Peraso Inc (PRSO) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Peraso Inc.'s third-quarter 2025 conference call. (Operator Instructions) As a reminder, this conference call is being recorded today, Monday, November 10, 2025.

下午好，歡迎參加 Peraso 公司 2025 年第三季電話會議。（操作員說明）提醒各位，本次電話會議將於2025年11月10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.

現在我將把電話交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 2025 financial results. I'm Jim Sullivan, CFO of Peraso and joining me today is Ron Glibbery, our CEO.

下午好，感謝各位參加今天舉行的電話會議，討論 Peraso 2025 年第三季的財務業績。我是 Peraso 的財務長 Jim Sullivan，今天和我一起的是我們的執行長 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 can also be accessed through the webcast link on the 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，該表格已提交給美國證券交易委員會。新聞稿和 8-K 表格可在 Peraso 公司網站 www.perasoinc.com 的「投資者關係」欄位下找到。此外，我們還將配合今天的電話會議使用幻燈片演示文稿，您也可以透過投資者關係網站上的網路直播連結存取該簡報。

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 and reliance on forward-looking statements.

提醒各位，今天電話會議期間發表的評論可能包含前瞻性陳述。除歷史事實陳述外，所有其他陳述均可被視為前瞻性陳述。Peraso建議謹慎看待前瞻性陳述。

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 as well as any statements concerning the expected development, performance, and market share or competitive performance of our products and technologies as well as any potential statements related to prospective future financing arrangements or capital transactions and the evaluation of pursuit of strategic alternatives.

這些聲明包括但不限於對收入、利潤率、支出、非GAAP毛利潤、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，包括預期成本節約，以及任何關於我們產品和技術的預期發展、性能、市場份額或競爭表現的聲明，以及任何與未來融資安排相關的資金

All forward-looking statements are based on information available to Peraso on the day 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 Securities and Exchange Commission.

所有前瞻性陳述均基於Peraso於本聲明發布之日可獲得的資訊。這些聲明涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致 Peraso 的實際業績與前瞻性聲明所暗示的業績有重大差異，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 also 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.

Peraso 也明確聲明，除適用法律要求外，無論由於新資訊、未來事件或其他原因，均不承擔更新或修改其前瞻性聲明的任何義務。

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期間的新聞稿和管理層聲明將包括對某些指標和財務資訊（按 GAAP 和非 GAAP 計算）的討論。關於今天電話會議中涉及非GAAP數字的評論，除非另有說明，否則所引用的金額不包括股票選擇權費用、無形資產攤銷、遣散費以及認股權證負債公允價值的變動。

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 provides additional details.

這些非公認會計準則財務指標、定義以及它們與可比較公認會計準則指標之間的差異調節表，已在我們的新聞稿和相關的 8-K 表格中列出，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.

如果您目前無法收聽整個電話會議，可以在我們網站的投資者關係頁面上找到錄音。

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

現在我謹將電話交給我們的執行長羅恩·格利伯里，請他發表事先準備好的演講。羅恩？

Thank you, Jim. Good afternoon and welcome to everyone on the phone and webcast. We appreciate you joining today's conference call.

謝謝你，吉姆。下午好，歡迎各位透過電話和網路直播收看。感謝您參加今天的電話會議。

We had a notably strong third quarter, highlighted by growing orders and shipments of Peraso's industry-leading 60 gigahertz wireless solutions. Total revenue increased more than 45% sequentially, driven by record quarterly revenue from our mmWave products. Gross margin also increased significantly over the previous quarter, achieving our targeted gross margin level in the mid-50% range.

第三季業績表現尤為強勁，Peraso 業界領先的 60 吉赫茲無線解決方案的訂單和出貨量均有所成長。受毫米波產品季度營收創紀錄的推動，總營收季增超過 45%。毛利率較上一季也大幅成長，達到了我們設定的50%左右的毛利率目標。

Consistent with prior recent quarters, we continue to exercise prudent cost management and drive operational efficiencies across the organization. Collectively, these metrics contributed to improved operating and bottom-line results as well as reduced cash burn from operations in the third quarter.

與前幾季一樣，我們繼續實行審慎的成本管理，並在整個組織內提高營運效率。總體而言，這些指標有助於改善第三季的營運和利潤，並減少營運現金消耗。

Turning to slide 4. Beyond (technical difficulty), our largest and longest-served end market, fixed wireless access also continues to represent the most immediate and substantial growth opportunity for Peraso's 60-gigahertz mmWave solutions. As such, we have welcomed the steady recovery throughout the year in market demand and customer orders, both of which are reflected in our third-quarter results.

翻到第4張投影片。除了（技術上的困難）之外，我們最大、服務時間最長的終端市場——固定無線接入，也繼續代表 Peraso 的 60 吉赫茲毫米波解決方案最直接、最實質性的成長機會。因此，我們對全年市場需求和客戶訂單的穩定復甦感到欣喜，這兩方面都反映在我們的第三季業績中。

We believe that fixed wireless access markets renewed momentum is sustainable, particularly for our 60-gigahertz wireless solutions, as there continues to be growing (technical difficulty) of mmWave's ability to enable reliable, high-speed, and low latency broadband connectivity to homes and businesses without the time and cost burdens associated with fiber infrastructure.

我們相信，固定無線接取市場的復甦勢頭是可持續的，特別是對於我們的 60 吉赫茲無線解決方案而言，因為毫米波技術在為家庭和企業提供可靠、高速、低延遲的寬頻連接方面的能力不斷增強（技術難度也隨之增加），而無需承擔光纖基礎設施相關的時間和成本負擔。

For further evidence of fixed wireless access and mmWave broadening market traction, I would encourage our investors to take a look at Verizon's recently announced acquisition of Starry, a fixed wireless access service provider with a strong background in mmWave technology.

