Earnings release
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Peraso Announces Second Quarter 2026 Results SAN JOSE , CA / ACCESS Newswire / August 11 , 2026 / Peraso Inc. ( NASDAQ : PRSO ) ( " Peraso " or the " Company " ) , a leader in high- performance 60 GHz wireless technology , today announced financial results for the second quarter ended June 30 , 2026 . Management Commentary " Second quarter revenue increased approximately 36 % sequentially and was above our previous expectations , primarily reflecting the fulfillment of a previously delayed order shipment to a new fixed wireless access customer , " commented Ron Glibbery , CEO of Peraso . " Our overall business continues to be impacted by irregular order patterns , as fixed wireless access customers navigate inflated memory prices and constrained supply of other key components . We expect these market dynamics to extend into the fourth quarter . " Despite these ongoing dynamics , we remain optimistic about the growing recognition and demonstrated value proposition of our 60 GHz mmWave technology across our target end markets . In defense and tactical communications , its inherently stealthy , anti - jamming characteristics deliver unique differentiation for applications requiring secure , high - bandwidth connectivity . Today , we are seeing a high level of interest and expanding engagements with drone manufacturers that are actively evaluating our solutions . " We continue to focus our efforts on the areas of the business that we can control . This includes ongoing steps to improve the future resilience of our supply chain , as well as secure additional distribution partners to expand the market reach of Peraso's 60GHz mmWave solutions . Coupled with these operational initiatives , our highest priority remains on driving commercial traction and securing new design wins and customers in support of future top - line growth . " Second Quarter 2026 Financial Results Total net revenue for the second quarter of 2026 was $ 1.3 million , compared with $ 1.0 million in the prior quarter and $ 2.2 million in the same quarter a year ago . Product revenue for the second quarter of 2026 was $ 1.2 million , compared with $ 0.7 million in the prior quarter and $ 2.2 million in the same quarter a year ago . The sequential increase in product revenue for the second quarter of 2026 was attributable to higher shipments of mmWave products . Gross margin for the second quarter of 2026 was 63.7 % , compared with 61.5 % in the prior quarter and 48.3 % in the same quarter a year ago . The year - over - year increase in gross margin was primarily attributable to an increase in non - recurring engineering services revenue and mmWave product mix , combined with an increase in sales of inventory written down in prior periods , as partially offset by a decrease in sales of memory and related products . Total operating expenses on a GAAP basis for the second quarter of 2026 were $ 3.1 million , consistent with the prior quarter and compared with $ 2.9 million in the same quarter a year ago . Operating expenses on a non - GAAP basis for the second quarter of 2026 , which excluded stock - based compensation , were $ 2.9 million , consistent with the prior quarter and compared with $ 2.7 million in the same quarter a year ago . GAAP net loss for the second quarter of 2026 was $ 2.2 million , or ( $ 0.16 ) per share , compared with a net loss of $ 2.5 million , or ( $ 0.22 ) per share , in the prior quarter , and a net loss of $ 1.8 million , or ( $ 0.31 ) per share , in the second quarter of 2025. Non - GAAP net loss , which excludes stock - based compensation and changes in fair value of warrant liabilities , for the second quarter of 2026 was $ 2.1 million , or ( $ 0.15 ) per share , compared with a net loss of $ 2.3 million , or ( $ 0.20 ) per share , in the prior quarter and a net loss of $ 1.7 million , or ( $ 0.28 ) per share , in the second quarter of 2025 . Adjusted EBITDA for the second quarter of 2026 was negative $ 2.0 million , compared with negative $ 2.3 million in the prior quarter and negative $ 1.6 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 , August 11th , at 1:30 p.m. Pacific Time . Date : Tuesday , August 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 : 513888 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 August 18 , 2026 and can be accessed by calling 1-877-481-4010 , and using passcode 54274. 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 .
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Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are provided intables below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not beconsidered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordancewith GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Companymay be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additionalinformation regarding these non-GAAP financial measures, and management's explanation of why it considers such measures to be useful, refer to theCurrent Report on Form 8-K dated August 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 regardinggrowth prospects for the Company's products and the Company's 2026 revenue and gross margin trends. Forward-looking statements are based oncertain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially fromhistorical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are notlimited 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 regain 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 disruptiveto 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 itscustomers; 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 andresult 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 economicdownturn; 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 potentialcustomers 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, includingintellectual 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 becomesavailable or other events occur in the future. About Peraso Inc. Peraso Inc. (NASDAQ:PRSO) is a pioneer in high-performance 60 GHz wireless technology, offering chipsets, modules, software, and IP. Perasosupports a variety of applications, including fixed wireless access, drone, defense and tactical communications, immersive video, and factoryautomation. For additional information, please visit www.perasoinc.com. Company Contact:Jim Sullivan, CFOPeraso Inc.P: 408-418-7500E: jsullivan@perasoinc.com Investor Relations Contacts:Shelton GroupBrett L. Perry | Leanne K. Sievers
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P: 214-272-0070E: sheltonir@sheltongroup.com PERASO INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts; unaudited) Three Months EndedSix Months Ended June 30, June 30, 2026 2025 2026 2025 Net Revenue Product $ 1,244$ 2,218$ 1,911$ 6,018 Services and other 63 2 359 71 Total net revenue 1,307 2,220 2,270 6,089 Cost of Net Revenue 474 1,147 845 2,336 Gross Profit 833 1,073 1,425 3,753 Operating Expenses Research and development 1,625 1,662 3,210 3,245 Selling, general and administrative 1,444 1,411 2,935 3,022 Software license obligations - (223) - (223) Total operating expenses 3,069 2,850 6,145 6,044 Loss from operations (2,236) (1,777) (4,720) (2,291) Change in fair value of warrant liabilities 14 (29) 5 6 Other income (expense), net 2 (23) (2) (15) Net loss $ (2,220) $ (1,829) $ (4,717) $ (2,300) Net loss per share Basic and diluted $ (0.16) $ (0.31) $ (0.37) $ (0.39) Shares used in computing net loss per share Basic and diluted 14,058 5,977 12,842 5,862 PERASO INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, unaudited) June 30,December31, 2026 2025 AssetsCurrent assets: Cash and cash equivalents $ 3,322$ 2,886 Accounts receivable, net 306 1,219 Inventories 1,708 1,168
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Prepaid expenses and other 407 195 Total current assets 5,743 5,468 Property and equipment, net 548 363 Right-of-use lease assets 105 143 Other 390 105 Total assets $ 6,786$ 6,079 Liabilities and Stockholders' EquityCurrent liabilities: Accounts payable $ 757$ 679 Deferred revenue 74 8 Short-term lease liabilities 96 95 Accrued expenses and other 883 540 Total current liabilities 1,810 1,322 Long-term lease liabilities 32 97 Warrant liabilities 19 24 Total liabilities 1,861 1,443 Stockholders' equity 4,925 4,636 Total liabilities and stockholders' equity $ 6,786$ 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 EndedSix Months Ended June 30, June 30, 2026 2025 2026 2025 GAAP net loss $ (2,220) $ (1,829) $ (4,717) $ (2,300) Stock-based compensation expense -Research and development 71 81 130 146 -Selling, general and administrative 99 60 187 120 Total stock-based compensation expense 170 141 317 266 Change in fair value of warrant liabilities (14) 29 (5) (6) Non-GAAP net loss $ (2,064) $ (1,659) $ (4,405) $ (2,040) GAAP net loss per share $ (0.16) $ (0.31) $ (0.37) $ (0.39) Reconciling items -Stock-based compensation expense 0.01 0.02 0.03 0.04
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-Change in fair value of warrant liabilities - 0.01 - - Non-GAAP net loss per share $ (0.15) $ (0.28) $ (0.34) $ (0.35) Shares used in computing non-GAAP net loss per share Basic and diluted 14,058 5,977 12,842 5,862 PERASO INC.Reconciliation of GAAP and Non-GAAP Financial Information(In thousands; unaudited) Three Months EndedSix Months Ended June 30, June 30, 2026 2025 2026 2025 Reconciliation of GAAP net loss and adjusted EBITDA GAAP net loss $ (2,220) $ (1,829) $ (4,717) $ (2,300) Stock-based compensation expense -Research and development 71 81 130 146 -Selling, general and administrative 99 60 187 120 Stock-based compensation expense 170 141 317 266 Change in fair value of warrant liabilities (14) 29 (5) (6) Non-GAAP net loss (2,064) (1,659) (4,405) (2,040) EBITDA adjustments: -Depreciation and amortization 49 62 99 129 -Interest expense - - - 1 Adjusted EBITDA $ (2,015) $ (1,597) $ (4,306) $ (1,910) SOURCE: Peraso Inc.