Earnings call transcript Q1 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to Peraso Inc.'s First Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, Tuesday, May 16, 2023.

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

Jim Sullivan

Good morning and thank you for joining today's conference call to discuss Peraso's first quarter 2023 financial results. of CEO. joining CFO Ron today Sullivan, our Glibbery, Jim Peraso me and is I'm the closed, with after Form Yesterday, market X-K and press which released release was filed the we SEC. issued a www.perasoinc.com and Form available website Relations The press under X-K Investor release the on are Peraso's at section. using Investor be also the accessed a be webcast that Relations today's with link we presentation is conjunction call the website. through There will on slide in that may

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

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

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

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

Ron Glibbery

of by by Thank a Peraso I'm and you, webcast. that combination welcome today record everyone the report to pleased morning Good to strong revenues joining had our the on millimeter total wave phone from revenue fixed product in driven solutions sequentially and IC and continued to growth year, solute quarter highlighted a start Jim. products. the specifically, increased in via wireless $X.X million. well at access with as memory our first coming XX% More for XX% year-over-year the market product as revenue

Our remains access to according Today, market fixed seek subscriber subscribers wave a million U.S. the ISP unlicensed expected grow XX.X in of which to gigahertz there a XXXX. secure near-term focus to million on are in X.X in to Carmel the growing listed wireless base. approximately millimeter share the deploy Group as expanding connectivity aggressively leadership to XX multi-gigabit spectrum Peraso's wireless rapidly is subscribers

helping support especially of subscribers market's in data, years. government universal at to a to community. Looking the the trend the rural suggests large access growth, programs fuel broadband historical doubling designed Multiple every also X are

the growing to market. momentum wireless with to of a access share addition In the fixed broadband continuing WISPs', capture

the fixed consistently providers wireless access research XX% quarters. past the the adds to has third-party represented latest net over in of broadband by over the market According top U.S. X

and natural deployments, symmetrical bandwidth capacity faster, available extension customers. wireless offering while calls, previous enabling carriers fixed access latency on also maximize discussed the to lower XG of connectivity As to

collectively is million Verizon The substantial these tens in and fixed leading market T-Mobile the across potential which with access wireless carriers XXXX. XXX% X.X just nearly XXXX X homes. growth millions reach truly opportunity of fixed to As of subscribers further has that over each represented added validation, XG service wireless having

wave XG to millimeter carriers recognizing XG fixed bands. Importantly, access multiple wireless are XX leading gigahertz XX India access have including and North and wireless in plans actively America Italy in easy globally, to around isn't increasingly is and the countries Australia, either deploy fixed

makers potential increased seeing and the for This XG meaningfully ecosystem this the to prospective interest in client frequency ideal several also equipment providers quarter. Peraso's are during We is first in of form for of conversations vendors part devices. clear enabling baseband the deployment there's believe Based entire major which for on partners, ramp with industry of our needed fixed equity XG engagements span wireless cost-effective and beamformer OEMs and converted we that prospective access. customers high-speed recognition

that to began mind Slide of in to historically engagement on the we've and expand last initiative this breadth base. strategic included a constant to Lanford, making diversion very Turning a of focused appointment X; Keeping the value something to I slide of is tools economic progress extend internally to the group pipeline. projected want customer of Late efforts reach This existing customers. we supporting and of online use who year, expand commercial Peraso's the business been share to Mark recent been both Peraso our our core pipeline. new significant to pipeline. one our a new, measure our is diversify fundamental we And our simple

Although our XX Therefore, as have economic and May of from active first we've removed in XX full that engagements slide shows values to quarter we use that XXXX. combined our the indicated grown pipeline. number the engagements implied internally, this represent of this the current on

progression slide this the preproduction. shows through to In customer engagement addition, of phases

the test see May early of which prototyping, technical that number As in comatocapture, design and increasing XXXX, process design, of includes you customers verification layout, pre-production. can

increasing level not of the an overall see see engagement the So as only engagements we those also of increasing, status customer do of well. level we

at important to reminder, update Switching a that devices to TSMC. IC half in recently memory business. They the fabricate gears, process the memory I our our This XXXX. business for foundry for memory would MoSys as which, of with wafers acquired to an second related our the combination late Peraso us XXXX. of informed part as in ICs want manufacturing used discontinued be review all