為了進一步證明固定無線存取和毫米波技術正在擴大市場影響力，我建議我們的投資者關註一下 Verizon 最近宣布收購 Starry 的案例。 Starry 是一家固定無線存取服務供應商，在毫米波技術領域擁有雄厚的實力。

Underpinning our record quarterly revenue from mmWave products were multiple prominent wins in fixed wireless access. The first of these wins was one of our leading partners, Tachyon Networks, which we announced in early July and covered on a previous conference call.

毫米波產品季度營收創歷史新高，主要得益於我們在固定無線存取領域的許多重大勝利。我們取得的首個勝利是與我們的主要合作夥伴之一 Tachyon Networks 達成合作，我們在 7 月初宣布了這一消息，並在之前的電話會議上進行了介紹。

To briefly recap, Tachyon Networks chose to incorporate one of our prospective series modules with an integrated 16-element phased array antenna to power its latest outdoor 60-GHz fixed wireless solution. Subsequent to our Q2 conference call, we announced a renewed collaboration with WeLink Communications to accelerate the deployment of high-speed broadband access across dense urban areas and multiple major US cities in the US.

簡單回顧一下，Tachyon Networks 選擇將我們即將推出的系列模組之一與整合的 16 單元相控陣天線相結合，為其最新的室外 60 GHz 固定無線解決方案提供支援。在第二季電話會議之後，我們宣布與 WeLink Communications 重新合作，以加速在美國人口稠密的城市地區和多個主要城市部署高速寬頻存取。

More specifically, WeLink's mesh-based fixed wireless access architecture is leveraging Peraso's 60 gigahertz technology to deliver reliable, multi-gigabit connectivity to both businesses and consumers in dense urban neighborhoods. Also notable, they are successfully rolling out this high-speed wireless broadband service at a fraction of the cost and implementation time of typical fiber deployments.

更具體地說，WeLink 的網狀固定無線接取架構利用 Peraso 的 60 吉赫茲技術，為人口密集的城市社區的企業和消費者提供可靠的多千兆連接。值得注意的是，他們以遠低於典型光纖部署的成本和實施時間，成功推出了這項高速無線寬頻服務。

Most recently, in September, we secured an initial volume order totaling approximately $900,000 for the leading global equipment supplier to the fixed wireless access market. I want to highlight that this order for our prospectus mmWave modules was not only received from a first-time OEM customer, but they are a well-established equipment supplier to service providers. As a result, this new OEM customer has the potential to facilitate broader use of our mmWave solutions by an expanded number of fixed wireless service providers, many of which may not have previously been aware of or experienced the benefit of Peraso's industry-leading technology.

最近，在 9 月份，我們為全球領先的固定無線存取設備供應商獲得了一筆總額約為 90 萬美元的首筆大量訂單。我想強調的是，我們這次收到的毫米波模組訂單不僅來自一家首次與我們合作的 OEM 客戶，而且他們還是服務供應商的知名設備供應商。因此，這家新的 OEM 客戶有可能促進更多固定無線服務提供者更廣泛地使用我們的毫米波解決方案，其中許多提供者以前可能並不了解或體驗過 Peraso 行業領先的技術帶來的好處。

In addition to these recent wins, we are continuously supporting a broad number of proof of concepts with wireless internet service providers utilizing Peraso's mmWave technology. With the majority of customers at or approaching more normalized inventory levels, we expect to see additional production orders as successful proof of concepts are completed. Together with our ongoing efforts to convert other existing customer engagements into production, we anticipate fixed wireless access to remain a dominant driver of a sustained year-over-year growth.

除了最近取得的這些成功之外，我們也持續支援許多無線網路服務供應商利用 Peraso 的毫米波技術進行概念驗證。隨著大多數客戶的庫存水準達到或接近正常水平，我們預計隨著概念驗證的成功完成，將會出現更多的生產訂單。結合我們持續努力將其他現有客戶合作轉化為實際業務，我們預計固定無線存取將繼續成為推動業務逐年持續成長的主要動力。

Turning to slide 5. As discussed on previous quarterly update calls, we are continuing to see increased market awareness of 60-gigahertz technology that extends beyond fixed wireless to access completely new end markets. The most notable among these new emerging markets for Peraso's mmWave solutions has been what we refer to as tactical communications, which includes diverse mission-critical military defense applications.

翻到第5張投影片。正如先前季度更新電話會議所討論的那樣，我們持續看到市場對 60 吉赫茲技術的認識不斷提高，該技術已從固定無線擴展到全新的終端市場。在 Peraso 毫米波解決方案的這些新興市場中，最引人注目的是我們所說的戰術通信，其中包括各種關鍵任務型軍事防禦應用。

During the course of exploring inbound interest and prospective engagements with potential customers and ecosystem partners, the substantial value proposition of 60 gigahertz wireless for tactical communications has become unmistakably clear. The everyday performance benefits that have made mmWave the go-to technology in fixed wireless access such as high data rates, ultra-low latency, and power efficiency are also ideal for enabling next-generation solutions for tactical communications.

在探索潛在客戶和生態系統合作夥伴的興趣和潛在合作的過程中，60 吉赫茲無線通訊在戰術通訊方面的巨大價值主張已經變得非常明確。毫米波技術在固定無線存取領域具有高資料速率、超低延遲和高能源效率等日常效能優勢，使其成為首選技術，這些優勢也使其成為實現下一代戰術通訊解決方案的理想選擇。

Additionally, mmWave's inherently stealthy attributes and low probability of intercept represents a unique and unmatched advantage over potential wireless technologies. While all of these benefits look good on paper, we took the first step earlier this year to prove that Peraso's mmWave technology was not only viable but uniquely equipped to overcome the mission-critical communication challenges encountered in tactical defense environments.

此外，毫米波固有的隱藏性和低被攔截機率，使其相對於潛在的無線技術而言，具有獨特且無可比擬的優勢。雖然所有這些好處看起來都很不錯，但我們在今年早些時候邁出了第一步，證明 Peraso 的毫米波技術不僅可行，而且具有獨特的優勢，能夠克服戰術防禦環境中遇到的關鍵任務通信挑戰。

This included securing a strategic contact with a specialized defense contractor who we've subsequently continued to collaborate with on a jointly developed system solution that leverages Peraso's 60-gigahertz technology for a first-of-its-kind tactical defense application. This new mobile system solution is designed to provide heightened communications, situational awareness to help save military personnel and noncombatants such as medics and humanitarian responders operating in high-risk environments.

