其中提供了更多詳細資訊。

For those of you unable to listen to the entire call at this time, a recording will be available on the Investor Relations page of our website. Now, I would like to turn the call over to our CEO, Ron Glibbery, for his prepared remarks. Ron?

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頁面上將提供錄音。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 taking the time to join us today for our third-quarter call.

謝謝你，吉姆。下午好，歡迎大家透過電話和網路廣播。我們感謝您今天抽出時間參加我們的第三季電話會議。

Revenue in the quarter was within our range of expectations with overall results being highlighted by meaningful improvement in our operating performance. We began to see the benefit of our previous and ongoing actions to reduce costs and increase efficiencies resulting in operating expenses decreasing almost 20% year over year.

本季的營收在我們的預期範圍之內，整體業績因我們的經營業績的顯著改善而得到凸顯。我們開始看到我們之前和正在進行的降低成本和提高效率行動的好處，導致營運費用比去年同期下降近 20%。

Although the broader macroenvironment and prolonged inventory adjustments remain ongoing challenges, we continue to make notable progress during the quarter to advance existing customer engagements towards new design wins for our mmWave solutions. Much of this recent activity has predominantly focused with our targeted markets of fixed wireless access and tactical military communications, which I will expand on in more detail as part of today's call.

儘管更廣泛的宏觀環境和長期的庫存調整仍然是持續的挑戰，但我們在本季度繼續取得顯著進展，推動現有客戶參與，為我們的毫米波解決方案贏得新的設計。最近的大部分活動主要集中在我們的固定無線存取和戰術軍事通訊的目標市場，作為今天電話會議的一部分，我將更詳細地闡述這些市場。

Turning to slide 4, we continue to ship significant quantities of our end-of-life memory IC products. Third-quarter shipments increased sequentially to approximately $3.7 million from $3.4 million in the second quarter. We ended the third quarter with a total remaining purchase order backlog of approximately $5.7 million. We remain on schedule to fulfill the total remaining backlog of memory IC orders by the end of the first quarter of 2025. As previously discussed, these shipments against remaining backlog will continue to contribute meaningful revenue and cash flow as we work further to expand our mmWave design win pipeline and continue to support customer ramps for mmWave products.

轉向投影片 4，我們繼續出貨大量的報廢記憶體 IC 產品。第三季出貨量從第二季的 340 萬美元連續成長至約 370 萬美元。截至第三季末，我們的剩餘採購訂單積壓總額約為 570 萬美元。我們仍按計劃在 2025 年第一季末完成剩餘的記憶體 IC 訂單總量。正如前面所討論的，隨著我們進一步努力擴大我們的毫米波設計贏得管道並繼續支持客戶增加毫米波產品，這些針對剩餘積壓的發貨將繼續貢獻有意義的收入和現金流。

Next on slide 5, we are continuing to cultivate a robust and growing pipeline of opportunities for our mmWave solutions. As discussed on past earnings calls, our sales efforts and engagements have been focused on expanding market reach across diverse geographies and end-market applications. These includes recently announced customer wins in Africa, Asia, and other areas around the globe that can benefit from the mmWave technologies for high reliability and low latency and multi-gigabit wireless connectivity.

接下來在投影片 5 中，我們將繼續為毫米波解決方案培育強大且不斷成長的機會。正如過去的財報電話會議中所討論的那樣，我們的銷售工作和活動一直致力於擴大不同地區和終端市場應用的市場覆蓋範圍。其中包括最近宣佈在非洲、亞洲和全球其他地區贏得的客戶，這些客戶可以受益於毫米波技術的高可靠性、低延遲和多千兆位元無線連接。

Starting with a few key takeaways from our current pipeline, first, we have consistently increased the number of new funnel opportunities to 82 customer engagements, and we currently have 23 active engagements that are either undergoing hardware evaluation or at advanced design and engineering stages. To date, we have successfully converted nine prior design engagements to in-production wins commercialized by its customers. As a reminder, once a program converts to full production, we no longer include it as part of our current active pipeline.

從我們目前管道中的一些關鍵要點開始，首先，我們不斷將新通路機會的數量增加到82 個客戶參與，目前我們有23 個活躍的參與，這些參與要么正在進行硬體評估，要么處於高級設計和工程階段。迄今為止，我們已成功將九項先前的設計專案轉化為由客戶商業化的生產成果。提醒一下，一旦某個程式轉換為全面生產，我們就不再將其包含在當前活動流程中。

To briefly highlight a couple of our recently announced wins, in early November, SAF Tehnika released its FreeMile 60 radio, which provides fixed wireless access or FWA services using Peraso's Perspectus mmWave modules with X720 chipset. Utilizing the unlicensed 60-gigahertz band and incorporating beamforming coverage and optional antenna kits for enhanced directionality, this radio leverages the power of our Perspectus platform and is expected to be deployed in fixed wireless networks in Europe and North America.

