Peraso (NASDAQ: PRSO) Q1 2026 revenue drops to $1M as losses deepen
Rhea-AI Filing Summary
Peraso Inc. reported weak first quarter 2026 results, with revenue and losses moving in the wrong direction. Total net revenue was $1.0 million, down from $2.9 million in the prior quarter and $3.9 million a year earlier, as both memory IC and mmWave product shipments declined. Product revenue fell to $0.7 million, while services and other contributed $0.3 million.
Gross margin improved sequentially to 61.5% from 52.2% due to a higher mix of non-recurring engineering projects, but remained below the 69.3% level of the prior year. GAAP net loss widened to $2.5 million, or ($0.22) per share, compared with ($0.13) in the prior quarter and ($0.08) a year ago. Non-GAAP net loss was $2.3 million, or ($0.20) per share, and adjusted EBITDA was negative $2.3 million versus negative $0.3 million a year earlier.
Management cited a delayed fulfillment of a significant customer order due to supplier materials issues, irregular order patterns in fixed wireless access, and early-stage demand from new customers. They highlighted growing interest in 60 GHz mmWave technology, including initial production shipments for an Israeli defense customer’s drone Identification Friend or Foe system, but also listed substantial risks such as the ability to continue as a going concern, raising capital, and maintaining Nasdaq listing compliance.
Positive
- None.
Negative
- Severe revenue contraction and widening losses: Net revenue fell to $1.0 million from $3.9 million a year ago, while GAAP net loss expanded to $2.5 million and adjusted EBITDA declined to negative $2.3 million.
- Liquidity and going-concern level risks flagged: Cash stood at $2.7 million versus $1.7 million of current liabilities, and the company explicitly highlights its ability to continue as a going concern, raise capital, and maintain Nasdaq listing as key risks.
Insights
Peraso shows sharp revenue declines, rising losses, and going-concern level risks.
Peraso’s Q1 2026 revenue dropped to $1.0M from $3.9M a year ago as both memory IC and mmWave shipments fell. Despite a stronger 61.5% gross margin from higher non-recurring engineering mix, the tiny revenue base leaves limited room to absorb fixed costs.
GAAP net loss widened to $2.5M with adjusted EBITDA at negative $2.3M, versus negative $0.3M in Q1 2025. Cash and cash equivalents were $2.7M as of March 31, 2026, against current liabilities of $1.7M, suggesting a constrained liquidity position.
The risk section explicitly notes the ability to continue as a going concern, raise additional capital, and maintain Nasdaq listing, as well as dependence on converting customer engagements into design wins. Actual impact on future results will depend on securing new purchase orders and accessing additional funding, topics that may be addressed in subsequent company filings.
Key Figures
Key Terms
mmWave wireless technology technical
non-recurring engineering projects financial
adjusted EBITDA financial
going concern financial
warrant liabilities financial
fixed wireless access technical
Earnings Snapshot
EXHIBIT 99.1
Peraso Announces First Quarter 2026 Results
SAN JOSE, Calif., May 11, 2026 – Peraso Inc. (NASDAQ: PRSO) (“Peraso” or the “Company”), a pioneer in mmWave wireless technology solutions, today announced financial results for the first quarter ended March 31, 2026.
Management Commentary
“Our first quarter results reflect the anticipated push-out on the fulfillment of a significant customer order due to the delayed receipt of key materials from one of our suppliers,” commented Ron Glibbery, CEO of Peraso. “We shipped this order in the current quarter, and we have since begun implementing measures to mitigate our reliance on any one supplier. In addition to this delayed order, we are also experiencing irregular order patterns from our fixed wireless access customers, as well as multiple new customers not yet establishing observable order patterns.
“Despite these near-term challenges, particularly within the fixed wireless access market, we have remained closely engaged on expanded opportunities for our 60 GHz mmWave technology across a number of new and existing customers. Within the tactical communications market, we are seeing growing interest in Peraso’s mmWave wireless technology following the announcement of our lead Israeli defense customer, InTACT. We delivered initial production shipments in April of our optimized 60GHz modules in support of this customer’s next-generation drone Identification Friend or Foe system.
“We remain optimistic about the breadth of our customer engagements and continue to believe there are expanding opportunities for 60 GHz wireless technology in markets that require high-bandwidth and secure connectivity beyond our core fixed wireless access applications. Our primary focus over the coming quarters is to secure new purchase orders, as well as increase the conversion rate of existing customer engagements into design wins for potential future top-line growth.”
First Quarter 2026 Financial Results
Total net revenue for the first quarter of 2026 was $1.0 million, compared with $2.9 million in the prior quarter and $3.9 million in the same quarter a year ago. Product revenue for the first quarter of 2026 was $0.7 million, compared with $2.8 million in the prior quarter and $3.8 million in the same quarter a year ago. The sequential and year-over-year decrease in product revenue for the first quarter of 2026 was primarily attributable to lower shipments of both memory IC and mmWave products.
