PRSO - Earnings call transcript Q2 2022

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Operator

Good afternoon, and welcome to Peraso Inc.'s Second Quarter 2022 Conference Call [Operator Instructions]. I would now like to turn the call over to Peraso's CFO, Jim Sullivan. Please go ahead.

James Sullivan

Good afternoon, and thank you for joining today's conference call to discuss Peraso's second quarter 2022 financial results. I'm Jim Sullivan, CFO of Peraso. is our today me joining Ron CEO. Glibbery, And press related the Form afternoon, we which and a issued with This X-K, release was SEC. filed Peraso the release are press Form website on at The www.perasoinc.com Relations Investor and under section. available X-K that IR There will in website. that be be call webcast the we accessed is today's slide through with link using a may also presentation conjunction on the

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

of GAAP non-GAAP GAAP and press definitions measures management's the in financial and this provide terms company's press statements reconciliations which of additional certain non-GAAP. conference release company's to and of include information items, will Additionally, details. discussions Included in during the are release call and

you section to at of who website. Relations recording this on Investor of those For unable entire to will Peraso's the be time, the call are available a listen

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

Ron Glibbery

Good us second was though Thank the timing overview quarter. you, revenue welcome The fixed our and significant the the in of webcast. results be by brief highlight Jim. the of everyone announced today's better That quarter to couldn't for market. with of and call continued Peraso's and provides revenue XX% a for in afternoon, ICs it of to joining developments by as great Revenue we've ramp Starting more and weeks. over opportunity sequentially. specifically, was several recent a product modules mmWave driven the access Growth year-over-year. in quarter the the nearly record wireless increased up XX% phone

OpEx up not contribute anticipate result proceeds the We of to of million, certain Classification Stellar disclosed and transfer related to first our business. will which to into existing Intel agreements in our memory-related week, last balance nondilutive core of license to are transaction on entered Peraso news platform forward. total assets agreement a lines going technology sheet cash any a Corporation. most primarily includes to the MoSys The with to also that we IP, reduction our gross which of patent of Packet Turning Peraso assignment add recent the to $X.X and

future generations has capacity advanced design fundamental technology long-standing products. the providing was for opportunities the bandwidth for memory Peraso, introduces connectivity. Additionally, mmWave the from It technology been Intel gold a into as and to as potentially benefit necessary Intel licensed alliance belief stand to our a market, partner that and speed additional

wireless As grow, wireless all the bandwidth access and that to for across mmWave technology demand incremental buying recognition is faster the solution in industry universal are for geographies. access increasing seeing bandwidth, we and continues speeds more

speed, FCC, users Verizon, megabit with mmWave term, the download/upload quoted have near-term in of broadband their gigabit MmWave performance of such it longer begun increasingly Rosenworcel chair of the that Jessica out in large megabits to since global has as second XXX XXX equipment. "Current international second, XXXX." to surpassed saying, increase increase growing U.S. per in long tapped mmWave was and standard, technology unchanged X are to a remained carriers XG per networks. deploying number spectrum carriers Proposals is the leading standard and reach the technology the XXX U.S. embracing Lastly, implemented solution which a existing and the

evidence, mmWave carriers XG collaboration In China largest Peraso's we further track technology formal introduced in use technology. the X our recently May, and As the solutions. advance broad commercial XX beamformer shipments of telecom field, gigahertz of our of mmWave multiyear to connects Leveraging IC. proven record mmWave

target our believe last highlighted we all XG NR FRX designed highly equipment world's supports IC, beamformer As integrated XG IC to solution is customer specifically in mmWave end-user initially beamformer XG the the XG most quarter, mmWave carrier bands. market,

target now XG in billion dual-stream device. with patented Additionally, emphasize new independent to XX-channel total XXXX. device and XX I represents this product to estimated ability of for solution IC per also to MIMO channels mmWave that Peraso's the our market $X.X advanced by TAM Peraso's support with XG our single meaningful antenna arrays integrates architecture provide an end want technology X expansion

solution Congress, second a also mmWave and both beamformer on During Conference partners, pipeline the third XG modules products are demonstrate to available engagements sampling in Mobile Milan. throughout based customers IC and we we XG the European focused for these building evaluation at and We've half our quarter, year. select the Microwave made for will of of mmWave the World the Vegas Las our on

