PRSO - Earnings call transcript Q1 2024

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Operator

Good afternoon, and welcome to Peraso Inc.'s First Quarter 2024 Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, Monday, May 13, 2024.I would now like to turn the call over to the host for today's program, Mr. Jim Sullivan. Please go ahead.

James Sullivan

Good afternoon, and thank you for joining today's conference call to discuss Peraso's first quarter 2024 financial results. X-K, Peraso; after me issued press the release Investor related CFO, Glibbery, is a section. release Sullivan, with Relations at and CEO.Today, filed www.perasoinc.com are our market Form Peraso's and Jim Form and and available today joining Ron press the X-K I'm SEC, was on the website which closed, the we under accessed call during through reminder, will also webcast be that using that a may forward-looking with conjunction comments call is the be There on include we today's the a link Investor today's slide in website.As statements. may presentation Relations conference made All fact could statements historical of forward-looking. than other be deemed statements as caution statements. on forward-looking and advises reliance Peraso forward-looking gross non-GAAP gross adjusted competitive cost information profit, savings, share operating expenses, our hereof. products These also, including expected loss, financial the on and performance net technologies.All any non-GAAP are concerning date non-GAAP of include, statements statements limitation, non-GAAP any or margin, of EBITDA, without performance to flows anticipated development, projections Peraso items, statements or based cash other market expenses, revenue, the margin, and available on These statements other actual that those and to risks, involve unknown Peraso's unexpected from forward-looking cause implied the and differ materially the statements, company's business. uncertainties results by may including factors in known changes public information these Peraso's SEC. are with filings risk in about detailed forth the More factors factors and risk set additional information this of statements, otherwise, the conference result non-GAAP. during whether terms discussions Peraso expressly except a forward-looking law.Additionally, and by disclaims events any and required certain applicable measures include release will and company's management as its update obligation new financial of alter as information, in to call of GAAP press or statements future or which comparable reported additional indicated, the non-GAAP the press on of assets in presented non-GAAP and With liabilities.These intangible GAAP warrant value between our expense, details. today's referenced X-K, and financial of related amortization call differences otherwise and release reconciliation measures, involving respect exclude of change measures the fair stock-based are provide and to in compensation amounts them unless Form numbers, remarks definitions

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

Ronald Glibbery

our our you, revenue positive detail memory increased afternoon, and phone on orders be of customer backlog with brief increased brief welcome the we're confident end-of-life more our us. into with backlog Combined a to indicators, $X.X I and appreciate webcast. the to since joining Good increased the our first Thank Jim. and call.First conference developments then improved making and on outlook, get quarter was start and sequentially to current I'll the quarter everyone you and products for comments we've a want We mmWave few guidance want last key of above demand in been shipments IC see as progress of orders. midpoint the in had we for of first Slide for fulfillment market end-of-life a expectation products I in we to mmWave growth quarter. to began provide million the business, memory products. to increasingly XXXX our Shipments Peraso.Turning to of update X. our IC year solid on against our and our on

in to will the support and initiative our expect our quarter, the Collectively, execution of remaining we approximately base.Flipping growth increase mmWave end-of-life to by cash end shipments continued anticipate XXXX. the an backlog quarter second March the XX, shipments our revenue $XX.X backlog expand contribute total flow customer to sequentially of late of quarter, fulfill also at remaining of order total first of the in memory We IC million $X.X the to purchase and million in additional increased products received order our meaningful which Slide these to XXXX.We X.

the building and directional In that's leading to approaching of stated the continues to it LAN looking our spectrum, at global discuss band this outside calls, As applications of band, of XXXX a recent delivering engagements, to and XX successes existing fixed one recent is few geographical operate, introduced its strategic antenna XX wireless thanks while easy perspective performance new interference-free serves relatively solution of unlicensed number communications and LAN use of more high validation both data of for of WLAN The newly chipset RF in install to we over our control.As a be which on further a further together wireless from key continue Peraso's design our in customer latency solution announced ] provides period wins. April, XX our I've targeted team, meters. market gigahertz profile gigahertz with we're our the one to gigahertz continue previous X. call, wire adoption as and mmWave ideal design of North for [ This on next to Slide low in advancing narrow and notable of our coupled been initiatives Slide Peraso's of Panasonic's we equivalent X. its multi-gigabit past, I've more few to end these our in unlicensed, was applications.Although slides.Turning larger discussed hundreds a A America terms win want business. culminating mmWave again, is since I extensive of achieves technology.Panasonic's significant progress speed, beam for solution. service.Now in it's distances diversified the to reach. opportunities I'll sales last engagements mmWave new to earnings short most be secured And wins base funnel. a expand make Peraso's