為了簡要強調我們最近宣布的幾項勝利，11 月初，SAF Tehnika 發布了其 FreeMile 60 無線電，該無線電使用 Peraso 的 Perspectus 毫米波模組和 X720 晶片組提供固定無線接入或 FWA 服務。該無線電利用未經許可的 60 GHz 頻段，並結合波束成形覆蓋範圍和可選天線套件來增強方向性，利用我們的 Perspectus 平台的強大功能，預計將部署在歐洲和北美的固定無線網路中。

In another recent win, mmWave announced its MWC-932 product at WISPAPALOOZA, adding to its existing AirPath 60 product line. This new product utilizes Peraso's Perspectus mmWave modules and X720 chipset. The MWC-932 provides a wireless Ethernet bridge for applications that require multi-gigabit throughput and utilizes the unlicensed 60-gigahertz band to overcome the frequently encountered interference from Wi-Fi, while also providing a robust link at distances up to 5 kilometers.

在最近的另一場勝利中，mmWave 在 WISPAPALOOZA 上宣布了其 MWC-932 產品，增加了其現有的 AirPath 60 產品線。此新產品採用 Peraso 的 Perspectus 毫米波模組和 X720 晶片組。MWC-932 為需要多千兆位元吞吐量的應用提供無線乙太網路橋接器，並利用未經許可的60 千兆赫頻段克服經常遇到的Wi-Fi 幹擾，同時還在長達5 公里的距離內提供強大的連結。

Lastly, we also recently announced an initial purchase order for our newly integrated high-velocity roaming or HVR Technology for applications in South Korea. More specifically, this unique application is expected to leverage Peraso's mmWave technology to enhance high-speed Internet connectivity on moving trains and subways.

最後，我們最近也宣布了新整合的高速漫遊或 HVR 技術的初始採購訂單，用於韓國的應用。更具體地說，這個獨特的應用預計將利用 Peraso 的毫米波技術來增強移動火車和地鐵上的高速互聯網連接。

Turning to slide 6, I want to review the recent traction with our unique DUNE mmWave platform for dense urban applications. The DUNE platform implements intelligent media access control features, which, along with the prospective series of mmWave modules enables Wireless Internet Service Providers or WISPs to deploy low-cost, low-power, long-range, point-to-multipoint fixed wireless solutions in dense networking environments. These advantages are particularly crucial in regions such as Africa, where reliable, low-power connectivity is essential for economic growth and social development, particularly as this market is heavily reliant on battery backup systems due to frequent power outages.

轉向幻燈片 6，我想回顧一下我們獨特的 DUNE 毫米波平台最近在密集城市應用中的吸引力。DUNE 平台實現了智慧媒體存取控制功能，與未來的毫米波模組系列一起，使無線網路服務供應商或WISP 能夠在全球部署低成本、低功耗、遠距離、點對多點的固定無線解決方案。這些優勢在非洲等地區尤其重要，可靠的低功耗連接對於經濟成長和社會發展至關重要，特別是因為該市場由於頻繁斷電而嚴重依賴電池備用系統。

This last month, we announced $1.4 million follow-on purchase order from a South African WISP for our DUNE solution. This additional order for Peraso's innovative mmWave-enabled solution builds on initial production order secured and shipped in the first half of 2024. We believe the rapid growth of Internet users in Africa presents a huge opportunity to bridge the digital live divide, and this recent follow-on order is another early indication of this market's future potential.

上個月，我們宣布從南非一家 WISP 獲得價值 140 萬美元的 DUNE 解決方案後續採購訂單。Peraso 創新毫米波解決方案的額外訂單建立在 2024 年上半年獲得並發貨的初始生產訂單的基礎上。我們相信，非洲網路用戶的快速成長為彌合數位直播鴻溝提供了巨大的機會，而最近的後續訂單是該市場未來潛力的另一個早期跡象。

In addition to South Africa, we are actively seeking to partner with WISPs worldwide with a goal of delivering high-quality wireless connectivity that empowers individuals and businesses alike. As further evidenced, we also recently announced another DUNE order from a WISP in Kenya. As this WISP replaces its existing technology with Peraso’s DUNE system, the customer expects to significantly improve the quality of Internet services across its existing network.

除了南非外，我們也積極尋求與世界各地的 WISP 合作，目標是提供高品質的無線連接，為個人和企業提供支援。進一步證明，我們最近也宣布了來自肯亞 WISP 的另一份 DUNE 訂單。隨著該 WISP 以 Peraso 的 DUNE 系統取代其現有技術，客戶希望大幅提高其現有網路的網路服務品質。

With an estimated 22.7 million Internet users in Kenya, Peraso believes the potential impact of this project could be substantial. Finally, we are also engaged with several other prospective customers targeting future deployments in dense urban environments and have made multiple shipments of DUNE proof-of-concepts in support of trials and ongoing evaluations with other WISPs in Africa.

