Peraso Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
Peraso (NASDAQ:PRSO) reported fourth-quarter and full-year 2025 results on March 16, 2026. Full-year mmWave product revenue grew six-fold year-over-year, while total 2025 net revenue was $12.2M versus $14.6M in 2024. GAAP gross margin improved to 58.0% and GAAP net loss narrowed to $4.8M (−$0.67 per share). The company cited design wins in fixed wireless and tactical communications and ongoing cost reductions; management will host a conference call March 16, 2026.
Positive
- mmWave revenue +6x year-over-year in 2025
- GAAP gross margin improved to 58.0% in 2025
- GAAP net loss narrowed to $4.8M in 2025
- Operating expenses reduced to $11.8M from $20.0M in 2024
- Adjusted EBITDA improved to −$4.0M in 2025
Negative
- Total net revenue declined to $12.2M (2025) from $14.6M (2024)
- Product revenue fell to $11.8M in 2025 from $14.2M in 2024
- Non-GAAP gross margin declined to 58.0% from 67.2% in 2024
Market Reaction – PRSO
Following this news, PRSO has declined 31.02%, reflecting a significant negative market reaction. Our momentum scanner has triggered 78 alerts so far, indicating high trading interest and price volatility. The stock is currently trading at $1.29. This price movement has removed approximately $8M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
PRSO gained 14.1% while key peers like LEDS and GSIT were down on the day, and momentum peers GCTS and LEDS also moved lower. This suggests a stock-specific reaction rather than a sector-wide semiconductor move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | -2.9% | Strong Q3 mmWave growth and margin gains with narrower net loss. |
| Aug 11 | Q2 2025 earnings | Positive | -1.2% | mmWave revenue up sharply despite total revenue decline from memory IC wind-down. |
| May 12 | Q1 2025 earnings | Positive | -11.5% | Strong Q1 growth, higher margins, and reduced net loss with mmWave strength. |
| Mar 19 | FY/Q4 2024 earnings | Positive | -2.8% | Q4 2024 revenue doubled YoY and margins expanded with 2025 growth outlook. |
| Nov 12 | Q3 2024 earnings | Neutral | -19.6% | Q3 2024 revenue down but margins improved and costs reduced with new orders. |
Earnings releases have typically been followed by negative moves (average -7.59%), with most past reports showing positive operational progress but share price weakness.
Over the past five earnings reports from Nov 2024 through Nov 2025, Peraso has highlighted consistent growth in mmWave revenue, improving gross margins, and efforts to reduce operating expenses and net losses. However, these fundamentally constructive updates were often followed by share price declines. Today’s fourth quarter and full-year 2025 results continue themes of mmWave expansion and cost control, but unlike earlier periods, the market reacted positively despite softer total revenue trends.
Historical Comparison
In the past year, PRSO’s earnings releases averaged a -7.59% move. Today’s +14.1% reaction to Q4/FY 2025 results stands out against that typically negative pattern.
Across recent earnings, Peraso has shown a shift from memory IC dependence toward expanding 60 GHz mmWave products, with improving gross margins and reduced operating expenses and net losses, despite volatility in total revenue.
Regulatory & Risk Context
Peraso has an effective S-3 shelf registration filed on 2025-10-08 to register shares for resale by selling stockholders and shares issuable upon exercise of existing warrants and options. The company has utilized this shelf via two prospectus supplements (Forms 424B5) dated 2025-10-10 and 2025-11-21.
Market Pulse Summary
The stock is dropping -31.0% following this news. A negative reaction despite positive elements—like improved full-year margins and narrowed net losses—would have fit the historical pattern, as past earnings averaged a -7.59% move. In that scenario, ongoing revenue declines from legacy memory IC products and continued GAAP net losses could have weighed on sentiment, even as mmWave growth and cost controls pointed to operational progress in the underlying business.
Key Terms
mmwave technical
non-gaap financial
adjusted ebitda financial
stock-based compensation financial
warrant liabilities financial
form 8-k regulatory
AI-generated analysis. Not financial advice.
Full Year mmWave Product Revenue Increased 6x Year-over-Year
SAN JOSE, CA / ACCESS Newswire / March 16, 2026 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a pioneer in mmWave wireless technology solutions, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Management Commentary
"We closed out 2025 with a solid fourth quarter that was in line with our guidance range and supported by continued year-over-year growth in mmWave product shipments," commented Ron Glibbery, CEO of Peraso. "For the full year, revenue from our mmWave products grew six-fold over 2024. Together with healthy gross margins and disciplined expense management, this contributed meaningful improvement to our year-over-year bottom-line results.