As efforts points diversification, briefly recent success our further our our focused want to of proof highlight initial towards of I and of some examples activity.

as system.More of enabler communications a specifically, a XX-gigahertz a partner key deploying chipset utilizes now data for approach of radio mmWave our Africa. of have XXXX WISP of Peraso's to per communications platform provide multiple XX across is station. for providers up concepts proof kilometer to are DUNE Jaguar we trains Wave, X rail shipped solutions deployments targeting our gigahertz Separately, a mmWave high-speed system now new gigabits to high-speed that train-to-station Chinese X rating second Peraso's First, for a

Environment platform where fixed we on layer conventional this that DUNE application.Turning a the wireless I wanted expand to Additionally, introduction wireless access mmWave small for expanding access with Urban equipment Dense and DUNE, deeper continue market connectivity South year. our urban we and launched continue Slide to solutions to in applications for experienced manufacturer, Network the fixed addresses traction neighborhoods earlier our Korean problems of new chipset.Lastly, battlefield I'll network physically we such especially our costly, well defense announced make, both Miliwave, America technologies a recently those are simply geographically to the a on emerging new India, X. in go as Peraso's and also line in XXXX saturated. found to communication, designed in using too solutions gain Africa. or minute. work which demonstrate examples by concentrated population Collectively, markets weren't impractical Many progress South centers, in these a reach densely product

and sources as want Africa.Peraso's In said markets. to interruptions, emerging or deployment infrastructure I can service struggles these power relevant significant interference that, Moreover, environment and As infrastructure of for battery.Having able solutions in emerging congestion operational high often to urban technology, not be the multiple deployment environments.In order alternative markets. in the previously concepts equipment the reliable have with suppliers North months, challenges solves electricity our face mentioned, they from wireless need extended less proof in in periods remain specific the recent other America. understand to here connected DUNE's are density firsthand numbers platform must including with and of in that originated DUNE emphasize solar be to numerous in WISPs we and equipment geographies, exclusive engagement to resulting limited these avoid for is to for shipped equally upfront WISPs the to utilize WiFi addition and and challenges costs, it benefits from such and devices. dense example, with

of case, broadband X to is expected County gigahertz further platform, per wireless I expansions Broadly as to designed a for As deployments leverage second by deliver was positive suited X. and and feedback which mmWave are we as one residents connectivity contracted briefly wireless geography, Angeles Slide the own WISP what initial expect a our and qualify serving are a residents.Los sector of low-income month. success DUNE Los gigabits types lead wireless very believe urban we of its plans the recently in XX these speaking, the opportunities on deploy well-known use fixed example at for to engagements quarters.Shifting to and encouraged to $XX prominent targeted solutions. to Regardless project, these to high-speed in potential of announced wireless our per fixed coming aerospace that service millimeter Angeles DUNE market to has exactly touch it's this as the solution we ideally enable. is wave wanted low defense technology recent

unlicensed beams, communications platform bandwidth, which tactical solution for communications.In This to March, support high platform reliable antenna mmWave sensitive and for focused a more detect released and for our narrow intercept users. using and latency technology stealthy even spectrum connection integrated PRMXXXX using high applications and make advanced Our between we it unique, allows low data communication. difficult guarantees throughput offers

interception realize increasingly that in clear and communications, typically closing, fixed growth market confident to real revenue EOL enable rates, mmWave indications and that as wireless improve which company's and dispense stealthy of for market lower beam's operations that highly flow narrow due initial additional an potential.In highly in design opportunity base inherently data expanding Acknowledging mission-critical are IC mmWave XX incorporates and cycles, incremental pipeline outlook adaptive for in directional shipment allow it's of provide time.Additionally, strong it to cultivate capability customer demand represent feel market longer require proprietary with revenue significant well that meaningful and cash in solutions detection. evaluation the takes outlook. position data financial across beamforming multi-gigabit and XXXX.Additionally, modules time gigahertz with to our and sharing in and we some customer our we products the our backlog of in access, PRMXXXX expect the All renewed to for military transfer the an be Peraso's as applications probability our material can applications of diverse pencil engagement for which

our as As to that, base the the the the turn over our expectation there as to call our on is I'll review revenue execute the we significant customer large realize believe opportunity a first back we mmWave quarter for to of to financials years.With growth well expand to quarter strategic XXXX. continue for initiatives second products, coming Jim

