Peraso Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Peraso Inc. has filed its 2023 annual report detailing its financial performance and business operations.</b>

AI Summary

Peraso Inc. (PRSO) filed a Annual Report (10-K) with the SEC on March 29, 2024. Peraso Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and headquartered in San Jose, California. Peraso Inc.'s common stock trades on The Nasdaq Stock Market, LLC under the symbol PRSO. The filing indicates Peraso Inc. is a non-accelerated filer and a smaller reporting company. The report covers the fiscal year ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Peraso Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Peraso Inc.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. As a smaller reporting company and non-accelerated filer, Peraso Inc.'s disclosures may differ in scope from larger entities, offering a specific lens through which to analyze its market position and regulatory compliance.

Risk Assessment

Risk Level: low — Peraso Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating a routine disclosure process.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Peraso Inc.'s performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Reported fiscal year end date)
• 20240329 — Filing Date (Date the 10-K was filed)
• 000-32929 — Commission File Number (SEC registration number for Peraso Inc.)
• 77-0291941 — IRS Number (Employer Identification Number)

Key Players & Entities

• Peraso Inc. (company) — Registrant name
• PRSO (company) — Trading symbol for common stock
• The Nasdaq Stock Market, LLC (company) — Exchange where common stock is registered
• Delaware (company) — State of incorporation
• San Jose, California (company) — Principal executive office location
• MoSys, Inc. (company) — Former company name
• MONOLITHIC SYSTEM TECHNOLOGY INC (company) — Former company name

FAQ

Industry Context

Peraso Inc. operates in the semiconductors and related devices industry.

Regulatory Implications

The filing is made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

What Investors Should Do

1. Review Peraso Inc.'s financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges facing the company.
3. Compare Peraso Inc.'s performance metrics with industry peers.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following the reporting period.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share PRSO The Nasdaq Stock Market,
• $0.01 — Series AA Preferred Stock, par value $0.01 per share None Indicate by check ma
• $20.4 billion — portunity Fund, or RDOF, to award up to $20.4 billion for the development of improved broadba
• $42.45 billion — , or BEAD, program, which has allocated $42.45 billion to expand high-speed Internet access by
• $180 m — market for us in 2025 of approximately $180 million, assuming an average selling pric
• $30 — uming an average selling price to us of $30 for an antenna module included in each

Filing Documents

• ea0202249-10k_perasoinc.htm (10-K) — 1436KB
• ea020224901ex23-1_peraso.htm (EX-23.1) — 2KB
• ea020224901ex31-1_peraso.htm (EX-31.1) — 11KB
• ea020224901ex31-2_peraso.htm (EX-31.2) — 11KB
• ea020224901ex32_peraso.htm (EX-32) — 7KB
• ea020224901ex97-1_peraso.htm (EX-97.1) — 47KB
• 0001213900-24-027971.txt (&nbsp;) — 7164KB
• prso-20231231.xsd (EX-101.SCH) — 73KB
• prso-20231231_cal.xml (EX-101.CAL) — 56KB
• prso-20231231_def.xml (EX-101.DEF) — 341KB
• prso-20231231_lab.xml (EX-101.LAB) — 624KB
• prso-20231231_pre.xml (EX-101.PRE) — 340KB
• ea0202249-10k_perasoinc_htm.xml (XML) — 804KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosures 27 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28 Item 6. [Reserved] 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 40 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 40 Part III Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 46 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56 Item 13. Certain Relationships and Related Transactions, and Director Independence 58 Item 14. Principal Accountant Fees and Services 59 Part IV Item 15. Exhibits 60 Item 16. Form 10-K Summary 62

Signatures

Signatures 63 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS REPORT This Annual Report on Form 10-K, or this Report, and the documents incorporated herein by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which include, without limitation, statements about the market for our products, technology, our strategy, competition, expected financial performance and other aspects of our business identified in this Report, as well as other reports that we file from time to time with the Securities and Exchange Commission, or SEC. Any statements about our business, financial results, financial condition and operations contained in this Report that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, including those described in Part I., Item 1A, "Risk Factors" in this Report. Without limiting the foregoing, the words "believes," "anticipates," "expects," "intends," "plans," "projects," or similar expressions are intended to identify forward-looking statements. Our actual results could differ materially from those expressed or implied by these forward-looking statements as a result of various factors, including the risk factors described in Part I., Item 1A, "Risk Factors," and elsewhere in this Report. We undertake no obligation to update publicly any forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future. Peraso , MoSys ,1T-SRAM and Bandwidth Engine are registered trademarks of Peraso Inc. PERSPECTUS is a trademark of Peraso Inc. Unles

Business

Item 1. Business. Overview We are a fabless semiconductor company focused on the development and sale of: i) millimeter wavelength wireless technology, or mmWave, semiconductor devices and antenna modules based on our proprietary semiconductor devices and ii) performance of non-recurring engineering, or NRE, services and licensing of intellectual property, or IP. Our primary focus is the development of mmWave, which is generally described as the frequency band from 24 Gigahertz, or GHz, to 300 GHz. Our mmWave products enable a range of applications including: multi-gigabit point-to-point, or PtP, wireless links with a range of up to 25 kilometers and operating in the 60 GHz frequency band; multi-gigabit point-to-multi-point, or PtMP, links in the 60 GHz frequency band used to provide fixed wireless access, or FWA, services; FWA in the 5G operating bands from 24 GHz to 43 GHz to provide multi-gigabit capability and low latency connections; military communications; and consumer applications, such as high performance wireless video streaming and untethered augmented reality and virtual reality. We also have a line of memory-denominated integrated circuits, or ICs, for high-speed cloud networking, communications, security appliance, video, monitor and test, data center and computing markets that deliver time-to-market, performance, power, area and economic benefits for system original equipment manufacturers, or OEMs. As discussed below, we initiated an end-of-life of these products in 2023. Business Combination We were formerly known as MoSys, Inc., or MoSys. On September 14, 2021, we and our subsidiaries, 2864552 Ontario Inc. and 2864555 Ontario Inc., entered into an Arrangement Agreement, or the Arrangement Agreement, with Peraso Technologies Inc., or Peraso Tech, a privately-held corporation existing under the laws of the province of Ontario, to acquire all of the issued and outstanding common shares of Peraso Tech, or the Peraso Shares, including those Peras

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View this 10-K filing on SEC EDGAR