PRSO - Peraso implements cost-reduction initiatives involving staff cuts Q4 revenue below consensus

• mmWave technology company Peraso ( NASDAQ: PRSO ) has implemented cost-reduction initiatives, which involves staff cuts, and provided preliminary Q4 revenue estimates below consensus.
• The initiatives are expected to help PRSO decrease its operating expenses by ~$5M on an annualized basis, primarily from lower headcount, including a reduction of employees and full-time-equivalent consulting positions, as well as targeted reductions in certain longer-term research and development projects.
• The company expects to reduce its operating losses and streamline its operations through the initiatives.
• Additionally, the company said it expects Q4 revenue of ~$3.9M, in-line with the company's original guidance range of $3.8M to $4.1M and below the consensus of $3.95M.
• Also, PRSO confirmed it successfully collected ~$1.5M in payments from a large customer toward the $1.6M in accounts receivable outstanding from this customer at Sep. 30, 2022.
• The company expects to report Q4 results in March.
• Source: Press Release

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