這包括與專業國防承包商建立戰略聯繫，隨後我們繼續與該承包商合作開發聯合系統解決方案，該解決方案利用 Peraso 的 60 吉赫茲技術，用於首創的戰術防禦應用。這種新型行動系統解決方案旨在提高通訊能力和態勢感知能力，以幫助拯救在危險環境中工作的軍事人員和非戰鬥人員，例如醫務人員和人道主義救援人員。

As a reminder, we announced the delivery of initial production shipments of our advanced 60-gigahertz wireless solutions in support of this jointly developed solution in the June time frame. Today, I'm pleased to report the recent and successful completion of initial field trials of this innovative solution. Upon the completion of additional trials, we expect the jointly developed solution with our lead customer to represent a significant long-term revenue opportunity for Peraso.

再次提醒，我們已宣佈在 6 月交付首批先進的 60 吉赫茲無線解決方案，以支援這項共同開發的解決方案。今天，我很高興地報告，這項創新解決方案的初步現場試驗已於近期成功完成。完成更多試驗後，我們預計與主要客戶共同開發的解決方案將為 Peraso 帶來重要的長期收入機會。

In addition to the successful initial field trial validating the robust capabilities of Peraso's mmWave technology, we believe it represents and will serve as a foundation for further commercial expansion into the tactical defense communications market over the coming quarters.

除了初步現場試驗成功驗證了 Peraso 毫米波技術的強大功能外，我們相信它代表並將成為未來幾季進一步拓展戰術防禦通訊市場商業業務的基礎。

In fact, despite our lead customers' understandable sensitivity to being named or publishing additional details about our jointly developed solution, we are confident that this engagement is contributing to the increased dialogue and engagement that we are fielding within the tactical communications market.

事實上，儘管我們的主要客戶對於被點名或公佈我們共同開發的解決方案的更多細節非常敏感，這是可以理解的，但我們相信，這種合作有助於我們在戰術通訊市場中進行更多對話和互動。

Moving to slide 6. On our previous conference call, I addressed how we generally think about adjacent market opportunities. Then, I also highlighted a recently secured production order to incorporate our 60-gigahertz technology in a customer's video system targeted for use in the educational market.

切換到第6張投影片。在上一次電話會議上，我談到了我們通常如何看待鄰近市場機會。然後，我還重點介紹了最近獲得的一份生產訂單，該訂單將把我們的 60 吉赫茲技術融入到客戶面向教育市場的視訊系統中。

Although the revenue contribution from these adjacent market opportunities is often smaller relative to our fixed wireless business, the purpose of my commentary around adjacent markets last quarter was to demonstrate the true versatility of Peraso's mmWave technology.

儘管這些鄰近市場機會帶來的收入貢獻通常比我們的固定無線業務要小，但我上個季度對鄰近市場的評論目的是為了展示 Peraso 毫米波技術的真正多功能性。

Following this year's recent ongoing discussion and expressed interest on multiple perspective of future customers about potentially utilizing our 60-gigahertz technology in various markets, I wanted to circle back again on today's call and dig a little deeper into adjacent markets.

鑑於今年近期持續不斷的討論以及未來客戶對在各個市場潛在使用我們 60 吉赫茲技術的各種觀點所表達的興趣，我想在今天的電話會議上再次回顧並更深入地探討一下相鄰市場。

While each of these prospective discussions were focused on completely different end markets, they all shared a common use case, namely overcoming the challenges associated with processing massive amounts of high-bandwidth video for edge AI applications. A few new natural examples of these edge AI applications would include last-mile delivery services, autonomous vehicles, and drones.

雖然這些潛在的討論都集中在完全不同的終端市場，但它們都有一個共同的用例，即克服邊緣人工智慧應用處理大量高頻寬視訊所面臨的挑戰。這些邊緣人工智慧應用的一些新的自然例子包括最後一公里配送服務、自動駕駛汽車和無人機。

Stepping back for a second, what's really compelling is that the same inherent high-performance and advanced capabilities that mmWave brings to fixed wireless and tactical communications, the same attributes can be critical enablers for high-bandwidth video for edge AI. More specifically, 60 gigahertz mmWave readily supports multi-gigabit data rates for streaming or transferring high-resolution video.

退一步講，真正引人注目的是，毫米波為固定無線和戰術通訊帶來的固有高性能和先進功能，同樣也可以成為邊緣人工智慧高頻寬視訊的關鍵推動因素。更具體地說，60 吉赫茲毫米波可以輕鬆支援多千兆位元資料速率，用於串流或傳輸高解析度視訊。

Additionally, ultra-low latency allows near instantaneous data transfer for real-time applications. And lastly, 60 gigahertz mmWave is also inherently and exceptionally power efficient. This is especially critical for Edge AI device, many of which are battery powered. At this time, multiple customers are using our standard evaluation kit to test our ability to download high-resolution video at multi-gigabit data rates. We'll keep you posted with our progress over the coming quarters.

此外，超低延遲可實現即時應用近乎瞬時的資料傳輸。最後，60 吉赫茲毫米波本身也具有極高的能效。這一點對於邊緣人工智慧設備來說尤其重要，因為許多邊緣人工智慧設備都是電池供電的。目前，多位客戶正在使用我們的標準評估套件來測試我們以多千兆位元資料速率下載高解析度影片的能力。接下來幾個季度，我們隨時向您報告進度。

Turning to slide 7. This is an updated snapshot showing the evolution of our engagement pipeline over roughly the past two years. The figures on this slide represent the number of different SKUs or distinct device models at each stage of engagement. And then at the bottom is the cumulative number of SKUs that customers have released to production.

