Peraso (PRSO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $2.9M, down from $3.2M in Q3 and $3.7M in Q4 2024; full year 2025 revenue was $12.2M, down from $14.6M in 2024, mainly due to lower memory IC shipments.

• Millimeter wave product revenue grew sixfold year-over-year, reaching $9.1M in 2025, offsetting declines in memory IC shipments and highlighting strong commercial traction.

• Disciplined expense management and higher gross margins led to a significant improvement in bottom-line results, with GAAP net loss halved to $4.8M for 2025.

• Key customer wins and product launches in fixed wireless access (FWA) and tactical communications, including contracts with Tachyon Networks, Milliwave, MikroTik, and INTACT, and the launch of the nRay point-to-point product.

• Strategic collaborations with Virewirx and BioWorks target autonomous vehicle and robotaxi fleet data transfer markets.

Financial highlights

• Q4 2025 GAAP gross margin was 52.2%, down from 56.2% in Q3 and 56.3% in Q4 2024; full year 2025 GAAP gross margin improved to 58% from 51.7% in 2024.

• Q4 2025 GAAP net loss was $1.2M ($0.13/share), improved from $1.6M ($0.37/share) in Q4 2024; full year 2025 GAAP net loss was $4.8M ($0.67/share), improved from $10.7M ($3.57/share) in 2024.

• Adjusted EBITDA for 2025 was -$4M, an improvement from -$4.5M in 2024.

• Cash balance at year-end was $2.9M, up from $1.9M at the end of Q3, aided by $2.1M in net proceeds from an at-the-market offering.

• Product revenue for 2025 was $11.8M, compared to $14.2M in 2024.

Outlook and guidance

• Q1 2026 revenue expected to be ~$1.2M due to a delayed shipment of a significant order, now anticipated to ship in Q2.

• Management expects continued growth in 60 GHz mmWave technology adoption and market awareness in 2026, with production ramp in tactical communications expected in H2 2026.

• Visibility into future demand is lower due to irregular order patterns and new customers without established histories.