Given devices. these are memory legacy nonstandard easily unique process and products we've to not require on of foundry, is end-of-life multiplying which another a customers our transferable begun

provide As us our purchase a by orders part last forecast of end customers EOL, the time we to the for with of XXXX. and buys requested

ultimately delivery our time EOL buy next related our suppliers by well through POs as We lines on IC currently the XXXX. the customers. shipments That depend as last-time both from will to year said, primary expect timing fulfill scheduling of

customers' Although and to the implemented memory last purchase it IC do future revenue is anticipate fulfill and the during products our linearity XXXX. pull time customers' size forecast to too of orders, we as POs related of reset we demand a UL early to forward potential

We now turn which become [indiscernible] of Peraso's driver back business placed primary to core growth. silicon is the our to

previously considering mentioned, the resilient of fixed the I impressive, has uncertainty. As the especially macroeconomic market wireless ongoing access been

are of the existing further capitalize wireless XXXX unlicensed where aggressively for Our risks fixed growing gigahertz leadership in position Peraso's connectivity. the to subscribers multi-gigabit is focus XX market segment on to

millimeter as Wi-Fi highly positions as incremental we carriers former applications our for our the such well, and well in XG in future there's XG XG term, emerging market. CPE technology wave standards. integrated for wireless product including next-generation on ARV opportunities us Longer as licensed opportunities connectivity beam believe the In market addition, fixed applications significant as well

we with leading the the well positioned market. In by believe our benefits to we closing, to in cash continue to continue in streamline the portfolio from product technology environment, momentum business to organization. realize Acknowledging are and manage we fixed wave sustained the expenses previously we a encouraged strong be we taken wireless and begin our macro and current as prudently actions millimeter

expanding new domestically Looking growth. ahead, as in customer business on pipeline both an are we of as support our engagements diversification future well base of driving abroad of and focused

quarter. quarter to the call our With that, to outlook turn the second and Jim speak review I'll for to back first the financials

Jim Sullivan

It's to today. and morning, speak Ron you you, with everyone. good Thank great again

amounts of intangible During my references between make related Form and financial value the numbers. change fair with in indicated, amortization to I'll stock-based liability. of remarks, of impairment the and non-GAAP referenced GAAP exclude otherwise and Unless release reconciliation yesterday which expense, warrant recorded the filed assets, goodwill of measures comparable several and non-GAAP measures press differences was them the These X-K in compensation our presented SEC. are

of increased the both quarter shipments Total in of $X.X first comprised was revenues revenue to million of wave quarter quarter memory million millimeter million the millimeter first first and of increased and $X.X same and growth year million was primarily our The products antenna $X.X integrated million of licenses quarter $X ago. compared solutions the $X.X wave quarter significant fourth growth during of XXXX $X.X technology by Royalty sales the and in the revenue of quarter with in Turning million circuits a first million sale to with $X.X the XXXX prior and financial and first from results. the quarter quarter the wave integrated compared in Product integrated increased XXXX. memory XXXX. of in revenue revenue of from product to solutions. first quarter millimeter driven ICs. The attributable royalty year-over-year was other in sequential our our

XX.X% in quarter quarter prior decreased compared the was XX.X% quarter in with in with the in assets, in XX.X% in XX.X% margin margin XX.X% Non-GAAP quarter compared first compared ago in a prior XX.X% basis, quarter. was margin and year gross XXXX. non-GAAP of first the the first gross excluding the first XX.X% GAAP and gross the quarter prior On product quarter quarter for XX.X% with XX.X% the XXXX. of intangible acquired in amortization the quarter and to of first the

wave result mix, increased GAAP solutions. and margins and gross year-over-year our revenue sequential first decreases The primarily contribution from the for of revenue in quarter non-GAAP integrated millimeter were the reflecting

XXXX, the integrated on millimeter Although production through as the we well benefits from the memory lower in wave was gross our continue and first of reduced IC as of increased XX% approximately combination of non-GAAP target gross higher-margin quarter scale solutions corporate a from of contribution a products. to margin margin sales costs our and

which $XX.X first for $X.X a goodwill of noncash a completed and quarter previously asset license million which million on of million included with charge in $X.X the were million quarter is the compared a expenses XXXX. $X.X included first for and gain This sale. operating prior impairment the in GAAP the quarter million $X.X

our on expenses Total XXXX the compared in a first of million the amortization $X.X prior quarter intangible million decrease reported quarter we streamline with for approximately stock-based to to losses operations implemented million cost were reduction on non-GAAP same operating a assets of operating had annualized $X.X collectively which $X $X.X by announced in basis. year that expenses we ago. XXXX, excludes the basis an million operating In quarter and and are and which initiatives February and reduce compensation expected

results, the our during we quarter. reductions realize these by from expense reflected benefits initial targeted to As the began first

