Earnings call transcript: Peraso’s Q3 2025 revenue up, stock drops

Peraso Inc. (NASDAQ:PRSO) reported a significant increase in revenue for Q3 2025, driven by its millimeter wave products. Despite this, the company’s stock saw a 9.65% decline in regular trading hours to $1.14, though it experienced a slight recovery in aftermarket trading. The company provided cautious revenue guidance for Q4 2025, projecting between $2.8 million and $3.1 million.

Key Takeaways

• Peraso’s Q3 revenue rose 45% sequentially, reaching $3.2 million.
• Millimeter wave product sales surged to $3 million, a substantial increase from the previous year.
• The company anticipates modest revenue for Q4 2025, between $2.8 million and $3.1 million.
• Stock fell by 9.65% during regular trading hours but rose slightly in aftermarket trading.

Company Performance

Peraso’s performance in Q3 2025 was marked by a robust increase in revenue, particularly in its millimeter wave segment, which accounted for $3 million of the total $3.2 million revenue. This represents a sharp rise from $0.1 million in the same period last year. The company’s strategic focus on 60 GHz wireless solutions and expansion into new markets, such as tactical communications and edge AI, is beginning to bear fruit.

Financial Highlights

• Revenue: $3.2 million, up 45% sequentially from $2.2 million.
• Gross margin: 56.2%, an increase from 48.3% in the previous quarter.
• Cash balance: $1.9 million, slightly up from $1.8 million.

Market Reaction

Peraso’s stock closed down 9.65% at $1.14 during regular trading hours, reflecting investor caution despite the positive revenue growth. In aftermarket trading, the stock showed a slight increase, rising by 2.65% to $1.1702. This movement suggests a mixed sentiment as investors weigh the company’s strong quarterly performance against its cautious future guidance.

Outlook & Guidance

Looking ahead, Peraso projects Q4 2025 revenue to be between $2.8 million and $3.1 million, indicating a potential sequential decline. The company is optimistic about its long-term growth prospects, targeting continued expansion in the tactical communications market and customization opportunities in edge AI applications.

Executive Commentary

CEO Ron Glibbery highlighted the company’s achievements: "We had a notably strong third quarter highlighted by growing orders and shipments of Peraso’s industry-leading 60 GHz wireless solutions." He also emphasized the strategic importance of millimeter wave technology: "The same inherent high-performance and advanced capabilities that millimeter wave brings to fixed wireless and tactical communications can be critical enablers for high-bandwidth video for edge AI."

Risks and Challenges

• Market volatility: The recent stock price decline indicates potential investor uncertainty.
• Revenue guidance: The lower-than-expected Q4 2025 guidance could signal challenges in sustaining growth.
• Competitive pressures: As Peraso expands into new markets, it faces competition from established players.

Q&A

During the earnings call, analysts inquired about the design cycles and market expansion plans. Peraso noted that design cycles for fixed wireless access range from 9-12 months, while new market entries could take 12-15 months. The company also mentioned ongoing trials with tactical defense customers, expected to progress by the end of 2026.

Full transcript - Peraso Inc (PRSO) Q3 2025:

Conference Call Operator: Good afternoon and welcome to Peraso’s third quarter 2025 conference call. At this time, all participants are in a listen-only mode. If anyone needs assistance at any time during the conference call, please press the star key followed by the zero key on your touch-tone phone. As a reminder, this conference call is being recorded today, Monday, November 10th of 2025. I would now like to turn the call over to your host for today’s conference call, Mr. Jim Sullivan. Please go ahead.

Jim Sullivan, CFO, Peraso: Good afternoon, and thank you for joining today’s conference call to discuss Peraso’s third quarter 2025 financial results. I’m Jim Sullivan, CFO of Peraso, and joining me today is Ron Glibbery, our CEO. Today, after the market closed, we issued a press release and related Form 8-K, which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso’s website at www.peraso-inc.com under the Investor Relations section. There is also a slide presentation that we will be using in conjunction with today’s call that can also be accessed through the webcast link on the Investor Relations 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. Peraso advises caution in 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, as well as any statements concerning the expected development, performance, and market share or competitive performance of our products and technologies, as well as any potential statements related to prospective future financing arrangements or capital transactions and the evaluation or pursuit of strategic alternatives. Actual results could 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 Peraso’s public filings with the Securities and Exchange Commission.

