Peraso Q2 net loss widens on lower revenue, higher operating expenses

US wireless chipmaker Peraso said its second-quarter revenue rose 36% sequentially, driven by delayed order fulfillment, but its net loss widened year over year as lower revenue and higher operating expenses weighed on results.

The company reported Q2 revenue of $1.31 million, beating the $1.25 million consensus estimate from one analyst. Adjusted net loss was $2.06 million, better than the $2.12 million estimate, while net loss came to $2.22 million.

• Delayed order fulfillment - Sequential revenue growth was driven by shipment of previously delayed order to a new fixed wireless access customer, according to CEO Ron Glibbery.
• Supply chain constraints - Management said irregular order patterns continued as customers faced inflated memory prices and component shortages.
• Gross margin improvement - Year-over-year gross margin increased due to higher non-recurring engineering services revenue, favorable mmWave product mix, and sales of previously written-down inventory.

Peraso said irregular order patterns and supply constraints are expected to extend into the fourth quarter. The company said it is seeing high interest and expanding engagements with drone manufacturers evaluating its solutions, and is focusing on improving supply chain resilience and expanding distribution partnerships.