肯亞估計有 2,270 萬網路用戶，佩拉索相信該計畫的潛在影響可能是巨大的。最後，我們也與其他幾家未來在密集城市環境中部署的潛在客戶進行了合作，並多次出貨了 DUNE 概念驗證，以支援非洲其他 WISP 的試驗和持續評估。

Moreover, the members of the Peraso team are currently participating in the ongoing 2024 Africa Tech Festival in Cape Town, South Africa. They are there this week to promote the capabilities of our mmWave products and technology and also collaborate with leading experts in the telecom industry. This includes exchanging insights, fostering new connections, and advocating for the adoption of millimeter-wave fixed wireless solutions in densely populated areas across the continent.

此外，Peraso團隊的成員目前正在參加正在南非開普敦舉行的2024年非洲科技節。他們本週將在那裡推廣我們的毫米波產品和技術的功能，並與電信行業的領先專家合作。這包括交流見解、培育新的連結以及倡導在非洲大陸人口稠密的地區採用毫米波固定無線解決方案。

Turning to slide 7, we also continue to focus on expanded opportunities for our mmWave technology in tactical defense and military applications. With the growing demand for stealth communication platforms used on the battlefield, we believe Peraso’s 60-gigahertz mmWave technology is uniquely poised to meet the rigorous demands of the military and modern defense markets.

轉向幻燈片 7，我們也持續關注毫米波技術在戰術防禦和軍事應用中的更多機會。隨著戰場上使用的隱形通訊平台的需求不斷增長，我們相信 Peraso 的 60GHz 毫米波技術具有獨特的優勢，能夠滿足軍事和現代國防市場的嚴格要求。

Our technology ensures secure, high-speed transfer, and intelligent battlefield environments, while simultaneously avoiding any potential interference with the licensed spectrum. As a recent proof point, we secured an initial purchase order from a military customer for our Perspectus module products.

我們的技術可確保安全、高速傳輸和智慧戰場環境，同時避免對授權頻譜的任何潛在幹擾。作為最近的證據，我們從一家軍事客戶獲得了 Perspectus 模組產品的初步採購訂單。

Again, our proprietary and narrow beamforming technology is ideally suited for battlefield applications. This particular configuration is intended to enhance situational awareness and communications for deployed soldiers engaged in combat operations. We currently anticipate initial shipments and fulfillment of this order during the first quarter of 2025. Based on a rapid expansion of recent engagement activity, we fully expect to announce additional wins leveraging our mmWave technology for mission-critical, tactical communication applications over the coming year.

同樣，我們專有的窄波束形成技術非常適合戰場應用。這種特殊的配置旨在增強參與戰鬥行動的部署士兵的態勢感知和通訊能力。目前，我們預計該訂單將於 2025 年第一季首次出貨並履行。基於最近參與活動的快速擴展，我們完全期望在來年宣布利用我們的毫米波技術實現關鍵任務、戰術通訊應用的更多勝利。

Moving to slide 8, I wanted to take a moment to highlight other emerging developments that we believe could contribute to expanded customer adoption and market opportunities from our mmWave solutions. Although, we've discussed BEAD on previous calls, new information continues to be made available to influence the potential strategic direction of service providers and the technology solutions deployed.

轉到投影片 8，我想花點時間強調其他新興發展，我們相信這些發展有助於擴大客戶對我們毫米波解決方案的採用和市場機會。儘管我們在先前的電話會議中討論過 BEAD，但仍會不斷提供新資訊來影響服務提供者的潛在策略方向和部署的技術解決方案。

As a brief reminder, the US government's BEAD program is a significant initiative meant to improve access to high-speed Internet by providing total grants up to $42 billion to fund infrastructure and adoption programs. The head of the National Telecommunications and Information Administration, or NTIA, which is a government agency that oversees the BEAD program, recently provided formally updated guidance that makes high-speed Internet using unlicensed spectrum, fixed wireless access, including the millimeter-wave bands eligible for program funding.

簡單提醒一下，美國政府的 BEAD 計劃是一項重大舉措，旨在透過提供高達 420 億美元的撥款總額來資助基礎設施和採用計劃，從而改善高速互聯網的接入。美國國家電信和資訊管理局(NTIA) 是負責監督BEAD 計劃的政府機構，其負責人最近提供了正式更新的指南，使使用未經許可的頻譜、固定無線接入（包括毫米波頻段）的高速互聯網符合資格用於計劃資金。

Now that WISPs are eligible for funding, we believe the superior value of our proposition and significant cost advantages when compared to the cost and disruption of trenching fiber will lead to mmWave fixed wireless access playing a key role in bringing high-speed broadband access across America. New engagements with customers and partners supported by BEAD program funding would increase and potentially significantly accelerate the market opportunities for our mmWave technology, and we are continuing to closely monitor all related new developments.