翻到第7張投影片。這是最新一期的快照，展示了我們過去兩年左右的客戶互動管道演變。此投影片上的數字代表參與階段的每個階段的不同 SKU 或不同設備型號的數量。最底部顯示的是客戶已發佈到生產的 SKU 累積數量。

For those that may be familiar with previous versions of this slide, you might notice that the current number of funnel opportunities is smaller than in the past. This is the result of a recently completed effort to narrow the total pool of identified opportunities down to those our team believes have the most commercial potential and highest probability of becoming formal engagements. As such, you can consider the currently greater than 30 funnel opportunity shown at the top as qualified opportunities.

對於可能熟悉此投影片先前版本的人來說，你們可能會注意到，目前的銷售漏斗機會數量比過去要少。這是近期完成的一項工作的結果，該工作旨在縮小已確定機會的範圍，只留下我們團隊認為最具商業潛力和最有可能成為正式合作機會的機會。因此，您可以將頂部顯示的當前超過 30 個銷售漏斗機會視為合格機會。

We chose to do this for two reasons. First, it better reflects the number of realistic near to intermediate opportunities that we are actively cultivating. And then second, it also reflects our heightened focus internally towards advancing the most attractive and highest probability opportunities into formal engagements with customers.

我們選擇這樣做有兩個原因。首先，它更好地反映了我們正在積極培育的現實的近中期機會的數量。其次，這也反映了我們內部更加重視將最具吸引力和最高機率的機會推進到與客戶的正式合作中。

I continue to like using this slide because it clearly demonstrates not only the progress that we made over time but also provides near real-time insight into the literal pipeline of potential new incremental business that we are currently working on.

我仍然喜歡使用這張投影片，因為它不僅清楚地展示了我們隨著時間的推移所取得的進展，而且還提供了近乎即時的洞察，讓我們了解我們目前正在開展的潛在新增業務的實際進展情況。

In addition to briefly mentioning that all of the pictures shown here are actual customers and products in commercial production today incorporating Peraso's technology, I wanted to call out a couple of key takeaways. First, we have nearly doubled the number of customer SKUs in production over the last two years, contributing to a meaningful diversification of our customer base as well as end market applications.

除了簡單提及這裡展示的所有圖片都是目前商業生產中實際的客戶和產品，它們都採用了 Peraso 的技術之外，我還想強調幾個關鍵要點。首先，在過去的兩年裡，我們生產的客戶 SKU 數量幾乎翻了一番，這有助於我們的客戶群以及終端市場應用實現有意義的多元化。

Then lastly, this is the first time that Peraso has had a double-digit number of new customer devices in preproduction at any single point in time. This is a testament to our team's focus and dedication as these preproduction SKUs represent line of sight to new potential revenue streams once released to the commercial production by customers.

最後，這是 Peraso 首次在任何時間點都有兩位數的新客戶設備處於預生產狀態。這證明了我們團隊的專注和奉獻精神，因為這些預生產 SKU 代表著一旦客戶將其投入商業生產，就能帶來新的潛在收入來源。

In closing, we had a great third quarter, and we are pleased with the continued progress of our growth initiatives, highlighted by the record revenue contribution of our mmWave product. In addition to capitalizing on the momentum of the fixed wireless access market, we are seeing rapidly expanding opportunities for our 60-gigahertz wireless solutions in new end markets and applications, all of which are poised to benefit from the high bandwidth, secure and power-efficient connectivity offered by Peraso's technology.

綜上所述，我們第三季業績斐然，我們對各項成長計畫的持續進展感到滿意，其中毫米波產品創紀錄的營收貢獻尤為突出。除了利用固定無線接取市場的良好勢頭外，我們還看到 60 吉赫茲無線解決方案在新終端市場和應用領域的機會正在迅速擴大，所有這些都將受益於 Peraso 技術提供的高頻寬、安全和節能的連接。

Looking ahead, we are focused on further expanding our existing customer base and served markets. This includes continuing to cultivate and convert our robust piepline of engagements into additional design-ins and production orders spanning both mmWave fixed wireless access as well as adjacent new market opportunities for our 60-gigahertz solutions.

展望未來，我們將專注於進一步擴大現有客戶群和服務市場。這包括繼續培養和轉化我們強大的客戶關係網絡，將其轉化為更多的設計導入和生產訂單，涵蓋毫米波固定無線接入以及我們 60 吉赫茲解決方案的鄰近新市場機會。

We believe that, today, we are well positioned to deliver continued year-over-year growth from our mmWave products in the fourth quarter and into 2026. Coupled with this anticipated growth, we are remaining committed to disciplined expense management with the goal of driving steady improvement in our quarterly operating results.

我們相信，目前我們已做好充分準備，在第四季及 2026 年實現毫米波產品持續年增。伴隨著預期的成長，我們將繼續致力於嚴格的費用管理，以期穩定提升季度經營業績。

With that, I'll turn the call back over to Jim to review the financials and provide our revenue outlook for the fourth quarter.

接下來，我將把電話轉回給吉姆，讓他回顧財務數據並提供我們第四季的收入展望。

Thank you, Ron.

謝謝你，羅恩。

Turning now to the results for the third quarter of 2025. Total net revenue for the third quarter was $3.2 million compared with $2.2 million for the prior quarter and $3.8 million for the third quarter of 2024. Product revenues in the third quarter was $3.1 million compared with $2.2 million in the prior quarter and $3.8 million in the third quarter of 2024. The decrease in product revenues for the third quarter of 2025 from the comparable period of 2024 was primarily attributable to the reduction in shipments of memory IC products due to the previously announced end of life of the products.

現在來看2025年第三季的業績。第三季淨收入總額為 320 萬美元，而上一季為 220 萬美元，2024 年第三季為 380 萬美元。第三季產品營收為 310 萬美元，上一季為 220 萬美元，2024 年第三季為 380 萬美元。2025 年第三季產品收入較 2024 年同期有所下降，主要原因是由於先前宣布的記憶體 IC 產品生命週期結束，導致記憶體 IC 產品出貨量減少。

Specific to sales of mmWave products, revenues were $3 million in the third quarter of 2025 compared with $2.2 million in the prior quarter and $0.1 million in the third quarter of 2024. Consolidated GAAP gross margin increased to 56.2% in the third quarter from 48.3% in the prior quarter and compared with 47% in the year ago quarter. The increase in GAAP gross margin for the third quarter of 2025 from the prior comparable periods was primarily attributable to a more favorable revenue mix of mmWave products and solutions as well as shipments of inventory written down in prior periods.

