Peraso Inc.

What they do

Peraso develops mmWave semiconductor devices and antenna modules operating primarily in the 24 GHz to 71 GHz spectrum, aimed at point-to-point links up to 25 km, point-to-multipoint fixed wireless access, 5G FWA in the 24-43 GHz bands, military communications and consumer wireless video and AR/VR. It is fabless, outsourcing manufacturing, and also earns non-recurring engineering fees and IP licensing revenue. The company was formerly MoSys and became Peraso Inc. after acquiring Peraso Technologies Inc. on December 17, 2021.

Revenue drivers

• Product revenue (mmWave devices and antenna modules) — Q2 2026 product revenue was $1.244 million of $1.307 million total net revenue; management attributed the sequential increase to higher mmWave product shipments.
• Fixed wireless access (FWA) customers — Management said Q2 2026 revenue rose about 36% sequentially mainly on fulfillment of a previously delayed order to a new fixed wireless access customer.
• Services, NRE and IP licensing — Services and other revenue was $63 thousand in Q2 2026 versus $2 thousand a year earlier, and $359 thousand for the first six months of 2026 versus $71 thousand in 2025; the company cites NRE and IP licensing as a business line.
• Memory IC products (discontinued) — Peraso initiated end-of-life for its memory-denominated ICs in 2023 and had substantially fulfilled all outstanding EOL orders as of March 31, 2025, so this revenue source is winding down.

Recent performance

Q2 2026 total net revenue was $1.3 million, up about 36% sequentially from $1.0 million in Q1 2026 but down from $2.2 million in Q2 2025. Product revenue was $1.2 million versus $2.2 million a year ago. Gross margin was 63.7%, compared with 61.5% in the prior quarter and 48.3% in Q2 2025, helped by NRE revenue, mmWave product mix and sales of previously written-down inventory. GAAP net loss was $2.2 million, or $(0.16) per share, versus a $1.8 million loss, or $(0.31) per share, a year earlier, and Adjusted EBITDA was negative $2.0 million. Full-year 2025 revenue was $12.2 million with a net loss of $4.8 million.

Strategy

Management said its highest priority is driving commercial traction, securing new design wins and adding customers to support future top-line growth. It is working to improve supply chain resilience and to add distribution partners to broaden reach for its 60 GHz mmWave solutions. The company is highlighting defense and tactical communications, citing stealthy anti-jamming characteristics, and says it sees expanding engagements with drone manufacturers evaluating its products. Peraso is also funding operations partly through at-the-market equity sales: it issued 2,372 thousand shares for $2.3 million net in the six months ended June 30, 2026.

Risks

• Going concern — The 10-K risk factors state the company might not be able to continue as a going concern.
• History of losses and need for capital — Peraso has a history of losses and the 10-K states it will need to raise additional capital; 2025 net loss was $4.8 million and operating cash flow was negative $5.6 million.
• Irregular order patterns — The CEO said the business continues to be impacted by irregular order patterns as FWA customers navigate inflated memory prices and constrained supply of other key components.
• Discontinued memory products — The 10-K lists as a risk that the company discontinued production of its memory products, which had been a revenue source before the 2023 end-of-life.

Outlook

Management said it expects the market dynamics of irregular FWA ordering, inflated memory prices and constrained component supply to extend into the fourth quarter. It nonetheless expressed optimism about recognition of its 60 GHz mmWave technology across target end markets, especially defense and tactical communications and drone manufacturers evaluating its solutions. The stated focus is on commercial traction, new design wins and additional distribution partners rather than near-term revenue recovery guidance. No specific financial guidance figures were provided in the excerpts.