We over continue to from the these further actions realizing anticipate coming quarters. benefit

value related the loss On XXXX loss GAAP was year loss compares and loss a the with acquired share change XXXX share million was net per stock-based for of a a excludes of of for first share of warrant net same for fair quarter agreement 'XX $X.XX first and subject excludes pursuant non-GAAP of average basic share net XX.X the stock or compared exchangeable of in a EPS or and $X.XX or per recorded in $X.XX net for an loss million $X.X terms share and a The loss loss $X.XX that and gain prior $X.XX of the our an shares calculating non-GAAP weighted business a the the earnout first loss certain shares ago. X.X of shares of million million and $X.X the are common achievement MoSys non-GAAP $XX.X per quarter ago. million loss the a of quarter. of or or was which escrowed year to million a per same of of outstanding shares a per diluted million Peraso in with to combination in XXXX prior $X.X intangibles based net per liability. amortization for quarter quarter stock This price purposes net a between on to $X.XX which a and $X.X December the share compensation, of basis, with in compared of or of GAAP the and of both $X escrow quarter number million targets. quarter

impairment million in income million compared amortization we intangibles, and change $X.X and charges, value fair provision excluding liability, negative interest the with negative $X.X with Adjusted define quarter income period. in EBITDA as year million which quarter $X.X first of losses warrant net GAAP expense, or goodwill prior amortization and the taxes the prior stock-based reported of reported the compensation, for in negative in depreciation

balance and recognized first company XXXX, result this of has shares common shares approximately the outstanding. escrow a of XX, revenue From March approximately includes customer collections. previously. customer. approximately no and a amounts XX.X million as a On perspective, we $X of past during we million of exchangeable noted the lead due previously as outstanding million quarter sheet from subject collected This X.X million The from shares to had $X.X stock amount XXXX,

X working outlook. unrelated are to are close. There business sales actively our currently Regarding we customer that transactions

meaningful both of second a pending impact anticipated and quarter. outcome uniquely ultimate could the for timing have and difficult on or The to revenue one potentially these agreements predict either are

today, for the pending or specific both we quarter. to quarter. more the transactions are expectations updates of regarding such, future becomes the a As in To consider our outcome guidance for not providing provide second potential of the certain, current extent we position one these will

remarks. concludes Operator? This prepared our

Operator

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

David Williams

terms projections wanted you a But capital next on know, But by be of think interacting do said capture that would be is life memory early definitely I impact, Ron, here pull I over too I things from you of all are of be. forward? kind Do working potential the the could One pull it's how you that you couple could this? revenue about there see levers forward touch years think have year? the think wanted in that revenue to are the next the you expected of period within to on. pull that tell as forward will and that to to the

Ron Glibbery

to now your hey, is understanding to Dave, to XXXX. midst perspective, the essentially a of in it your customers we're that participate prepayment as that's what I dialing the from where are. of yes. hope. thanks outline in for looking that to answer But in. mean, it's From long into the this situation in process it is, fold to We're this the question in The right? revenue just as just requirements capital the that those has mean for I our terms inventory necessary going process, we'll We're -- customers try going a discontinued need process. possible purchase order cash was requirements; keep we the satisfy foundry message essentially that. to the to yes,

David Williams

Okay.

portion and give this related more a is if maybe -- anything big on distinct us the Okay, that? very more any color around Is on then second X next talked about helpful. one of And that that bras? maybe any color you from about customers talked to another? deal, NRE? could scripted moving them are the You NRE you that's forward there just And how if the what maybe

Jim Sullivan

-- out put for a a No, revenue to rules the a etcetera, felt licensing million it doesn't of is put to example, a And or payments, and kind move recognition components. QX, given Obviously, $X that much there challenging number number complexity, out and us in it miss create of balance. kind just take absolutely. timing was very Yes. NRE of the It as involves such, it around we the there.