具體到毫米波產品的銷售，2025 年第三季的營收為 300 萬美元，而上一季為 220 萬美元，2024 年第三季為 10 萬美元。第三季綜合GAAP毛利率從上一季的48.3%增加至56.2%，去年同期為47%。2025 年第三季 GAAP 毛利率較上年同期有所成長，主要歸功於毫米波產品和解決方案的營收組合更加有利，以及去年同期減記的庫存出貨量。

On a non-GAAP basis, gross margin for the third quarter was also 56.2% compared with 48.3% in the prior quarter and compared with 61.7% in the third quarter of 2024, which was primarily attributable to shipments of memory IC products.

以非GAAP準則計算，第三季的毛利率為56.2%，而上一季為48.3%，2024年第三季為61.7%，主要歸功於記憶體IC產品的出貨量。

GAAP operating expenses for the third quarter of 2025 were $3 million compared with $2.9 million in the prior quarter, which included a $0.2 million accrual reversal for software license obligations and $4.5 million in the third quarter of 2024. The decrease in operating expenses on a GAAP basis from the comparable period of 2024 was primarily attributable to reduced stock-based compensation expense and amortization expense related to intangible assets fully amortized in 2024.

2025 年第三季的 GAAP 營運費用為 300 萬美元，而上一季為 290 萬美元，其中包括 20 萬美元的軟體授權義務應計衝回；2024 年第三季為 450 萬美元。與 2024 年同期相比，以 GAAP 計算的營運費用下降主要歸因於股權激勵費用減少以及與 2024 年已完全攤銷的無形資產相關的攤銷費用減少。

Non-GAAP operating expenses, which excludes stock-based compensation, were $2.9 million in the third quarter compared with $2.7 million in the prior quarter, which included a $0.2 million accrual reversal for software license obligations and $3.3 million in the third quarter of 2024. The decrease in operating expenses on a non-GAAP basis from the comparable period of 2024 was primarily attributable to previously implemented cost reductions and ongoing cost containment initiatives.

第三季非GAAP營運費用（不含股票選擇權費用）為290萬美元，上一季為270萬美元，其中包括20萬美元的軟體授權義務應計衝回，2024年第三季為330萬美元。與 2024 年同期相比，非 GAAP 營運費用的下降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 third quarter of 2025 was $1.2 million, or a loss of $0.17 per share, compared with a net loss of $1.8 million or loss of $0.31 per share on the prior quarter and compared with a net loss of $2.7 million or a loss of $0.98 per share in the same quarter a year ago.

2025 年第三季 GAAP 淨虧損為 120 萬美元，即每股虧損 0.17 美元，而上一季淨虧損為 180 萬美元，即每股虧損 0.31 美元，而去年同期淨虧損為 270 萬美元，即每股虧損 0.98 美元。

Non-GAAP net loss, which excludes stock-based compensation, amortization of intangibles, and changes in fair value of warrant liabilities for the third quarter of 2025 was $1.1 million or a loss of $0.15 per share. This compared with a non-GAAP net loss of $1.7 million or a loss of $0.28 per share in the prior quarter and a net loss of $0.9 million or a loss of $0.34 per share in the same quarter a year ago.

2025 年第三季度，非 GAAP 淨虧損（不含股票選擇權費用、無形資產攤銷及認股權證負債公允價值變動）為 110 萬美元，即每股虧損 0.15 美元。相較之下，上一季非GAAP淨虧損為170萬美元，即每股虧損0.28美元；而去年同期淨虧損為90萬美元，即每股虧損0.34美元。

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 2025 was approximately 7.3 million shares.

為計算 2025 年第三季 GAAP 和非 GAAP 每股盈餘，已發行基本股和稀釋股的加權平均數約為 730 萬股。

Adjusted EBITDA, which we defined as GAAP net income or losses reported, excluding stock-based compensation, amortization of intangible assets, severance cost, change in fair value of warrant liabilities, interest expense, depreciation and amortization and the provision for income taxes, was negative $1 million in the third quarter of 2025 compared with negative $1.6 million in the prior quarter and negative $0.8 million in the third quarter of 2024.

經調整的 EBITDA（我們將其定義為以 GAAP 報告的淨收入或虧損，不包括股份支付、無形資產攤銷、遣散費、認股權證負債公允價值變動、利息支出、折舊和攤銷以及所得稅準備金）在 2025 年第三季為負 100 萬美元，而上一季為負 120 萬美元。

With regards to the balance sheet, as of September 30, 2025, the company had approximately $1.9 million of cash compared with $1.8 million as of June 30, 2025. The net positive change of approximately $0.1 million in the company's cash balance for the third quarter included approximately $0.9 million of net proceeds from the warrant inducement offering of certain Series C warrants and approximately $0.7 million of net proceeds from the company's at-the-market offering program during the quarter.

就資產負債表而言，截至 2025 年 9 月 30 日，該公司擁有約 190 萬美元現金，而截至 2025 年 6 月 30 日，該公司擁有約 180 萬美元現金。該公司第三季現金餘額淨正變動約為 0.1 百萬美元，其中包括認股權證誘導發行某些 C 系列認股權證所得淨收益約 0.9 百萬美元，以及公司本季以市價發行計畫所得淨收益約 0.7 百萬美元。

As of today's call, the company has approximately 8.98 million shares of common stock and exchangeable shares outstanding. As previously disclosed, the company has been exploring potential strategic alternatives, including a merger, sale of assets, or other similar transaction as well as various potential sources of additional capital.