Peraso 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. With respect to remarks on today’s call involving non-GAAP numbers, unless otherwise indicated, referenced amounts exclude stock-based compensation expense, amortization of intangible assets, severance costs, and the change in fair value of warrant liabilities. These non-GAAP financial measures, definitions, and the reconciliation of the differences between them and comparable GAAP measures are presented in our press release and related Form 8-K, which provides 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 page of our website.

Now, I would like to turn the call over to our CEO, Ron Glibbery, for his prepared remarks.

Ron Glibbery, CEO, Peraso: We appreciate you joining today’s conference call. We had a notably strong third quarter highlighted by growing orders and shipments of Peraso’s industry-leading 60 GHz wireless solutions. Total revenue increased more than 45% sequentially, driven by record quarterly revenue from our millimeter wave products. Gross margin also increased significantly in the previous quarter, achieving our targeted gross margin level in the mid-50% range. Consistent with prior recent quarters, we continue to exercise prudent cost management and drive operational efficiencies across the organization. Collectively, these metrics contribute to improved operating and bottom-line results, as well as reduced cash burn from operations in the third quarter. Turning to slide four, beyond 60 GHz millimeter wave solutions. As such, we have welcomed a steady recovery throughout the year in market demand and customer orders, both of which are reflected in our third quarter results.

We believe that fixed wireless access markets’ renewed momentum is sustainable, particularly for our 60 GHz wireless solutions, as there continues to be growing recognition of millimeter wave’s ability to enable reliable, high-speed, and low-latency broadband connectivity to homes and businesses without the time and cost burdens associated with fiber infrastructure. For further evidence of fixed wireless access and millimeter wave broadening market traction, I would encourage our investors to take a look at Verizon, a fixed wireless access service provider with a strong background in millimeter wave technology. Quarterly revenue from millimeter wave products were multiple prominent wins in fixed wireless access. The first of these wins was one of our leading partners, Tachyon Networks, which we announced in early July and covered on a previous conference call.

To briefly recap, Tachyon Networks chose to incorporate one of our Perspectus series modules with an integrated 16-element phased array antenna to power its latest outdoor 60 GHz fixed wireless solution. During the conference call, we announced our renewed collaboration with WeLink Communications to accelerate the deployment of high-speed broadband access across dense urban areas and multiple major U.S. cities. More specifically, WeLink’s mesh-based fixed wireless access architecture is leveraging Peraso’s 60 GHz technology for both businesses and consumers in dense urban neighborhoods. Also notable, they are successfully rolling out this high-speed wireless broadband service at a fraction of the cost and implementation time of typical fiber deployments. Most recently, in September, we secured an initial volume order.

I want to highlight that this order for our Perspectus mmWave modules was not only received from a first-time OEM customer, but they are a well-established equipment supplier to service providers. As a result, this new OEM customer has the potential to facilitate broader use of our millimeter wave solutions by an expanded number of fixed wireless service providers, many of which may not have previously been aware of or experienced the benefit of Peraso’s industry-leading technology. In addition to these recent wins, we are continuously supporting a broad number of proof-of-concepts with wireless internet service providers utilizing Peraso’s millimeter wave technology. With the majority of customers at or approaching more normalized inventory levels, we expect to see additional production orders as successful proof-of-concepts are completed, together with our ongoing efforts to convert other existing customer engagements into production. Turning to slide five.

As discussed on previous quarterly update calls, we are continuing to see increased market awareness of 60 gigahertz technology that extends beyond fixed wireless to access completely new markets. The most notable among these new emerging markets for Peraso’s millimeter wave solutions has been what we refer to as tactical communications, which includes diverse mission-critical military defense applications. During the course of exploring inbound interest and prospective engagements with potential customers and ecosystem partners, the substantial value proposition of 60 gigahertz wireless for tactical communications has become unmistakably clear. The everyday performance benefits that have made millimeter wave the go-to technology in fixed wireless access, such as high data rates, ultra-low latency, and power efficiency, are also ideal for enabling next-generation solutions for tactical communications. Additionally, millimeter wave’s inherently stealthy attributes and low probability of intercept represent a unique and unmatched advantage over potential wireless technologies.