which right need transactions the definitely can, meaningful pushouts we always of there will transactions be So industry quarterly do our have they certainly no situation product the has by to now thing impact our which we've even some just as balance prudent up to the right pull-ins when look conclusions can because market be felt July. side in on recognition having the review particularly potential mentioned That think is inventory to happen this to with in the for the as the and hold liquidity. we provide like would prudent so the last across our update month it comments, at albeit the to quarter, key said out number the close. time. at second the day -- said, this an off on these in we we be to would of I guidance We was and felt there ahead off the just auditors, liquidity When timing to revenue I revenue company's the tough etcetera would get a signed to these sheet, and you on of of

David Williams

guess speak Okay. that rest of Ron, on of what perspective, a non-activity. understandable kind you to accelerated revenue. and from color that's I the what broader you outside, more of kind little maybe feel of can comfortable All Certainly appreciate said And and fixed kind and right. back booking if maybe color maybe there script. business provided model the Fantastic. new debt you the a with or just pretty of from the

Ron Glibbery

Of course, my pleasure. Yes.

a So I to November, -- is theme the. were is which mean, customers. really so Peraso our really there's eliminate theme to I think to moving diversify we for last forward

David Williams

for something else. here I'm

Ron Glibbery

Can you me, Dave? hear

David Williams

can, I I sorry. can,

Ron Glibbery

diversify our do really our we to ability last that to So is team really in customer limited pretty base November. to our and

also If really and in base you from and Lunsford only can a we've brought even that status seen see Mark on of in pipeline is, goal pipeline. from you substantial not our increase, in is customer as QX, to the the QX to diversify pipeline Mark's salient but board the

QX. -- XX we've we in about our from by about engagements yes, now, estimate up right got So XX

side really base. of we're diversification of so the commercial just that And customer focused really, on

in and team again, fixed amazing Well, of a increase seeing of we're frankly, kind that. seeing job also, to design done kind progress the we're up. of like that so just lines high-speed and done substantially. big that maybe stage -- part video. amazing And of has But things far, so whole an is Mark good, job. has Certainly, activity But an wireless close

been latency our So docking diversification see be some video, VR that is we're -- of course, pleased properties lot applications we it focus things or with. of low in so it which, even well of to market, be educational intellectual we've is though for wireless the we've a stations, it of got be but course, or like wireless starting systems more are -- the terms as

really really focused the so couple we're we're that reliant customer industry. base really customers just diversifying So a that whole really not on but on of

Operator

question next Co. is Kevin the And & coming Liu from Liu K from

Kevin Liu

a wanted first. the question also memory I to on business ask

customers beyond terms actual that, quarterly or talk stop you business how producing far TSMC kind can annual their the when if orders. when kind give of more bit or on many of typically purchasing for in basis, sense you Just you an Just going of little would to wait your for curious production, then of customers in are years year. the look in just of your today, actually or to quarter And given a do memory inventory product? a at a about us the any revenue 'XX a months inventory how

Ron Glibbery

speak me like Do Jim? to? you to do you would that, want to Or

Jim Sullivan

first, you Ron, can go If I to want chime in.

Ron Glibbery

Why don't of then inventory I the start over and side hand things.

basically, timing is the TSMC some guess information So Kevin. proprietary to TSMC, at level, I confidential,

in -- it call the say, -- X we're of but we've we've counting So of, inventory. suffice order any to quarters not it, let's there, got flexibility got --

some there But will be late terms broad of for and frame are of in the is then to time those carryover presumably, the overnight. is this not kind XXXX So of kind inventory. going happen production

would So broad of situation. this -- of kind the broad I timing that's the say,

they've on inventory sure a I'm you make products lot in to close situation, value. we the the get side invested customers things. give money to full could so However, at we'd in they of a these maybe step of like that and not Jim, lot as to of time our want

Jim Sullivan

Yes. Sure, Ron.

there customers, forecasting although others holding in held. do they the Most everyone, or like much through pretty our local that in lot not -- inventory. of we always we certain Disty, tightly Our are to make a certainly case how or our the direct keep customers a Japan, exactly in customer seek generally easier. customers stock industry, the We peers out would to inventory ship one customers go

hanging have I don't out say of management seeing to in business impact the on and out the we have orders, inventory. -- we get So seeing holding seen handle issues channel having Disty's pushouts there inventory the is will are inventory a it's the and etcetera. the some everyone difficult but memory is

I do to not hard expect announced, expect they're certainly in us answered mean -- are immune the think on to But XXXX. to yes, Ron customers see to need question, that. as impact customers, forward-looking initially I is our we David's stocked. we expect visibility. So as pull from size in not EOL in demand ensure we the see to as we have verb as future to hope, pull we adequately

Kevin Liu

guys kind that From Yes, understood. only here? within on industry-wide is sort of there millimeter perspective, you on mentioned is Or the And that question going any your correction inventory currently. seeing business wave. you needs of to are memory happen your

customer standpoint you're wondering a from Just seeing across your what products?