截至今日電話會議，該公司已發行約 898 萬股普通股和可交換股份。正如先前所揭露的那樣，該公司一直在探索潛在的策略選擇，包括合併、出售資產或其他類似交易，以及各種潛在的額外資金來源。

Aside from confirming that the strategic review process continues to be ongoing in coordination with the company's financial adviser, there are no related updates to share on today's call from what we have previously disclosed.

除了確認公司正在與財務顧問協調進行策略審查流程外，今天的電話會議上沒有其他相關更新資訊需要分享，這些資訊與我們先前揭露的資訊有所不同。

Now turning to our outlook. As Ron previously discussed, we are encouraged by the continued market momentum and our expanding pipeline of engagements for processed 60-gigahertz wireless solutions. Based on current backlog, the company expects total net revenue for the fourth quarter of 2025 to be in the range of $2.8 million to $3.1 million.

現在談談我們的展望。正如 Ron 之前所討論的那樣，我們對持續的市場勢頭和不斷擴大的 60 吉赫茲無線解決方案加工業務項目感到鼓舞。根據目前的積壓訂單，該公司預計 2025 年第四季的總淨收入將在 280 萬美元至 310 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.

我們的演講到此結束，感謝各位下午抽出時間。操作員，請開始問答環節。

(Operator Instructions) David Williams, Benchmark.

（操作說明）David Williams，Benchmark。

Congrats on the solid quarter. I guess, this seems like probably the most upbeat quarter that we've heard from you in some time just (technical difficulty) and positioning. So that clearly is -- it gives us some confidence, but it sounds like you're making a lot of momentum here.

恭喜你們本季業績穩健。我想，這可能是我們一段時間以來從你那裡聽到的最樂觀的一個季度了，只是（技術困難）和定位問題。所以很明顯——這給了我們一些信心，聽起來你們在這裡勢頭很強勁。

So I guess maybe my first question is on the new OEM that you announced or spoken to. Can you give a little more color on that? And it sounds like that's a very -- you're very optimistic about that. What does that opportunity look like? And what does that mean, do you think?

所以我想我的第一個問題是關於您宣布或洽談過的新OEM廠商。能再詳細說說嗎？聽起來你對此非常樂觀。這個機會具體是什麼樣的？你覺得這意味著什麼？

Well, it's the -- we feel the number two OEM in the space. So they're very sensitive to confidentiality, so we can't release the specifics. But from our perspective, it's just to get another validation. And something that I didn't mention on the call -- sorry, Dave, that I should have said, these OEMs now historically have been using like other -- and I won't say which competitors, but other competitors who now we're beating out because we have better performance. That's exactly what happened in this case.

嗯，我們感覺它是這個領域排名第二的原始設備製造商。他們非常注重保密，所以我們不能透露具體細節。但從我們的角度來看，這只是為了獲得另一種認可。還有一件事我在電話會議上沒提到——抱歉，戴夫，我應該說，這些 OEM 廠商一直以來都像其他廠商一樣——我不會說是哪些競爭對手，但就是那些我們現在因為性能更好而擊敗的競爭對手。本案的情況正是如此。

So a couple of things are happening. Obviously, the inventory, kind of the correction is coming to an end. But I think more importantly, we're starting to see all of these OEMs who are using other chipset vendors come over to Peraso, and I think we're going to continue to see that over the coming quarters.

所以現在有兩件事正在發生。顯然，盤點和調整即將結束。但我認為更重要的是，我們開始看到所有使用其他晶片組供應商的 OEM 廠商都轉向 Peraso，我認為在接下來的幾個季度裡，我們將繼續看到這種情況。

Great. I also want to talk about maybe the acquisition by Verizon and what does that mean, do you think? For you, obviously, it signaled a growing demand in that fixed wireless access. But does that specifically speak to anything from your perspective and either positive or negative?

偉大的。我還想談談Verizon的收購，以及這會帶來什麼影響，你覺得呢？顯然，對你而言，這表明對固定無線接入的需求正在增長。但從你的角度來看，這具體反映了什麼？是積極的還是消極的？

Well, broadly, it's positive. I think Starry made no bones about their use of mmWave. So I think it's another great validation of the technology. You'll have to infer whether they were using Peraso or not. But I would say, generally, it's been a very positive endorsement for Peraso.

總體而言，這是積極的。我認為 Starry 毫不掩飾他們使用毫米波技術的事實。所以我認為這再次有力地驗證了這項技術。你需要自行推斷他們是否使用了 Peraso。但總的來說，我認為這對佩拉索來說是一個非常積極的認可。

But yes, I mean, Starry was a real advocate of -- and what's interesting actually is they're using it for MDUs, multiple dwelling units. So it's turning out mmWave is a really nice technology for satisfying that market as well. And we're seeing that in other jurisdictions. But we think the real kind of catalyst in that situation was the support for MDUs, if you will.

是的，我的意思是，Starry 是這種理念的真正倡導者——而真正有趣的是，他們正在將其用於 MDU（多戶住宅單元）。由此看來，毫米波也是滿足該市場需求的非常好的技術。我們在其他地區也看到了這種情況。但我們認為，在這種情況下真正的催化劑是對多戶住宅單元的支持。

Okay. Great. And just a couple more quick ones. But I wanted to ask about the timing of customer production schedules. You talked about your funnel. You're obviously gaining some momentum there. Is there any way to kind of think about your customer typical design cycles now that we're through this inventory? Do you get a sense they're coming to market more quickly? Or will there still be an elongated kind of design cycle before we see them turn into production?

好的。偉大的。再快速回答幾個問題。但我還想詢問一下客戶生產計畫的時間安排。你談到了你的銷售漏斗。你顯然正在取得一些進展。既然我們已經完成了這次盤點，有沒有辦法大致了解一下顧客的典型設計週期？你覺得它們進入市場的速度更快了嗎？或者說，在它們投入生產之前，是否還會經歷一個漫長的設計週期？

Yes. I mean, I think it's case by case, but here's how I would look at it, Dave. Like in the fixed wireless space, that's [tried] well-oiled machine like a 9- to 12-month period kind of from an engagement to mass production.