While critical communication challenges encountered in tactical defense environments, this included securing a strategic contact with a specialized defense contractor who we’ve subsequently continued to collaborate with on a jointly developed system solution that leverages Peraso’s 60 GHz technology for a first-of-its-kind tactical defense application. This new mobile system solution is designed to provide heightened communications and situational awareness to help save military personnel and non-combatants, such as medics and humanitarian responders, operating in high-risk environments. As a reminder, we announced the delivery of initial production shipments of our advanced 60 GHz wireless solutions in support of this jointly developed solution in the June timeframe. Today, I’m pleased to report the recent and successful completion of initial field trials of this innovative solution. Upon the completion of additional trials, we expect the jointly developed solution with our lead customer to represent a significant long-term revenue opportunity for Peraso.

In addition to the successful initial field trial validating the robust capabilities of Peraso’s millimeter wave technology, we believe it represents and will serve as a foundation for further commercial expansion into the tactical defense communications market over the coming quarters. In fact, despite our lead customer’s understandable sensitivity to being named or publishing additional details about our jointly developed solution, we are confident that this engagement is contributing to the increased dialogue and engagement that we are fielding within the tactical communications market. Moving to slide six. On our previous conference call, I addressed how we secured a production order to incorporate our 60 GHz technology in a customer’s video system targeted for use in the educational market.

Although the revenue contribution from these adjacent market opportunities is often smaller relative to our fixed wireless business, the purpose of my commentary around adjacent markets last quarter was to demonstrate the true versatility of Peraso’s millimeter wave technology. In fact, the future customers about potentially utilizing our 60 GHz technology in various markets, I wanted to circle back in on today’s call and dig a little deeper into adjacent markets. While each of these prospective discussions were focused on completely different end markets, they all shared a common use case, namely overcoming the challenges associated with processing massive amounts of high-bandwidth video for edge AI applications. A few natural examples of these edge AI applications would include last-mile delivery services, autonomous vehicles, and drones.

Stepping back for a second, what’s really compelling is that the same inherent high-performance and advanced capabilities that millimeter wave brings to fixed wireless and tactical communications, the same attributes can be critical enablers for high-bandwidth video for edge AI. More specifically, 60 gigahertz millimeter wave readily supports multi-gigabit data rates for streaming or transferring high-resolution video. Additionally, ultra-low latency allows near-instantaneous data transfer for real-time applications. Lastly, 60 gigahertz millimeter wave is also inherently and exceptionally power efficient. This is especially critical for edge AI devices, many of which are battery-powered. High-resolution video at multi-gigabit data rates. We’ll keep you posted with our progress over the coming quarters. Turning to slide seven. This is an updated snapshot showing the evolution of our engagements pipeline over roughly the past two years. The figures on this slide represent the different SKUs or distinct device models at each stage of engagement.

Then, at the bottom is the cumulative number of SKUs that customers have released to production. For those that may be familiar with previous versions of this slide, you might notice that the current number of funnel opportunities is smaller than in the past. This is the result of a recently completed effort to narrow the total pool of identified opportunities down to those our team believes have the most commercial potential and highest formal engagements. As such, you can consider the currently greater than 30 funnel opportunity shown at the top as qualified opportunities. We chose to do this for two reasons. First, it better reflects the number of realistic near-to-intermediate opportunities that we are actively cultivating. Second, it also reflects our heightened focus internally towards advancing the most attractive and highest probability opportunities into formal engagements with customers.

I can continue to like using this slide because it clearly demonstrates not only the progress that we made over time, but also provides near real-time insight into the literal pipeline of fixed new incremental business that we are currently working on. In addition to briefly mentioning that all of the pictures shown here are actual customers and products, I’ll call out a couple of key takeaways. First, we have nearly doubled the number of customer SKUs in production over the last two years, contributing to a meaningful diversification of our customer base as well as end market applications. Lastly, this is the first time that Peraso has had a double-digit number of new customer devices in pre-production at any single point in time.

