Peraso (PRSO) 17th Annual LD Micro Main Event Conference summary

Market positioning and technology

• Leading provider of 60 GHz millimeter wave wireless semiconductors, with over 50 patents and essential claims in the field.

• Focused on high-frequency wireless for fixed wireless access, military, professional video delivery, and 5G millimeter wave markets.

• Beamforming technology enables secure, long-range, and high-density wireless networks, supporting both rural and urban deployments.

• Transitioned from consumer electronics to industrial and specialized applications for higher margins.

• Strong competitive moat due to patent portfolio and technical know-how.

Market trends and growth

• Millimeter wave market estimated at $3.4 billion in 2024, growing at 20% annually.

• Fixed wireless access is outpacing cable in the U.S., with significant adoption in rural and urban areas.

• Urban deployments, such as in Los Angeles and South Africa, demonstrate scalability and adaptability of the technology.

• U.S. government BEAD program ($42B) is expected to drive further adoption, especially as states seek alternatives to fiber.

• Military and tactical communications are emerging as major growth areas due to stealth and security benefits.

Customer base and diversification

• Over 100 customers in the pipeline, with 22 active and expected to enter production in coming years.

• Major design wins with Ubiquiti for rural U.S. markets and WeLink for urban deployments.

• Recent expansion into Africa (South Africa, Kenya) and North America for high-density internet access.

• Strategy shifted from concentrated customer base to broad diversification to reduce risk.

• Orders are recovering post-inventory correction, with expectations for a turnaround in late 2024 to early 2025.