Peraso Inc (PRSO) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to Peraso Inc's first-quarter 2025 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, May 12, 2025.

午安.歡迎參加 Peraso Inc 2025 年第一季電話會議。（操作員指示）提醒一下，本次電話會議將於今天（2025 年 5 月 12 日星期一）進行錄音。

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

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 first-quarter 2025 financial results. I'm Jim Sullivan, CFO of Peraso; and joining me today is Ron Glibbery, our CEO.

下午好，感謝您參加今天的電話會議討論 Peraso 2025 年第一季的財務業績。我是 Jim Sullivan，Peraso 的財務長；今天和我一起的還有我們的執行長 Ron Glibbery。

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.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 our investor relations website.

今天，市場收盤後，我們發布了一份新聞稿和相關的8-K表格，並提交給了美國證券交易委員會。新聞稿和 8-K 表格可在 Peraso 網站 www.perasoinc.com 的「投資者關係」部分找到。我們還將與今天的電話會議一起使用幻燈片演示，您可以透過我們投資者關係網站上的網路廣播連結存取。

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, who also advises caution and 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.

提醒一下，今天電話會議上的評論可能包括前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述，他也建議謹慎並依賴前瞻性陳述。這些報表包括但不限於任何收入、利潤率、費用、非公認會計準則毛利、非公認會計準則毛利率、非公認會計準則營業費用、調整後息稅折舊攤銷前利潤、非公認會計準則淨虧損、現金流量或其他財務項目的預測，包括預期成本節約。

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.

此外，還有有關我們產品或技術的預期發展、性能、市場佔有率或競爭性能的任何陳述。所有前瞻性陳述均基於 Peraso 截至本文日期所掌握的資訊。這些聲明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聲明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 Securities and Exchange Commission. 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 向美國證券交易委員會提交的公開文件。Peraso 明確表示不承擔更新或修改其前瞻性聲明的任何義務，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, referenced amounts exclude stock-based compensation expense, amortization of intangible assets, severance costs, and the change in fair value of warrant liabilities.

此外，本公司在本次電話會議中的新聞稿和管理聲明將包括對 GAAP 和非 GAAP 方面的某些指標和財務資訊的討論。對於今天電話會議上涉及非公認會計準則數據的評論，除非另有說明，引用的金額不包括股票薪酬費用、無形資產攤銷、遣散費和認股權證負債公允價值變動。

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. 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.

這些非 GAAP 財務指標、定義以及它們與可比較 GAAP 指標之間的差異調整均在我們的新聞稿和相關 8-K 表中提供，其中提供了更多詳細資訊。對於現在無法收聽整個電話會議的人，我們將在網站的投資者關係頁面上提供錄音。

Now, I would 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，請他發表準備好的演講。羅恩？

Thank you, Jim. Good afternoon and welcome to everyone on the phone and webcast. We appreciate you taking the time and joining us on today's conference call. I'm pleased to share that we kicked off 2025 with strong momentum. More specifically, our first-quarter results demonstrated continued progress and year-over-year revenue growth as we ramped orders for our mmWave products and completed the final end-of-life shipments for our Memory IC products.

謝謝你，吉姆。大家下午好，歡迎大家透過電話和網路直播。感謝您抽空參加今天的電話會議。我很高興地告訴大家，我們以強勁的勢頭開啟了2025年。更具體地說，隨著我們增加毫米波產品的訂單並完成記憶體 IC 產品的最終停產出貨，我們的第一季業績顯示出持續的進步和同比增長。

As further evidence of our recent momentum, first quarter mmWave revenue exceeded our total mmWave revenue for the full year of 2024. Coupled with our disciplined approach to expense management, we also delivered significant improvement in our bottom-line results for the first quarter. Since the start of the new year, we've achieved a number of notable technology, product, and customer milestones that we will cover as part of today's call. Collectively, these achievements not only underscore the growing market opportunities for our mmWave technology, but they also serve as validation and a testament to our team's dedication and effort.

作為我們近期發展勢頭的進一步證據，第一季的毫米波收入超過了我們 2024 年全年的毫米波總收入。加上我們嚴謹的費用管理方法，我們第一季的獲利業績也取得了顯著改善。自新年伊始，我們已經取得了許多顯著的技術、產品和客戶里程碑，我們將在今天的電話會議上介紹這些里程碑。總的來說，這些成就不僅凸顯了我們的毫米波技術不斷增長的市場機會，而且還驗證並證明了我們團隊的奉獻精神和努力。

Although Peraso initially pioneered the development of mmWave technology more than a decade ago, we believe that we're still in the early innings of realizing the full potential market opportunity for our high-performance mmWave solutions.