This is a testament to our team’s focus and dedication as these pre-production SKUs represent line of sight to new potential revenue streams once released to the commercial production by customers. In closing, we had a great third quarter, and we are pleased with the continued progress of our growth initiatives highlighted by the record revenue contribution of our millimeter wave product. In addition to capitalizing on the momentum of the fixed wireless access market, we are seeing rapidly expanding opportunities for our 60 gigahertz wireless solutions in new end markets and applications, all of which are poised to benefit from the high-bandwidth, secure, and power-efficient connectivity offered by Peraso’s technology. Of engagements into additional design ins and production orders spanning both millimeter wave fixed wireless access as well as adjacent new market opportunities for our 60 gigahertz solutions.

We believe that today we are well-positioned to deliver continued year-over-year growth from our millimeter wave products in the fourth quarter and into 2026. Coupled with this anticipated growth, we are remaining committed to disciplined expense management with the goal of driving steady improvement in our quarterly operating results. With that, I’ll turn the call back over to Jim to review the financials and provide our revenue outlook for the fourth quarter. Thank you, Ron. Turning now to the results for the third quarter of 2025. Total net revenue for the third quarter was $3.2 million, compared with $2.2 million for the prior quarter and $3.8 million for the third quarter of 2024.

Product revenue and product revenues for the third quarter of 2025 from the comparable period of 2024 was primarily attributable to the reduction in shipments of memory IC products due to the previously announced end of life of the products. Specific to sales of millimeter wave products, revenues were $3 million in the third quarter of 2025, compared with $2.2 million in the prior quarter and $0.1 million in the third quarter of 2024. Consolidated GAAP gross margin increased to 56.2% in the third quarter from 48.3% in the prior quarter and compared with 47% in the year ago. The increase in GAAP gross margin for the third quarter of 2025 from the prior comparable periods was primarily attributable to a more favorable revenue mix of millimeter wave products and solutions, as well as shipments of inventory written down in prior periods.

On a non-GAAP basis, gross margin for the third quarter was also 56.2%, compared with 48.3% in the prior quarter and compared with 61.7% in the third quarter of 2024, which was primarily attributable to shipments of memory IC products. GAAP operating expenses for the third quarter of 2025 were $3 million for reversal for software license obligations and $4.5 million in the third quarter of 2024. The decrease in operating expenses on a GAAP basis from the comparable period of 2024 was primarily attributable to reduced stock-based compensation expense and amortization expense related to intangible assets fully amortized in 2024. Non-GAAP operating expenses, which excludes stock-based compensation, were $2.9 million in the third quarter, compared with $2.7 million in the prior quarter, which included $0.2 million accrual reversal for software license obligations and $3.3 million in the third quarter of 2024.

The decrease in operating expenses on a non-GAAP basis from the comparable period of 2024 was primarily containment initiatives. Per share in the prior quarter and compared with a net loss of $2.7 million or a loss of $0.98 per share in the same quarter a year ago. Changes in fair value of warrant liabilities for the third quarter of 2025 was $1.1 million or a loss of $0.15 per share. This compared with a non-GAAP net loss of $1.7 million or a loss of $0.28 per share in the prior quarter and a net loss of $0.9 million or a loss of $0.34 per share in the same quarter a year ago. The weighted shares.

Fair value of warrant liabilities, interest expense, depreciation, and amortization, and the provision for income taxes was negative $1 million in the third quarter of 2025, compared with negative $1.6 million in the prior quarter and negative $0.8 million in the third quarter of 2024. With regards to the balance sheet, as of September 30th, 2025, the company had approximately $1.9 million of cash, compared with $1.8 million as of June 30th, 2025. The net positive change of approximately $0.1 million in the company’s cash balance for the third quarter included approximately $0.9 million of net proceeds from a warrant inducement offering of certain Series C warrants and approximately $0.7 million of net proceeds from the company’s at-the-market offering program during the quarter. As of today’s call, the company has approximately 8.98 million shares of common stock. Transaction, as well as various potential sources of additional capital.