"Over the past several months, we have demonstrated steady progress on expanding the adoption of our 60 GHz mmWave technology, as we have secured multiple design wins with new and existing customers. In the fixed wireless market, we continued to improve our position as the dominant supplier of 60 GHz semiconductors with MikroTik's launch of its next-generation 60 GHz wireless device. In the tactical communications market, our existing Israeli defense customer, InTACT, selected Peraso's mmWave wireless technology to enable secure data transmission for next-generation drone Identification Friend or Foe systems. Notably, we are seeing growing demand for extremely high data rate applications, particularly in congested environments where existing wireless technologies such as Wi-Fi can fail due to interference issues. This trend was highlighted by our recently announced collaboration with Virewirx, which is developing 60 GHz multi-gigabit connectivity solutions for robotaxi applications that require download rates in the order of 1 terabit per hour. As conventional Wi-Fi and 5G solutions can become oversaturated at these data rates, customers are increasingly turning to 60 GHz mmWave technology as an alternative.
"Looking ahead for the remainder of 2026, we are encouraged by the growing market awareness of 60 GHz wireless technology and its ability to efficiently deliver high-bandwidth, secure connectivity in congested operating environments. Our focus remains on broadening our customer base and pipeline of design wins within both fixed wireless access and tactical communications, while also selectively capitalizing on high-growth opportunities for Peraso's mmWave-based solutions in adjacent markets."
Fourth Quarter 2025 Financial Results
Total net revenue for the fourth quarter of 2025 was
GAAP gross margin for the fourth quarter of 2025 was
Total operating expenses on a GAAP basis for the fourth quarter of 2025 were
GAAP net loss for the fourth quarter of 2025 was
Adjusted EBITDA for the fourth quarter of 2025 was negative
A reconciliation of GAAP to non-GAAP results and GAAP net loss to Adjusted EBITDA is provided in the financial statement tables following the text of this press release.
Full Year 2025 Financial Results
Total net revenue for 2025 was
GAAP gross margin for 2025 was
Total operating expenses on a GAAP basis for 2025 were
GAAP net loss for 2025 was
Non-GAAP net loss for 2025 was
Earnings Conference Call and Webcast Information
Ron Glibbery, CEO, and Jim Sullivan, CFO, will host a conference call and webcast with slides today, March 16th, at 1:30 p.m. Pacific Time.
Date: Monday, March 16, 2026
Time: 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)
Conference Call Number: 1-888-545-0523
International Call Number: +1-973-528-0016
Participant Access Code: 703174
Webcast and Slides: Click Here
For those unable to listen to the live Web broadcast, it will be archived on the Company's website, and can be accessed by visiting the Company's investor page at https://investors.perasoinc.com/events-presentations. A replay of the conference call will also be available through March 23, 2026 and can be accessed by calling 1-877-481-4010, and using passcode 53686. International callers should dial 1-919-882-2331 and enter the same passcode at the prompt. Any supporting materials referenced during the live broadcast will be made available in the Investor Relations section of the Company's website following the conclusion of the conference call.
Use of Non-GAAP Financial Measures
To supplement Peraso's consolidated financial statements presented in accordance with GAAP, Peraso uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation,amortization of reported intangible assets, severance costs, and the change in fair value of warrant liabilities. Peraso's management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that Peraso's management uses for planning and forecasting future performance. The press release also makes reference to and reconciles GAAP net income (loss) and adjusted EBITDA, which the Company defines as GAAP net income (loss) before interest expense, the income tax provision, and depreciation and amortization, as well as stock-based compensation, amortization of reported intangible assets, severance costs, and the change in fair value of warrant liabilities. Management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management's operating performance.
Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are provided in tables below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management's explanation of why it considers such measures to be useful, refer to the Current Report on Form 8-K dated March 16, 2026 filed by the Company with the Securities and Exchange Commission.
Forward-Looking Statements
This press release may contain forward-looking statements about the Company, including, without limitation, the Company's expectations regarding growth prospects for the Company's products and the Company's 2026 revenue and gross margin trends. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited, to the following:
the Company's ability to continue as a going concern;
the Company's ability to raise additional capital to fund its operations;
the Company's ability to maintain compliance with the continued listing requirements and standards of the Nasdaq Stock Market;
risks related to the process of reviewing and exploring potential strategic alternatives, which may be time-consuming, distracting, and disruptive to the Company's business operations;
the timing of customer orders and product shipments;
risks related to pandemics, wars and terrorist activities that may have an adverse impact on the Company's business and financial results and result in component shortages and increased lead times that may negatively impact the Company's ability to ship its products;
inflationary and tariff risks;
customer concentrations and length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn;
lengthy sales cycle;
ability to enhance the Company's existing proprietary technologies and develop new technologies;
achieving additional design wins for the Company's products through the acceptance and adoption of its technology by potential customers and their suppliers;
difficulties and delays in the production, testing and marketing of the Company's products;
reliance on manufacturing partners to assist successfully with the fabrication of and production of the Company's products;
impacts of the end-of-life of the Company's memory products;
availability of quantities of the Company's products supplied by its manufacturing partners at a competitive cost;
level of intellectual property protection provided by the Company's patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which the Company may be or may become a party from time to time;
vigor and growth of markets served by the Company's customers and its operations; and
other risks identified in the Company's public filings it makes with the Securities and Exchange Commission.