儘管 Peraso 十多年前就率先開發了毫米波技術，但我們相信，我們仍處於充分發揮高性能毫米波解決方案的潛在市場機會的早期階段。

Turning to slide 4. This real-time snapshot of our engagement pipeline as of early April visually captures one of the reasons we believe we've only begun to scratch the surface in terms of the market potential for Peraso's mmWave technology. Taking the number of identifying new funnel opportunities at the top, then adding each of the four stages of active engagement starting with formal hardware evaluation and the progression to pre-production samples, our current pipeline comprises nearly 120 total engagements. Comparing that number against the 10 engagements converted to production since we began sharing these metrics publicly, we believe our existing pipeline represents substantial market potentials.

翻到幻燈片 4。截至 4 月初，我們的參與管道的即時快照直觀地捕捉到了我們認為我們才剛開始觸及 Peraso 的 mmWave 技術的市場潛力的原因之一。以頂部識別新通路機會的數量為例，然後加入從正式硬體評估開始到預生產樣品的四個積極參與階段，我們目前的流程總共包含近 120 個參與。將這個數字與我們開始公開分享這些指標以來轉化為生產的 10 個項目進行比較，我們相信我們現有的管道代表著巨大的市場潛力。

The other notable comparison on this slide is a meaningful expansion of our total pipeline, including both funnel opportunities and active engagements over the last 12 months. We have grown our total number of identified commercial opportunities by over 25%.

這張投影片上另一個值得注意的比較是我們的整體管道的顯著擴展，包括過去 12 個月的通路機會和積極參與。我們已發現的商業機會總數增加了25%以上。

Lastly, looking at the right of the slide, I want to quickly highlight our biggest picture progress with respect to market penetration. These are a small sample of customers and products that incorporate Peraso's industry-leading mmWave solutions.

最後，看投影片的右側，我想快速強調我們在市場滲透方面取得的最大進展。這些只是採用 Peraso 業界領先的毫米波解決方案的客戶和產品的一小部分樣本。

Today, our technology is being utilized to enable at least 68 products in commercial production across 14 unique customers. Collectively, these customer products are currently being deployed across numerous regions around the world.

如今，我們的技術已幫助 14 家客戶實現至少 68 種產品的商業化生產。總的來說，這些客戶產品目前正在全球眾多地區部署。

Flipping to slide 5. As a company initially founded with the purpose of pioneering brand new technology, we are always seeking to push the boundaries of mmWave technology and deliver cutting-edge solutions. We also believe that sustainable success in any technology requires new innovation. As such, Peraso remains deeply committed to continuous innovation to further expand our portfolio of mmWave solutions, as well as adapt our existing mmWave products to address new applications.

翻到幻燈片 5。作為一家以開拓全新技術為宗旨的公司，我們始終致力於突破毫米波技術的界限並提供尖端解決方案。我們也相信，任何技術的可持續成功都需要新的創新。因此，Peraso 始終致力於持續創新，以進一步擴展我們的毫米波解決方案組合，並調整我們現有的毫米波產品以滿足新的應用需求。

This slide highlights two recent examples of our ongoing efforts to bring innovative mmWave solutions to the market. First, in April, we announced a major upgrade to our Prospectus product family that increases the number of supported endpoint devices, or users per access point from 32 to 48. Our Prospective modules are currently used by wireless internet service providers to provide fixed wireless access service using the unlicensed 60GHz spectrum. Increasing the number of served end users by 50% for a single access point benefits the broader FWA market, but is particularly valuable in dense urban employments.

這張投影片重點介紹了我們為將創新的毫米波解決方案推向市場而不斷做出的努力的兩個最新例子。首先，在四月份，我們宣布對 Prospectus 產品系列進行重大升級，將支援的端點裝置數量（每個存取點的使用者數量）從 32 個增加到 48 個。我們的未來模組目前被無線網路服務供應商使用，使用未經授權的 60GHz 頻譜提供固定無線存取服務。將單一接入點的服務終端用戶數量增加 50% 將有利於更廣泛的 FWA 市場，但在密集的城市就業中尤其有價值。

In addition to reducing the required amount of deployed hardware, it improves the total cost of network ownership versus competing technologies by using less power. And importantly, it also maintains the capability for data rates up to 2 gigabits per second.

除了減少所需部署的硬體數量之外，它還透過使用更少的電力來降低與競爭技術相比網路擁有的總成本。而且重要的是，它還保持了高達每秒 2 千兆位元的資料速率能力。

Then, earlier this month, we introduced the latest product addition to our prospective family in mmWave modules, the PRM2141X-D. Built around our existing X720 60-GHz tip set, this new module integrates a dual polarized antenna array, supports dynamic switching and polarization diversity to deliver reliable and robust connectivity in complex network environments. More specifically, this solution is ideal for overcoming the challenges in high mobility deployments, such as body-mounted applications.