Aside from confirming that the strategic review process continues to be ongoing in coordination with the company’s financial advisor, there are no related updates to share on today’s call from what we have previously disclosed. Now, turning to our outlook. As Ron previously discussed, we are processing 60 GHz wireless solutions. Based on current backlog, the company expects total net revenue for the fourth quarter of 2025 to be in the range of $2.8 million-$3.1 million. This concludes our prepared remarks, and we thank you for your time this afternoon. Operator, please commence the Q&A session. Question and answer session. If you would like to ask a question, please press Star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star 2 if you would like to remove your question from the queue.

For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star keys. One moment, please, while we pull for questions. Confident, but it sounds like you’re making a lot of momentum here. I guess maybe on my first question is on the new OEM that you announced or spoke to, can you give a little more color on that? It sounds like that’s a very optimistic about that. What does that opportunity look like, and what does that mean, do you think? It is the. We feel the number two OEM in the space. They are very sensitive to confidentiality, so we can’t release the specifics. From our perspective, it’s just to get another validation.

Something I did not mention on the call, sorry, Dave, that I should, is that these OEMs now historically have been using other, and I will not say which competitors, but other competitors who now we are beating out because we have better performance. That is exactly what happened in this case. A couple of things are happening. Obviously, the inventory kind of correction is coming to an end. I think more importantly, we are starting to see all of these OEMs who are using other chipset vendors come over to Peraso, and I think we are going to continue to see that over the coming quarters. For you, obviously, it signals a growth in that fixed wireless access. Does that specifically speak to anything from your perspective in either positive or negative? Broadly, it is positive.

I mean, I think Starry made no bones about their use of millimeter waves, so I think it’s another great validation of the technology. You’ll have to infer whether they were using Peraso or not, but I would say generally it’s been a very positive endorsement for Peraso. Yeah, I mean, Starry was a real advocate of, and what’s interesting actually is they’re using it for MDUs, multiple dwelling units. It’s turning out millimeter wave is a really nice technology for satisfying that market as well. We’re seeing that in other jurisdictions, but we think the real kind of catalyst in that situation was the support for MDUs, if you will. Okay, great. Just a couple more quick ones, but I wanted to ask about the timing of customer production schedules. You talked about your funnel. You’re obviously gaining some momentum there.

Is there any way to kind of think about your customer typical design cycles now that we’re through this inventory? Do you get a sense they’re coming to market more quickly, or will there still be an elongated kind of design cycle before we see them turn into production? Yeah, I mean, I think it’s case by case, but here’s how I would look at it, Dave. Excuse me. In the fixed wireless space, that’s tried and true. Well-oiled machines in a 9-12 month period, kind of from an engagement to kind of mass production. New opportunities like military, you’re looking at probably 12-15 months, obviously, because there’s more work that has to be done, more customization. It really depends if it’s an existing market or a new market.

Again, we’re seeing these opportunities now in edge AI, and that may take, again, 12-15 months would be my estimate. That is kind of the time frames that we’re looking at normally. Okay, great. Maybe just, Jim, on the balance sheet, it looks like you’ve got inventory and AR were both up pretty sharply sequentially. Anything to speak to there or maybe how should we think about your working capital going forward? Yeah, I know the AR was really a timing of functioning of sales. I know certainly as of today, we’ve collected, I think, over 70% of it. The remaining amount is one customer, which has a little bit longer terms. Nothing unusual in there, just a function of the higher product revenues.

From inventory, we’ve actually used a fair amount of the inventory for certain products that we had on hand. We’ve actually been building more inventory on certain products to meet anticipated demand looking out for Q1 and Q2. The good news is we continue to sell what we have. In those cases where we’ve depleted it, we’ve actually gone out and built more wafers. We’re going to continue to tightly manage the working capital looking forward. We’re really kind of managing the builds based on what we see in the backlog. We want the orders placed so we don’t lean too far forward on inventory. All right. Just one last one, if I can.

Sorry to take all the time here, but wanted to ask you kind of on the gross margin, given that some of that was written down previously, obviously, millimeter wave doing better, how should we think about kind of the balance on the gross margin as we kind of go forward from here? We’re still trying to keep it in that right around 50% range. It was a little bit higher here in the third quarter because it certainly benefited from product mix with the mix of customers. And then as well, as you pointed out, the sales reserve inventory, which we still have some of that we’re going to move through in the next few quarters.