是的。我的意思是，我認為這要視具體情況而定，但我會這樣看待這個問題，戴夫。就像在固定無線領域一樣，這就像一台運作良好的機器，從訂約到大規模生產大約需要 9 到 12 個月的時間。

New opportunities like military, you're looking at probably 12 to 15 months, obviously, because there's more work and there has to be done, more customization. So it really depends if it's an existing market or a new market. And again, we're seeing these opportunities now in Edge AI, and that may take, again, 12 to 15 months would be my estimate, but that's kind of the time frames that we're looking at normally.

像參軍這樣的新機會，可能需要 12 到 15 個月的時間，這很顯然，因為有更多的工作要做，需要更多的客製化。所以這真的取決於它是現有市場還是新市場。再次強調，我們現在在邊緣人工智慧領域看到了這些機遇，這可能需要 12 到 15 個月的時間，這是我的估計，但這通常是我們預期的時間範圍。

Okay. Great. And then maybe just, Jim, on the balance sheet, it looks like you've got the inventory and AR were both up pretty sharply sequentially. Anything to speak to there? Or maybe how should we think about your working capital going forward?

好的。偉大的。吉姆，或許從資產負債表上看，庫存和應收帳款似乎都較上季大幅成長。那裡有什麼好說的嗎？或者，我們應該如何看待您未來的營運資金問題？

Yes. No, the AR was really a timing of functioning of sales. And I know certainly, as of today, we've collected, I think, over 70% of it. And the remaining amount is one customer, which has a little bit longer terms. So nothing unusual in there, just a function of the higher product revenues.

是的。不，AR 實際上只是銷售運作的時間安排。而且我確信，截至今天，我們已經收集到了超過 70% 的資金。剩餘的金額來自一位客戶，他的付款期限稍長。所以沒什麼不尋常的，只是產品收入增加的結果。

And then from inventory, we've actually used a fair amount of the inventory for certain products that we had on hand. So we've actually been building more inventory on certain products to meet anticipated demand looking out for Q1 and Q2.

然後，從庫存來看，我們實際上已經使用了相當一部分庫存，用於我們手邊現有的某些產品。因此，為了滿足第一季和第二季的預期需求，我們實際上已經增加了某些產品的庫存。

So the good news is we continue to sell what we have. And in those cases where we've depleted it, we've actually gone out and built more wafers. So we're going to continue to tightly manage the working capital looking forward. And we're really kind of managing the builds based on what we see in the backlog. We want the orders placed. So we're not too -- don't lean too far forward on the inventory.

好消息是我們能繼續賣掉現有商品。而當庫存耗盡時，我們實際上會去製造更多的晶圓。因此，我們將繼續嚴格管理營運資金。我們實際上是根據待辦事項清單中的內容來管理建立工作的。我們希望訂單已經下達。所以我們不會——不要過度依賴庫存。

And just one last one, if I can. Sorry to take all the time here, but I wanted to ask on the gross margin, given that you've -- some of that was written down previously, obviously, mmWave doing better. How should we think about kind of the balance on the gross margin as we go forward from here?

如果可以的話，最後再問一個問題。很抱歉佔用您這麼多時間，但我想問一下毛利率，因為您之前已經記錄了一些信息，顯然毫米波的表現更好。接下來我們該如何看待毛利率的平衡問題？

We're still trying to keep it in that right around 50% range. It was a little bit higher here in the third quarter because of the -- it certainly benefited from product mix with the mix of customers. And then as well, as you pointed out, the sales of reserve inventory, which we still have some of that we're going to move through in the next few quarters.

我們仍在努力將其保持在 50% 左右的範圍內。第三季略高一些，主要得益於產品組合和客戶組合的結合。此外，正如您所指出的，還有儲備庫存的銷售，我們還有一些庫存需要在接下來的幾個季度內消化掉。

There was also a very small contribution from our memory products, like $75,000 or so revenue that also contributed as well as the NRE revenue that we brought in on the mmWave side. I think more realistic here in the short term is we're still kind of working through things. It's kind of in that -- we're still targeting kind of that 50%. On the low side, kind of high 40s, but kind of right around 50% is where we're targeting.

我們的儲存產品也貢獻了很小一部分收入，大約 75,000 美元，此外，毫米波方面的非經常性工程費用收入也做出了貢獻。我認為短期內更現實的情況是，我們仍在努力解決問題。差不多就是這樣——我們仍然以達到 50% 為目標。低端的話，大概在 40% 到 50% 之間，但我們的目標是 50% 左右。

Kevin Liu, K. Liu & Company.

Kevin Liu，K. Liu & Company。

Maybe just a follow-on to some of the production schedules mentioned earlier. You have that double-digit number of customers in your pipeline that are in preproduction mode. Once they get to that late stage, how long does it typically take before you start to see them contribute more meaningfully to your growth?

或許只是對之前提到的一些製作計劃的後續跟進。在您的銷售管道中，有兩位數的客戶處於預生產階段。一旦他們進入後期階段，通常需要多久才能看到他們為你的發展做出更有意義的貢獻？

Once they get to preproduction, Kevin, so preproduction is quite a long way. I mean, a lot of -- it's a very strong part of the pipe cleaning process. So typically, that's about three months away, I think one quarter away at the most. Once a customer gets to that point, they're well down the path.

一旦進入前期製作階段，凱文，而前期製作還有很長的路要走。我的意思是，這在管道清潔過程中起著非常重要的作用。所以通常情況下，大概還要三個月，最多也要花一個季度。一旦客戶達到那個階段，他們就已經走得很遠了。

Like some of the more fundamental things like, for example, regulatory approval. By then they've normally got it. They've got -- like if there's any late parts in their -- kind of in their bill of material. So there are a few things. But typically, once you see a customer at preproduction, it's about three months away.