Peraso does not intend to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
About Peraso Inc.
Peraso Inc. (NASDAQ:PRSO) is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, tactical communications, immersive video and factory automation. For additional information, please visit www.perasoinc.com.
Company Contact:
Jim Sullivan, CFO
Peraso Inc.
P: 408-418-7500
E: jsullivan@perasoinc.com
Investor Relations Contacts:
Shelton Group
Brett L. Perry | Leanne K. Sievers
P: 214-272-0070
E: sheltonir@sheltongroup.com
PERASO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net Revenue | ||||||||||||||||
Product | $ | 2,764 | $ | 3,652 | $ | 11,845 | $ | 14,248 | ||||||||
Royalty and other | 105 | 26 | 348 | 325 | ||||||||||||
Total net revenue | 2,869 | 3,678 | 12,193 | 14,573 | ||||||||||||
Cost of Net Revenue | 1,372 | 1,609 | 5,126 | 7,040 | ||||||||||||
Gross Profit | 1,497 | 2,069 | 7,067 | 7,533 | ||||||||||||
Operating Expenses | ||||||||||||||||
Research and development | 1,472 | 1,617 | 6,245 | 9,232 | ||||||||||||
Selling, general and administrative | 1,304 | 2,081 | 5,805 | 8,673 | ||||||||||||
Severance and software license obligations | - | - | (223 | ) | 2,063 | |||||||||||
Total operating expenses | 2,776 | 3,698 | 11,827 | 19,968 | ||||||||||||
Loss from operations | (1,279 | ) | (1,629 | ) | (4,760 | ) | (12,435 | ) | ||||||||
Change in fair value of warrant liabilities | 40 | 44 | 31 | 1,693 | ||||||||||||
Other income (expense), net | (4 | ) | 25 | (24 | ) | 14 | ||||||||||
Net loss | $ | (1,243 | ) | $ | (1,560 | ) | $ | (4,753 | ) | $ | (10,728 | ) | ||||
Net loss per share | ||||||||||||||||
Basic and diluted | $ | (0.13 | ) | $ | (0.37 | ) | $ | (0.67 | ) | $ | (3.57 | ) | ||||
Shares used in computing net loss per share | ||||||||||||||||
Basic and diluted | 9,235 | 4,269 | 7,064 | 3,002 | ||||||||||||
PERASO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
December 31, | ||||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,886 | $ | 3,344 | ||||
Accounts receivable, net | 1,219 | 682 | ||||||
Inventories | 1,168 | 2,079 | ||||||
Prepaid expenses and other | 195 | 188 | ||||||
Total current assets | 5,468 | 6,293 | ||||||
Property and equipment, net | 363 | 512 | ||||||
Right-of-use lease assets | 143 | 267 | ||||||
Other | 105 | 134 | ||||||
Total assets | $ | 6,079 | $ | 7,206 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 679 | $ | 1,036 | ||||
Deferred revenue | 8 | 341 | ||||||
Short-term lease liabilities | 95 | 139 | ||||||
Accrued expenses and other | 540 | 1,987 | ||||||
Total current liabilities | 1,322 | 3,503 | ||||||
Long-term lease liabilities | 97 | 182 | ||||||
Warrant liabilities | 24 | 55 | ||||||
Total liabilities | 1,443 | 3,740 | ||||||
Stockholders' equity | 4,636 | 3,466 | ||||||
Total liabilities and stockholders' equity | $ | 6,079 | $ | 7,206 | ||||
PERASO INC.
Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share
(In thousands, except per share amounts; unaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
GAAP net loss | $ | (1,243 | ) | $ | (1,560 | ) | $ | (4,753 | ) | $ | (10,728 | ) | ||||
Stock-based compensation expense | ||||||||||||||||
- Research and development | 70 | 116 | 292 | 1,979 | ||||||||||||
- Selling, general and administrative | 54 | 136 | 229 | 1,610 | ||||||||||||
Total stock-based compensation expense | 124 | 252 | 521 | 3,589 | ||||||||||||
Amortization of intangibles (1) | ||||||||||||||||
- Cost of net revenue | - | 564 | - | 2,255 | ||||||||||||
- Selling, general and administrative | - | 252 | - | 1,007 | ||||||||||||
Total amortization of intangible assets | - | 816 | - | 3,262 | ||||||||||||
Severance costs | ||||||||||||||||
- Research and development | - | - | - | 441 | ||||||||||||
- Selling, general and administrative | - | - | - | 5 | ||||||||||||
Total severance costs | - | - | - | 446 | ||||||||||||
Change in fair value of warrant liabilities | (40 | ) | (44 | ) | (31 | ) | (1,693 | ) | ||||||||
Non-GAAP net loss | $ | (1,159 | ) | $ | (536 | ) | $ | (4,263 | ) | $ | (5,124 | ) | ||||
GAAP net loss per share | $ | (0.13 | ) | $ | (0.37 | ) | $ | (0.67 | ) | $ | (3.57 | ) | ||||
Reconciling items | ||||||||||||||||
- Stock-based compensation expense | - | 0.06 | 0.07 | 1.19 | ||||||||||||
- Amortization of intangible assets (1) | - | 0.19 | - | 1.08 | ||||||||||||
- Severance costs | - | - | - | 0.15 | ||||||||||||
Change in fair value of warrant liabilities | - | (0.01 | ) | - | (0.56 | ) | ||||||||||
Non-GAAP net loss per share | $ | (0.13 | ) | $ | (0.13 | ) | $ | (0.60 | ) | $ | (1.71 | ) | ||||
Shares used in computing non-GAAP net loss per share | ||||||||||||||||
Basic and diluted | 9,235 | 4,269 | 7,064 | 3,002 | ||||||||||||
(1) Non-cash charges for amortization of intangibles arising from acquired assets. These charges are included in cost of net revenue and selling, general and administrative expenses.
PERASO INC.
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
(In thousands, except percentages; unaudited)
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2025 | December 31, 2025 | |||||||||
GAAP gross profit | $ | 1,497 | 52.2 | % | $ | 7,067 | 58.0 | % | ||
Reconciling items: | ||||||||||
- Amortization of intangibles | - | 0.0 | % | - | 0.0 | % | ||||
Non-GAAP gross profit | $ | 1,497 | 52.2 | % | $ | 7,067 | 58.0 | % | ||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2024 | December 31, 2024 | |||||||||
GAAP gross profit | $ | 2,069 | 56.3 | % | $ | 7,533 | 51.7 | % | ||
Reconciling items: | ||||||||||
- Amortization of intangibles | 564 | 15.3 | % | 2,255 | 15.5 | % | ||||
Non-GAAP gross profit | $ | 2,633 | 71.6 | % | $ | 9,788 | 67.2 | % | ||
PERASO INC.
Reconciliation of GAAP and Non-GAAP Financial Information
(In thousands; unaudited)
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Reconciliation of GAAP net loss and adjusted EBITDA | ||||||||||||||||
GAAP net loss | $ | (1,243 | ) | $ | (1,560 | ) | $ | (4,753 | ) | $ | (10,728 | ) | ||||
Stock-based compensation expense | ||||||||||||||||
- Research and development | 70 | 116 | 292 | 1,979 | ||||||||||||
- Selling, general and administrative | 54 | 136 | 229 | 1,610 | ||||||||||||
Stock-based compensation expense | 124 | 252 | 521 | 3,589 | ||||||||||||
Amortization of intangibles (1) | - | 816 | - | 3,262 | ||||||||||||
Severance costs | - | - | - | 446 | ||||||||||||
Change in fair value of warrant liabilities | (40 | ) | (44 | ) | (31 | ) | (1,693 | ) | ||||||||
Non-GAAP net loss | (1,159 | ) | (536 | ) | (4,263 | ) | (5,124 | ) | ||||||||
EBITDA adjustments: | ||||||||||||||||
- Depreciation and amortization | 67 | 133 | 263 | 651 | ||||||||||||
- Interest expense | - | 2 | 1 | 11 | ||||||||||||
Adjusted EBITDA | $ | (1,092 | ) | $ | (401 | ) | $ | (3,999 | ) | $ | (4,462 | ) | ||||
(1) Non-cash charges for amortization of intangibles arising from acquired assets. These charges are included in cost of net revenue and selling, general and administrative expenses.
SOURCE: Peraso Inc.
View the original press release on ACCESS Newswire
FAQ
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