If You Invested in Peraso (PRSO)

Peraso Inc. (NASDAQ: PRSO) is a fabless semiconductor company in the manufacturing sector that focuses on millimeter wavelength (mmWave) wireless technology. According to company disclosures, Peraso develops and sells mmWave semiconductor devices and antenna modules based on its proprietary chip designs, and also performs non-recurring engineering (NRE) services and licenses its intellectual property (IP). The company’s primary technical focus is on mmWave, generally described as the frequency band from 24 GHz to 300 GHz, with a particular emphasis on high-performance 60 GHz unlicensed and 5G mmWave wireless technology.

Peraso describes itself as a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, modules, software and IP. Its technology is used in applications that require very high data rates and low latency, such as fixed wireless access (FWA), immersive video, factory automation, tactical and military communications, and other high-bandwidth wireless links. The company’s products and solutions are positioned to address scenarios where conventional Wi‑Fi or cellular systems can be constrained by capacity, interference or deployment cost.

Business model and technology focus

Peraso operates as a fabless semiconductor company, meaning it concentrates on chip and system design while relying on third-party manufacturing. Based on its public descriptions, its business model includes:

• Development and sale of mmWave semiconductor devices and antenna modules.
• Provision of non-recurring engineering (NRE) services related to its wireless technology.
• Licensing of its intellectual property (IP) portfolio.
• Delivery of chipsets, modules, software and IP that enable complete mmWave wireless links.

The company highlights its expertise in 60 GHz unlicensed bands and 5G mmWave, targeting multi-gigabit wireless connectivity. Peraso has also stated that it supports a variety of applications, including fixed wireless access, military and tactical communications, immersive video, factory automation, and other industrial and edge-computing use cases where large volumes of data must be moved quickly and reliably.

Key products, platforms and applications

Peraso’s disclosures reference multiple product families and platforms built around its mmWave technology:

• Perspectus™ modules and PRM2146X-D: Peraso has announced its Perspectus modules, including the PRM2146X-D, which integrates a MAC/PHY with an advanced beamforming mmWave PRS1165 RF integrated circuit and a dual-polarization antenna array. These modules are designed for next-generation mobile and edge applications and are intended to provide robust, high-speed connectivity even as terminals move or change orientation relative to an access point.
• 60 GHz fixed wireless access (FWA) solutions: The company promotes 60 GHz FWA systems that deliver multi-gigabit connectivity for wireless internet service providers (WISPs) across rural communities and dense urban areas. Peraso emphasizes advantages such as lower deployment cost, faster rollout and reduced maintenance compared with traditional wired infrastructure.
• DUNE platform: Peraso has described its DUNE platform as an advanced technology framework that leverages license-free 60 GHz mmWave bands to deliver multi-gigabit capacity using a low-cost, low-power point-to-multipoint architecture. The platform uses a hub-and-spoke design and is described as suitable for both dense urban deployments and underserved or power-constrained regions, including areas where solar- or battery-ready equipment is important.

In its public communications, Peraso notes that its 60 GHz solutions are engineered to minimize interference, use abundant spectrum and deliver multi-gigabit speeds, offering performance that can rival fiber in many deployment scenarios. The company also states that its technology has been deployed worldwide, including in Africa, where it is used to address connectivity challenges in both urban and rural environments.

Strategic collaborations and markets served

Peraso’s news releases highlight collaborations that illustrate how its technology is used in practice:

• Robotaxi and physical AI connectivity: Peraso announced a collaboration with Virewirx Inc. to provide its 60 GHz Perspectus modules for the Virewirx VX60 platform. This platform is used to enable multi-gigabit wireless connectivity for robotaxi fleets and physical AI systems, addressing the challenge of rapidly offloading and downloading large volumes of telemetry and video data as vehicles return to depots.
• Fixed wireless broadband in dense urban areas: Peraso has referenced a collaboration with WeLink to accelerate deployment of high-speed broadband across dense urban areas in the United States using Peraso’s 60 GHz technology.
• Tactical and defense communications: The company has reported initial field trials with a lead customer in the tactical communications market for a next-generation defense application, indicating that its mmWave solutions are being evaluated for mission-focused use cases.
• Industrial and edge computing: Peraso notes that demand for multi-gigabit wireless connectivity extends to automated factories, warehouses, logistics centers, and medical and educational facilities, where large volumes of video and sensor data must be moved to edge and cloud resources.

These examples, drawn from Peraso’s own announcements, show that the company targets a range of markets where high-capacity, short-range wireless links are required, from telecom and broadband providers to industrial and defense customers.

Corporate background and listing

Peraso Inc. is incorporated in Delaware and is headquartered in San Jose, California, as reflected in its SEC filings. The company’s common stock trades on The Nasdaq Stock Market LLC under the symbol PRSO. Peraso has stated in its proxy materials that it became Peraso Inc. and began trading under the PRSO symbol following the completion of an arrangement to acquire Peraso Technologies Inc. and a related name change from MoSys to Peraso Inc.