Jim Sullivan

it a one seeing neither definitely immune. have the In memory, case orders desire. window both sides you seeing do the up business, We're push purchase our of within We're the out. some is of

orders. side we on memory not cancellations any seen So of have the purchase

being relatively but they're weeks and to in. the some of we pull to pulled to we're again, outs, then optimistic, meaningful manufacturers, we've the contract later back. a couple algorithm machine-driven us push it's smaller it out in get bring a and I mean, So the a although push seen challenges, it's provider, can

flexibility out seeing on been but not Very wave our not things measure; knee push on pull those let's for we're then in just to of the jerk generally, side, wave millimeter are them a POs as it a difficult back later. much customers bit little there's and also There's reschedulable. millimeter the

seeing And in first customers to quarter that of cases, where ship the taking mutual end subsequent receivables due some customers or work in if are in we'll the quite benefit we with the will we at the holding the collections and it's well what customers quarter. So to half are that. we also have. on kind month usual of longer issue do will hold the first pay Yes, our

Kevin Liu

customer And more Any Are is? the the transactions both in revenue you you that's later kind to as these QX in Got large just potentially or the it. X that this on would of along how either these us close expected close can recognition on it's referenced. not earlier? give process visible sense and far of

Jim Sullivan

our Expected in we of in said, than little of has beneficial do tough expected you impacts, taken come have our the Obviously, to always have different when close sheet. the QX, mentioned one the case various it components them it's and to revenue I again, longer expect but determine involved, size. impact it's I a we'll in. on a And as balance deliverables, as at recognition to the

both So kind and hold certainly in kind it's release, not and of to one, to message we expect customer off. we're But confidentiality, we that to the it to do press out if give close of least that prudent but books. always just subject at would felt those there etcetera expect

Kevin Liu

Great. you XG wireless fixed And even kind growth of to licensed the the spectrum. then of access for subscriber guys highlighted some

your the whether more could wins could licensed more see first to or Any in to major demand you customer guys on initially domestically terms win when talk there. internationally of side, sort coming XG Just about start of update or you see you there? expect

Ron Glibbery

fixed XG again, we're really that's slow seeing our and I partners customers of a seeing, because the in activity over last the talking message, mid-band -- terms what like But I mean we're mean here. the deployment. weeks in we're months, now few and talking think know, wireless question. I wave, Well, just engagements. was self-partners, And top all millimeter in spike we're good of we Kevin, XXXX a first as

a activity a of deployments not right XX substantial like is to in. think fiber is gigahertz, probably hard like, lot other driving that I deployed to more terms bit fixed Well, and in but for what's a Australia now fixed of shipping licensed in see XX is very still gigahertz XX basically judge, of bit NBN the know all has life, but the and countrywide. think And a in just Italy you globally popular well with wire has of that signs India. So Verizon I initially wireless of India we little Verizon presence

like these looks kind go wireless. it in of mostly So fixed

So we're what I we're that is really that momentum. successful significant is our really going finding thesis that's where wireless there. we're the very seeing seeing way conversation -- is And specifically, cost-effective on fixed again, with And mean, equipment.

And so, of our on to most absolutely designed focused consumer unlike cost we XG of a the competitors equipment. premise reducing

And very chip. strong in that very, so there's a interest

Actually, we're even in some America, with we're starting XG the to globally SATCOM, see progress So SATCOM. our there. own activity thrilled to like North and really on

So percolate that's a market that well. we're starting see to as

effective. which or So same it's premise is, ground cost and again, exact user we're involved the the be equipment the end equipment to has

were wave, base end the for in equipment. the we vendors who's answer station wins are millimeter initially right so design looking mostly I now the think the And got at all

some And activity so we're definitely nice there. seeing

as now side the providers the and would I well. of some kind service is to summarize So see activity things on of for that globally, suggested Kevin, it SATCOM you, I starting

So for up wave would the us. is and QX now into to heat XG wireless takes for starting I market millimeter QX say is

that's So so with we're -- pretty happy that.