既然WISP 有資格獲得資助，我們相信，與挖溝光纖的成本和中斷相比，我們的主張具有卓越的價值和顯著的成本優勢，將導緻毫米波固定無線接入在為美國帶來高速寬頻接取方面發揮關鍵作用。在 BEAD 計畫資金的支持下，與客戶和合作夥伴的新合作將增加並可能顯著加速我們毫米波技術的市場機會，我們將繼續密切關注所有相關的新發展。

In closing, I remain pleased with the progress that we continue to make across our business, especially on expanding our sales funnel in more diversified geographies and applications. We remain focused on advancing and converting existing customer engagements into production orders for our mmWave products. And we also expect that our ongoing shipments to fulfill the remaining backlog orders for our end-of-life memory IC products will continue to contribute meaningful revenue and cash flow through early next year. Taken together, we continue to anticipate total revenue for the second half of 2024 to increase over the first half of the year as well as represent double-digit growth over the comparable prior-year period.

最後，我對我們在整個業務中繼續取得的進展感到滿意，特別是在更加多元化的地區和應用領域擴大我們的銷售管道。我們仍然專注於推進現有客戶參與並將其轉化為毫米波產品的生產訂單。我們也預計，用於滿足報廢記憶體 IC 產品剩餘積壓訂單的持續出貨將在明年初繼續貢獻可觀的收入和現金流。綜上所述，我們繼續預期 2024 年下半年的總營收將比上半年成長，並且比去年同期實現兩位數成長。

With that, I'll turn the call back to Jim to review the third-quarter financials as well as our revenue outlook for the fourth quarter of 2024.

接下來，我將把電話轉回給吉姆，讓他回顧第三季的財務狀況以及 2024 年第四季的營收前景。

Thank you, Ron. Turning to the results for the third quarter of 2024, total net revenue was $3.8 million compared with $4.2 million for the prior quarter and $4.5 million for the third quarter of 2023. Product revenue from the sale of our memory integrated circuits and mmWave products in the third quarter was $3.8 million compared with $4.1 million in the prior quarter and $4.3 million in the third quarter of 2023. Royalty and other revenue for the third quarter of 2024 was $30,000 compared with $0.1 million in the prior quarter and compared with $0.2 million in the same quarter a year ago.

謝謝你，羅恩。談到 2024 年第三季的業績，總淨收入為 380 萬美元，而上一季為 420 萬美元，2023 年第三季為 450 萬美元。第三季我們的記憶體積體電路和毫米波產品銷售收入為 380 萬美元，而上一季為 410 萬美元，2023 年第三季為 430 萬美元。2024 年第三季的特許權使用費和其他收入為 30,000 美元，上一季為 10 萬美元，去年同期為 20 萬美元。

GAAP gross margin decreased to 47% in the third quarter from 55.5% in the prior quarter and 45.4% in the year-ago quarter. On a non-GAAP basis, which excludes amortization of acquired intangible assets, gross margin for the third quarter was 61.7% compared with 68.8% in the prior quarter and compared with 58% in the third quarter of 2023. The sequential decrease in both GAAP and non-GAAP gross margin was primarily attributable to a $0.3 million write-down of mmWave inventory, as well as lower royalty and other revenue.

第三季 GAAP 毛利率從上一季的 55.5% 和去年同期的 45.4% 下降至 47%。以非公認會計準則（不包括收購的無形資產攤銷）計算，第三季毛利率為 61.7%，上一季為 68.8%，2023 年第三季為 58%。GAAP 和非 GAAP 毛利率季減主要是因為毫米波庫存減記 30 萬美元，以及特許權使用費和其他收入下降。

GAAP operating expenses for the third quarter of 2024 were $4.5 million compared with $6.8 million in the prior quarter and $5.6 million in the third quarter of 2023. Non-GAAP operating expenses, which excludes stock-based compensation, amortization of intangible assets and severance costs, were $3.3 million in the third quarter compared with $4.9 million in the prior quarter and $4 million in the third quarter of 2023. The year-over-year decrease in third-quarter operating expenses on a GAAP and non-GAAP basis was primarily attributable to a combination of previously implemented cost reductions and the company's ongoing cost containment initiatives.