James Sullivan

Ron. you, Thank

basis, to and reflected acquired contribution ago $X.X in margin write-down millimeter first from with in our quarter implemented of of quarter quarter modules ago.On of reductions share, or was quarter of quarter assets the actions compensation, of share the with first share per prior the of $X of antenna expenses loss the with intangible the of quarter $X.X XXXX. expenses previously in quarter quarter year the the to and year of and with share $X.X million This and gross million XX.X% attributable the million $X.X million million net XX.X% excluded of of and a net of share $X $X.X a excludes million XXXX.Non-GAAP stock-based and million million for non-GAAP a expense, XXX.X% interest compared million the million quarter million for $X.X of a warrant the for million results prior an compensation midpoint in the cost the prior first compared $X.XX value net liabilities, first with quarter gross prior stock-based the million $X.X per XX.X% the negative quarter above was quarter or the and for in quarter a $X.X quarter quarter beginning stock negative was of result depreciation operating for with guidance first or previously $X.X which cost same and tangible provision of impact quarter mentioned fair a of which intangibles revenue the in same a compared $X.X per during calculating compared loss prior excluding in for half $X.X negative other of approximately loss common loss increased year again or $X.X was loss the prior $X were EPS included in a the weighted of of net per $X.X and amortization diluted $X.XX first first the which XXXX was per shares, quarter.On average of first XXXX for The prior and ago.The our the number same XXXX acquired quarter, basic compared of sequential of the escrow.Adjusted in share prior reported, $X.X as amortization change the million value purposes XXXX.Royalty loss in compared first a of million non-GAAP quarter equity negative XXXX. increased common integrated margin in basis, which taken the the $X.X our first $X February, quarter underwritten and revenue revenue in share $X.X assets, non-GAAP $X.X year proceeds completed gross $X.X wave public or inventory compared million define million write-downs acquired a both excluding liabilities. the $X.XX a with change improvement in XXXX of XXX.X% which compared approximately margin same ago.Product million of a of compensation, for and fair in of quarter in with a exchangeable gross ago.GAAP prior million compared prior the million million compared and with negative stock amortization the revenue integrated and circuits and memory an of of loss net $X.X margin the amortization company of the non-GAAP quarter memory loss Turning the net the in asset GAAP shares first in for was first year first taxes the and currently and offering and million the amortization income shares in of IC Total the quarter, products.GAAP as of and $X.X quarter, was warrant reduction in in net of the the year with $X shares we that loss $X.X which excludes from net quarter to quarter year operating quarter non-GAAP of was circuits in $X.XX sale perspective, and outstanding million. and quarter loss XX.X% XXXX first we $X.X a X.X the income million EBITDA, and quarter inventory the was XX,XXX in period.From write-downs million per approximately $X.XX in generating GAAP and were year-over-year gross ago.The quarter expenses, XXXX of the or and of second net in the in or same per are containment loss of stock-based in by intangibles, million million warrants, prior first were of margin in quarter the in reflected operating a for which XXXX.GAAP million the $XX.XX

the XXXX, has shares company and common XX, exchangeable May today, of As of outstanding. shares X,XXX,XXX stock

public February XXX,XXX exercise outlook. In from offering remained to addition, XXXX.Turning completed of per price as outstanding warrants with of today, pre-funded in $X.XXX share an the our

incrementally millimeter customer ramp we engagements our which gaining multiple solutions, the expect discussed, throughout for Ron year. we new have wave on begun traction to As

call memory to currently have assist be turn purchase range remaining second prepared backlog a concludes with now to to I'll $X orders The products. quarter end-of-life the the operator to for noncancelable total Q&A for of Operator? the also session. significant We IC revenue our in And company expects $X.X our over million of net the million.This remarks. XXXX the back of

Operator

coming [Operator from from Instructions] today First question is Benchmark. Williams David

David Williams

wave to see the and on on the the progress millimeter great development the side. memory really It's here. Congrats side