然後，本月早些時候，我們推出了毫米波模組未來系列的最新產品 PRM2141X-D。該新模組基於我們現有的 X720 60-GHz 尖端套件構建，集成了雙極化天線陣列，支援動態切換和極化分集，可在複雜的網路環境中提供可靠、穩健的連接。更具體地說，該解決方案非常適合克服高移動性部署（例如車身安裝應用）中的挑戰。

Lastly, I also want to briefly mention our recently received notice of allowance from the US Patent and Trademark Office for a patent application. The newly allowed patent application addresses Peraso's solution for modern wireless local area networks that are frequently served by a large number of access points. In short, our technology enables seamless reintegration of recovered or newly added access points, eliminating the need for a full network reset. We currently expect this patent to be formally issued later this year, and this is merely another example of Peraso's commitment to continuous innovation.

最後，我還想簡單提一下我們最近收到的美國專利商標局的專利申請批准通知。新核准的專利申請涉及 Peraso 針對通常由大量存取點提供服務的現代無線區域網路的解決方案。簡而言之，我們的技術能夠無縫地重新整合已恢復或新添加的接入點，從而無需完全重置網路。我們目前預計這項專利將於今年稍後正式頒發，這只是 Peraso 致力於持續創新的另一個例子。

On slide 6, acknowledging that we discussed the innovative capabilities and benefits of Peraso's DUNE platform on previous calls, the continued traction and customer engagement we are seeing for this solution merits brief mention again on today's call. We believe the market is recognizing the core value proposition of DUNE, which is its ability to overcome the challenges associated with delivering reliable and high-speed connectivity in densely populated areas. Together with DUNE's other fundamental benefits, such as low-cost deployment, low power, long range, and point-to-multipoint capabilities, WISPs are equally attracted to the solution for high-density fixed wireless deployments. whether they be in Los Angeles or concentrated urban community in Africa.

在第 6 張投影片上，我們承認我們在先前的電話會議上討論了 Peraso 的 DUNE 平台的創新能力和優勢，我們看到解決方案的持續吸引力和客戶參與度值得在今天的電話會議上再次簡要提及。我們相信市場正在認可 DUNE 的核心價值主張，即它能夠克服在人口稠密地區提供可靠高速連結所帶來的挑戰。加上 DUNE 的其他基本優勢，例如低成本部署、低功耗、長距離和點對多點功能，WISP 同樣對高密度固定無線部署解決方案感興趣。無論他們是在洛杉磯還是在非洲的集中城市社區。

More broadly across the fixed wireless access, we continue to see indications of demand recovering. As highlighted on our previous conference call, in March we received a $3.6 million purchase order for mmWave devices from a leading fixed wireless access and wireless networking system provider. Shipments in support of this customer are anticipated to commence during the second quarter and be completed over the remainder of 2025. Additionally, today our mmWave fixed wireless access solutions are continuing to be utilized in ongoing proof of concepts by numerous wireless internet service providers, each of which represent realistic prospects for incremental growth over the coming quarters.

更廣泛地看，在固定無線存取領域，我們繼續看到需求復甦的跡象。正如我們上次電話會議所強調的那樣，3 月我們從一家領先的固定無線存取和無線網路系統供應商那裡收到了價值 360 萬美元的毫米波設備採購訂單。為支持該客戶而進行的出貨預計將於第二季開始，並於 2025 年剩餘時間內完成。此外，今天我們的毫米波固定無線存取解決方案正繼續被眾多無線網路服務供應商用於持續的概念驗證，每個解決方案都代表著未來幾季逐步成長的現實前景。

With further increased awareness of mmWave technology and its benefits, as well as Peraso's market-leading product and solutions for reliable, multi-gigabit per second wireless connectivity in the unlicensed 60 GHz spectrum, we expect fixed wireless access to continue to be a large and sustained driver of our future revenue growth.

隨著人們對毫米波技術及其優勢的認識不斷提高，以及 Peraso 在未經授權的 60 GHz 頻譜中提供可靠的每秒數千兆位元無線連接的市場領先產品和解決方案，我們預計固定無線接入將繼續成為我們未來收入增長的巨大而持續的驅動力。

Moving to slide 7, I want to reiterate the growing market opportunity for mmWave technology and tactical communications and military defense applications. Both the commercial opportunity and real-world positive impact that we can bring to this market are well displayed by our disclosed win in this space. Last month, we announced the execution of a new strategic contract to deliver mission-critical wireless applications to global military and defense forces, opening a significant new revenue opportunity for Peraso.