2024 年第三季的 GAAP 營運費用為 450 萬美元，上一季為 680 萬美元，2023 年第三季為 560 萬美元。第三季非公認會計準則營運費用（不含股票薪資、無形資產攤提和遣散費）為 330 萬美元，而上一季為 490 萬美元，2023 年第三季為 400 萬美元。以公認會計準則和非公認會計準則計算，第三季營運費用年減主要歸因於先前實施的成本削減和公司持續的成本控制措施。

GAAP net loss for the third quarter of 2024 was $2.7 million or a loss of $0.98 per share compared with a net loss of $4.4 million or $1.88 per share in the prior quarter and compared with a net loss of $0.6 million or $0.87 per share in the same quarter a year ago. On a non-GAAP basis, which excludes stock-based compensation, amortization of acquired intangibles, and severance costs, net loss for the third quarter of 2024 was $0.9 million or a loss of $0.34 per share. This compared with a non-GAAP net loss of $2.1 million or a loss of $0.88 per share in the prior quarter and a net loss of $1.1 million or a loss per share of $1.56 per share in the same quarter a year ago. The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and non-GAAP EPS for the third quarter of 2024 was approximately 2.8 million shares.

2024 年第三季的GAAP 淨虧損為270 萬美元，即每股虧損0.98 美元，而上一季的淨虧損為440 萬美元，即每股虧損1.88 美元，而上一季的淨虧損為60 萬美元，即每股虧損0.87 美元。以非公認會計原則（不包括股票薪酬、收購無形資產攤銷和遣散費）計算，2024 年第三季淨虧損為 90 萬美元，即每股虧損 0.34 美元。相較之下，上一季非 GAAP 淨虧損 210 萬美元或每股虧損 0.88 美元，去年同期淨虧損 110 萬美元或每股虧損 1.56 美元。計算 2024 年第三季 GAAP 和非 GAAP 每股盈餘時，已發行基本股和稀釋股的加權平均數約為 280 萬股。

Adjusted EBITDA, which we define as GAAP net income or losses reported, excluding stock-based compensation, amortization of acquired intangibles, severance costs, change in fair value of warrant liabilities, interest expense, depreciation and amortization, and the provision for income taxes was negative $0.8 million in the third quarter compared with negative $1.9 million in the prior quarter and negative $0.9 million in the prior-year period.

調整後 EBITDA，我們將其定義為 GAAP 淨收入或虧損，不包括股票補償、收購的無形資產攤銷、遣散費、認股權證負債公允價值變動、利息費用、折舊和攤銷以及所得稅撥備第三季負80 萬美元，上一季負190 萬美元，上年同期負90 萬美元。

As of September 30, 2024, we had $1.3 million of cash and equivalents, representing a cash burn of approximately $0.6 million from the prior quarter.

截至 2024 年 9 月 30 日，我們擁有 130 萬美元的現金和等價物，比上一季燒錢約 60 萬美元。

As recently announced, subsequent to the end of the third quarter, the company entered into inducement offer letter agreements with certain holders of Series B warrants of the company for the holders to purchase 2,246,030 shares of the company's common stock. The holders exercised their Series B warrants for cash at a reduced exercise price of $1.30 per share and in consideration, the company issued them new common stock purchase warrants.

正如最近宣布的，第三季末後，該公司與該公司某些B系列認股權證持有人簽訂了誘導要約函協議，讓持有人購買2,246,030股公司普通股。持有人以每股 1.30 美元的降低行使價行使其 B 系列認股權證以換取現金，作為對價，公司向他們發行了新的普通股購買認股權證。

These exercised Series B warrants resulted in aggregate gross proceeds to the company of approximately $2.9 million. Please see the Form 8-K the company filed on November 5 with the Securities and Exchange Commission for a detailed description of the offering.

這些已行使的 B 系列認股權證為公司帶來的總收益約為 290 萬美元。請參閱該公司於 11 月 5 日向美國證券交易委員會提交的 8-K 表，以了解此次發行的詳細說明。

Immediately following the closing of this offering, the company had 3,517,144 shares of common stock and exchangeable shares outstanding, which excludes an additional 1,759,790 shares of common stock that were not issued at the closing of the offering and are held in abeyance pending receipt of issuance instructions from the warrant holders, although the company received payment for such abeyance shares at the closing.

本次發行結束後，本公司已發行普通股和可交換股 3,517,144 股，其中不包括本次發行結束時未發行且暫時擱置以待收到發行指示的 1,759,790 股普通股。此類暫緩股份的付款，但還是從認股權證持有人處獲得了付款。

Now turning to our outlook, as Ron highlighted in his remarks, we have a diverse pipeline of customer engagements to utilize Peraso's mmWave solutions in multiple target markets, including fixed wireless access, tactical military communication, and transportation applications. Our team remains focused on converting these opportunities into design wins and new production orders for our mmWave products. Additionally, we continue to have a meaningful backlog of non-cancelable purchase orders for our end-of-life memory IC products.

