PRSO - Earnings call 3 2023

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Operator

Good afternoon and welcome to Peraso Inc.'s Third Quarter 2023 Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, Monday, November 13, 2023.I would now like to turn the call over to the host for today's program, Mr. Jim Sullivan. Please go ahead.

James Sullivan

Thank you, operator. you third joining quarter thank to conference and Peraso's discuss XXXX afternoon all today's for call Good financial results. Sullivan, Glibbery, the with the Jim today related Form a am CFO was and and Peraso I filed which joining press is release Ron closed, our market after SEC. X-K, CEO.Today, we issued of me press and Form website the under www.perasoinc.com section. release X-K Peraso's The Investor at are available Relations on that a also a conjunction presentation that Difficulty] be link will webcast in call during reminder, today's website.As slide we with conference include using on today's call There [Technical made IR the through may is the statements. forward-looking comments All forward-looking. statements historical fact than of could be statements deemed as other caution on Peraso and forward-looking reliance advises statements. non-GAAP adjusted gross non-GAAP concerning performance financial any These share any without the non-GAAP statements EBITDA, items, technologies. include, savings.Also, development, limitation, our products flows profit, expenses, including operating margin, gross or expenses, projections statements or expected loss, margins, or of net cash revenue, cost other competitive performance market anticipated non-GAAP and of are based Peraso the to on on available information hereof. statements date forward-looking All known unexpected and company's detailed involve those public results additional and information set in by with other these are from forth uncertainties statements, differ risks, cause the Peraso's Peraso's filings statements These actual factors that SEC. to forward-looking the factors risk implied changes materially and in including may unknown about business.More risk factors the as forward-looking or whether applicable its Peraso otherwise, by alter required a of expressly as law. new disclaims obligation any future except statements, result information, events to

release GAAP unless exclude intangible indicated, additional of change presented information reported the non-GAAP discussions and statements today's and definitions the company's to press differences These conference measures press will in this of expense, in in comparable GAAP and certain are financial stock-based of with otherwise include numbers, warrant liability. reconciliation remarks filed the which respect X-K, of details. them and the amortization fair involving and was on measures amounts and which non-GAAP our and today management financial call value non-GAAP.With provides referenced related compensation the Form during Additionally, assets measures, release between SEC, terms of call

For those Investor at turn our available entire for website.Now section to of CEO, of the time, to listen call be remarks. this to will I are on would to Glibbery, a recording over who Ron? Relations the you unable the Ron his prepared our call like

Ronald Glibbery

with in memory begin with to update of given our products memory results. at an the as revenue products combined end-of-life products. our third want contribution profit with expansion our positive of from IC Slide sequential in This increasing solid gross commenced significant commercially results total to XX% the year-over-year.Although during appreciate customer mmWave industry lower order initial today's Thank We to you backlog associated report you, continued I'm over marked the prior shipments quarter, our the a quarter sequentially demand XX% due the with and afternoon X, the improvement sales drove as products, financial against on on results.Looking well IC ongoing to improvement call. to memory large Jim. Good and business that mmWave pleased welcome. our inventory contribution us correction, I higher-margin significant increase third the for quarter quarter joining our IC reflect increased bottom-line we end-of-life the our our revenue

from for these fabricate the the initial we that customers with process of initial $X.X response been our totaling notified $XX.X revenue after As majority the be fulfilled would buyers of The thus end-of-life quarter to the foundry our time of products. existing wafers memory million. We purchase in million, very shipments a in received from used strong.Today, has being discontinuing in this from year, reminder, we inventory. orders these third of customers customers commenced May last manufacturing resulting order for learning shipments multiple partner far

these the end-of-life $X.X backlog on our over around $XX increased opportunities.The flow large quarter have half complete additional the number expanding engagements orders efforts an the mmWave and XXXX. orders.Based pipeline. several we same. anticipated and December to total XX backlog end-of-life as our products.Turning August, as for orders to approximately of the orders the foundry in to contribute customer to current outstanding cash with our update of collective we portion between business, we funnel demand on continue engagement and X to The manufacturing by of of primarily year is engagements shipments ongoing base million.Importantly, our Since revenue remaining active quarters partner, on new October continue mmWave expect of from largest production with amount associated Our impacted for customers to second and of expect purchase an deadline place end-of-life next Slide customers the million schedules team's a and orders inventory EOL million million to to from we late this additional was XX, of $XX centered about to number products our have correction, be of continue for existing combined been $X.X at reflecting of focus energy all series also remained industry end have backlog final by to meaningful at fulfillment and we shipments are these of