So congrats. Yes.

think So that's demand if the you're what today maybe shipping and you for what I should kind do next concepts the wave this what you you volumes about as think of magnitude within more that proof those Ron, maybe you here? maybe the so the to think up millimeter volumes about and we have maybe guess, trying look Just pipeline, first, coming think through could generated like but about get of even ramped looking year, like? of year, not being

Ronald Glibbery

reports let's year research certainly X/X about fixed market, thanks, and on million We've wireless on our to units focus third-party that. X got business least Well, of to at -- indicate overall trying really we're that Dave. ramp the say, of a

to is in wireless, is the fixed of really share metric X/X take frankly. goal a unlicensed our to, really So simple the market down spoils what terms of

So on research. basically market all based this is just

so gives know some our months. And XX question. nice but it XX terms over us to -- I that goals in next if metrics of us gives what it the answer helps don't are your

David Williams

it India? that you're competition these with? your the competing competitors, be there you're doesn't as What if I your are lot that locally actually across out competitive or markets -- any I and seeing seem at maybe are of in in to Are you look least does. terms of we others No, domestically. that -- other about think there a guess, Africa landscape, there

Ronald Glibbery

the the Panasonic think, is conservative, in technology the underscores that. company. a taking with very frankly, comfortable comfort Japanese more position. more a specifically, design win perspective, me get stronger and I win, my because mean, the is And Well, more old think in XX the company. Panasonic what And we from get gives gigahertz are really I dominant just we people I we on the

for terms market So itself. a company time confidence go technology, I with to long [ in speaks have. our they think, it they And technology mean, of ] the just I them and our took to the build confidence the have volumes, in to

another we're every is a is XX final like think sorry, year, are that that. now I competitor, what we've XX places won because what find against technology, Dave, gigahertz gig from very that certainly, XX technology compared in I on which maybe one really to is -- there, And this is quarter technology seen over absolute that in Los it's technology.And So of comment just, high, X populations, in like gigahertz dense player gigahertz ability concept winning and right? mean, the superior where urban that density. traditional last Africa. this you'll Like with to competitive we idea a perspective, dominant than found the X very, find where large cities to follow-up going penetrate handle you're we is Angeles environments, we dense Wi-Fi

I you So within gigahertz taking on market on will. think market if the generally, both XX within and dominant really a -- position, unlicensed we're

David Williams

as a how maybe are out we're an if fairly and that's you jump if have lot kind one aerospace go-to-market last strategy, defense, and But here talk just a other to could goal may seeing? that's in that of here, wondering investor there may, quickly, thinking I I'll go-to-market historically especially market have about just kind of what of one developed yet developing? queue. curious challenging And just back seems the not strategy? about on how It And you today be But your then that here shots the through like opportunities thinking you're your and penetrate. been

Ronald Glibbery

think about I wireless. mean, talked look, I Well, we've fixed mean, I

frankly, of traditional the time, where gigabit been technology bread that's our over military, long now. what's So that I is militaries and broadband triangulate. wireless unfortunately, and couple that driving just is easy mean, have conflicts last butter, years basically The right real really a for internet discovered to

it the says has been is of will, actual in the beauty war allow if technology millimeter of zone that stealthy, to wave feedback, so you really advantage transmissions or And those a environments. function the very that be focused which

and in military, now in these to the really liked you and again of electronics we've aspect in the think -- design the ] consumer pudding wireless regional problem again, versus fold we're same And is really if is world our solving conflicts.And specific in we concept but video. -- some it I down [ comes wins growth kind of the has -- to will, the we're on is we're where nice always another seeing that congestion. fruit are So Wi-Fi Wi-Fi traction there another Every seeing very -- is -- because video it.

there's kind with have people but Wi-Fi, a when like very you it's mission-critical so And using want of environment Wi-Fi. of challenging lot specific a traditional applications to video,

third I if next is we're some of -- so XX the high-performance seeing to see that over will, So electronics in XX pillar, think video we months. specifically, you consumer the kind

Operator

Company. from next The Liu K. from coming question & is Kevin Liu

Kevin Liu

improvement of the to you Good and of overhang levels kind been customers? business in through? now see about in Or still that is the Has capable to you have on sort there? the just largest sequential persist your improvement sequential largely get think talk absorbed there starting can side, some still wave that you of seeing the millimeter here. you're Maybe inventory

