Peraso Announces First Quarter 2026 Results
Rhea-AI Summary
Peraso (NASDAQ:PRSO) reported Q1 2026 net revenue of $1.0 million, down from $2.9 million in Q4 2025 and $3.9 million a year earlier, mainly from lower memory IC and mmWave shipments. Gross margin rose sequentially to 61.5%. GAAP net loss was $2.5 million ($0.22 per share) and Adjusted EBITDA was negative $2.3 million. Management cited a pushed-out major order due to supplier delays and irregular demand from fixed wireless access customers, but highlighted new 60 GHz mmWave opportunities, including initial production shipments in April to Israeli defense customer InTACT.
AI-generated analysis. Not financial advice.
Positive
- Gross margin increased sequentially to 61.5% from 52.2%
- Non-GAAP operating expenses decreased year-over-year to $2.9 million
- Initial 60GHz module production shipments to defense customer InTACT
- Supplier diversification measures initiated to reduce reliance on one vendor
Negative
- Total net revenue declined to $1.0M from $2.9M sequentially
- Total net revenue decreased from $3.9M year-over-year to $1.0M
- GAAP net loss widened to $2.5M from $1.2M prior quarter
- Adjusted EBITDA loss increased to $2.3M from $0.3M year-over-year
- Irregular order patterns from fixed wireless access customers reported
News Market Reaction – PRSO
On the day this news was published, PRSO declined 25.00%, reflecting a significant negative market reaction. Argus tracked a peak move of +26.2% during that session. Argus tracked a trough of -28.6% from its starting point during tracking. Our momentum scanner triggered 60 alerts that day, indicating high trading interest and price volatility. This price movement removed approximately $7M from the company's valuation, bringing the market cap to $19.99M at that time. Trading volume was exceptionally heavy at 35.1x the daily average, suggesting significant selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PRSO is up 5.24% while the only momentum-flagged peer, MX, shows a down move of about 1.05%. Broader peers show mixed single‑day changes, suggesting today’s action is driven more by PRSO-specific earnings than a uniform semiconductor sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 16 | FY25 earnings | Positive | -35.8% | Full-year 2025 showed mmWave growth, better margins, and narrower net loss. |
| Nov 10 | Q3 2025 earnings | Positive | -2.9% | Q3 revenue and mmWave shipments ramped, margins improved, loss narrowed. |
| Aug 11 | Q2 2025 earnings | Positive | -1.2% | Strong mmWave growth offset overall revenue decline after memory IC wind-down. |
| May 12 | Q1 2025 earnings | Positive | -11.5% | Q1 2025 delivered strong revenue growth and margins with reduced net loss. |
| Mar 19 | Q4/FY24 earnings | Positive | -2.8% | Q4 2024 revenue doubled and margins improved with robust mmWave demand. |
Recent earnings releases have generally been framed positively but were followed by negative single-day price reactions, indicating a pattern of post-earnings selling pressure.
Over the past year, Peraso’s earnings cycle has featured growing emphasis on mmWave revenue growth, margin expansion, and narrowing net losses. Events like the Q4/FY 2024 and Q3 2025 results highlighted strong revenue growth and improved gross margins, while legacy memory IC revenue declined. Subsequent quarters in 2025 continued this mix of mmWave strength and overall revenue volatility. Against that backdrop, the Q1 2026 report showing sharply lower revenue and wider losses marks a reversal from prior growth-focused narratives.
Historical Comparison
Over the last five earnings-related releases, PRSO’s average 1-day move was -10.83%, typically negative despite upbeat commentary. Q1 2026’s +5.24% reaction to weaker revenue and a wider loss contrasts with that pattern of post-earnings selling.
Earnings releases since late 2024 have traced a shift away from legacy memory ICs toward 60 GHz mmWave, with revenue growth, margin gains, and narrowing losses through 2025. The latest Q1 2026 report breaks this trend, showing sharply lower revenue and a larger net loss despite continued mmWave positioning.