例如，一些更基本的事情，例如監管部門的批准。到那時他們通常已經明白了。他們的物料清單裡應該包含──例如，如果他們的物料清單裡有任何後期加裝的部件的話。所以有幾件事。但通常情況下，一旦在預生產階段遇到客戶，大約還需要三個月的時間才能完成。

Sounds good. And I know you can only say so much about kind of that lead tactical defense customer you have, but you did mention some additional trials before they get to more meaningful long-term revenues for you guys. How long do you expect some of these trials to go before you get to that?

聽起來不錯。我知道對於你們的那位主要戰術防禦客戶，你們能說的也就這麼多，但你們確實提到了一些額外的試驗，之後才能為你們帶來更有意義的長期收入。你預期這些試驗需要持續多久才能達到那個目標？

Yes, they've got trials. I mean, there's trials coming up at Christmas. I think we'll see real production from these guys. I mean, what they're telling us now, it looks like we'll start to see the real production for that in the second half of '26. But obviously, we'll have to place orders before then, but that's kind of the timing we're looking at, which net-net is about that 15 to kind of like, call it, five- to six-quarter lag from the time we engage to the time we're in full production.

是的，他們有審判。我的意思是，聖誕節期間會有審判。我認為我們會看到他們拿出真正的成績。我的意思是，根據他們現在告訴我們的情況來看，我們似乎將在 2026 年下半年開始看到真正的生產。但顯然，我們必須在此之前下訂單，但這就是我們所期待的時間，總的來說，從我們開始合作到全面投產，大約會有 15 到 5 到 6 個季度的延遲。

So pretty typical. But frankly speaking, it's a very complex product. We would put a lot of effort into it. But I mean, just to give you like a quick example, I mean, our power consumption was cut down like 20 times from our standard power consumption.

真是太典型了。但坦白說，這是一款非常複雜的產品。我們會為此投入大量精力。但我的意思是，舉個簡單的例子，我們的用電量比標準用電量減少了約 20 倍。

So when we see these new opportunities once in a while, we have to make a contribution to get that product to market as well, in case it took some time, but that will be about a five- to six-quarter lag time from the time we engage. But we're seeing for that customer second half of '26.

所以，當我們偶爾看到這些新的機會時，我們也必須做出貢獻，將產品推向市場，即使這需要一些時間，但這從我們參與到最終推向市場，大約會有五到六個季度的延遲時間。但我們看到，對這位客戶來說，2026 年下半年的情況有所改善。

Got it. And with some of the adjacent market opportunities you pointed out and these customers evaluating your products, can you talk a little bit about kind of the pipeline of NRE opportunities and how much if any sort of additional research or customization might need to occur to win these customers?

知道了。鑑於您提到的相鄰市場機會以及這些客戶正在評估您的產品，您能否談談非經常性工程 (NRE) 機會的管道，以及為了贏得這些客戶，可能需要進行多少額外的研究或客製化？

Well, it turns out there's kind of two buckets. And just to clarify, I mean, I tried to clarify on the call, Kevin, but really, what's interesting about these opportunities is, historically, we're very good at doing video. But this is really -- let's take a VR headset. That was video going to the VR headset.

原來，這裡其實有兩個桶子。澄清一下，凱文，我在電話裡也試著解釋過了，但說真的，這些機會的有趣之處在於，從歷史上看，我們非常擅長製作影片。但這確實是──我們來看看VR頭顯。那是傳輸到VR頭顯上的影片。

The change on the examples that we gave is like cameras within the device like either in a self-driving car or maybe in like AR glasses. That's video coming out of the device. And it turns out there's no good way to do that wirelessly today, except for Peraso.

我們舉的例子所反映的變化，就像設備內部的攝像頭，例如自動駕駛汽車或擴增實境眼鏡中的攝影機。那是設備輸出的視訊。事實證明，除了 Peraso 之外，目前還沒有很好的無線方式來實現這一點。

So it turns out there's two different buckets. One bucket is with our existing chips. Again, still requires some NRE to get those things to market, but they want to move very, very quickly. The other bucket is actually customization of chips. That will take longer, but kind of a much bigger deal.

原來有兩種不同的桶子。一桶是我們現有的薯片。同樣，將這些產品推向市場仍然需要一些非經常性支出，但他們希望進展非常非常快。另一類其實是晶片的客製化。那會花費更長時間，但意義要大得多。

So I would say that those are the two categories we're looking at in terms of NRE and kind of with our existing chip, but also almost more exciting -- not more exciting, but as exciting is the opportunity to do silicon spins for these specific applications as well. We wouldn't do it unless it was a big deal.

所以我想說，就 NRE 而言，這是我們正在考慮的兩個類別，而且與我們現有的晶片有關，但更令人興奮的是——不是更令人興奮，而是同樣令人興奮的是，有機會為這些特定應用進行矽自旋加工。除非是件大事，否則我們不會這麼做。

Yes. Understood. And then just lastly, maybe for Jim. For your Q4 guidance, curious how much more memory revenue there is from that deal you guys announced last quarter? And if because of that higher margin revenue, we should assume kind of gross margin increases on a sequential basis?

是的。明白了。最後，或許也為了吉姆。關於你們第四季的業績指引，我很想知道你們上個季度宣布的那筆交易能帶來多少額外的記憶體收入？如果因為更高的利潤率收入，我們是否應該假設毛利率會逐週成長？

Yes, there's still -- we had press released those memory orders a couple of weeks back. There's still about 375,000 of memory shipments in this current fourth quarter, which will be pretty high margin. It will definitely lead to improvement there. I think we'll kind of see margins in the fourth quarter kind of around where they were in the third quarter with that memory benefit coming in kind of mid-50s.

是的，還有——我們幾週前發布了關於記憶體指令的新聞稿。第四季記憶體出貨量仍約 37.5 萬個，利潤率相當高。這肯定會帶來改善。我認為第四季利潤率會和第三季差不多，記憶體收益大概會在 50% 左右。

And there were no other questions at this time. That does conclude today's Q&A session. And this also does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

當時沒有其他問題。今天的問答環節到此結束。今天的會議也到此結束。您可以在此時斷開線路。感謝您的參與。