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    PRSO
    Earnings call· Jun 2026(Q2 FY26)

    Peraso Q2 FY26 earnings call PRSO

    Aug 11, 2026 Source

    Executive summary

    Peraso Inc. Q2 FY26 — Strategic Shift to Defense/UAVs Amidst FWA Headwinds

    Peraso Inc. reported Q2 FY26 revenue above expectations, driven by a delayed order shipment, but continues to face macro headwinds and irregular order patterns in its core fixed wireless access business. The company is strategically diversifying into high-value defense, autonomous edge AI, and UAV markets, introducing new jam-resistant communication modules and engaging with new customers. Despite near-term challenges, management is optimistic about future growth from these emerging opportunities and ongoing cost management.

    Highlights

    5

    • Total net revenue increased approximately 36% sequentially to $1.3 million, exceeding previous expectations.

    • Gross margin improved to 63.7% in Q2 FY26, up from 61.5% in the prior quarter and 48.3% year-over-year.

    • Non-GAAP operating expenses remained consistent at $2.9 million, reflecting successful cost containment initiatives.

    • Secured a committed equity facility of up to $25 million to support continued product development and working capital.

    • Strong momentum with new customers in fixed wireless access, including a large OEM in India and a Middle Eastern customer.

    Concerns

    5

    • Overall business continues to be impacted by macro-related headwinds and irregular order patterns from existing fixed wireless access customers.

    • Near-term visibility into future customer demand remains limited, with current market dynamics expected to extend into Q4.

    • Non-GAAP net loss was $2.1 million, compared to a net loss of $1.7 million in Q2 FY25.

    • Adjusted EBITDA was negative $2 million, compared to negative $1.6 million in Q2 FY25.

    • Persistently elevated memory prices and constrained supply of key components are impacting fixed wireless access customers.

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Product Revenue
    Product revenue saw a sequential increase in Q2 FY26, primarily driven by higher shipments of millimeter wave products.
    Sequential increase attributable to higher shipments of millimeter wave products
    		$1.2 million———
    Legacy Memory and Related Products
    Sales of legacy memory and related products were minimal in Q1 and Q2 FY26, with no sales in Q2 FY25.
    		less than $25,000———

    Operational metrics

    13
    Total net revenue sequential growth
    36%sequential
    Q2 FY26

    Sequential growth primarily reflected successful shipment of a previously delayed order to a new fixed wireless access customer.

    Gross margin
    63.7%61.5% in prior quarter, 48.3% in Q2 FY25
    Q2 FY26

    Gross margin improved sequentially and year-over-year, driven by product mix and sales of previously written-down inventory.

    Non-GAAP operating expenses
    $2.9 millionconsistent with prior quarter, $2.7 million in Q2 FY25
    Q2 FY26

    Non-GAAP operating expenses exclude stock-based compensation. The consistent level reflects benefits from cost reductions and containment initiatives.

    Non-GAAP net loss
    $2.1 million$2.3 million in prior quarter, $1.7 million in Q2 FY25
    Q2 FY26

    Non-GAAP net loss excludes stock-based compensation and changes in fair value of warrant liabilities.

    Non-GAAP EPS
    $0.15$0.20 in prior quarter, $0.28 in Q2 FY25
    Q2 FY26

    Non-GAAP EPS is calculated based on a non-GAAP net loss and weighted average shares outstanding.

    Adjusted EBITDA
    -$2 million-$2.3 million in prior quarter, -$1.6 million in Q2 FY25
    Q2 FY26

    Adjusted EBITDA is defined as GAAP net income or loss excluding stock-based compensation, change in fair value of warrant liabilities, interest expense, depreciation and amortization, and provision for income taxes.

    Cash and investments balance
    $3.3 million$2.7 million as of March 31, 2026
    Q2 FY26

    The net increase in cash was primarily due to proceeds from the at-the-market offering program.

    Net proceeds from ATM offering
    $2.4 million
    Q2 FY26

    Proceeds from sales under the company's at-the-market offering program during the second quarter of 2026.

    Weighted average diluted shares outstanding
    14.1 million
    Q2 FY26

    Used for calculating both GAAP and non-GAAP EPS.

    Common stock and exchangeable shares outstanding
    15.1 million
    as of call date

    Total shares outstanding as of the conference call date.

    Current production capacity
    30,000 to 50,000
    current

    Current capacity for units, with potential to scale.

    Potential production capacity
    100,000
    future

    Company believes it can reach this volume without significant issues, as its primary silicon supplier (TSMC) can handle it.

    Nonrecurring engineering services (NRE) revenue
    mid-6 figures
    future

    Management is working on at least one NRE contract in the defense space, which is considered funded R&D that drops to the bottom line.

    Industry KPIs

    6
    MetricValueDetails
    Backlog order book—
    Ai data center revenue—
    Bookings net order intake—
    Design wins socket pipeline—
    Inventory channel inventory—
    End market segment revenue mixFixed wireless access: largest and most mature; Legacy memory and related products: less than $25,000USD

    Product announcements

    1
    ProductTypeDetails
    PRM2145launch

    Deals & partnerships

    3
    BioworksCollaboration on autonomous edge AI and drone wireless environments

    Completed a customer demonstration in June, creating a simulated drone wireless environment and successfully operating a high-capacity network cluster achieving over 50 gigabits per second. The collaboration highlights how 60 gigahertz technology can address real-world applications where traditional wireless architectures struggle.

    IntactDevelopment of next-generation drone IFF solutions7-figure revenue

    Continuing to make solid progress on the refinement and testing of next-generation drone IFF solutions. This system is purpose-built for highly contested electronic warfare environments, enabling secure real-time mutual authentication between friendly drones and ground forces. Feedback on initial limited production modules has been positive.

    Roth Capital Partners (Roth Principal Investments)Committed equity facilityup to $25 million

    On June 30, 2026, the company entered into a committed equity facility with Roth Principal Investments, allowing it to issue and sell up to $25 million of common stock. This facility is expected to support product development targeting expanded opportunities in drone, defense, and tactical communications markets.

    Risks & headwinds

    3
    Macro-related headwinds and irregular order patterns from fixed wireless access customersNear-term, extending into Q4 FY26

    Subdued purchase order activity and limited near-term visibility; expected to extend into Q4

    Mitigation: Focus on operational efficiencies, cost management, enhancing supply chain resilience, and cultivating customer engagement.

    Persistently elevated memory prices and constrained supply of other key componentsOngoing, expected to alleviate by Q3 FY26 with DDR3 transition

    Impacts fixed wireless access customers and contributes to subdued purchase order activity.

    Mitigation: Customers transitioning to DDR3 memory to alleviate pressure; Peraso focusing on supply chain resilience.

    Limited ability to influence certain underlying market dynamicsOngoing

    Not quantified, but impacts leading fixed wireless access customers.

    Mitigation: Focus on elements within company control: operational efficiencies, cost management, supply chain resilience, customer engagement, and diversification into new markets.

    What to watch in Q3 FY26

    5

    Fixed Wireless Access Order Normalization

    Q4 FY26
    CurrentIrregular order patterns and subdued purchase order activity
    TargetOrder patterns normalize and reorders increase

    Why it matters

    Recovery of the core fixed wireless access business is essential for overall revenue stability and growth.

    While these current market dynamics are expected to extend into the fourth quarter, the value proposition of 60 gigahertz millimeter wave technology in fixed wireless application is its commercially proven ability to overcome interference and capacity limitations in congested wireless environments. As such, we believe we are positioned to benefit once the current supply dislocations moderate and order patterns normalize.

    Q&A highlights

    7

    Who is the partner for the factory floor and UAV applications, and what is the core benefit of Peraso's technology in these areas?

    The partner remains confidential, but the core benefit is the highly directional, narrow beam of 60 gigahertz technology, which allows for multi-gigabit data flow in physically limited areas with minimal interference, unlike traditional wireless. This is crucial for autonomous systems requiring continuous data upload and download.

    “I love that slide because actually that slide just shows you the benefit of our technology over traditional wireless technology, which is that we have a very narrow very, very physically limited area of operation. versus traditional wireless, which has a very wide field of operation. And that's why we win in to circumstances.”

    asked by Jon Hickman · answered by Ronald Glibbery

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Diversification into Emerging Markets

    Peraso is actively leveraging its 60 gigahertz millimeter wave technology beyond traditional fixed wireless access (FWA) into high-value end markets such as autonomous edge AI, unmanned aerial vehicles (UAVs), and defense communications. The company sees substantial emerging market opportunities in edge AI for autonomous systems like robots and drones, which require multi-gigabit data transfers and operate in dense environments. The directional nature of 60 gigahertz technology significantly reduces co-channel interference, enabling reliable, low-latency performance.

    02

    Advancements in Defense and Tactical Communications

    The company is making solid progress on next-generation drone Identification Friend or Foe (IFF) solutions in partnership with Intact, with positive feedback on initial limited production modules. This system is purpose-built for highly contested electronic warfare environments, offering stealth-oriented design, anti-jam resistant architecture, and a compact form factor ideal for UAS. Peraso also highlighted hybrid UAV networks, combining 60 gigahertz links with other transport layers like satellite backhaul for enhanced range, resilience, and mission flexibility in contested environments.

    03

    New Product Launch for UAVs and Autonomous Systems

    Peraso expanded its product portfolio with the formal introduction of the PRM2145 jam-resistant communications module, specifically designed for unmanned aerial vehicles, autonomous systems, and defense applications. This module delivers secure, ultra-low latency, gigabit-class performance in a lightweight, compact form factor. It is expected to be available for customer evaluation in Q4, supporting integration across a broad range of unmanned and autonomous platforms and reinforcing the strategy of diversifying growth beyond FWA.

    04

    Fixed Wireless Access Headwinds and Supply Chain Focus

    Despite sequential revenue growth, the core fixed wireless access business continues to be impacted by macro-related headwinds, including persistently elevated memory prices (DDR4, DDR5) and constrained supply of other key components. These factors have led to subdued purchase order activity and limited near-term visibility, with challenges expected to extend into Q4. Peraso is focusing on operational efficiencies, cost management, and enhancing supply chain resilience, including exploring distribution partners and transitioning FWA customers to DDR3 to alleviate memory pressure.

    05

    Financial Position and Strategic Alternatives

    The company ended Q2 FY26 with $3.3 million in cash, an increase of $0.6 million from the prior quarter, primarily due to $2.4 million in net proceeds from its at-the-market (ATM) offering program. Peraso continues to explore potential strategic alternatives, including mergers, asset sales, or other transactions, and has secured a committed equity facility of up to $25 million to provide additional working capital and support product development in its new target markets.

    AI-generated summary of the company’s earnings call. Not investment advice.