Kevin Liu

to great That's hear. for right. All one And last me. question

Just in heading of able kind how talk be OpEx Could sequential a to you expect say terms more you on about just savings. QX? of into the to much basis

Jim Sullivan

etcetera. range additional obviously of in kind We're the the expenses obviously, with could obviously, there headcount other XX% fourth -- were -- QX to over incremental in, than reductions of since costs some we the benefit, which in kind had kind and consultants those full transactions out leaning and ended. have subject as employee payments, But hopefully, these particularly quarter least are beginning started Kevin. offset of of to announced obviously, contracts would and some movements some some to more when but we that QX, at to that. actually benefit and kind may your through that Sure, made associated see kick that continuing in takes we reductions subject be the revenue termination offset also mid-February the where obviously it We're time looking

Operator

question Savageaux Tim coming the Capital Northland And next is Markets. from from

Timothy Savageaux

you put a had the or whether developments, follow the from agreement we wanted courage And couple up should the questions. follow and few trying new pipeline into I'll slide that X that you customer that, to that as or the relate more showed relate on or to well of think a pipeline as those there going customers up with and extended mentioned moving current I of preproduction X also those I asked to separate? I you customers kind new pending kind are are and agreements of through question. up, above those

Ron Glibbery

can I speak that, to Jim.

them It's customer. existing is related of that. one So to an not

So to does clarify, production then other production production that already. that Tim, is is show show it customers fill one people the the slide. does. It's and pipeline not -- doesn't something; the thing side customers so doesn't it of then on And one on seeing the like pending pipeline up

customers of the the on would pipeline that how those be relate what's to summary X So slide.

Timothy Savageaux

you're anything seen kind been market of have you of across might some total from company-specific perspective if wonder But opportunity Obviously, the any a know for in uptick you market will on, uptick access of economic the activity on there's would or else, farther have And the you the, attribute Great. that? contributing an some is removed of color whether sort that along in the ones wireless the and lot you you funnel, aggregate fixed because indicated the you expand. or to I funnel I value in see a just overall what activity. but that given there

Ron Glibbery

-- ISP like. engagement Congress to I'm takes wireless, members in funding. calling today we're regards wireless because or benefits with that the Washington to actually big with overall organization actually the [ph] it's definitely, billion speaking about from Well, $XX congressional We're especially the Washington

the is is WISPs there's highly so in we're technology there. parallel we're were competitive think I've So with brings we're technology money that lot actually on in benefit I with Kind -- we're of to working or that links of past, fiber. with the to key really market. a that, millimeter that in the said market that bringing gigabit Peraso's message And promote wave working

the so in It's latency. symmetrical low

non-painted that expensive, good early solution starting starting and just wireless is well, fiber piece, basically long. customers it that's resonate and So to some takes are but embracing fiber those we with have is fully that's a we saying,

about think an even devices, for the mean, cost time, I installation hour wave millimeter Just $XX. less than

kind course, is So message provider take we're now wireless they're service the XX received where big to using WISP is, with [ph] of mean people the another from the we level level, pipeline megabits but -- with the to so our are OEM our primarily get links, part gigabit even at of megabits. technology opportunities of at happy I a XX

a gigabit, link XX that's I XX-year a nobody good terms view terms our -- for if least you're at a you is cycle installation in time. years. provide But your in -- is mean of of your

time install or that So customer. with

because part companies So the message very of $XXX of to links giga point we're B the absolutely are program at these wireless box. providing the is that's for a aggressive like under it price very, Peraso, kind that bringing a is central Congress

more significant include question, also a and specifically -- think indoor in wireless, speak bit some But I a where of access and your to some to constitutes of also the defense pipeline back wireless the pipeline mean portion does -- November. transportation. were that some takes broadly, from quite I So high-speed we

-- [indiscernible] just takes wireless. all spot So think as that's the the And that's all our There's the for way, fixed but certainly broadening we cornerstone anchor. it I the sweet would XG, fixed really wireless, I really a in it's of -- are while. markets by say, XG,

So does question, Tim? answer that your

Timothy Savageaux

helpful. Thanks much. Really very Absolutely.

Ron Glibbery

Great.

Operator

in conclude time. does this today's at Thank questions this conference. queue you. And other are no There

at may you time. your your Thank You for participation. lines this disconnect

Peraso (PRSO) 16 May 232023 Q1 Earnings call transcript