Peraso Q1 Revenue Plunges to $1M; Net Loss Expands to $2.5M
PRSO•Peraso reported Q1 net revenue of $1.0M, a steep decline from $2.9M in Q4 and $3.9M year-ago, driven by delayed shipments and lower memory IC/mmWave sales. GAAP net loss widened to $2.5M ($0.22/share) while non-GAAP loss was $2.3M ($0.20/share), with gross margin rising to 61.5%.
1. Q1 Financial Performance
Peraso's first quarter ended March 31, 2026, generated net revenue of $1.0 million, down from $2.9 million in the prior quarter and $3.9 million year-over-year, driven by lower memory IC and mmWave product shipments. Product revenue fell to $0.7 million, while gross margin improved to 61.5% from 52.2% sequentially.
2. Supply Chain Delay and Order Fulfillment
A significant customer order was delayed due to late receipt of key materials from a supplier, postponing fulfillment into the current quarter. Management has begun implementing measures to reduce reliance on any single supplier and has already shipped the delayed order to customers.
3. Market Demand and Tactical Communications
Peraso noted irregular order patterns from fixed wireless access customers alongside several new clients yet to establish consistent demand. The company delivered initial production shipments of its optimized 60 GHz mmWave modules in April to a lead Israeli defense customer for drone IFF systems, signaling growth in tactical communications.
4. Strategic Focus and Outlook
Management plans to secure new purchase orders and convert existing engagements into design wins to drive top-line growth in upcoming quarters. The company remains optimistic about expanding opportunities across high-bandwidth, secure connectivity markets beyond fixed wireless access.
