PRSO · Peraso Inc.

Peraso’s Q1 2026 results reflect pronounced top-line contraction—net revenue fell 75% year-over-year to $0.963 million—driven by sharply lower shipments across both legacy memory ICs and mmWave products, as explicitly stated in the press release. The sequential 67% revenue decline from $2.9 million in Q4 2025 was attributed to a delayed customer order caused by supplier material shortages, which management confirmed was shipped in Q1 and prompted mitigation efforts to reduce single-supplier reliance. Gross margin improved to 61.5% sequentially (from 52.2%) due to a higher proportion of non-recurring engineering (NRE) revenue, which carries higher margins; however, the year-over-year decline from 69.3% reflected the erosion of higher-margin legacy memory IC sales. Operating expenses remained relatively stable at $3.076 million, though GAAP net loss more than quintupled year-over-year to $2.497 million, with non-GAAP net loss widening to $2.341 million after excluding stock-based compensation and warrant liability adjustments. Adjusted EBITDA deteriorated to negative $2.291 million, signaling deepening operational losses despite cost discipline. Management commentary emphasized near-term challenges in fixed wireless access—including irregular order patterns and immature demand signals from new customers—while highlighting progress in tactical communications, notably initial production shipments to InTACT for 60 GHz drone IFF systems. Though no formal forward guidance is provided, management stressed focus on securing purchase orders and converting customer engagements into design wins to drive future top-line growth—underscoring that current performance reflects execution timing and market transition rather than fundamental technology rejection.