for Report mmWave The fixed or connections. XXXX, market of forecast are our connections. June leading that number as regardless momentum number predicted XX data points highlighted wireless growing connections, of on wireless of the primarily service will otherwise what Mobility includes providers, continues fixed Turning would market in in in modem to million XX% supporting an a be solutions update access share wireless measure: for wireless data established applications. cable a net access fixed position on supplier to connections Peraso market demonstrate total Fargo over the expected of taking gigahertz subscribers used module to of and by from has Ericsson's then the published which Wells wireless series fixed added XXX XXXX. of double fixed to where account build access continues of to IC

for communities continuation Verizon together, fixed reported alone. T-Mobile than these point data the recent the supporting compelling funded to the wireless broadband more in traction, market Opportunity quarter the rural RDOF access current to Further in of is that poised to the federally Rural U.S. trends, Another deployment customers second Fund, in and of work provide new $XX Digital XXX,XXX billion incentivized across retainers

second our wireless customers demonstrated we existing growth running great in fixed progress make leadership to extending in the solid As continue the quarter, by position Peraso's market. X while revenue our also tier

module in the combination products purchase announced, we for orders our and $X.X wireless million applications. As IC of for mmWave multiple recently the fixed totaling received July,

portion fixed name, them which introduced was leaders is will to with customers significantly wireless refer that say Also a the prospectus orders newly not for from of comprehensive notable X collective the I solutions their time provide access. came our market. by to to mmWave we're orders able in Although well-established that modules, reduce

superior well and . to Our access as as prospective multipoint the capability of indiscernible that point solutions unique also range competing Peraso's feature nearly XXx multi-gigabit of point-to-point

I'll expand the for the customer and initial begin our design work financials of We mmWave validation the wins our we the orders coming as these With to map technology fulfillment to of with Sullivan, guidance pipeline ongoing these and CFO, review as a serve and our late in third in quarter. call shipments and XXXX. product new Jim of of third our quarters. continue quarter that, the to additional expect We first orders to the secure back through strong half engagements road provide to pass believe orders

James Sullivan

Thank and great you be afternoon, with to everyone. you, good today. again Ron, It's speaking

several expense, my compensation and GAAP non-GAAP These I costs combination comparable presented non-GAAP value and change intangible related them exclude warrant X-K, liability. measures which our the financial release business press between measures assets, and fair amounts the comments, and transaction are otherwise of referenced was with the SEC the reconciliation make indicated, on in reported references will report of differences of Form stock-based to today. Unless amortization filed in During current numbers.

and our our integrated in Total year million gross the of revenue quarter assets, the second compared $X.X quarter our in The the quarter was in compared the and gross quarter. of quarter XX.X% increased of with first million compared the in XXXX quarter and was margin from margins for intangible second XX.X% same XXXX primarily in Product modules XXXX. for services in selling and provided for lower with for $X.X revenue primarily prior year and $X.X modules, royalty year million mmWave quarter Royalty of excluding a memory quarter. second a of and was of second the shipments XX.X% XX.X% the quarter million in technology. XX% year-over-year quarter second quarter sale in mmWave but the of prior margin our prior the volume the in NRE XXXX with prices, the margin the and our and from of access which average Now royalties and was modules fixed than XX.X% generally On XX.X% Product gross to with GAAP second margin ago. XXXX. other the related the XXXX gross higher $X.X comprised non-GAAP million during results. growth ago carry quarter our gross quarter $X.X the circuits of shipments million mmWave first reported revenue to of of $X.X driven $X.X quarter by wireless amortization and the reflected licensees. sequential revenue consists our with basis, in XX.X% continued The other was market. in previous quarter decrease was the million customers ramp Royalty the products. XX.X% revenues compared compared second quarter ago and was over IC in

year, gross approximate to our into through XXXX corporate As next margin progress XX%. continues target and we

to due that expect see in We've continuing scale inflation to reductions chain production and suppliers our of growth generally, the also memory higher experienced our other been some the realizing mix for also supply on modules, We cited IC add capture to prices the of ongoing anticipated both. mmWave I from will prices term, or disruption, while and customers More we across are benefits immediate the And our navigate broadly products, would chain levels to us enable industry. of in revenue to contribute sales that have products. the of a additional cost increased to inflationary we by supply mitigate from impacts. increased same costs certain companies our have high-margin

have XXXX, increases Although price impacts to been these date, minimal. the in of