Gross margin for the first quarter of 2026 was 61.5%, compared with 52.2% in the prior quarter and 69.3% in the same quarter a year ago. The sequential increase in gross margin for the first quarter of 2026 was primarily attributable to a higher mix of revenue contribution from non-recurring engineering projects, while the year-over-year decrease primarily reflected the decrease in sales of legacy memory ICs.
Total operating expenses on a GAAP basis for the first quarter of 2026 were $3.1 million, compared with $2.8 million in the prior quarter and $3.2 million in the same quarter a year ago. Operating expenses on a non-GAAP basis for the first quarter of 2026, which excluded stock-based compensation, were $2.9 million compared with $2.7 million in the prior quarter and $3.1 million in the same quarter a year ago.
| 1 |
GAAP net loss for the first quarter of 2026 was $2.5 million, or ($0.22) per share, compared with a net loss of $1.2 million, or ($0.13) per share, in the prior quarter, and a net loss of $0.5 million, or ($0.08) per share, in the first quarter of 2025. Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities, for the first quarter of 2026 was $2.3 million, or ($0.20) per share, compared with a net loss of $1.2 million, or ($0.13) per share, in the prior quarter and a net loss of $0.4 million, or ($0.07) per share, in the first quarter of 2025.
Adjusted EBITDA for the first quarter of 2026 was negative $2.3 million, compared with negative $1.1 million in the prior quarter and negative $0.3 million in the same quarter last year.
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.
Earnings Conference Call and Webcast Information
Ron Glibbery, CEO, and Jim Sullivan, CFO, will host a conference call and webcast with slides today, May 11th, at 1:30 p.m. Pacific Time.
Date: Monday, May 11, 2026
Time: 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)
Conference Call Number: 1-888-506-0062
International Call Number: +1-973-528-0011
Participant Access Code: 939441
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 May 25, 2026 and can be accessed by calling 1-877-481-4010, and using passcode 53955. 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 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 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.
| 2 |
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 May 11, 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:
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| · | the Company’s ability to continue as a going concern; |
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| · | the Company’s ability to raise additional capital to fund its operations; |
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| · | the Company’s ability to maintain compliance with the continued listing requirements and standards of the Nasdaq Stock Market; |
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| · | 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; |
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| · | the timing of customer orders and product shipments, which may be impacted by supply chain disruptions experienced by the Company or its customers; |
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| · | the Company’s ability to convert customer engagements, proof-of-concept evaluations, and technology demonstrations into design wins, purchase orders, and production revenue; |
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| · | the timing and outcome of product deliveries, field trials, and customer acceptance of the Company’s products; |
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| · | 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; |
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| · | risks related to tariffs, trade restrictions, inflation, and other government actions that may affect the Company’s supply chain, component costs, or customer demand; |
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| · | customer concentrations and length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn; |
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| · | lengthy sales cycle; |
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| · | ability to enhance the Company’s existing proprietary technologies and develop new technologies; |
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| · | achieving additional design wins for the Company’s products through the acceptance and adoption of its technology by existing and potential customers and their suppliers; |
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| · | difficulties and delays in the production, testing and marketing of the Company’s products; |
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| · | reliance on manufacturing partners to assist successfully with the fabrication of and production of the Company’s products; |
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| · | impacts of the end-of-life of the Company’s memory products; |
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| · | availability of quantities of the Company’s products supplied by its manufacturing partners at a competitive cost; |
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| · | 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; |
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| · | vigor and growth of markets served by the Company’s customers and its operations; and |
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| · | 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
| 4 |
PERASO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
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| Three Months Ended |
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| March 31, |
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| 2026 |
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| 2025 |
| ||
|
|
|
|
|
|
|
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| Net Revenue |
|
|
|
|
|
| ||
| Product |
| $ | 667 |
|
| $ | 3,800 |
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| Services and other |
|
| 296 |
|
|
| 69 |
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| Total net revenue |
|
| 963 |
|
|
| 3,869 |
|
|
|
|
|
|
|
|
|
|
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| Cost of Net Revenue |
|
| 371 |
|
|
| 1,189 |
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|
|
|
|
|
|
|
|
|
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| Gross Profit |
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| 592 |
|
|
| 2,680 |
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|
|
|
|
|
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
| Research and development |
|
| 1,590 |
|
|
| 1,583 |
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| Selling, general and administrative |
|
| 1,486 |
|
|
| 1,611 |
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| Total operating expenses |
|
| 3,076 |
|
|
| 3,194 |
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|
|
|
|
|
|
|
|
|