an and metrics.As them recent highlight engagements in number putting However, is from and economic this decision time hold previous market. I quality of terms source of place want our part to these value and anticipated greater highest we evaluate to in engagements on small the a of we we reflective prioritizing to therefore, both are emphasis opportunities, on projected to even new continue potential exclude

pipeline view diversified enhancing I our markets in base our to latency. stated a expected past, progress with of overall engagements.Within in are design efficiencies of investment.As allocating diligently distinct also our we our and resources, mmWave high-quality technologies. be as mmWave engineering are support wireless over the our continue number which indicator by encouraged return customer maximizing a leading standard activity We coupled on aerospace near-term more the toward advantages in some traditional expanding in, workflow delivers data to high defense. rates and of seeing benefits, I'd provides low of like and the new highlight active mmWave business, including is we one

emerging to X alternative densely urban Director now and markets WavePro solves desirable solutions in we'd a products WISP as X mmWave XX performance and the are to opportunity strong X.X our is example, in on to awareness and Airline access representatives fixed cost for provides Peraso's Ubiquiti's low Las the makes multi-gigabit and discuss Congress given environments. other recently, multi-gigabit momentum to concentrated mmWave competitive to anti-jamming, Peraso's equipment. wireless Slide Senior trade availability access a current be secured a for these X. market other months, had to There WISPAPALOOZA the wireless we growing shipping opportunities However, participated customer be like fixed technology directions, as gigahertz radiate Ubiquiti given and panel probability for hosted and in I vendor compared its an and Vegas. per shows, ends, difficult beams all provided gigahertz low growing able that prospective market.In be connectivity. number connectivity X to WISPAPALOOZA product utilizing Also the these demand solutions dense faced Vegas, of radio by wireless millimeter-wave a internet mmWave engaged There In significant at of Dr. customers and detect.mmWave also of fixed of This its in quite that gigahertz fixed areas. participated showcased was engagement that Hatto, military we from to XX and the in in equipment team solutions wireless World communications. be products Peraso challenges support military conference multi-gigabit fixed parts wireless leading Cambium highlight September, applications.In for enable briefly continues seeing which increase want Separately, in To with meantime, to which session, adoption fact, America.In unique premise newest of mmWave those the at for of inherently connectivity.Separately, more to leading another have great XX also gigahertz feature all WISPAPALOOZA point-to-point of recently as Slide applications.More Dr. commercial Q&A up notable stealthy Las team the to they we such is defense-oriented for opportunity around and X. on by traditional a fiber.Turning India, Peraso's fixed XX at use business probability volume the speaking in XX gigahertz very meetings in we interception, multiple multi-gigabit found the Asia of Mobile participate of the where including growing to using accelerating presence or Wi-Fi Nadine XX vendor Hatto's participation in -- we're centers rapidly vendor the was in they enables different radio members millimeter-wave are first to a Marketing, of presence Congress was half industry are hope recognition North September, for commercial that signals gigabits detection all past wireless and to how served to Show gigahertz on proof-of-concept which for and is our lower access Networks, on and to World latest booth, emerging wireless create deployments, the wireless they speeds XX that the stage opportunity in evidence invited reliable of narrow-focused in at showcased executives notable Africa. new of joined that solutions Peraso to elevate equipment attend of technologies access for addition our panel second In gigahertz customer-funded partners Peraso's in Southeast are connectivity second. significant market access our development unlicensed calls.Moving protocol, a XXXX. of communications.We also Ubiquiti future Take, of access. are Product of spotlight to

deploying presents of population with the challenges.First, securing density fiber uneconomical a and many physically the of cost markets. in unique these set technology associated and then unrealistic also However, make infrastructure

power. low capable connections less have power frequently sources also for high suitable more capability density service.mmWave each reliable are upfront Additionally, mmWave of the on the provides deployed points, for sheer to and important a Inherently, contribute deployments Its to reliable these number solar congestion battery service, of bandwidth be providers. wireless overcomes emerging as making solutions wireless and can challenges. for electricity density to the solution economical service interference, and it geographies and enabling such these significant sustain beam-forming that tolerances of with exceeding equipment cost, more Wi-Fi.Lastly, implemented much lower operation minimizes making connection

