$PRSO
Peraso Inc.

2022 Q3 Form 10-Q Financial Statement

#000156459022029517 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $3.294M $4.284M $3.403M
YoY Change 146.37% 514.63% 209.08%
Cost Of Revenue $2.000M $2.799M $1.948M
YoY Change 431.91% 543.45% 293.54%
Gross Profit $1.294M $1.485M $1.455M
YoY Change 34.65% 466.79% 72.6%
Gross Profit Margin 39.28% 34.66% 42.76%
Selling, General & Admin $3.353M $2.878M $2.705M
YoY Change 139.84% 59.98% 152.57%
% of Gross Profit 259.12% 193.8% 185.91%
Research & Development $4.509M $5.643M $5.486M
YoY Change 251.99% 95.12% 373.34%
% of Gross Profit 348.45% 380.0% 377.04%
Depreciation & Amortization $749.0K $764.0K $776.0K
YoY Change -255.39% 48.35% 180.14%
% of Gross Profit 57.88% 51.45% 53.33%
Operating Expenses $5.305M $8.521M $8.191M
YoY Change 98.02% 81.65% 100.07%
Operating Profit -$4.011M -$7.036M -$6.736M
YoY Change 133.47% 58.86% 86.49%
Interest Expense $5.000K $6.000K $0.00
YoY Change -99.24% -100.0%
% of Operating Profit
Other Income/Expense, Net $8.000K -$1.000K -$18.00K
YoY Change 100.0% -99.53% -12957.14%
Pretax Income -$4.008M -$7.043M -$6.754M
YoY Change 133.84% 29.71% 393.35%
Income Tax
% Of Pretax Income
Net Earnings -$4.008M -$7.043M -$6.754M
YoY Change 133.84% 29.71% 62.47%
Net Earnings / Revenue -121.68% -164.4% -198.47%
Basic Earnings Per Share -$0.20 -$0.33 -$0.34
Diluted Earnings Per Share -$0.20 -$0.33 -$0.34
COMMON SHARES
Basic Shares Outstanding 21.83M 21.64M 19.77M
Diluted Shares Outstanding 20.04M 21.64M 19.77M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.923M $4.914M $9.784M
YoY Change -78.25% -74.89% -12.16%
Cash & Equivalents $2.852M $2.820M $3.791M
Short-Term Investments $1.071M $2.094M $5.993M
Other Short-Term Assets $1.518M $1.446M $1.333M
YoY Change 118.73% 272.68% 149.63%
Inventory $5.271M $4.385M $4.521M
Prepaid Expenses
Receivables $1.636M $3.227M $2.106M
Other Receivables $1.076M $1.070M $1.117M
Total Short-Term Assets $13.42M $15.04M $18.86M
YoY Change -34.93% -30.4% 46.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.058M $2.047M $2.812M
YoY Change 743.44% 580.07% 683.29%
Goodwill $9.946M $9.946M
YoY Change
Intangibles $6.803M $7.327M
YoY Change
Long-Term Investments $0.00 $1.082M $2.399M
YoY Change -100.0% -68.94%
Other Assets $129.0K $152.0K $78.00K
YoY Change 616.67% 794.12% 333.33%
Total Long-Term Assets $20.12M $21.91M $23.09M
YoY Change 480.58% 476.28% 6023.87%
TOTAL ASSETS
Total Short-Term Assets $13.42M $15.04M $18.86M
Total Long-Term Assets $20.12M $21.91M $23.09M
Total Assets $33.54M $36.95M $41.95M
YoY Change 39.21% 45.4% 215.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.744M $2.385M $1.941M
YoY Change 1111.11% 2579.78% 2296.3%
Accrued Expenses $1.867M $1.778M $2.795M
YoY Change 8.23% 31.7% 87.33%
Deferred Revenue $219.0K $314.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.463M $5.149M $5.097M
YoY Change 119.74% 188.14% 152.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $554.0K $722.0K $411.0K
YoY Change 7120.0% 621.05%
Total Long-Term Liabilities $554.0K $722.0K $411.0K
YoY Change 7120.0% 103.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.463M $5.149M $5.097M
Total Long-Term Liabilities $554.0K $722.0K $411.0K
Total Liabilities $5.017M $5.871M $5.508M
YoY Change 147.02% 226.71% 147.66%
SHAREHOLDERS EQUITY
Retained Earnings -$135.0M -$131.0M
YoY Change -46.57%
Common Stock $163.6M $162.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.52M $31.08M $36.44M
YoY Change
Total Liabilities & Shareholders Equity $33.54M $36.95M $41.95M
YoY Change 39.21% 45.4% 215.71%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.008M -$7.043M -$6.754M
YoY Change 133.84% 29.71% 62.47%
Depreciation, Depletion And Amortization $749.0K $764.0K $776.0K
YoY Change -255.39% 48.35% 180.14%
Cash From Operating Activities -$1.857M -$5.822M -$5.740M
YoY Change -271.94% 25.53% 466.63%
INVESTING ACTIVITIES
Capital Expenditures -$235.0K -$267.0K $76.00K
YoY Change -283.59% 84.14% 3700.0%
Acquisitions
YoY Change
Other Investing Activities $2.100M $5.194M $3.743M
YoY Change -118.39% 222.41% -332.34%
Cash From Investing Activities $1.865M $4.927M $3.647M
YoY Change -116.51% 236.08% -326.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.00K -76.00K -9.000K
YoY Change -99.83% -45.32% -101.63%
NET CHANGE
Cash From Operating Activities -1.857M -5.822M -5.740M
Cash From Investing Activities 1.865M 4.927M 3.647M
Cash From Financing Activities 24.00K -76.00K -9.000K
Net Change In Cash 32.00K -971.0K -2.102M
YoY Change -99.11% -70.67% 196.47%
FREE CASH FLOW
Cash From Operating Activities -$1.857M -$5.822M -$5.740M
Capital Expenditures -$235.0K -$267.0K $76.00K
Free Cash Flow -$1.622M -$5.555M -$5.816M
YoY Change -270.38% 23.64% 473.0%