There was also a very small contribution from our memory products, like $75,000 or so revenue that also contributed, as well as the NRE revenue that we brought in on the millimeter wave side. I think more realistic here in the short term is we’re still kind of working through things. It’s kind of in that we’re still targeting kind of that 50%. On the low side, kind of high 40s, but kind of right around 50% is where we’re targeting. Fantastic. Thanks for all the time and best of luck on the quarter, gentlemen. Thank you. Thanks a lot, Dave. Thanks for your time. Thank you. The next question is coming from Kevin Liu from K. Liu & Company. Kevin, your line is live. Hey, good afternoon, guys. Maybe just to follow on to some of the production schedules mentioned earlier.

You have that double-digit number of customers in your pipeline that are in pre-production mode. Once they get to that late stage, how long does it typically take before you start to see them contribute more meaningfully to your revenue? Oh, once they get to pre-production, Kevin. So pre-production is quite a long way. I mean, a lot of the, it’s a very strong part of the pipeline, pipe cleaning process. Typically, that’s about three months away, I think, one quarter away at the most. Once a customer gets to that point, they’re well down the path. Things like some more fundamental things, like for example, regulatory approval. By then, they’ve normally got it. They’ve got, if there’s any late parts in their kind of in their bill of material. There are a few things.

Typically, once you see a customer at pre-production, it’s about three months away. Sounds good. I know you can only say so much about kind of that lead tactical defense customer you have, but you did mention some additional trials before they get some more meaningful long-term revenues for you guys. How long do you expect some of these trials to go before you get to that? Yeah, they’ve got trials. I mean, there’s trials coming up at Christmas. I think we’ll see real production from these guys. I mean, what they’re telling us now, it looks like we’ll start to see the real production for that in the second half of 2026. Obviously, they’ll have to place the orders before then.

That’s kind of the timing we’re looking at, which net is about that 15 to, kind of call it, five- to six-quarter lag from the time we engage to the time they’re in full production. Pretty typical. Frankly speaking, it’s a very complex product, but we put a lot of effort into it. I mean, just to give you a quick example, our power consumption was cut down like 20 times from our standard power consumption. When we see these new opportunities once in a while, we have to make a contribution to get that product to market as well. In case it took some time, that’ll be about a five- to six-quarter lag time from the time we engaged. We’re seeing for that customer second half of 2026. Got it.

With some of the adjacent market opportunities you pointed out and these customers evaluating your products, can you talk a little bit about kind of the pipeline of NRE opportunities and how much, if any, sort of additional research or customization might need to occur to win these customers? There are kind of two buckets. Just to clarify, I mean, I tried to clarify on the call, Kevin, but really what’s interesting about these opportunities is historically, we’re very good at doing video. This is really, let’s take a VR headset. That was video going to the VR headset. The change on the examples that we gave is cameras within the device, like either in a self-driving car or maybe in AR glasses. That’s video coming out of the device.

It turns out there’s no good way to do that wirelessly today, except for Peraso. It turns out there’s two different buckets. One bucket is with our existing chips. Again, still requires some NRE to get those things to market, but they want to move very, very quickly. The other bucket is actually customization of chips. That’ll take longer, but kind of a much bigger deal. I would say that those are the two categories we’re looking at in terms of NRE is kind of with our existing chip, but also almost more exciting, not as more exciting, but as exciting is the opportunity to do silicon spins for these specific applications as well. We wouldn’t do it unless it was a big deal. Yep, understood.

Lastly, maybe for Jim, for your Q4 guidance, curious how much more memory revenue there is from that deal you guys announced last quarter. And if because of that higher margin revenue, we should assume kind of gross margin increases on a sequential basis. Yeah, there’s still, we had press released those memory orders a couple of weeks back. There’s still about $375,000 of memory shipments in this current fourth quarter, which will be pretty high margin. We’ll definitely need some improvement there. I think we’ll kind of see margins in the fourth quarter kind of around where they were in the third quarter with that memory benefit coming in, kind of mid-50%. All right. Sounds good. I’ll leave it there. Congrats again on the quarter, and thanks for taking the questions. Thanks a lot, Kevin. Thanks, Kevin. Thank you.

There were no other questions at this time. That does conclude today’s Q&A session. This also does conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation. Thank you.

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