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| Loss from operations |
|
| (2,484 | ) |
|
| (514 | ) |
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|
|
|
|
|
|
|
|
|
| Change in fair value of warrant liabilities |
|
| (9 | ) |
|
| 35 |
|
| Other income (expense), net |
|
| (4 | ) |
|
| 8 |
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| Net loss |
| $ | (2,497 | ) |
| $ | (471 | ) |
|
|
|
|
|
|
|
|
|
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| Net loss per share |
|
|
|
|
|
|
|
|
| Basic and diluted |
| $ | (0.22 | ) |
| $ | (0.08 | ) |
|
|
|
|
|
|
|
|
|
|
| Shares used in computing net loss per share |
|
|
|
|
|
|
|
|
| Basic and diluted |
|
| 11,613 |
|
|
| 5,745 |
|
| 5 |
PERASO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
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| March 31, |
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| December 31, |
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| 2026 |
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| 2025 |
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| Assets |
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| Current assets: |
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| Cash and cash equivalents |
| $ | 2,672 |
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| $ | 2,886 |
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| Accounts receivable, net |
|
| 867 |
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|
| 1,219 |
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| Inventories |
|
| 1,600 |
|
|
| 1,168 |
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| Prepaid expenses and other |
|
| 534 |
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|
| 195 |
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| Total current assets |
|
| 5,673 |
|
|
| 5,468 |
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|
|
|
|
|
|
|
|
|
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| Property and equipment, net |
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| 497 |
|
|
| 363 |
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| Right-of-use lease assets |
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| 124 |
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|
| 143 |
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| Other |
|
| 104 |
|
|
| 105 |
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| Total assets |
| $ | 6,398 |
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| $ | 6,079 |
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|
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| Liabilities and Stockholders’ Equity |
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|
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| Current liabilities: |
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|
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| Accounts payable |
| $ | 895 |
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| $ | 679 |
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| Deferred revenue |
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| 102 |
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|
| 8 |
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| Short-term lease liabilities |
|
| 95 |
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|
| 95 |
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| Accrued expenses and other |
|
| 605 |
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|
| 540 |
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| Total current liabilities |
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| 1,697 |
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|
| 1,322 |
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|
|
|
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|
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| Long-term lease liabilities |
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| 64 |
|
|
| 97 |
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| Warrant liabilities |
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| 33 |
|
|
| 24 |
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| Total liabilities |
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| 1,794 |
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|
| 1,443 |
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|
|
|
|
|
|
|
|
|
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| Stockholders' equity |
|
| 4,604 |
|
|
| 4,636 |
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|
|
|
|
|
|
|
|
|
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| Total liabilities and stockholders’ equity |
| $ | 6,398 |
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| $ | 6,079 |
|
| 6 |
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 |
| |||||
|
|
| March 31, |
| |||||
|
|
| 2026 |
|
| 2025 |
| ||
|
|
|
|
|
|
|
| ||
| GAAP net loss |
| $ | (2,497 | ) |
| $ | (471 | ) |
| Stock-based compensation expense |
|
|
|
|
|
|
|
|
| - Research and development |
|
| 59 |
|
|
| 65 |
|
| - Selling, general and administrative |
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| 88 |
|
|
| 60 |
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| Total stock-based compensation expense |
|
| 147 |
|
|
| 125 |
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of warrant liabilities |
|
| 9 |
|
|
| (35 | ) |
|
|
|
|
|
|
|
|
|
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| Non-GAAP net loss |
| $ | (2,341 | ) |
| $ | (381 | ) |
|
|
|
|
|
|
|
|
|
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| GAAP net loss per share |
| $ | (0.22 | ) |
| $ | (0.08 | ) |
| Reconciling items |
|
|
|
|
|
|
|
|
| - Stock-based compensation expense |
|
| 0.02 |
|
|
| 0.02 |
|
| - Change in fair value of warrant liabilities |
|
| - |
|
|
| (0.01 | ) |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss per share |
| $ | (0.20 | ) |
| $ | (0.07 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares used in computing non-GAAP net loss per share |
|
|
|
|
|
|
|
|
| Basic and diluted |
|
| 11,613 |
|
|
| 5,745 |
|
| 7 |
PERASO INC.
Reconciliation of GAAP and Non-GAAP Financial Information
(In thousands; unaudited)
|
|
| Three Months Ended |
| |||||
|
|
| March 31, |
| |||||
|
|
| 2026 |
|
| 2025 |
| ||
| Reconciliation of GAAP net loss and adjusted EBITDA |
|
|
|
|
|
| ||
| GAAP net loss |
| $ | (2,497 | ) |
| $ | (471 | ) |
| Stock-based compensation expense |
|
|
|
|
|
|
|
|
| - Research and development |
|
| 59 |
|
|
| 65 |
|
| - Selling, general and administrative |
|
| 88 |
|
|
| 60 |
|
| Stock-based compensation expense |
|
| 147 |
|
|
| 125 |
|
|
|
|
|
|
|
|
|
|
|
| Change in fair value of warrant liabilities |
|
| 9 |
|
|
| (35 | ) |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net loss |
|
| (2,341 | ) |
|
| (381 | ) |
| EBITDA adjustments: |
|
|
|
|
|
|
|
|
| - Depreciation and amortization |
|
| 50 |
|
|
| 67 |
|
| - Interest expense |
|
| - |
|
|
| 1 |
|
|
|
|
|
|
|
|
|
|
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| Adjusted EBITDA |
| $ | (2,291 | ) |
| $ | (313 | ) |
| 8 |