Peraso (PRSO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was impacted by delayed shipments due to supplier material availability, with the issue now resolved and steps taken to diversify suppliers.

• Active customer engagement continued across all target markets, with new opportunities in 60 GHz technology for tactical communications, Edge AI, and industrial automation.

• Launched next-generation 60 GHz wireless nRay product with MikroTik and secured selection for 60 GHz mmWave technology in InTACT's drone IFF system, with initial production shipments delivered.

• Fixed Wireless Access remains the largest market but demand is subdued due to memory chip shortages, higher prices, and irregular order patterns.

• Focus remains on securing new purchase orders and converting customer engagements into design wins for future growth.

Financial highlights

• Q1 2026 net revenue was $1 million, down from $2.9 million in Q4 2025 and $3.9 million in Q1 2025.

• Product revenue was $0.7 million, compared to $2.8 million in the prior quarter and $3.8 million a year ago.

• mmWave product revenue was $0.6 million, down from $2.4 million in Q4 2025 and $1.5 million in Q1 2025.

• Gross margin was 61.5%, up sequentially from 52.2% but down from 69.3% year-over-year.

• GAAP net loss was $2.5 million ($0.22/share), compared to $1.2 million ($0.13/share) in Q4 2025 and $0.5 million ($0.08/share) in Q1 2025.

• Non-GAAP net loss was $2.3 million ($0.20/share).

• Adjusted EBITDA was -$2.3 million, compared to -$1.1 million in Q4 2025 and -$0.3 million in Q1 2025.

• Cash and cash equivalents at quarter end were $2.7 million, down from $2.9 million at year-end.

Outlook and guidance

• Q2 2026 net revenue is expected to be approximately $1.2 million.

• Gross margin is expected to decrease in Q2 as revenue mix shifts back toward product sales.

• Management remains optimistic about expanding opportunities for 60 GHz wireless technology beyond core markets.

• Focus remains on securing new purchase orders and converting engagements into design wins for renewed top-line growth.