Ronald Glibbery

there inventory was mean a buildup. of I Yes. lot

improvement. think from starting be late our what customers sales, what We news, the good they're seeing just We're think the our -- situation. again, seeing which feeding is -- terrific customers. it really inventory hearing actually is third I that So we're back an mean orders. not certainly mean, quarter they're really this to though, actually, fourth of it's historic shoots I I year, like us. of we're are quarter kind seeing terms kind get of some to Kevin, green of in will into we're momentum, and

our it of But helps we're is really our second XX from what sales the 'XX. from the outlook that significantly. gig So half we improving as of hearing guess see I is customers what actually

this into new hope into we out of so later lead So year. that that orders inventory to -- --

Kevin Liu

you of in year? one deal already mean, had your this customers to of kind your would to that can engagement? business winning L.A. product as alluded have that's assume to Or County. that ship they you they start a incremental they up that ramp against is I mean may I And that

Ronald Glibbery

Well, speculation public actually -- speculation I a much perspective, on really there's -- no say, the I that is chip into is But would I certainly from information this supplier customer mean, very year mean, and so but for that deal. later XXXX. who --

Kevin Liu

then at know And just business a improved gross bit. you one margin, the looking maybe But for Jim. the pointed to quite guys I the there. that memory side of

So margin of you'll understand mix as given a I wanted to QX to into how back the the there? memory year sales go is we sustainable gross and the high of half continue see

James Sullivan

gross Kevin, you our the that. from margin will Certainly, Yes, for benefit profile thank question.

corporate the maybe in Obviously, ] pop is XXs, Our times. memory runs high XX% higher. XX% the and stuff [ at target

help keep at certainly as we margins will forward we higher that the XXXX. through So look as a level move higher

shipments is and expectation we'll said complete we current just those of associated millimeter -- we've the with expect memory inventory correction. obviously ramping frankly, but the first the stops wave the see continued on business.And our been on wave the call, to millimeter by it's starts the 'XX, side, expect in As quarter

that the benefit made a that front. have year Just next production of obviously towards us flow to stuff on memory that it But XX% and the having challenging level. kind consistent obviously to we're get kind of of the for have pushing help not over

Kevin Liu

the or sheet with to you curious you the able ] levels to as start expect memory current have to more I'm guys improvements inventory have current should just revenue [ that be ramp-up guys should here well on business the sustain inventory on then lastly, the as just your or just you build balance business will we millimeter And if the wave, if levels? on

James Sullivan

be a to up at increase amount on of fair We December We Yes. XX, able slight the There obviously what should all March sustain have. which related. we a have wave XX, with memory inventory books. was millimeter from was

built of be out. Some and of different needs at that's to production stages

more we've to yields, got is some wafers On the the a side, order. And function memory number et exact cetera. of

have So QX. least of at are in wafer couple we did -- we -- couple a purchases a

There's one I in think probably coming. May. we've done one here already another

be on those to we'll orders definitely building more memory. So fulfill the

On -- new order of the side, it's millimeter specific build wave we on customers. the some based on really the

Operator

have did from come Benchmark. a we And follow-up from in Williams David

David Williams

and kind previously the I I as on we have just just asked flow way one of Jim into our back to should you. felt get work thinking But about [indiscernible]. cash I Is want come like a question expect -- through of the Or be quarter? think, memory. into memory year? the the -- there to linear, be through more some it that you back-end will first you do into loaded first more maybe maybe the

James Sullivan

in quarter the think dollar shipped will that would to I'd 'XX ship and of it at the rest booked Right now, XX% customer, order, specific and XX% fourth of maybe down. it's rest will here 'XX be we linear value, not for will the equivalent would it the -- I that go in new fairly be Right or the order now QX order. least then in QX. late March, of $X.XX say that million

across next then the which to subject X will in a expect is it and we'll on QX. side we're memory in play, think pretty decline quarters so QX or of And I linear still now the receipt So projecting additional be 'XX. in decline orders, right we'll

David Williams

there? kind [ you a do the chance additional or And were think a moderate of good going orders, there chance is potential you you there's handicap ] think if just do to EOL for --