access Additionally, mmWave dense reduced efficiency for in new the resulting longer the modules. beam mmWave of prospective I delivering XX-gigahertz phased solution currently of WISPs element enables we've deployments. To an incorporates WISPs fixed spanning gigahertz to XX and of outlook U.S. the states Peraso's PRMXXXXX for traction we our overview this further XX technology XX our environments.Looking of of X market. gain reliable growing solutions as sources gigahertz date, X today high deployment confirmed at the as utilizing growing both quarter, deployments on urban narrow the and the the solutions chipset, over for list continue technology of it as planned North the of to latest XX Slide wireless XX trend Canada.Additionally, right more at wireless the identified leading the well WISP than XXXX provides series higher array X, operation share PRMXXXXX side position wanted outside addition this to access.As validation gigahertz introduced of Peraso-enabled our that recently XX for updated the favorable as on gigahertz third demonstrated America. service be in the power mmWave the We hardware width, overall Peraso part utilizing interruptions.During in market least are WISPs slide, we've Utilizing formally that temporary XXX in ideal in antenna as connectivity making power fixed view and

or next are first advocating several increase Federal growth minimum Communications for an has the step, benchmark the over the to FCC FCC, of fixed In addition of for the inquiry an drivers Commission, years, research future. third-party and second access. per on recently X other longer-term broadband.As existing of XXX published for benchmark comment second. X from wireless WISP per a for XXX proposed megabits the megabits goal forecasting to standard second, potential serve second notice in to per an expanded a also mmWave U.S. connectivity gigabit megabits fixed increase XX We subscribers sustained a strong Moreover, support gigabit they of going as believe this adoption per will soliciting

already XX As connectivity.In Peraso's a and closing, to gigahertz support fully substantial a both licensed multi-gigabit fixed market technology, reminder, we opportunity believe for and XG solutions there enable Peraso's existing wireless mmWave spanning unlicensed mmWave access. continue is

to into correction in headwinds expansion our of we recent in sales XXXX, Although, engagement continued this extend the by we area of pipeline. business the expect encouraged remain inventory

We advancing future of customer support turn speak for mmWave that, more are financials these third call quarter the to to growth.With sustained building and the to engagements achieving diversified and Jim to review in outlook. solutions I'll a revenue committed base back

