Peraso Inc.

Good afternoon and welcome to Perazzo Inc.' 's fourth quarter and full year financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded today, Wednesday, March 22, 2023. I would now like to turn the call over to Perazzo's CFO, Jim Sullivan. Please go ahead.

Thank you. Good afternoon, and thank you for joining today's conference call to discuss Parasso's fourth quarter and full year 2022 financial results. I'm Jim Sullivan, CFO of Parasso, and joining me today is Ron Glibury, our CEO. This afternoon, we issued a press release in related Form 8-K, which was filed with the SEC. The press release and Form 8-K are available on Parasso's website at www.parassoinc.com under the Investor Relations section. There is also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the IR website. As a reminder, comments made during today's conference call may include forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. PARASO advises caution and reliance on forward-looking statements. These statements include, without limitation, any projections of revenue, margins, expenses, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, non-GAAP net loss, cash flows, or other financial items, including anticipated cost savings. Also, any statements concerning the expected development, performance, and market share or competitive performance of our products or technologies. All forward-looking statements are based on information available to Perasso on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause Perasso's actual results to differ materially from those implied by the forward-looking statements, including unexpected changes in the company's business. More detailed information about these risk factors and additional risk factors are set forth in PRASO's public filings with the Securities and Exchange Commission. PRASO expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in terms of GAAP and non-GAAP. Included in the company's press release are definitions and reconciliations of GAAP to non-GAAP items, which provide additional details. For those of you unable to listen to the entire call at this time, a recording will be available on the investor relations section of our website. Now, I would like to turn the call over to our CEO, Ron Glibrey, for his prepared remarks. Ron?

Thank you, Jim. Good afternoon and welcome to everyone joining today on the phone and by webcast. As outlined in today's press release, Perazzo achieved strong growth for the fourth quarter and full year, highlighted by a number of accomplishments across the business. Both product and total revenue in the fourth quarter were up double digits sequentially and over 100% year over year. Our strong top line growth for the quarter and year was driven by robust demand and higher shipments of our millimeter wave ICs for fixed wireless access, as well as our memory IC products.