per or per continue the stock-based On net the for the compared or period. of loss and ago. in We $X.X year per of prior of shares. which the a for ago. quarter was calculating loss million loss products amortization second the in diluted excludes manufacture with million share second second the million loss for a second million quarter Total a basis, and quarter compared to certain with stock-based million quarter $X.XX net quarter of loss $X.X compensation non-GAAP in were XXXX million share quarter GAAP and quarter have of EPS our of or same $X.X components with in or $X.X million with $X.X quarter $X.XX of the XX.X times the loss same ago. average on excludes non-GAAP to a intangibles. and lead loss $X.X therefore, quarter $X.XX compensation share a operating increased for quarter a of XXXX million number of used for net per compared net year prior which intangible quarter share, lead and and share million a times both was prior basic weighted of a $X.X net the million of or prior a $X per or same assets expenses in loss of the and of $X.XX of compared year $X.X a for loss and experience customers. non-GAAP basis, non-GAAP in $X.X our million reported operating for net the of and $X.XX a GAAP outstanding XXXX of loss quarter This million a $X.X and ago in reportable have shares year $X.X the of in $X.XX second longer were for XXXX per amortization The loss was million the GAAP share purposes expenses

EBITDA, prior intangibles, amortization million provision adjusted stock-based of the and Adjusted interest million the million GAAP define losses of $X.X income quarter prior second was in reported reported, terms negative period. which the in In taxes. or the negative and as excluding for of and EBITDA compensation, negative for $X.X amortization depreciation quarter net income expense, $X.X we compared year with XXXX

to balance Turning sheet. the

for $X.X of quarter in XXXX. costs timing collection March the XXXX for and which second and received were were balance quarter. attributable to of million $X.X burn immediately our of receivables XXXX, end related of million As tape-out first our of of of the primarily $X.X of million quarter after XX, negative the $X.X accounts that beamformer the million, chip, payment XG was of XXXX of XX, expensed investments million in with $X was the of cash compared million $XX.X The EBITDA June

be a As to noncore MoSys certain Packet of within total no payable technology to expected the gross Ron highlighted, assets proceeds expected the to than completed $X involving quarter approximately memory-related previously to date. million million $X.X over with platform subsequent to is which related of with agreement $X.X and assignment a X from received consideration we IP. million, months more is patent remaining end, in Intel, closing immediately transaction The result Classification license just Stellar

anticipated and full-time these cash source balance of In X million and nondilutive in I patents IP sheet. addition costs of associated the Intel, also expenses. services are consultants. the to that as contribute rate to capital Peraso and we've Collectively, $X.X employment was our certain to all that a a were equivalent and operating reemphasize the adds with also X accepted to serving connection associated have the terminated overhead run technology the as employees annualized In included agreement agreement, with reduction the actions would non-revenue-generating. the of elimination part of noncore, of

quarter us half net revenue third discussed, entering Ron the have that The XXXX, which the Q&A for to we expects significant to $X.X quarter, in now the growth. As third million initiate questions. concludes Operator, our to into of we remarks, This $X.X company of range the be XXXX prepared first backlog extends million. of the total positions well for will and session. call open the please

Operator

And is question Williams first with Benchmark. coming the from Instructions]. [Operator David

David Williams

on the CapEx like But on Kind a about I call, this the but wireless a what there. confused, of you if background, of progress, momentum there, bit the if the something been you're seeing and be It I your the of facts I ask, of me thoughts lot that just of not definitely ridiculous. lot deployment subscribers something, kind what are missed sounds there's going guys in to calls activity XX are? added of a lots but on like got of are maybe in wanted a forgive generally Congrats next months. we And gaining about talked little to as early just X that move to seems how a forgive guess, in couple do you ask little I've so I the it you and going stages me trend I'm forward think really first, we fixed here. but

Ron Glibbery

second had we, subscribers, on XXX,XXX at So I business. actually you away question, the very if there it a many the cable-modem took and and and the so, of momentum significant they T-Mobile, asking results of quarter being mean the Verizon was look thanks call David for from that subscribers

recurrent bookings unhappy mentioned so so trend, and we I people So so obviously QX. of are into million and we overall perspective obviously that I I what from great lot second reflected QX, going and think trend Jim happen situation with a X.X internet are be into as we the this to into wireless great in part think that, idea momentum that there tapping for quarter, a seeing QX, had mean had our we is is July we our fixed of market

and the we perspective is guess there wireless just that the it just I are at think fixed So with our a wireless from trend wave. really seeing our so think we on big in we in fixed certainly beginning carriers, saw side, of that bookings broad it are we growth