轉到第 7 張投影片，我想重申毫米波技術以及戰術通訊和軍事防禦應用日益增長的市場機會。我們在這個領域所取得的勝利充分展現了我們能為這個市場帶來的商業機會和現實世界的正面影響。上個月，我們宣布執行一項新的戰略合同，向全球軍事和國防部隊提供關鍵任務無線應用程序，這為 Peraso 開闢了重要的新收入機會。

Our collaboration with this leading specialized defense contractor will result in jointly created and deployable system solutions that provide heightened communications to safeguard both military personnel and noncombatants, such as medics, peacekeepers, and journalists operating in high-risk environments. This first of a kind system solution leverages the inherently stealthy nature of 60 GHz communications, which contributes to very low probability of detection on the battlefield, as well as strong immunity to jamming.

我們與這家領先的專業國防承包商的合作將產生共同創建和部署的系統解決方案，提供增強的通訊以保護軍事人員和非戰鬥人員，例如在高風險環境中工作的醫務人員、維和人員和記者。這種首創的系統解決方案利用了 60 GHz 通訊固有的隱身特性，從而降低了在戰場上被發現的機率，並具有很強的抗干擾能力。

We are both proud and excited to be involved with such innovation with the intent of supporting those on the front lines and address critical battlefield challenges. We believe this strategic contract represents a major milestone and also has significant commercial potential With what we believe is a minimum addressable market of at least 3.4 million active military personnel, we currently expect to commence initial production shipments during the second quarter of this year.

我們非常自豪和興奮能夠參與這樣的創新，旨在支持前線人員並應對關鍵的戰場挑戰。我們相信，這項戰略合約代表著一個重要的里程碑，也具有巨大的商業潛力，我們認為最低目標市場至少為 340 萬名現役軍事人員，我們目前預計將在今年第二季開始初始生產出貨。

With mmWave's advanced capabilities including high data rates, ultra-low latency, and low probability of intercept, we believe that we are increasingly well positioned to continue gaining market traction with browsers leading mmWave technology in tactical communications and defense applications.

憑藉毫米波的高數據速率、超低延遲和低攔截機率等先進功能，我們相信，我們越來越有能力繼續利用瀏覽器在戰術通訊和國防應用領域領先的毫米波技術來獲得市場吸引力。

In summary, we are very pleased with our continued progress as demonstrated by our first quarter results. Looking ahead, we remain focused on expanding our customer base, growing our future order backlog, and ramping production and shipments to an expanding number of customers. Based on recent momentum, including increased demand for and purchase orders from our fixed wireless access customers, we expect to deliver sequential revenue growth for our mmWave solutions throughout 2025.

總而言之，我們對第一季業績所體現的持續進步感到非常滿意。展望未來，我們將繼續致力於擴大客戶群、增加未來訂單積壓以及提高產量並向更多客戶發貨。根據最近的勢頭，包括來自我們固定無線接入客戶的需求和採購訂單的增加，我們預計在 2025 年我們的毫米波解決方案的收入將實現連續增長。

With that, I'll turn the call back to Jim to review the financials, as well as to provide our revenue outlook for the second quarter of 2025.

有了這些，我會把電話轉回給吉姆，讓他審查財務狀況，並提供我們對 2025 年第二季的營收展望。

Thank you, Ron. Turning now to the results for the first quarter of 2025. Total net revenue for the first quarter was $3.9 million, compared with $3.7 million for the prior quarter and $2.8 million for the first quarter of 2024.

謝謝你，羅恩。現在來看看 2025 年第一季的業績。第一季總淨收入為 390 萬美元，而上一季為 370 萬美元，2024 年第一季為 280 萬美元。

Product revenue from the sale of our memory integrated circuits and millimeter wave products in the first quarter with $3.8 million, compared with $3.7 million in the prior quarter and $2.7 million in the first quarter of 2024. The increases in product revenues for the first quarter of 2025, compared with the comparable periods of 2024, were primarily attributable to increased shipments of our millimeter wave IC and module products. mmWave 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.

第一季度，我們銷售記憶體積體電路和毫米波產品的產品收入為 380 萬美元，而上一季為 370 萬美元，2024 年第一季為 270 萬美元。2025 年第一季產品收入與 2024 年同期相比有所增加，主要歸因於我們的毫米波 IC 和模組產品出貨量增加。第一季毫米波產品營收為 150 萬美元，而上一季為 20 萬美元，2024 年第一季為 30 萬美元。

GAAP gross margin increased to 69.3% in the first quarter from 56.3% in the prior quarter and 46.4% in the year-ago quarter. The increase in GAAP gross margin for the first quarter of 2025 was primarily attributable to reduced amortization expense recorded to cost of goods sold related to intangible assets fully amortized in 2024, combined with favorable revenue mix across shipments of millimeter wave products.