現在轉向我們的前景，正如Ron 在他的演講中所強調的那樣，我們擁有多種客戶參與管道，可以在多個目標市場中利用Peraso 的毫米波解決方案，包括固定無線接入、戰術軍事通信和運輸應用。我們的團隊仍然致力於將這些機會轉化為毫米波產品的設計勝利和新的生產訂單。此外，我們的報廢記憶體 IC 產品仍然積壓了大量不可取消的採購訂單。

For the fourth quarter of 2024, the company currently expects total net revenue to be in the range of $3.6 million to $4 million. This concludes our prepared remarks.

該公司目前預計 2024 年第四季的總淨收入將在 360 萬美元至 400 萬美元之間。我們準備好的演講到此結束。

And I'll now turn the call back over to the operator to assist with the Q&A session. Operator?

現在，我將把電話轉回給接線員，以協助進行問答環節。操作員？

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在可以提問。（操作員說明）

David Williams, Benchmark.

大衛威廉斯，基準。

Hey, good afternoon, gentlemen and thanks for taking my questions. Maybe first, Ron, it sounds like you've got a lot of traction here and congratulations on the design wins that you've announced. When do you think we should start seeing maybe an inflection coming on the revenue side? Just trying to get a sense of when these design wins could turn into deployment and then eventually revenue?

嘿，下午好，先生們，感謝您提出我的問題。也許首先，羅恩，聽起來你在這裡有很大的吸引力，恭喜你宣布的設計勝利。您認為我們什麼時候應該開始看到收入方面可能會改變？只是想了解這些設計成果何時可以轉化為部署並最終轉化為收入？

Well, thanks for the question, David, and for listening in today. I appreciate that. So obviously, from our perspective, the sooner the better. We think -- we know for sure there's now backlog late Q4 and into Q1. So, we think Q1 is realistically when it's really going to -- we're going to start to really see that inflection point.

好吧，大衛，謝謝你的提問，也謝謝你今天的聆聽。我很欣賞這一點。顯然，從我們的角度來看，越早越好。我們認為，我們確信現在第四季末和第一季有積壓。因此，我們認為第一季是現實的，當它真正發生時——我們將開始真正看到那個拐點。

As we said in my remarks, we have worked through -- we're working through the inventory issues and so on, just kind of general macro issues. But I would continue to stress from our perspective, the design win activity is very strong, and we're really -- we're more than optimistic that by Q1, we're going to start to see those shipments start to resume, because we were starting to see that backlog. So that's kind of the thinking from our side.

正如我們在演講中所說，我們已經解決了庫存問題等問題，只是一般性的宏觀問題。但我會繼續從我們的角度強調，設計獲勝活動非常強勁，我們真的非常樂觀，到第一季度，我們將開始看到這些出貨量開始恢復，因為我們開始看到積壓的情況。這就是我們的想法。

Okay. Perfect. Thanks so much for that color. It sounds like maybe that the inventory is largely at least getting worked through. Are you seeing that in your North America, maybe your largest customer, from their inventory as well? Or is most of this maybe the positive more from outside of that largest customer?

好的。完美的。非常感謝那種顏色。聽起來庫存至少在很大程度上已經解決了。您是否也從北美（也許是您最大的客戶）的庫存中看到這一點？或者這大部分可能是來自最大客戶之外的更多正面因素？

I would say both. And just to kind of rewind a little bit, Dave, when we -- obviously, over the last few quarters, we were really caught by our customer concentration with a couple of customers. We've worked so hard over the last two years to really fix that problem. We've got 100 -- really, I'd say, in the order of 100 customer engagements. It's actually, from my perspective, quite remarkable.

我會說兩者。戴夫，讓我們回顧一下，顯然，在過去的幾個季度裡，我們確實被我們的客戶集中度和幾個客戶所困擾。在過去的兩年裡，我們非常努力地工作，以真正解決這個問題。我們有 100 個——實際上，我想說，大約是 100 個客戶參與。從我的角度來看，這實際上是非常了不起的。

So, what we're going to start to see -- we are already starting to see some green shoots in Q4 with existing customers and start to see the new customers come online in Q1. So, it's really a combination of both, I would say. So, and again, starting to see that volume.

因此，我們將開始看到 - 我們已經開始在第四季度看到現有客戶的一些萌芽，並開始看到新客戶在第一季上線。所以，我想說，這其實是兩者的結合。如此，一次又一次，開始看到那個體積。

But definitely -- I mean, one stat that I'll throw out that I think is quite remarkable that I was kind of updated after, kind of recently is, part of our design win process is what we call eval kits, where customers buy eval kits, kind of try things out, testing. We sold 28 of those in the third quarter or in the -- I'm sorry, the second quarter -- no, it was actually the third quarter, and it was actually the most we ever sold in our history. So, every single quarter, not only have we seen the design wins going up and the customer engagements going up, but people are actually really testing their stuff out early. So, I'm really thrilled with, again, the traction we're seeing on that front, and we're really optimistic that by Q1, we're going to start to see those orders start to come in.