David Williams

can't That very And needing because to area a have in the heard your of the up that the spoken and in color. recently access wireless in it sign folks fantastic to some kind It sounds the fixed guess, was neighborhood be -- couple some line that is of I for like internet that about the just I've it'd perhaps? first be that or to maybe be fair that and elsewhere bandwidth, like significant sounds bottleneck. resolve to your or a had. of support able it mmWave Is the of help say you might problem XX-channels,

Ron Glibbery

on close per got prospectus to chipset our of X we've Well, gigabits bandwidth. second

the we multipoint. to So of support point concept

for gigabit But users peak that. is in So the range. multiple will rates dilute on people

So we're is the data hundreds second. that, we megabits per satisfy that certainly the that. of aren't That's using high we into that. they're clearly, but support rates, people mmWave of can And tapping these using really and beauty very

or base user megabit of per up mmWave the to megabits from going as the per those they it's over increase and from the FCC seeing. It's data -- of that megabits that provide increase a to saying, second. want rates, and for XXX-plus of XXX the confluence -- It's the second XX we're rates second. So the per their ability really XX demand is really issues here to to it's

the together several really of for it's things us. So confluence here coming

David Williams

And it noncore terms Jim, like about lines agreement -- you it's Intel what business. think in here, if sounds does kind existing maybe do the of maybe of that of

And maybe a there's component, OpEx and there. a revenue, not component but so revenue sales of

costs. of in out for And maybe Intel agreement? It you types this balance maybe how get sheet. other of some other think do helps the about similar What straight of benefits buffer or you the you think opportunities So agreements? the kind of you are

James Sullivan

look off, if The question, companies obviously, Yes. IP-rich back way, that great had we an the company. a really not pursuing look record. of has a capital December, Obviously, track David. first agenda. company. you in the and back advantage of on being nondilutive play No, fabless for is source the company the joined when And together IP here an And

are mmWave and obviously, new the dollars towards beamformer about. efforts R&D which going Our we're excited product products our XG chip, and module now very

So the for great some high-performance of in map side, going on this are they products, I the memory we hands I at lead found a products. chips additional number the this technology. And to in way our to industry as we Intel some one, think monetize our road on IC memory memory forward for optimized of say, because their curtailed would technology new life stage, Two, And silicon. others have, our opportunities products. business to could having run have

cash the Obviously, OpEx, there. out balance tuned So out. we sheet $X.X as We'll this estimate non-GAAP about plays million OpEx. thing. takes that I of last, a But stay good on said, is always see how putting

in first to something Intel benefit in quarter and that pleased capacities. Intel various third the glad a the hard worked were savings. see build join we'll obviously, call them team on let's value, that full we're who very here to of obviously And financials, see immediately it, technology that that So members our

through the here. auditors As third transaction, for our as quarter far the for accounting got work with to we've that the

So stay tuned.

win-win, this that technology building It's not to et cetera. continue Ron does non-revenue products number just was and it generating. as said, guidance revenue that assume and And just particularly, Our evaluate from of a date been any I purely think other our we some transaction. But to opportunities. had royalties, our was

a of So track the -- transactions. we as allude I quite has to And record pleased. of always these being types had were company we said,

larger and focus The it of any we're IP but to the our push related always to with memory obviously to hands the -- products, in selling particularly fine So a kept we we can products. have reputable company it was turn much opportunities on rights that forward. needed in

David Williams

done valuable Yes. creating good that a No doubt job that just IP and driving you guys assets. have

but maybe monetization. briefly me just and a for balance the great here, it's on this So And you I one call, on just touched know last sheet. on the

lot working lot sheet the quarters. what about at it the just it your of revenue deals And seems got how in you've announced resetting kind the the all? and with of just business. really has the of I'm comfort and there momentum just, Because great ability like You've Intel just a couple cash? is thinking the really level quickly a momentum balance capital of built any of wondering And seems is over you're of and last your is -- like deal.

think So but to do to about how and sheet going you're just hard you to balance to this how drive forward? -- continue it's have your you know I explain,

James Sullivan

Yes.

