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Peraso Inc. (PRSO-6.82%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $10.7 million for the year, compared to a net loss of $16.8 million in the previous year. The accumulated deficit as of December 31, 2024, was $177.1 million.
Revenue for the year was $14.6 million, up from $13.7 million in the previous year. Product revenue increased primarily due to higher shipments of memory IC products, partially offset by a decrease in mmWave product shipments.
Cost of net revenue decreased to $7.0 million from $11.9 million, primarily due to product mix and a reduction in inventory write-down charges.
Operating expenses totaled $20.0 million, down from $22.5 million in the previous year. This decrease was primarily due to reduced salary and consulting costs.
The company recognized a $1.7 million gain from the change in fair value of warrant liabilities.
Peraso continues to focus on the development and sale of its mmWave technology and expects an increase in sales from existing and new customers in the upcoming year.
The company has disclosed substantial doubt about its ability to continue as a going concern, citing expected operating losses and cash burn in the foreseeable future.
Peraso completed a public offering in February 2024, raising $3.4 million, and a warrant inducement offering in November 2024, raising $2.6 million.
The company is actively seeking additional financing to meet its cash requirements and may implement further cost reduction strategies if necessary.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Peraso Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.