第一季 GAAP 毛利率從上一季的 56.3% 和去年同期的 46.4% 上升至 69.3%。2025 年第一季 GAAP 毛利率的成長主要歸因於 2024 年完全攤銷的無形資產相關的銷售成本攤銷費用減少，加上毫米波產品出貨量的收入組合良好。

On a non-GAAP basis, gross margin for the first quarter was also 69.3%, compared with 71.6% in the prior quarter and compared with 66.4% in the first quarter of 2024.

以非美國通用會計準則計算，第一季毛利率為 69.3%，而上一季為 71.6%，2024 年第一季為 66.4%。

GAAP operating expenses for the first quarter of 2025 were $3.2 million, compared with $3.7 million in the prior quarter and $4.9 million in the first quarter of 2024. The sequential and year-over-year decrease in operating expenses on a GAAP basis was primarily attributable to reduced stock-based compensation expense and amortization expense related to intangible assets fully amortized in 2024.

2025 年第一季的 GAAP 營運費用為 320 萬美元，而上一季為 370 萬美元，2024 年第一季為 490 萬美元。根據 GAAP 計算，營業費用環比和同比下降主要歸因於股票薪酬費用減少以及 2024 年完全攤銷的無形資產相關攤銷費用減少。

Non-GAAP operating expenses, which excluded stock-based compensation and amortization of intangible assets, were $3.1 million in the first quarter, compared with $3.2 million in the prior quarter and $3.5 million in the first quarter of 2024. The year-over-year decrease in operating expenses on a non-GAAP basis was primarily attributable to a combination of previously implemented cost reductions and ongoing cost containment initiatives.

第一季非公認會計準則營運費用（不含股票薪資和無形資產攤銷）為 310 萬美元，而上一季為 320 萬美元，2024 年第一季為 350 萬美元。非公認會計準則下的營業費用年減主要歸因於先前實施的成本削減和持續的成本控制措施。

GAAP net loss for the first quarter of 2025 was $0.5 million, or a loss of $0.10 per share, compared with a net loss of $1.6 million, or loss of $0.37 per share in the prior quarter, and compared with a net loss of $2 million, or a loss of $1.07 per share in the same quarter a year ago.

2025 年第一季 GAAP 淨虧損為 50 萬美元，即每股虧損 0.10 美元，而上一季淨虧損為 160 萬美元，即每股虧損 0.37 美元，而去年同期淨虧損為 200 萬美元，即每股虧損 1.07 美元。

On a non-GAAP basis, which excludes stock-based compensation, amortization of intangible assets, and change in fair value of warrant liabilities, net loss for the first quarter of 2025 was $0.4 million, or a loss of 8 cents per share. This, compared with a non-GAAP net loss of $0.5 million, or a loss of $0.13 per share in the prior quarter, and a net loss of $1.6 million, or a loss per share of $0.83 per share in the same quarter a year ago. The weighted average number of basic and diluted shares outstanding for the purposes of calculating both GAAP and non-GAAP EPS for the first quarter of 2025 was approximately 4.8 million shares.

以非公認會計準則計算，不包括股票薪酬、無形資產攤銷及認股權證負債公允價值變動，2025 年第一季淨虧損為 40 萬美元，即每股虧損 8 美分。相比之下，上一季的非 GAAP 淨虧損為 50 萬美元，即每股虧損 0.13 美元，去年同期的淨虧損為 160 萬美元，即每股虧損 0.83 美元。用於計算 2025 年第一季 GAAP 和非 GAAP 每股盈餘的加權平均基本流通股和稀釋流通股數約為 480 萬股。

Adjusted EBITDA, which we define as GAAP net income or loss as reported, excluding stock-based compensation, amortization of intangible assets, change in fair value of warrant liabilities, interest expense, depreciation and amortization, and the provision for income taxes was negative $0.3 million in the first quarter of 2025 compared with negative $0.4 million in the prior quarter and negative $1.4 million for the first quarter of 2024.