Let We've color I'll a inventory inventory. see bring he as in built-up growth some my and transactions Ron kind perspective. nondilutive in the capital. we're can has obviously, in ask you after some comments, make Obviously, pursuing few chip these from me to then to of

supply So in industry. these we're inventory, the chain challenging adequate during times carrying especially

the have had deliver didn't it's in on hiccup frankly, -- the was certainly, week cause memory side, to a And issues. the timely. any maybe been not have X. really not on mmWave, We parts not to any And able had minimal, -- push or being customer order in

we've So very been there. fortunate

obviously, also long relationships. So the keeping we by have obviously customer inventory,

see in the balance load obviously, will deal look short combination Again, This a the mean, we've help which we can I the kind such announced stage the business trend. there. and And putting a sheet. to week markets just be we're showing balance going as reiterated customers capital to of what Ron our people up got up having an the to are amount on do. end the be sheet right. into to a early gives at a but to and intend pointing around I XXXX good trying opportunities on headed, the quarter -- right had that opportunistically at add? now. the we're great to think which as the numbers last visibility with first the we're and But front. XXXX story in at that run, in excellent haven't his certainly of obviously, here. We through like started we're for us any really release targeting right remarks, as to that way we're board, and of -- least discussions We've some far challenging first backlog, of Ron, would you Intel so completed press And of

Ron Glibbery

hit you and million. your in -- with had point, $X.X think I David, we the Jim, again, think so I the I to key, July, July bookings mean,

all of the backlog we that top already. had on course, existing was Of

us timing terrific XXXX visibility of gives the obviously into XXXX. for well So even quarter is now because us it second the to

not that's of reasonably to position to design mention we win keep in, a important them kind So from be a racking up. perspective,

we've a samples in actually who June. customer example, order week first from just booked last For got

Peraso. to in So it quickest really sampling our production anyway design early history of at the was kind order

bode balance think, things months. all well several up the showing the sheet next combined, over I for So those

David Williams

of Best luck you. to

next of to large a going here going be got very You've the think quarters. mmWave driver in story phenomenal a couple I is forward and

continued forward progress. the and to looking seeing congrats So

Operator

Instructions]. [Operator

& a Company. Liu K. We question coming have from Kevin with Liu

Kevin Liu

a My million kind but well. or we share congrats contribution existing progress if we I plus over new little you know to this course how were you year the the And start of talk you customers could customer of on can't as bit can the with should year? more Maybe booked in then specific your kind guys? $X about just versus names, during revenue orders you the whether about next of these July. think

Ron Glibbery

speak Jim. Sure, that, I can to

call appreciated. for today, the very thank So Much Kevin, and joining you Kevin. much

customer you way can One think customers, the a those it X is and provider. supplier So an is about different existing service customer were another actually equipment is classes.

interesting in because from kind in actually some overall their because actually of making now business providers their the shared past model. my quite it it's is So perspective, equipment their we're think helps at least we've because cases seeing I kind own of service

orders both of the it from see So was of sides nice both healthy. equation it kind because are to implies

with successful. In these they're mean, will by at focusing on rest on this of these perspective. deployment in from I very the really say, -- because of paid year, our both for look, constitute, our of who -- focus, I the line are it's frankly, up, the business these I'm least come wireless doing customers. into issues so, terms Any that well we immediately a and direct business. to certainly, believe of it fixed be But would that a dues And and top have bulk of believes really, allowed like off someone accounts, -- side, of we organizations. I terms and R&D that's on really very, paying now we've in us

with into having fourth the news to The expand we we production quarter June the in had other of time the deal Richardson on distribution that had module May of June, our plan the we have call that just third was we By our beauty certainly we were have really because for to or the and can now on early base a way, very our quarter, -- that now now. is that, well, -- starting taken said frame sampling brought in was product, now customer described quickly. engage customers our new got second in quarter that module business we we the beauty and of -- modules. really So earlier I we've the

is isn't which got so the take And the another a mmWave positive working of that's out Peraso, really confluence guesswork solution. that products this really and vein we've in for turnkey yet provides module very

that $X.X pushing So are the that of much But base out of couple over now and year. a customer working fleshed was orders out really more look, the concentrated in see the modules well, on the rest million customers. a substantial to we

Kevin Liu

market bringing mmWave I of licensed And lot to you're of also XG a know kind spectrum. products to support

quarter. You sampling beginning those that get testing around do think number you to talked you in by could just you detail material about be expect when about forward? of solutions that you Maybe may the current those revenue partners a move if little year-end? contribution And of from how this more that folks some bit provide more

Ron Glibbery

start silicon. so announced Well, the of the at silicon XG with we We're this thrilled story, the QX. continuingly

we it be mentioned, Las we Mobile World as showing and at also European So at will in Vegas. Congress Microwave