Regulatory & Risk Context
Peraso has an active S-3 shelf registration filed on 2025-10-08, covering resale of shares and shares issuable upon exercise of outstanding warrants and options. The filing notes up to 1,019,047 shares issuable from certain warrants and multiple additional warrant series and option pools, indicating capacity for future share issuance through these instruments.
Market Pulse Summary
The stock dropped -25.0% in the session following this news. A negative reaction despite positive long-term positioning would fit Peraso’s recent earnings pattern, where the last five results produced an average -10.83% move. The Q1 2026 report highlighted sharply lower revenue and larger losses, which could reinforce concerns around customer concentration and order volatility. Investors have previously discounted upbeat mmWave narratives when near-term financial pressure increased, making post-earnings weakness consistent with history.
Key Terms
mmwave technical
gaap financial
non-gaap financial
adjusted ebitda financial
warrant liabilities financial
identification friend or foe technical
AI-generated analysis. Not financial advice.
SAN JOSE, CA / ACCESS Newswire / 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
Gross margin for the first quarter of 2026 was
Total operating expenses on a GAAP basis for the first quarter of 2026 were
GAAP net loss for the first quarter of 2026 was
Adjusted EBITDA for the first quarter of 2026 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.
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.
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:
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, which may be impacted by supply chain disruptions experienced by the Company or its customers;
the Company's ability to convert customer engagements, proof-of-concept evaluations, and technology demonstrations into design wins, purchase orders, and production revenue;
the timing and outcome of product deliveries, field trials, and customer acceptance of the Company's products;
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;
risks related to tariffs, trade restrictions, inflation, and other government actions that may affect the Company's supply chain, component costs, or customer demand;
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 existing and 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 | ||||||||
March 31, | ||||||||
2026 | 2025 | |||||||
Net Revenue | ||||||||
Product | $ | 667 | $ | 3,800 | ||||
Services and other | 296 | 69 | ||||||
Total net revenue | 963 | 3,869 | ||||||
Cost of Net Revenue | 371 | 1,189 | ||||||
Gross Profit | 592 | 2,680 | ||||||
Operating Expenses | ||||||||
Research and development | 1,590 | 1,583 | ||||||
Selling, general and administrative | 1,486 | 1,611 | ||||||
Total operating expenses | 3,076 | 3,194 | ||||||
Loss from operations | (2,484 | ) | (514 | ) | ||||
Change in fair value of warrant liabilities | (9 | ) | 35 | |||||
Other income (expense), net | (4 | ) | 8 | |||||
Net loss | $ | (2,497 | ) | $ | (471 | ) | ||
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 | ||||||
PERASO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
March 31, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,672 | $ | 2,886 | ||||
Accounts receivable, net | 867 | 1,219 | ||||||
Inventories | 1,600 | 1,168 | ||||||
Prepaid expenses and other | 534 | 195 | ||||||
Total current assets | 5,673 | 5,468 | ||||||
Property and equipment, net | 497 | 363 | ||||||
Right-of-use lease assets | 124 | 143 | ||||||
Other | 104 | 105 | ||||||
Total assets | $ | 6,398 | $ | 6,079 | ||||
Liabilities and Stockholders??? Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 895 | $ | 679 | ||||
Deferred revenue | 102 | 8 | ||||||
Short-term lease liabilities | 95 | 95 | ||||||
Accrued expenses and other | 605 | 540 | ||||||
Total current liabilities | 1,697 | 1,322 | ||||||
Long-term lease liabilities | 64 | 97 | ||||||
Warrant liabilities | 33 | 24 | ||||||
Total liabilities | 1,794 | 1,443 | ||||||
Stockholders' equity | 4,604 | 4,636 | ||||||
Total liabilities and stockholders' equity | $ | 6,398 | $ | 6,079 | ||||
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 | 88 | 60 | ||||||
Total stock-based compensation expense | 147 | 125 | ||||||
Change in fair value of warrant liabilities | 9 | (35 | ) | |||||
Non-GAAP net loss | $ | (2,341 | ) | $ | (381 | ) | ||
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 | ||||||
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 | ||||||
Adjusted EBITDA | $ | (2,291 | ) | $ | (313 | ) | ||
SOURCE: Peraso Inc.
View the original press release on ACCESS Newswire