Summary of Peraso Inc. Q2 2026 Earnings Call

1Key Financial Results and Metrics

Total Net Revenue: $1.3 million, up from $1 million in Q1 2026, but down from $2.2 million in Q2 2025.

Product Revenue: $1.2 million, an increase from $0.7 million in Q1 2026, but a decline from $2.2 million in Q2 2025.

Gross Margin: 63.7%, improved from 61.5% in Q1 2026 and 48.3% in Q2 2025.

GAAP Operating Expenses: $3.1 million, consistent with Q1 2026 and up from $2.9 million in Q2 2025.

GAAP Net Loss: $2.2 million ($0.16 per share), improved from a loss of $2.5 million in Q1 2026 and $1.8 million in Q2 2025.

Non-GAAP Net Loss: $2.1 million ($0.15 per share), compared to $2.3 million in Q1 2026 and $1.7 million in Q2 2025.

Adjusted EBITDA: Negative $2 million, an improvement from negative $2.3 million in Q1 2026 and negative $1.6 million in Q2 2025.

Cash Position: $3.3 million as of June 30, 2026, up from $2.7 million in Q1 2026.

2Strategic Updates and Business Highlights

Revenue Growth: The revenue increase was primarily due to fulfilling delayed orders from a new fixed wireless access customer.

Market Focus: Continued emphasis on operational efficiencies, cost management, and enhancing supply chain resilience.

Technology Applications: Expanding use of 60 GHz mmWave technology beyond fixed wireless access to include autonomous Edge AI, unmanned aerial vehicles (UAVs), and defense communications.

New Product Launch: Introduction of the PRM2145 communications module aimed at UAVs and defense applications, expected for customer evaluation in Q4 2026.

Partnerships: Collaboration with Virewirx for drone communications and ongoing work with InTACT for tactical communications solutions.

3Forward Guidance and Outlook

Demand Visibility: Limited near-term visibility into customer demand due to irregular order patterns and macroeconomic headwinds, particularly in fixed wireless access.

No Quarterly Guidance: Due to the uncertainty in demand, the company will not provide quarterly guidance.

Market Potential: Optimism about future growth driven by the recognition of 60 GHz technology capabilities and new customer engagements, particularly in defense and UAV sectors.

4Bad News, Challenges, or Points of Concern

Declining Revenue: Year-over-year revenue decline from Q2 2025 to Q2 2026 indicates challenges in maintaining sales momentum.

Customer Order Patterns: Irregular order patterns and macroeconomic factors are contributing to subdued purchase order activity and limited visibility into future demand.

Supply Chain Issues: Elevated memory prices and constrained supply of key components are impacting sales and order fulfillment.

Strategic Alternatives: The company is exploring potential strategic alternatives, including mergers or asset sales, indicating potential financial distress.

5Notable Q&A Insights

Defense Opportunities: The company is seeing traction in defense communications, with expectations to begin shipping products in Q4 2026. Interest in secure communications is growing among drone manufacturers.

Production Capacity: Peraso has the capacity to produce 30,000 to 50,000 units monthly, with potential to scale to 100,000 units, addressing anticipated demand from drone manufacturers.

Partnerships and Recognition: Engagement with NATO has been beneficial for gaining recognition among drone manufacturers, contributing to increased inquiries and potential design wins.

Customer Inventory Levels: Some customers are beginning to reorder, indicating a potential turnaround in fixed wireless demand. Overall, while Peraso Inc. has shown some positive sequential growth in revenue and is expanding its technology applications, it faces significant challenges in demand visibility and macroeconomic pressures that could impact future performance.