-- will be, in terms our we to we're so number support with doing turned prospectus customers my to the are view, back modules, not have really In a on. much is And is work that really great limited now what actually by which goes couple with the potential it people designs. those of of to of really ability

it think be when will unlimited to comes I XG, a we waterfall. to won't but be focus it -- customers, on it will

So the the XX% provide that we'll customers of XX% focus of on revenue. the

very been making sure the collaborating top really seeing be we've we've mmWave. of to in are China new continues frankly, X news in about rest support you But XG So rolling of carriers that can now focused Japan. cities They is year. We're in as announced this see on X mmWave that's the supporting weeks how June. just going Obviously, and deployed that great X support ago, of seen continued wave Verizon strong mmWave. on to over China. the a in out I think And told

next on back sense deployment. in X paying So see we're the revenue. of Again, provide for selective the that would going I will us say, a perspective, over who our we can as are seeing you customers it engaging from the after the really terms most a, global in months, the

So we really where product that's months. see XG over next the going the X

Kevin Liu

contributing it's inflation assumptions And the still target side? are ramp fairly to it sounds confident to you Could mmWave on that? margin continued year-end. just Or that, of gross do see on just sort a like some underlying or the you about by easing operational of talk improvements whether in cost what predicated guys getting you higher

Ron Glibbery

actually some in there's stuff bolts and Well, nuts there.

going increases fundamental volumes that commensurate we Certainly, time, down. for the gets the as see some So increases example, up, yield price prices with to seeing. are this really we're go price test

really a think vectors. things looked definitely quite vectors increasing of it's And and at traditional all executed We that So can I you those being margins. have are on few simultaneously. the see upon

So quite feel we actually good.

we're So the I can capacity. In test example. give doubling facility, just you one our

And that test margins. reduce so directly to we're reducing leads our time

costs doing of there's or an course, our to strategies we're things margins. and of reduce -- to our of to we're our to kind gross increase So -- array our increase and those reduce undertaking

the So we're over over the really months, over next XX -- next frankly, not the months. X just

Kevin Liu

'XX? our savings this you for much just cost expect that the of agreement for Intel it reinvest through are savings into remainder to to like make remain lastly you way as Do Or near-term. of in the do the you the some And from to plan me, of the sounds going flow year? those case

James Sullivan

day XG ahead, CFO go have I'll to long I advantage -- perspectives would and chip said, memory Right my across different we It's a plan think of as take we Ron. don't facetious. businesses. those savings our now, already. I'm is sampling. our beamformer be From for there. CEO ready And now, and -- Ron being maybe been Right perspective, our the OpEx reduce mmWave

the cut around that. have some of back we expenditures So

take some savings. to a the we this in OpEx sampling. have quarter, we're We that comfortable had items that tape-out that follow-on for Now minor look but QX. We expense chip had we'd

Ron Glibbery

only thing dollars R&D call I I I towards pretty the now wireless. say, that is our of was XXX% but the to and to bulk wanted completely QX on much a Yes, the point actually just Jim, going agree,

to wireless that towards that's wireless us yes, behind kind of going is so -- the guess dilute we've not allows really here been But decision I cost and one reason and -- where $X.X up we this between focus that a is technology savings. on memory. also this reduction licensing on but said, the as so Jim And million it pure but ended just

Operator

back have remarks. for no closing to turn questions the further call I'd to in We queue. like management

Ron Glibbery

in Well, with jump Jim. I'll that,

The really for matters. in our the through got, I thrilled factors July the the that in mean, QX coming strategy order that really, May-June bookings enthusiasm all way. is with just indiscernible strategic time in the think a our the because I was of module fixed I And is the hope in saw in So we which week of last I everyone mmWave strategy. combination think early wireless benefit really for all positive frame. sampling $X.X on really undisclosed module those confluence I call, and million our

indiscernible gigahertz continued success chips Our are we in just that XX XG modules. see really

really in XG recreate tuned we're we in success XX the gigahertz to see bands XX bands. in stay that, for XX, plan the So but the

really hope Jim, So dialing appreciate perspective, to I over early and we to and to just we story. everyone comments? today But see the next really guess any we're stages plan growth quarters. our from continued at the listening Peraso here, several further in

James Sullivan

look think speaking appreciate it about and time. I in you to well, summarized forward No, time, Ron. we to you X everyone's I months'

Operator

does conclude ladies today's conference and This you, Thank gentlemen. call.

wonderful You your Thank for may you disconnect. Have a day. participation.

Peraso (PRSO) 16 Aug 222022 Q2 Earnings call transcript