The company has also disclosed that it is not classified as an emerging growth company under SEC rules, and that it has used registration statements on Form S‑3 and at-the-market offering agreements to issue additional shares of common stock. Peraso has reported that it regained compliance with Nasdaq’s minimum bid price continued listing requirement under Nasdaq Listing Rule 5550(a)(2), following a period during which its share price had fallen below the threshold.

Governance, board and stock plans

Peraso’s SEC filings describe an active corporate governance structure with a board of directors, audit committee and compensation committee. The company has an Amended and Restated 2019 Stock Incentive Plan, which has been amended to increase the number of shares reserved for issuance and to adjust limits on equity awards to non-employee directors. In late 2025, the board approved an amendment to remove limits on the number of shares subject to equity awards that may be granted to non-employee directors, and stockholders approved an increase in the shares reserved for issuance under the plan.

The company has disclosed the appointment of Cees Links to its board of directors and audit committee, following the planned retirement of a prior director. Peraso’s filings note that its non-employee directors are compensated under a defined director compensation program and that directors enter into standard indemnification agreements with the company.

Capital structure and financing activity

Peraso has provided detailed updates on its capital structure and financing activities in its SEC reports. As of early October 2025, the company reported outstanding common stock, a single share of Series A special voting preferred stock, and various classes of options, restricted stock units and warrants exercisable into additional shares of common stock. It has used an at-the-market offering program under a Sales Agreement with Ladenburg Thalmann & Co. Inc. to issue shares of common stock under an effective Form S‑3 registration statement.

Through prospectus supplements, Peraso has increased the maximum aggregate value of shares that may be sold under this at-the-market program. The company has also issued multiple series of warrants in prior financing transactions, with exercise prices and share counts disclosed in its 8‑K filings. These details provide investors with insight into potential future dilution and the structure of the company’s outstanding securities.

Strategic review and corporate developments

Peraso has publicly disclosed that it is engaged in an ongoing strategic review process. In a September 2025 8‑K, the company reported receiving letters from Mobix Labs, Inc. that included a revised unsolicited proposal to acquire Peraso in a transaction involving both cash and stock consideration in an undetermined amount. Peraso stated that, consistent with its strategic review, it invited Mobix Labs to participate in a limited exploratory call to better understand the proposal, while specifying that any such discussion should occur without sharing material non-public information and outside the bounds of a confidentiality agreement.

Subsequently, in October 2025, Peraso reported entering into a mutual confidentiality agreement with Mobix Labs in connection with its review of strategic alternatives. The agreement includes mutual standstill and non-solicitation provisions for a defined period. These disclosures indicate that Peraso is actively evaluating potential strategic options, though the company has not stated that any transaction has been completed.

Financial reporting and non-GAAP metrics

Peraso regularly reports its financial results in press releases and Form 8‑K filings. For the quarter ended September 30, 2025, the company disclosed net revenue, product revenue, gross margin, operating expenses, net loss and adjusted EBITDA, along with reconciliations between GAAP and non-GAAP measures. Management has explained that it uses non-GAAP metrics that exclude stock-based compensation, amortization of intangible assets, severance costs and changes in the fair value of warrant liabilities to evaluate operational performance and for planning and forecasting.

The company emphasizes that these non-GAAP measures are presented as supplemental information and are not a substitute for GAAP results. It notes that non-GAAP metrics may be calculated differently by other companies and may not be directly comparable.

Geographic and industry positioning

Peraso’s earlier description indicates that it generates revenue from the United States, Hong Kong, Taiwan and other regions. In addition, its participation in events such as the Africa Tech Festival and WISPAPALOOZA, and its collaborations with partners focused on broadband, robotaxis and industrial applications, show that the company’s mmWave solutions are aimed at both domestic and international markets.

Within the broader semiconductor and related device manufacturing industry, Peraso occupies a niche focused on mmWave wireless connectivity, particularly in the 60 GHz unlicensed band and 5G mmWave spectrum. Its emphasis on phased array solutions, multi-gigabit throughput and applications such as fixed wireless access, immersive video and industrial automation reflects a strategy centered on high-capacity wireless links at the network edge.

Investor and event participation

Peraso actively engages with the investment community through conference presentations and webcasts. It has announced participation in events such as the Planet MicroCap Showcase and the Investor Summit Virtual, where management presents the company’s strategies and market opportunities to investors interested in small and microcap stocks. The company also hosts quarterly earnings conference calls and webcasts, with slides and replays made available through its investor relations channels.

Through these activities, Peraso provides ongoing updates on its financial performance, customer design wins, product developments and strategic initiatives, as reflected in its press releases and SEC filings.