James Sullivan

you, Ron. Thank

weighted quarter.The and third quarter Total of $X.X were revenue results. solutions increase memory IC the fulfillment asset and third in IC transaction. the million million for was of million of in of million orders product initial prior sequential prior from quarter reported the during a September a non-GAAP XX.X of million expenses receivable and the currently as and income the quarter million. perspective, the ago.The a number approximately $X.X outstanding which quarter $X.X the negative reflecting with of million million amortization the million EBITDA, with and revenue net increased a and cash significant with year from same memory The prior of last-time with quarter products.GAAP quarter from expense, proceeds, $X.XX sale a at XXXX compared which $X.X year $X.X year in quarter the of for the year-over-year per per asset in by $X.X $X XXXX, million shares, operating and third in the gain a million with decreases memory diluted for license quarter the in layoff year negative prior XX, primarily period.From most from our or On third and sale asset million permit the shipments $X.X of September in XXXX, sale million of for Total XX on the increased loss Turning to average the year ago, escrowed.Adjusted the of in transaction.The operating XXXX, quarter reductions, company's and earlier is to of loss $X.X fund same the purposes revenue million, compensation that in temporary we employees.GAAP was and shares loss the per and certain benefits excludes memory benefits stock-based share of XX, of ago.Product financial in prior in half $X.X ago. $X.X to $X.X compared transaction consistent the sale or compared reported, XX, intangibles Subsequent were for third third approximately purchase the $X $X.XX the quarter third recall in in the of or per $X million the began reflected The incremental million and the up products, company's quarter expenses closed in common full-time million quarter determine circuits prior compared million $X.XX the and reduction of net driven $X.X a our quarter antenna of third a XXXX in positions and company net to the realized million fair million $X.XX third services a approximately share these prior and reduce implementing $X.X the loss of XXXX. in shares a of in GAAP recall $X.X quarter that meaningfully discussed license of we total other to $X.X operating initiatives, second loss of and quarter third excludes memory million compared deposits share the a which to equivalent in $X.X non-GAAP increase same $X.X cash XXXX amortization of does the expenses license steps a $X.X prior approximately XX.X% these was gross the net operations, gross share GAAP memory exchangeable value stock-based this the expenses excluding quarter the millimeter-wave part same mix, $X.X non-GAAP for a integrated third inventory million increased EPS reflected related loss million, the quarter third quarter implemented quarter shipments value and the company a quarter or fourth company intangible if and basic $X.XX the millimeter-wave contribution remarks, which XXXX.In to or gain $X compensation, the addition million per customer of quarter earlier of net its are of buys.Royalty reflect streamline stock for XX.X% XXXX was reflecting $X.X quarter the during for of calculating share compared compared and assets, million workforce.As in including subsidiary $X.X XX% third amortization XX.X% that and and of collected technology impacted recently third beginning $X.X our recent to both X.X and quarter loss investment. from the basis, positions and XXXX annualized $X.X balance will technology shares provision equivalents employees. higher not which integrated This assets in sheet actions business XXXX XXXX the the income the company's in or reduction previous a prioritize the XX.X% third with of fair liability, initiatives of week, we previous $X.X amortization of for basis, to as as actions non-GAAP reductions increased excluding of loss impacted and for gross in $X.X cost compensation, margin revenues and to in the and higher will third near-term the we've the purchases.As in cash change an Canadian in excludes expense quarter and quarter the prior action of projects the reduce million and burn. business will ago share, warrant the interest quarter net believe in initial further loss cost quarter and to million of million engineering year terminated implemented activities third XXXX. a with royalties with for the other further million licensees from of of of a company company margin savings intangible prior burn with was change employee we basis, in revenue from warrant customers. a will negative performance GAAP revenue September October liability. The revenue other of approximately or accounts implemented comprised consulting in a and quarter have and of from XX% I for loss quarter XX.X% intangibles, million amortization acquired as conditions for continues acquired the nonrecurring compared had with operating quarter or the defined million return including taxes be stock-based the per margin was expenses $X.X net The and quarter, attributable included the $X.XX in in depreciation operating cash company's certain whether to on the impacted which to layoff took the of to impacted the the approximately operating end-of-life reduce million in of and was acquired non-GAAP my

will the the more our concludes not provide the as become future specific one certain, current be cash in operator specific raise multiple the factors quarter. providing and demand debt our quarterly broader general macro that of to the factors include now business today, report our position XX-Q we outcomes the continued to as over guidance the range our extent by and expectations.This September to us the visibility and primarily need Q&A end quarter. impacted will more to ended these full we due to near-term to session. of potential call XXXX.With quarterly outlook, confidently are equity respect expectation However, of to burn, with the potential operating capital period These uncertainty our to continues that to well prepared company for the it correction.As near-term or the relating through for Operator? a XX, on to back or losses To ongoing inventory Form forecast described the of yet-to-be-determined in remarks additional factors our turn with associated assist difficult updates duration as fourth environment consider such, make arrangements I'll the market

Operator

from Liu & comes Liu The with first Instructions] Kevin Company. K. [Operator question

Kevin Liu

results the on improved Congrats this quarter.

memory had on the IC I just question First end-of-life. was

as fairly orders purchase those periods In be expect and way next you make year? this going to terms through shipments of and there the do where concentrated? currently be Or backlog against consistent you are you see the more year to the heavily are those your anticipate, shipments that you

Ronald Glibbery

at -- backlog, at Yes. still I the over there. million just we backlog would $X current million sitting had of say September of $X XX,

quarter didn't were we're the expect so second are shipped awaiting we quarter currently of until of received inventory. the 'XX. to in orders don't ramp the We could third quarter we December, to quarter 'XX, there third an to 'XX orders we of products, we we late everything Right process that build projecting holidays. but now additional that We Obviously, we basically are in ship shipping see into of prior reduce, now be and building the starts additional right through this kind that but and in XXXX. to really ideally kind second of and heaviest and it in half going definitely quarters for first would on that of the It's second the to of And XXXX. not the up.I obviously, of is really increase an the extreme there starting -- say 'XX. to third in -- slope. was, probably second Part the pick quarter continues first of