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:5.05%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses recognized during the reported period. <span style="color:#000000;">Material estimates may include assumptions made in determining reserves for uncollectible receivables, inventory write-downs, impairment of long-term assets, purchase price allocations, valuation allowance on deferred tax assets, accruals for potential liabilities and assumptions made in valuing equity instruments. </span>Actual results could differ from those estimates.</p>
CY2022Q2 prso Allowance For Doubtful Accounts As Percentage Of Invoice Value For Problematic Customer Balances Maximum
AllowanceForDoubtfulAccountsAsPercentageOfInvoiceValueForProblematicCustomerBalancesMaximum
1
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
61000
us-gaap Inventory Write Down
InventoryWriteDown
160000
us-gaap Inventory Write Down
InventoryWriteDown
37000
prso Scientific Research And Experimental Development Cost Tax Credit Eligible Percentage
ScientificResearchAndExperimentalDevelopmentCostTaxCreditEligiblePercentage
0.15
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8468000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1141000
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7327000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8447000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
92000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8355000
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0
CY2021Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1050000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
2099000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2099000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2011000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
28000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
10000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
30000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
7327000
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
The Company sells its products both directly to customers and through distributors generally under agreements with payment terms typically 60 days or less.
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
61000
prso Revenue Practical Expedient Period In Which Customer Payments Due From Invoice Date
RevenuePracticalExpedientPeriodInWhichCustomerPaymentsDueFromInvoiceDate
P60D
prso Payroll Subsidies
PayrollSubsidies
861352
prso Rent Subsidies
RentSubsidies
160865
CY2021Q4 us-gaap Goodwill
Goodwill
9946000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
3056000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
8282000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4789000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7056000
CY2022Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
9295097000
us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
20000
us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
30000
CY2022Q2 us-gaap Debt Instrument Convertible Liquidation Preference Per Share
DebtInstrumentConvertibleLiquidationPreferencePerShare
8.57
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
19064000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther
2558000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
833000
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
37627000
CY2021Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1865000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
4304000
CY2021Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-6634000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-12160000
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
6037000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
41000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
5996000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
18104000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
16000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
18088000
CY2022Q2 prso Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2021Q4 prso Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2022Q2 prso Fair Value Assets Level2 To Level1 Transfers Amount1
FairValueAssetsLevel2ToLevel1TransfersAmount1
0
CY2021Q4 prso Fair Value Assets Level2 To Level1 Transfers Amount1
FairValueAssetsLevel2ToLevel1TransfersAmount1
0
CY2022Q2 prso Fair Value Liabilities Level1 To Level2 Transfers Amount1
FairValueLiabilitiesLevel1ToLevel2TransfersAmount1
0
CY2021Q4 prso Fair Value Liabilities Level1 To Level2 Transfers Amount1
FairValueLiabilitiesLevel1ToLevel2TransfersAmount1
0
CY2022Q2 prso Fair Value Liabilities Level2 To Level1 Transfers Amount1
FairValueLiabilitiesLevel2ToLevel1TransfersAmount1
0
CY2021Q4 prso Fair Value Liabilities Level2 To Level1 Transfers Amount1
FairValueLiabilitiesLevel2ToLevel1TransfersAmount1
0
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1238000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
879000
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2597000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
2170000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
550000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
775000
CY2022Q2 us-gaap Inventory Net
InventoryNet
4385000
CY2021Q4 us-gaap Inventory Net
InventoryNet
3824000
CY2022Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
245000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1111000
CY2022Q1 us-gaap Cost Of Revenue
CostOfRevenue
1948000
CY2022Q1 us-gaap Gross Profit
GrossProfit
1455000
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5486000
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2705000
CY2022Q1 us-gaap Operating Expenses
OperatingExpenses
8191000
CY2022Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P18M
CY2022Q2 prso Lease Commencement Date
LeaseCommencementDate
2022-07-15
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.08
CY2022Q1 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P36M
CY2022Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
274000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
274000
CY2022Q2 prso Operating And Financing Lease Right Of Use Asset
OperatingAndFinancingLeaseRightOfUseAsset
1356000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1140000
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
254000
CY2022Q2 prso Operating And Financing Lease Liabilities
OperatingAndFinancingLeaseLiabilities
1394000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
223000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
768000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
222000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
139000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
113000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
84000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1549000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
155000
CY2022Q2 prso Present Value Of Lease Liabilities
PresentValueOfLeaseLiabilities
1394000
us-gaap Operating Lease Payments
OperatingLeasePayments
283000
us-gaap Operating Lease Payments
OperatingLeasePayments
147000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4284000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
697000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7687000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1798000
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
513438
us-gaap Interest Expense Debt
InterestExpenseDebt
513438

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