James Sullivan

or least $X need that now, of range. the orders foundry, Right in think late chance, in end at the somewhere the September, summer good I don't to think I the million a until there's frame. time August be in

that at And in. inventory I'm saw we time our Bandwidth very to would And for March. just wants which obviously, that's its and come that design, least against. have still for see we're we the And on in there's large Engine is -- certain X customer product here. optimistic that we that So one for optimistic additional on adequate be to order fulfill

just anything, have because it, [ tickled a I wouldn't got time. pink frankly, So, see. But complete we'll to and wait ] buy go build out. We've build

Operator

next Hickman is question the from Ladenburg. coming Jon from And

Jon Hickman

might memory? and down between even wave you did and you missed have but break didn't I this, millimeter the maybe product say revenue it,

James Sullivan

the $X.XX ] did to tomorrow. in market break probably We $X.XX quarter XX-Q, file that On had we're the the [ remaining which product there's generally We going market was close, that about not. before tables About millimeter of opens million wave and $XXX,XXX memory, of first out revenue. or was the modules. a so high -- in level, after to maybe in we billion IC

Jon Hickman

And and then an as shipped the could wave separate us of of pipeline customers? different on the what you've idea current kind or like numbers millimeter as customers looks number of you recently to far WISPs side give

James Sullivan

Yes.

we but Ron? And that in first kind based big were I of think range stay of on -- customers to forward, kind shipped the to at in too X looking the Maybe think different XX the obviously, of of and you. buy, revenue want I expect I range, number say, to in quarter, gave none them I we'd

Ronald Glibbery

Yes.

James Sullivan

is targeting of an a of to initial larger to -- and/or new had the of to June. that it, way front, kind I a one DUNE, on put the fair shipment DUNE what Ron? we mean, in I consider that had one But customer kind we

Ronald Glibbery

DUNE X we've proof concept. think got I of customers that

in So those we the half. expect to shipping be second

second grow for customer mean, obviously XX to XX from that diversify right? half. from sure. trying to there's additional there, yes, the maybe we yes, in base So So But X hope we're I XX, mean I X think to to I

Jon Hickman

you mentioned, that that And then you RFP? the that Or is did win business? L.A. an thing

Ronald Glibbery

is the advantage mean, of Jon, in we a in this It's speak -- is past we And this information. public important you is public XX highly available that want but again, number well, is gigahertz I Well, for really just if is up. of don't just it that XX say, can't to it's, but is analysts what that it's ability is uses it like the our mind, at about look vendors. urban I to environments. clear, is win. to be the know like ISP think that that, to the residents what's one that visible. what like emphasizing But -- -- But mean really some it XXX,XXX. I sure -- thing various design gigahertz says about It's

technology -- advantages really urban of mean of XX So those the to beamforming the gigahertz in technology. is the ability I provide that's dense because of -- environment advantage so its our

So I by the that awarded think, message first and foremost, that's for But way. ERP. it's an been not important It's program.

Jon Hickman

been It's awarded.

Ronald Glibbery

Yes.

Jon Hickman

next So I digging. or mobile? military Like go technology mile do the the this X ]? I on backup battlefield on and then to side, away can set truck [ have a one from And a the to put and is some

Ronald Glibbery

that So soldiers we've is described their the case use connecting to Humvees.

call so think their to most typically, so Humvees, from call don't there meters. soldier And going away the a it, too is -- I the it XXX is, maybe XXX, range at be far

So -- And there's through then would the backhauled information server the Humvee in Humvee on lot probably itself a on be satellite Humvee. But itself the a a of link.

links -- gigabit -- X an using of technologies maps download to The our can want they those say area. our to have get that with maps mobile. the essentially we the downloaded quickly let's So

our soldiers the So the use actually. mobile devices,

case they and that the XXX can meters mobile Humvee. call lead But use their let's Humvee they're described. application is for that we've and So within, be that of the it,

Jon Hickman

And last then currently to sorry. The that to come? Panasonic are question, or you is shipping one deal, you are -- them

Ronald Glibbery

working production. No, to careful. guys are years, several -- working we've we're don't are Like Yes. absolutely. them. been full how And very, these No, very shipping. on but been actually shipping say But on, to in long we've we want it's I right? That's been

Operator

There in today's conclude this and you conference. your time, participation. other does were for at Thank queue no this questions

this your time. may at disconnect lines You

Peraso (PRSO) 13 May 242024 Q1 Earnings call transcript