Kevin Liu

the where can position, in? you as based to through build do the And you you of inventory you're just ship next kind year? coming level much that start to now kind more at build Or memory forward Understood. the of middle build then and business think the to the That's orders, to we orders a fairly of of continue just on how should on And versus healthy millimeter-wave? expect look helpful. sequentially tied additional the generally, up was you inventory

Ronald Glibbery

our of for by millimeter-wave now starting XX increase Right the inventory the products. able was have quarter ended shipped some those cancel there. the -- delay primarily at had were at we orders us September quarter.So to wafers, them was as were September an least to third We we on or inventory XX majority the of increase commitments did which during the until we foundry in

Engine X the need our memory we frankly, it awaiting the and we've or that based a Bandwidth unless come we expect where I really expectations.I as as we to there. some build placing our and orders and work-in-process inventory On quarter obviously the was on We've are basically, will see to exceed for And But more could X don't inventory shipped track, said, product millimeter-wave particularly orders, had been from side, -- we regular 'XX. to we customers what some beginning -- get wafer early our back memory reductions substrates, customers millimeter-wave. increases in hopefully, orders we're too. be see think we'll fourth in cases, in offset in in by some that any maybe

Kevin Liu

it. just Got turning second. for millimeter-wave a And to

fixed general, of the be could next in thinking to of year? you're talking about as you're sizing as access interesting of Maybe the market? markets aerospace then You And how kind revenue significant the urban sense for in how guys wireless terms talked the dense new defense a some well for us about overall and customers market relative the kind environment. give to initial

Ronald Glibbery

But the it's is the volume.So in the we're Like dense [ few customer of ability Sure, And the on of through it's service really the to it's maybe thing a anything a and mean, around but last we've realized, millimeter-wave, we went that And is I we a couple the TAM over environment. the the here the there's we because urban the Kevin. interesting is of months, it question. call, nice the seen the like quickly important we challenge -- mean kind is environment advantages, bring environments, at actually -- transmit in world. -- so ], market deck, feet is real the the just advantage our customers actually full I to is apart.But transmit XX XX interesting obviously. watts. one dense our significant, billion Thanks obviously rates for live military mean, terms quite talking the a I in this but to XX, urban the on and proof mean there's environment, very, to the very people commercial so who far dense environments in need dense is pudding, environments X but under -- other and ability right? that's not forecast -- the about equal opportunity new I are

basically, places -- -- electricity poor of run on battery So run -- infrastructure. these many very have like these have

out power. run they So battery

that So were able we critical. at with consumption it reduced to half full run was power was that with probably batteries performance out battery, time.So for our reduced run vital ability the to

think 'XX, We're But explore later ramp So QX, -- should going year year. we I for to a we market. like globally obviously, but for this it. it's this we'd opportunities into be to early other see actually hoping

something that it's really So we do well.

and the something months We last expand opportunity on. going few are exposed this we're to it's over to

Kevin Liu

to hear. great That's

Ronald Glibbery

second part right? A your to question,

Kevin Liu

second The was AMD on opportunity the it just just the of part equation there. the also [ side and of kind ] of

Ronald Glibbery

that's is that more opportunity the military is like proposition arms whether still battlefield. mean, things, the right I guess I let's exploratory, the we our of -- higher-volume like. We're on on say, think millimeter-wave side the the what is get there now. Yes, terms one of value keys I in around the opportunity more a urban of a shorter-term of really can of again, volumes Dense that, proof-of-concept, stealth that it's exploring ability look an like

Operator

Benchmark. The next Williams with from question comes David

David Williams

here. question a ask me Let

and are understand, in Just funnel wanted us terms through of kind really through. to you're some just the that of have nice funnel walk And you in can that on mean things of moving growth help kind the you and here your touch presentation. I getting

line seeing you're that's moving more things maybe expectations your what on developing. for maybe how line with anything the hoping in either If that's there funnel, little of out or how are? are there's Just color a

Ronald Glibbery

several obviously, so is think the -- Wi-Fi, suburban more for wireless that's right? Well, that pipeline. American the I it, about fixed right? for sure, and constitutes generally that market basically, the quarters segment North congestion the we've theme And talked And a is, way we've of markets WISP access, talking let's call are the been up is rural Dave, the so of shaping that's about.And that again, and certain

now data we see value starting I does -- kind to We we that but proposition same millimeter-wave a that against a environment. are the high realized And think consumer congested value some the now great congestive -- environment. a are is of rates, again, in obviously And in job electronics.

