us afternoon was question, Thank appreciate welcome. a quarter. you, uniquely Good joining Jim. today’s call. on We Without and it conference challenging you
As Jim second inventory significant to ongoing lower the our revenue discussed, customers. our and across attributed was correction a quarter primarily during
we’ve with our products. millimeter Although on base the during wave we’re expanding the customer for reduced to make disappointed shipments the progress quarter, continued
the internet number gigabit WISPs expand business, XX-gigahertz spectrum in to connectivity unlicensed providers subscribers. multi encouraged momentum the Additionally, the positive wireless broader we fixed by headwinds of in service observed in growing a deployments of the market, or wireless as despite our remain continued particularly
to Turning – Slide X turning X. to Slide
primary meaningfully base. As our discussed of Peraso’s recent to with a strategies quarters, diversify been existing wireless leading has success customers our in group small millimeter wave of one customer expand and historical leverage the relatively fixed to
has out, turns inventory increased the the of importance it correction only further customer current diversification. As emphasized
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combined of in May several period, XX conference current time this last total mid-August, advanced call funnel as in a previous increased to our Normally active engagements. during of opportunities number XX at and active funnel our engagements from we of the to but also
these progress customer as broader pipeline, existing more using also diversified economic towards In leading our they a internally the addition indicator achieving metrics them measure over of value to to view a and projected base.
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expansion expanded pipeline active points commercial engagements few I highlight want into proof and a a new demonstrated opportunities, announced As our adoption converting of customer of customer wins. recently to
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was I at Lastly, customer the one pending our of potential to that last – call. conference of the last at acknowledge time transactions want the
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broader a fixed is continue believe millimeter that market Peraso the wireless we leader perspective, for in access. solutions to XX wave From gigahertz
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X. Now, Slide turning to
wireless view massive to fixed market is medium a continue We and incremental the wave opportunity access XG over term. millimeter
their among on renewed bandwidth spectrum Although capacity. focus the millimeter millimeter seeing the adoption slowed to to interest carriers deployments we’ve carriers in wave inevitable the by mid-band aggressively down wave, started temporarily maximize of and XG urgency pursue
achieved RF of and Premise recognized resulted in Murata milestone Customer integration for cost and pSemi, announcement create of XG integration wave major leader This subsidiary performance Peraso’s global access cooperation the RFIC wireless to effective and fixed the high CPE. with development high a quarter, with performance RF During or we converter millimeter collaboration beamformer Peraso’s in of up-down a solutions. a Equipment successful solution XG pSemi’s the
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update an to business. memory gears on Switching IC our
As forecast – our customers our possibly and we majority associated last been next from the devices for far currently this customer call, partner time the discussed these manufacturing thus memory will year indications, foundry of have of in potentially POs due these XXXX. in very customers expect are which previous life begin fulfilled we ending to memory customers, We for anticipated products. million. the of notified shipments our have fabricate to process used to and to noticed received million initial wafers The being end discontinuing initial the our by of on we with $XX encouraging. orders Based be that revenue year have purchase $XX throughout
expanding ahead, millimeter Looking remain wave further Peraso’s focused we in fixed leadership wireless. on
life legacy products our come memory Our of handful of to quarters. over to the end next and end the ramp an shipments related of initially
driver Our gigahertz across licensed wave fixed opportunity continues business. market the unlicensed momentum. wave growing millimeter both will silicon access XX to it primary millimeter increasingly become and our is of future for and substantial demonstrate wireless The XG
acknowledge related as future well to our – roadmap including believe well wave will environment environment. also capitalize business, terms positioned product the headwinds current we on said, access in today millimeter – extended general industry-wide the That wireless a and of facing of that fixed market. Peraso and correction, we’re in meaningful – macroeconomic our macro an leading as with uncertainty In growth portfolio, our to and inventory today technology is our we
balance by the delaying company’s short-term we’re cash deferring are time, pursuing necessary sheet, our of and same arrangements funding expenditures. a At variety we to operations. Specific needs cash potential wide the capital to existing support address the to conserving or working certain
recently a In which or investment sale of assets with engaged similar bank M&A alternatives, strategic exploring addition, with potential to we could potential an certain assist include other transactions.
operations. any considering maximizing always seeking such current first our on As priority part of alternatives, to simultaneously value, stockholder will while remain extend our business
paths this more or forward alternatives it’s given order circumstances strategic the we fully in optimal as identify forward. to expect materialize. exploration to said, That prudent, connect as well any believe process will time We the one to potential alternative path take additional
team’s customer operation Finally, more near-term a to renewed includes diversified engagements prospective expanding our I support emphasize predictable business. revenue our advance the well in day-to-day of to want growth, drive establishing pipeline to as focus more is of that as active our base. of This on engagements and continuing
That take assist and you questions. concludes to remarks, our would please be Operator, could prepared we with glad Q&A session? a the few