但肯定的是——我的意思是，我將拋出一項統計數據，我認為這是相當引人注目的，我在最近進行了更新，我們的設計獲勝過程的一部分就是我們所說的評估套件，客戶可以在其中購買評估套件，某種嘗試、測試。我們在第三季或——對不起，第二季——不，實際上是第三季售出了其中的 28 件，這實際上是我們歷史上售出的最多的。因此，每個季度，我們不僅看到設計勝利的增加和客戶參與度的增加，而且人們實際上很早就測試了他們的產品。因此，我再次對我們在這方面看到的吸引力感到非常興奮，我們非常樂觀地認為，到第一季度，我們將開始看到這些訂單開始進入。

Great. Yeah. It's certainly good to see the traction there. I guess if you're thinking about kind of your WISP deployments and the lift there, how heavy a lift is it for these WISPs to deploy the fixed wireless access or -- and are you seeing it more from existing providers in the marketplace or these start-ups that are coming in that are looking to get involved in the fixed wireless access or is this -- ? Just any color there on that customer and what those look like in terms of your design engagement.

偉大的。是的。看到那裡的吸引力當然是件好事。我想如果您正在考慮您的 WISP 部署和那裡的提升，這些 WISP 部署固定無線接入的提升有多大，或者您是否從市場上的現有提供者或這些提供者那裡看到了更多的信息即將進入的新創公司希望涉足固定無線存取領域，或者是這樣的——？只是該客戶身上的任何顏色以及這些顏色在您的設計參與度方面的外觀。

Well, I would say somewhere above 95% of the WISPs we deal with are experienced. And I would beat the drum on the same problem, which is we solved the congestion problem on WISPs. And so the problem with congestion is with existing 5-gig and even now, 6-gig solutions is it can only support so much customer density in the marketplace, and we solved that problem.

嗯，我想說，我們處理的 WISP 中 95% 以上都是經驗豐富的。我會大力解決同樣的問題，也就是我們解決了 WISP 上的壅塞問題。因此，壅塞問題在於現有的 5-gig，甚至現在，6-gig 解決方案也只能支援市場上的客戶密度，而我們解決了這個問題。

So, these are experienced WISPs, who are actually ripping out their 5-gig systems, because they just can't support the density. So I'm really trying to think if there's anybody new on the market, but I don't really -- I can't really think anyone new. They're all very experienced WISPs that really get the advantage we bring to the marketplace with mmWave.

所以，這些都是經驗豐富的 WISP，他們實際上正在拆除他們的 5-gig 系統，因為他們無法支援密度。所以我真的很想知道市場上是否有新人，但我真的沒有——我真的想不出有新人。他們都是經驗豐富的 WISP，真正獲得了我們透過毫米波為市場帶來的優勢。

Yeah. And just one more, if I may, and do you think we'll see that kind of transition from the 5G over to 60 gig with the North American market just kind of given the success they've had there? And the congestion issues that are clearly going to be an issue at some point.

是的。如果可以的話，您認為我們會在北美市場看到從 5G 到 60 G 的過渡嗎？擁堵問題顯然在某個時候會成為一個問題。

Absolutely. I think the announcement in Los Angeles of a 60-gigahertz solution is really the bellwether there. And that is absolutely solving the density problem in the urban market. And again, I would say -- so I think in North America -- so the beauty of what we bring to the marketplace is what we refer to as fiber-like performance. So now even our customers are turning up to 2 gigabit per second, which is exactly like fiber.

絕對地。我認為洛杉磯發布的 60GHz 解決方案確實是那裡的領頭羊。這絕對解決了城市市場的密度問題。再說一次，我想說——我認為在北美——我們為市場帶來的產品的美妙之處就是我們所說的類似纖維的性能。因此，現在即使我們的客戶也能達到每秒 2 吉比特，這與光纖完全一樣。

And I think the point that I'd like to actually kind of expand on a little bit is this whole BEAD funding. And of course, the $42 billion of BEAD funding is really -- was really fiber-oriented. And I really believe -- don't quote me on this, but I really believe that with the change of administration, you're going to start to see a much more tech-neutral stance from the administration because basically, as opposed to kind of trying to architect a fiber-only approach, you're going to start to see in North America, whatever-solves-the-problem-best approach.

我認為我實際上想稍微擴展一下的是整個 BEAD 資金。當然，BEAD 的 420 億美元資金確實是面向光纖的。我真的相信——不要引用我的話，但我真的相信，隨著政府的更迭，你將開始看到政府採取更加技術中立的立場，因為基本上，而不是友善的態度嘗試構建純光纖方法時，您將開始在北美看到解決問題的最佳方法。

And of course, what we bring to the party, besides solving the congestion problem, is the fact that we can reach even 1 or 2 gigabit speeds like fiber. So those are two real benefits that we bring to this marketplace, especially in North America.

