Peraso Inc.

Total net revenue in Q2 2026 was $1.3 million, compared with $1.0 million in Q1 2026 and $2.2 million in Q2 2025. Product revenue was $1.2 million versus $0.7 million sequentially and $2.2 million a year ago; legacy memory and related product sales were less than $25,000 in each of the first two quarters of 2026 and were nil in Q2 2025. Gross margin was 63.7%, compared with 61.5% in Q1 2026 and 48.3% in Q2 2025. GAAP operating expenses were $3.1 million, flat sequentially and up from $2.9 million year over year; non-GAAP operating expenses were $2.9 million, flat sequentially and up from $2.7 million a year ago. GAAP net loss was $2.2 million, or $0.16 per share, versus $2.5 million, or $0.22 per share, in Q1 2026 and $1.8 million, or $0.31 per share, in Q2 2025. Non-GAAP net loss was $2.1 million, or $0.15 per share. Adjusted EBITDA was negative $2.0 million versus negative $2.3 million sequentially and negative $1.6 million a year ago. Cash was $3.3 million at June 30, 2026, up from $2.7 million at March 31, 2026, with the increase reflecting about $2.4 million of net proceeds from ATM sales. Management did not provide quarterly guidance, citing insufficient visibility, but said fixed wireless challenges may extend into Q4 while they expect to begin seeing a turnaround in reorders in Q4 and possibly some easing of memory-related pressure by Q3. The company also said the PRM2145 module is expected to be available for customer evaluation in Q4.

Ron Glibbery framed the quarter as better than expected on revenue, but still constrained by macro and customer-order volatility in fixed wireless access. He emphasized that Peraso is focusing on what it can control: cost discipline, supply-chain resilience, and broader customer engagement. Strategically, he said the company sees a growing opportunity for 60 GHz mmWave in Edge AI, autonomous systems, UAVs, and defense, and he highlighted recent demonstrations, new module introductions, and expanding interest from prospective customers and partners. His tone was optimistic about the technology and future applications, while acknowledging limited near-term visibility in the core business.

Jim Sullivan reported the quarter’s financial results and noted that the company is benefiting from prior cost reductions, with non-GAAP operating expenses holding at about $2.9 million per quarter. He said cash was $3.3 million at June 30, 2026, helped by roughly $2.4 million of ATM proceeds, and disclosed that Peraso entered into a committed equity facility with ROTH Principal Investments allowing up to $25 million of common stock issuance. He also said the company has not tapped either the ROTH facility or the ATM since quarter end, and that the strategic review process has no new updates beyond the new equity facility. Sullivan reiterated that the company is prioritizing NRE work and grants, including a possible mid-6-figure defense-related NRE program and Canadian government grants, as additional non-dilutive or lower-cost funding sources.

Analysts pressed management on the defense/UAV pipeline, timing for second and third production customers, and whether the PRM2145 and related modules are truly ready for deployment. Glibbery said chips are already in full production and available today, while the new PRM2145 module is a separate product expected for customer evaluation in Q4. He also said there is already 7-figure revenue tied to the Israel friendly-fire work, with volume shipments underway, and suggested drone-related production could begin later this year or in Q1/Q2 next year depending on application complexity. On the fixed wireless side, he said some reorder activity is starting, customer memory constraints may ease as some shift to DDR3, and major new opportunities have emerged in India and the Middle East. Sullivan added that the company has not used the new ROTH facility or ATM and that liquidity/runway comments will appear in the 10-Q.