調整後 EBITDA（我們將其定義為報告的 GAAP 淨收入或虧損，不包括股票薪酬、無形資產攤銷、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準備金）在 2025 年第一季為負 30 萬美元，而上一季為負 40 萬美元，2024 萬美元為負 40 萬美元。

With regard to the balance sheet, as of March 31, 2025, the company had $2.8 million of cash in equivalents compared with $3.3 million at December 31, 2024. The sequential decrease primarily reflects operating cash burn of approximately $0.9 million, partially offset by approximately $0.4 million generated from sales into the company's aftermarket operating program during the first quarter of 2025. As of today's call, the company has approximately 5.1 million total shares of common stock and exchangeable shares outstanding.

就資產負債表而言，截至 2025 年 3 月 31 日，該公司擁有 280 萬美元的現金等價物，而 2024 年 12 月 31 日為 330 萬美元。環比下降主要反映了約 90 萬美元的營運現金消耗，但部分被 2025 年第一季公司售後市場營運計畫銷售產生的約 40 萬美元所抵銷。截至今日電話會議，該公司已發行普通股和可交換股票總數約 510 萬股。

Now, turning to our outlook. As Ron previously mentioned, are continuing to see positive momentum for our millimeter wave solutions. Although total revenue for the second quarter will reflect the anticipated roll-off of end-of-life memory IC shipments, we expect solid double-digit sequential growth in millimeter wave revenue for the second quarter. Based on the current backlog, the company expects total net revenue for the second quarter of 2025 to be in the range of $1.8 million to $2 million.

現在，談談我們的展望。正如羅恩之前提到的，我們的毫米波解決方案繼續呈現積極的勢頭。儘管第二季的總營收將反映預期的停產記憶體 IC 出貨量的下降，但我們預計第二季毫米波營收將實現兩位數的連續成長。根據目前的積壓訂單，該公司預計 2025 年第二季的總淨收入將在 180 萬美元至 200 萬美元之間。

This concludes our prepared remarks. and we thank you for your time this afternoon. Operator, please commence the Q&A session.

我們的準備好的演講到此結束。感謝您今天下午抽出時間。接線生，請開始問答環節。

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

（操作員指示）Kevin Liu，K. Liu 公司。

Hi, good afternoon, guys, and congrats on this long start to the year.

大家下午好，恭喜你們今年的開端。

Thanks, Kevin.

謝謝，凱文。

Thanks, Kevin.

謝謝，凱文。

Maybe if we could start with just kind of the millimeter wave side of the business. Obviously, good to hear that you guys expect sequential revenue growth there throughout the year. Can you talk about the level of visibility you already have from some of the deals you've announced previously, as well as anything exciting that you expect to contribute further to that as we make our way through the year?

也許我們可以從毫米波業務方面開始。顯然，很高興聽到你們預計全年收入將持續成長。您能否談談您先前宣布的一些交易已經給您帶來的關注程度，以及您預計在今年內將有哪些令人興奮的事情對此做出進一步的貢獻？

You want to start with that, Jim?

你想從那裡開始嗎，吉姆？

With regards to existing business, we have backlog. Obviously, we're comfortable. We're almost halfway through May here with Q2. But we have, I would say, so far this year, much better visibility with backlog on the existing customers, including one in South Africa. And then we'll make the initial shipments, as Ron talked about, with the defense application this quarter.

就現有業務而言，我們還有一些積壓工作。顯然，我們感到很舒服。現在，第二季已經快要過去五月中旬了。但我想說，今年到目前為止，我們對現有客戶積壓訂單的了解程度有了很大的提高，其中包括一位南非客戶。然後，正如羅恩所說的，我們將在本季度進行國防應用的首批發貨。

Obviously, we also have the ubiquity purchase order that we announced back in our Q4, I think just prior to our Q4 call, which we have kind of shipping. We started shipping on that and that will continue through the end of the year. So yeah, definitely pleased with the visibility. We still have more to put on the backlog for Q3 and Q4, but much better than we've historically been in that note.

顯然，我們還有在第四季度宣布的無處不在的採購訂單，我想就在第四季度電話會議之前，我們已經開始發貨了。我們已經開始發貨並將持續到今年年底。是的，我對可見度非常滿意。我們第三季和第四季的積壓工作還有許多，但比歷史上的情況好得多。

That's great to hear. And then maybe an obligatory question on tariffs. I think that's the topic of the day. Just any sort of impact that you see from tariffs on either your cost of goods or in terms of how your customers are reacting to them potentially?

聽到這個消息真是太好了。然後也許會問一個關於關稅的必問問題。我想這就是今天的主題。您認為關稅對您的商品成本或您的客戶對此可能做出的反應有何影響？

Yeah. We have not had any impact. know, given we don't generally -- our shipments into the United States are limited. And most of our production is done in Asia or locally in Canada or in Europe. So, so far, we haven't seen the impact. I don't think anyone won't be surprised if that changes, because it seems to be constantly moving. But so far, we haven't had to have those discussions with our customers.