當然，除了解決擁塞問題之外，我們帶來的好處是我們甚至可以像光纖一樣達到 1 或 2 Gb 的速度。因此，這是我們為這個市場（尤其是北美市場）帶來的兩個真正的好處。

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼，拉登堡塔爾曼。

Hi. Hey, just two questions. One, is any -- is BEAD money being spent right now on the fiber side like in the permitting stage and stuff like that?

你好。嘿，只有兩個問題。第一，BEAD 的資金現在是否花在光纖方面，就像在授權階段之類的？

I think it's still early would be my assessment. The BEAD process is reasonably onerous. It takes matching funds. I think the application process is quite onerous. So I think the funds are starting to trickle out, but it's probably more of a longer-term process in 2025 and 2026.

我認為我的評估還為時過早。BEAD 流程相當繁重。需要配套資金。我認為申請過程相當繁瑣。因此，我認為資金正在開始流出，但這可能是 2025 年和 2026 年的長期過程。

Obviously, from our perspective (multiple speakers) sorry, the only thing I wanted to say is from our perspective, the only -- the change we're really hoping to see is to go from a really -- a very fiber-centric approach to a tech-neutral approach that includes our technology.

顯然，從我們（多個發言者）的角度來看，抱歉，我唯一想說的是從我們的角度來看，我們真正希望看到的唯一變化是從一種真正以光纖為中心的方法開始採取技術中立的方法，包括我們的技術。

So are you seeing anybody -- any of the WISPs like starting to like ask for that money?

那麼你是否看到有人——任何 WISP 開始喜歡要這筆錢？

Well, we were at a WISP -- the so-called WISPAPALOOZA about a month ago in Las Vegas. And definitely, people are circling around. I don't recall anyone saying to us specifically, they've applied. But I think they are in the background starting to apply for sure, because it's a significant amount of money.

大約一個月前，我們在拉斯維加斯參加了 WISP——所謂的 WISPAPALOOZA。當然，人們正在四處閒逛。我不記得有人專門對我們說過，他們已經申請了。但我認為他們肯定在幕後開始申請，因為這是一大筆錢。

So I would say, if I had to handicap it, maybe 10% of the customers we see in that marketplace would have been starting to apply. But I think in general, people really want to see how things are going to shake out, and we're starting to see that now.

所以我想說，如果我必須限制它，我們在該市場中看到的客戶可能有 10% 會開始申請。但我認為總的來說，人們真的想看看事情將如何發展，我們現在開始看到這一點。

Okay. And then my other question is, can you elaborate on the size at all of that military contract and when you might start actually shipping to that customer?

好的。然後我的另一個問題是，您能否詳細說明整個軍事合約的規模以及何時可以開始實際向該客戶發貨？

Well, in terms of the size, I think the most -- first of all, I would have to say that it's a highly sensitive contract. I think in terms of the size, probably the most I could say right now, Jon, is that it's material to our business. It's not like a smaller portion of our business. So it would be a material contract for the company. We're hoping to be shipping in volume in Q2 next year.

嗯，就規模而言，我認為最——首先，我不得不說這是一份高度敏感的合約。我認為就規模而言，喬恩，我現在最能說的是，它對我們的業務至關重要。這不像我們業務的一小部分。因此，這對公司來說是一份重大合約。我們希望明年第二季能夠大量出貨。

So just to clarify that point, we are getting -- again, on the whole military discussion, I think a lot of the 28 evaluation kits that we shipped out are to military people, particularly a lot of it is drones. And I think as everyone knows, in the Ukraine war and in the Middle East, drones are playing a very significant role. And so the whole concept of stealth, high-speed communications is a big part of that value proposition we bring to the party.

因此，為了澄清這一點，我們再次得到——在整個軍事討論中，我認為我們發出的 28 個評估套件中有很多是針對軍人的，特別是其中很多是無人機。我想眾所周知，在烏克蘭戰爭和中東地區，無人機扮演著非常重要的角色。因此，隱形、高速通訊的整個概念是我們為聚會帶來的價值主張的重要組成部分。

But generally, I think one of the knocks against military is it takes long. But I think what we have to keep in mind for our business is that there are ongoing wars that people want solutions now. So we expect to be shipping in volume right now, if all goes well -- and it is going well -- by Q2 next year.

但總的來說，我認為對軍事的打擊之一是它需要很長時間。但我認為，對於我們的業務，我們必須牢記的是，人們現在需要解決方案，而戰爭仍在持續。因此，如果一切順利的話，我們預計現在就能大量出貨——而且進展順利——到明年第二季。

Thank you. I show there are no further questions in queue at this time. That will conclude today's conference call. Thank you for your participation. You may now disconnect.

謝謝。我表明此時隊列中沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

Thank you.

謝謝。