UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
Peraso Inc. (the “Company”) estimates its total revenue for the three months ended December 31, 2023, to be in the range of approximately $1.6 million to $1.9 million. The Company’s estimated royalty and other revenue for the three months ended December 31, 2023 is projected to be in the range of approximately $0.1 million to $0.4 million.
The Company’s estimated total revenue for the year ended December 31, 2023 is projected to be in the range of approximately $13.6 million to $13.8 million. The Company’s estimated royalty and other revenue for the year ended December 31, 2023 is projected to be in the range of approximately $0.7 million to $0.9 million.
The following table details estimated revenue by product category for the three and twelve months ended December 31, 2023:
| ($ in millions) | Three Months Ended | Twelve Months Ended | ||||||
| Product category | December 31, 2023 | |||||||
| Memory ICs | $ | 1.2 | $ | 8.4 | ||||
| mmWave ICs | 0.2 | 2.8 | ||||||
| mmWave antenna modules | 0.1 | 1.7 | ||||||
| $ | 1.5 | $ | 12.9 | |||||
The Company had cash and cash equivalents of approximately $1.6 million at December 31, 2023, an increase of approximately $0.9 million from September 30, 2023. The increase in cash and cash equivalents during the three months ended December 31, 2023 was attributable to proceeds from the end-of-life of the Company’s memory products.
The Company is currently in the process of finalizing its consolidated financial results for the fourth quarter and year ended December 31, 2023 and, therefore, its actual results for these periods are not yet available and have not been audited. The Company’s actual results may differ materially from the estimated preliminary results set forth above and will not be finalized until after the Company completes its normal year-end accounting procedures. The Company’s preliminary results set forth above reflect management’s best estimate of the impact of events during the year and are based on the information currently available to the Company as of the date hereof.
Accordingly, undue reliance should not be placed on these preliminary estimates.
In accordance with General Instruction B.2 of Form 8-K, the information included in this Current Report on Form 8-K is furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PERASO INC. | ||
| Date: January 24, 2024 | By: | /s/ James Sullivan |
| James
Sullivan Chief Financial Officer | ||
2
Cover |
Jan. 24, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jan. 24, 2024 |
| Entity File Number | 000-32929 |
| Entity Registrant Name | PERASO INC. |
| Entity Central Index Key | 0000890394 |
| Entity Tax Identification Number | 77-0291941 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 2309 Bering Dr. |
| Entity Address, City or Town | San Jose |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 95131 |
| City Area Code | 408 |
| Local Phone Number | 418-7500 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, par value $0.001 per share |
| Trading Symbol | PRSO |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |