Peraso Q1 Revenue Drops 15% to $3.6M, Secures Tower Production Deal
Peraso reported Q1 2026 revenue of $3.6 million, down 15% year-over-year, citing silicon wafer shortages that delayed 60GHz WiFi chipset deliveries. Management secured a 12-month contract with Tower Semiconductor to expand production capacity and projected Q2 revenue between $4.2 million and $4.8 million, with breakeven cash flow targeted by year-end.
1. Q1 Financial Results
Peraso delivered Q1 2026 revenue of $3.6 million, representing a 15% decline year-over-year driven by delayed product shipments. Gross margin narrowed as fixed R&D and overhead costs remained steady despite lower sales volumes.
2. Supply Chain Constraints
The company identified silicon wafer shortages as the primary cause for missing delivery targets on its 60GHz WiFi chipsets, noting extended lead times at key foundry partners. Management said these constraints prevented the fulfillment of several OEM orders.
3. Foundry Partnership
To address capacity limitations, Peraso signed a 12-month agreement with Tower Semiconductor to secure prioritized wafer allocations. This partnership aims to accelerate production ramp-up and reduce future fulfillment delays.
4. Outlook and Guidance
Peraso forecasted Q2 revenue between $4.2 million and $4.8 million, expecting incremental improvement as wafer supply stabilizes. The company reaffirmed its goal of achieving breakeven operating cash flow by the end of 2026.