是的。我們沒有受到任何影響。知道，鑑於我們一般不知道——我們運往美國的貨物是有限的。我們的大部分生產都在亞洲、加拿大或歐洲當地完成。所以，到目前為止，我們還沒有看到影響。我認為如果這種情況發生變化，任何人都不會感到驚訝，因為它似乎在不斷變化。但到目前為止，我們還沒有與客戶進行這些討論。

Great. And then just in terms of some of the innovation that you've just announced in the past couple months here. For the upgraded prospectus modules for fixed wireless access, I'm just wondering how quickly you think those can be deployed by your existing customers? Is the upgrade cycle more so kind of next year, or could you even see some potential revenue early this year?

偉大的。然後就您在過去幾個月剛剛宣布的一些創新而言。對於升級的固定無線存取招股說明書模組，我只是想知道您認為現有客戶可以多快部署這些模組？升級週期是否會在明年出現，或者今年年初會看到一些潛在的收入？

I don't know, Kevin. It's a software upgrade, so we can see the benefit of that pretty immediately. But it really is more so from our -- of course, from our customer's perspective. Because now, they can deploy more, you know, more endpoints per cell tower. So it's just, generally, like a good feature for our customers to have and it's something they can take, literally take advantage of this quarter even, right? So it's -- so the effect will be immediate.

我不知道，凱文。這是一次軟體升級，所以我們可以立即看到它的好處。但從我們的角度來看，當然，從我們的客戶的角度來看，情況確實如此。因為現在，他們可以在每個基地台部署更多的端點。所以，總的來說，這對我們的客戶來說是一個很好的功能，他們可以充分利用這個季度的優勢，對吧？所以——效果會立即顯現。

All right, great. Thanks so much for taking the question.

好的，太好了。非常感謝您回答這個問題。

Our pleasure.

我們很高興。

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Hey, good afternoon. Can you guys hear me okay?

嘿，下午好。你們聽得到我說話嗎？

We can, David.

我們可以，大衛。

Yes, sir.

是的，先生。

Good, good. Well, forgive me. I'm jumping on a little bit late here, but if these have already been asked, but just kind of curious. I know that you've mentioned the defense beginning to ship, but just generally speaking, we've talked about before how the capability that brings. And it seems like that could be something adopted more, maybe more broadly. Are you seeing more interest, I guess, from the military side or defense? And just how do you see that segment maybe picking up through the next several quarters?

好，好。好吧，原諒我。我在這裡回答得有點晚了，但如果這些問題已經被問過了，那麼只是有點好奇。我知道您提到了防禦開始發揮作用，但一般來說，我們之前已經討論過它帶來的能力。而這似乎可以被更多、更廣泛地採用。我想，您是否看到了軍事方面或防禦方面的更多興趣？您認為該細分市場在未來幾季內將如何回升？

Sure, I can speak to that. So, know, basically just to reiterate, David, the core value proposition is a couple of things. Because we use this beamforming technology, It makes it very difficult to detect their technology on the battlefield. that's really the core value, not just detected, but also to jam it. So either way is both good features to have for the military. So that's the core value proposition.

當然，我可以談論這個。所以，基本上只是重申一下，大衛，核心價值主張有幾件事。因為我們使用了這種波束成形技術，所以在戰場上很難偵測到他們的技術。這才是真正的核心價值，不僅要檢測，還要幹擾。所以無論哪種方式，對軍隊來說都是有益的。這就是核心價值主張。

And from our perspective, to be quite frank, on the fixed water side of things, I would say we're really the dominant player in that market. And that market is almost becoming self-fulfilling now. It's like we've got a design win. We're getting new design wins. There's new customers.

從我們的角度來看，坦白說，在固定水方面，我想說我們確實是該市場的主導者。現在這個市場幾乎正在自我實現。這就像我們獲得了設計勝利一樣。我們正在獲得新的設計勝利。有新顧客了。

But from a technology perspective, we're really starting to focus more on the military side of things, because there is that core interest based on the stealth capability of our technology. So we're going to be shipping some -- believe it or not, our first volume this quarter, and that was there very quickly into an application that hopefully over the course of the next few weeks and months, we can shed more light on.

但從技術角度來看，我們確實開始更關注軍事方面，因為基於我們技術的隱身能力存在著核心利益。因此，我們將在本季推出一些產品——信不信由你，這是我們的第一批產品，很快就會被放入應用程式中，希望在接下來的幾周和幾個月裡，我們可以對它有更多的了解。

But generally, it's really, we refer to it as tactical communications. So this is the idea on the battlefield, our allies can speak to each other wirelessly but without detection by the enemy. That's the core valor proposition.

