Millimeter Wave Technology Company Announces Second Quarter 2024 Revenue Surge
Millimeter Wave Technology Company Announces Second Quarter 2024 Revenue Surge
Peraso Announces Preliminary Second Quarter 2024 Revenue Results Above Guidance.
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Peraso Inc. (NASDAQ: PRSO), a global company in millimeter wave (mmWave) technology for 60 GHz unlicensed and 5G licensed networks, has announced its preliminary revenue results for the second quarter ending June 30, 2024. The company anticipates total net revenue for the quarter to be approximately $4.2 million, surpassing its previous guidance of $3.7 million to $4.0 million.
Key Drivers of Revenue Growth
One of the critical factors contributing to Peraso's stronger-than-expected revenue is the first volume production order for its mmWave DUNE platform solution. This platform represents a advancement in mmWave technology, targeting high-speed fixed wireless access applications, particularly in dense urban environments. The initial deployment of this platform by a South African service provider has driven revenue growth for the company. In addition to the new volume production order for the mmWave DUNE platform, increased shipments of Peraso’s end-of-life (EOL) memory IC products played a substantial role in the revenue uptick. These EOL products continue to fulfill existing backlog orders, providing a steady revenue stream that complements the company's newer innovations.
Ron Glibbery, CEO of Peraso, expressed his satisfaction with the company's preliminary revenue results. He highlighted the impressive sequential growth of over 50% and year-over-year growth exceeding 70%. According to Glibbery, the higher revenue for the quarter was driven by a combination of increased shipments of EOL memory IC products and the new volume production order for mmWave antenna modules. Glibbery further noted that Peraso expects additional incremental orders from the South African service provider in the coming quarters. This optimism is bolstered by a growing number of mmWave customer engagements targeting gigabit-speed fixed wireless access applications. The expansion of these customer engagements is expected to fuel continued growth for the remainder of 2024.
Importance of mmWave Technology
Millimeter wave technology, particularly in the 60 GHz unlicensed spectrum, plays a vital role in fixed wireless access solutions. These solutions offer gigabit-speed connectivity, making them ideal for deployment in densely populated urban areas where traditional wired infrastructure may be impractical or cost-prohibitive. Peraso’s DUNE platform leverages mmWave technology to provide high-capacity, low-latency wireless connections, addressing the growing demand for efficient and reliable internet access. Beyond fixed wireless access, mmWave technology is also crucial for the development and deployment of 5G networks. The 5G licensed spectrum requires advanced antenna modules capable of handling high-frequency signals. Peraso’s expertise in mmWave technology positions the company as a key player in the ongoing rollout of 5G infrastructure, offering solutions that enhance network performance and capacity.
The preliminary revenue results for the second quarter have bolstered Peraso’s confidence in its outlook for the second half of 2024. The company expects further ramping of mmWave shipments and continued fulfillment of sizable backlog orders for EOL memory products. This dual approach ensures a balanced revenue stream, driven by both legacy products and cutting-edge innovations.
As of the publication date, all reported results are preliminary and unaudited. They are subject to adjustments during Peraso’s standard quarterly closing process. The company plans to report its complete financial results for the second quarter of 2024 during its quarterly earnings conference call, scheduled for August. This call will provide detailed insights into the company's financial performance, initiatives, and future projections.
About Peraso Inc.
Peraso Inc. is a global leader in mmWave technology, focusing on developing advanced solutions for 60 GHz unlicensed and 5G licensed networks. The company's innovative products cater to various applications, including fixed wireless access, mobile backhaul, and consumer electronics. Founded on a commitment to technological excellence, Peraso continues to push the boundaries of what is possible in the realm of high-frequency wireless communications. Under the leadership of CEO Ron Glibbery, Peraso has established itself as a pioneer in mmWave technology. The company's experienced team of engineers and scientists drives continuous innovation, ensuring that Peraso remains at the forefront of the industry. With a strong focus on R&D, Peraso is well-positioned to capitalize on emerging opportunities in the global telecommunications market.
Peraso’s mmWave antenna modules are designed to deliver high-capacity, low-latency wireless connectivity. These modules are integral to the company’s DUNE platform, which targets fixed wireless access applications in urban environments. The initial deployment of this platform in South Africa marks a milestone in the company’s growth strategy. Despite being classified as end-of-life, Peraso’s memory IC products continue to generate substantial revenue. These products fulfill existing backlog orders, providing a stable revenue stream that supports the company’s financial health. The successful management of EOL products highlights Peraso’s ability to balance legacy product lines with innovative new solutions.
Peraso's preliminary second-quarter revenue results reveal the company's strong performance and growth potential. Driven by increased shipments of EOL memory IC products and a volume production order for the mmWave DUNE platform, Peraso has exceeded its revenue guidance for the quarter. With a positive outlook for the second half of 2024, the company is well-positioned to continue its upward trajectory in the competitive mmWave technology market.
Disclaimer: The information provided in this article is for educational and informational purposes only and should not be construed as financial or investment advice. Readers should consult with a financial advisor for any investment concerns or questions. This content is based on publicly available information and reflects the status as of the date of publication.
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