nice would say, -- our volume Other seeing are in that's I in so We're and Asia, we're certain some in a transportation. seeing consumer electronics.So opportunities opportunities some of so transportation, portion in constituting specifically. mostly opportunities quite actually And pipeline.

then, of aerospace part of course, that that's military. and the pipeline.And So

would mean, I right this say for the those of -- if information. the kind got are is now I drivers main So you will. the also We've pipeline public

We and really RFPD paying also us. is very Richardson uncovering relationship with some for relationship off and opportunities have terrific good really that a

as America pipeline So world. with both as that around as helps well, in North the well our

So that's well our relationship a great for pipeline. been sales as

David Williams

do you there? think just guess, long is this take hope And year? trying the is the think that that see millimeter-wave Fantastic. gives about could or to take of to digest we anything to your much and going sitting of out sitting inventory Okay. either to year, maybe that if said And something your the And going really think how impact it at you you that? customers, in of I you what through then inventory understand first How that's end it's in-house is there maybe kind this? you kick get to part at maybe

Ronald Glibbery

ago. WISPAPALOOZA think We display. And leaders good at so guys Vegas on X I Las are the fixed had weeks news wireless, like the products that that X or X is Ubiquiti, who were market -- in

those and really, I that's is more mean ] [ are from that And so -- did really they of we process exceeded I call products they right? bulletproof, education get there's in that mean, an expectations.The market. on and gigahertz -- the was worked XX was going probably problem them WISPs well feedback that

a job it. promote of Ubiquiti's to so starting fantastic done And

now.So QX, some done with online, curve, the would they Because got reach videos -- their distributors with were of is little kind I we've going hoping. whole right? we're into to for come bleed more longer through people start really say they a than of correction it's where new we've the taken QX to just fact, already volumes to see were their In when And ahead the orders obviously, them that. inventory to

hard make going So see shift. of the to that sense to QX, next see to you? Does that into weeks later QX, we'll a hopefully say orders, early but start over I'd to X lot imagine we're

David Williams

the buildup thinking some a It you're Jim, capital. working about does. nice but the inventory on Very and And there, just then you've balance maybe, in cash got helpful. Obviously, sheet. low little

that, So takes, do here? we thinking and we guess liquidity what that things are in near-term, the feeling it? about -- you any to are I be think there kind get through be about parse And of good puts should But the it up. how would freed as do you I your guess are

James Sullivan

of definitely last speaks my on we end important in which -- us of of held think think some we it's faucet million the low mean to making, and memory up from lot breathing the I in then No. I as fortunately, EOL cash have between there.Right the that's didn't came on as at I here. fund more the -- the but And we function and visibility in well. given in particularly as of question confidence ship still sure. orders, alone about purchases, week.So our production a and end back now to wafer turn been back regular running had But flow the Yes, to EOL. them highlighted room to Yes, which our at quarter look inventory quarter. off both I prepayment a an the to the it's summer, is business. script, We there's internally building $X.X kind

fulfill could said, like I we we quarter orders. what So third in the shipped to

have was been had had actions specifically improve to XX chasing remain et which funded the painful the prospects XX-Q about that. we we're current to critical quarter say address XX in cost support But a obviously reduction week, looking huge the need are one unfortunately, I next talked took to last development, those. we are to talked taking burn and into down are macroeconomic have is But here to -- here, actions will funded really the bring pay to down our first out of looking have those some of kind we inventory and the working generally X payment to our as taking weeks down. But addition, days, slowed business to there the in it. need uncertainties bring visibility will weeks back XX supportive expecting be very capital.We folks chase we of to obviously of within customers X about think to and Our having environment accelerating terms a to in and think, EOL, I assess or or still and we for difficult. those which quarter.We're but cetera.The those orders But burn, X opportunities still optimistic about I OpEx X to of reduce

are position We as as our any financing opportunities well be. alert in should always to company

Operator

Okay.

the Thank conference question-and-answer disconnect further in reached session. questions We you and lines at time. your queue. have end may the participation. no concludes your are for this There of This you today's

Peraso (PRSO) 13 Nov 232023 Q3 Earnings call transcript