但一般來說，我們實際上稱之為戰術通訊。所以這就是戰場上的想法，我們的盟友可以透過無線方式互相交談，而不會被敵人發現。這就是核心勇氣主張。

And this can be from a drone to the ground. It can be from the ground to the drone. It can be between humvees on the battlefield. It can be soldiers to soldiers.

這可以從無人機傳送到地面。它可以從地面到無人機。它可以在戰場上的悍馬之間。這可以是士兵對士兵。

So many, many scenarios where you want battlefield communications to be stealth. So obviously sometimes it takes longer with the military. Luckily, we've got one account that's coming to first in this quarter. So it's really a mix. But that's really the next generation for Peraso is battlefield communications.

在很多情況下，你都希望戰場通訊能夠隱密。顯然，軍隊有時需要更長的時間。幸運的是，我們有一個帳戶在本季度名列第一。所以這確實是一種混合。但對 Peraso 來說，這確實是下一代戰場通訊。

Great. And have you seen more interest, I guess, it's still relatively early on, but when would you expect that they might see other either agencies or countries that could have an interest in this type application?

偉大的。您是否看到了更多的興趣？我想，現在還為時過早，但您預計他們什麼時候會看到其他機構或國家對此類應用感興趣？

Oh, we're already seen it. I mean, we announced a contract, I guess, going over a year ago where we had an application of soldiers to their personal vehicles. And we are quoting on other opportunities like hopefully this quarter or the next quarter. So we're starting to see not just America but in Europe and Middle East and even in Asia. So we're seeing kind of a global interest in this technology. But it's all for the same reason. It's our ability to provide stealth communications in a battlefield environment.

哦，我們已經看到了。我的意思是，我想，我們在一年前就宣布了一項合同，其中我們將該應用程式應用於士兵的私人車輛。我們正在為其他機會尋找報價，例如希望在本季度或下個季度。因此，我們開始看到這種情況不僅出現在美國，也出現在歐洲、中東甚至亞洲。因此，我們看到全球對這項技術的興趣。但這一切都是出於同一個原因。這是我們在戰場環境中提供隱形通訊的能力。

Okay, great. And then maybe just lastly on the B funding and maybe some of the art off. Are you seeing anything there that just kind of given that it's more of a net neutral kind of approach there in terms of the technology? Are you seeing interest, maybe inbound, from customers that may have an interest in deploying fixed wireless access, whereas before they maybe were looking at Iber or other technologies?

好的，太好了。最後也許只是關於 B 資金和一些藝術方面的事宜。您是否看到了什麼，表明從技術角度來看，它更像是一種網路中立的方法？您是否看到一些客戶對部署固定無線存取感興趣，而之前他們可能正在考慮 Iber 或其他技術？

Well, that's a great question. mean, I would say, I think there's more of a top-down sentiment at this point, and we are very optimistic that we're going to see progress there. But it takes a while to trickle through the marketplace, if you will.

嗯，這是一個很好的問題。我想說的是，我認為目前更多的是一種自上而下的情緒，我們非常樂觀地認為我們將會看到進展。但如果你願意的話，它需要一段時間才能逐漸進入市場。

So, as Jim mentioned, we saw a very large order from Ubiquiti. They're one of the main suppliers in the rural environment in America. So, you know, we don't really know if that's why they provide this order, but we absolutely believe that over the course of the next 12 months, the bead will have a very positive impact on our business.

因此，正如 Jim 所提到的，我們看到了來自 Ubiquiti 的一筆非常大的訂單。他們是美國農村環境的主要供應商之一。所以，你知道，我們真的不知道這是否是他們提供這個訂單的原因，但我們絕對相信，在接下來的 12 個月裡，珠子將對我們的業務產生非常積極的影響。

But it takes a little bit of time for the ship to turn, if you will, right? So we haven't seen that direct. We don't believe a very direct benefit yet, but we expect in the second half of the year, we have seen some very direct benefit from improved bead terms, if you will.

但是如果你願意的話，船轉彎需要一點時間，對嗎？所以我們還沒有直接看到這一點。我們目前還不相信會有非常直接的好處，但我們預計在今年下半年，我們將會看到珠子條款改善所帶來的一些非常直接的好處，如果你願意的話。

Sure. Thanks so much. I certainly appreciate the time. And best of luck on the quarter.

當然。非常感謝。我當然很感激你們抽出時間。祝本季好運。

Pleasure, Dave.

很高興，戴夫。

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

我顯示此時隊列中沒有其他問題。今天的電話會議到此結束。感謝大家的參與，您可以斷開連線。