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Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 4:30 p.m. ET Chief Financial Officer-Jim Sullivan Chief Executive Officer-Ron Glibbery Operator: Good afternoon, and welcome to Peraso Inc.'s Second Quarter 2026 Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, Tuesday, August 11, 2026. I would now like to turn the call over to your host for today's conference call, Mr. Jim Sullivan. Please go ahead. James Sullivan: Good afternoon, and thank you for joining today's conference call to discuss Peraso's Second Quarter 2026 Financial Results. I'm Jim Sullivan, CFO of Peraso and joining me today is Ron Glibbery, our CEO. Today, after the market closed, we issued a press release and related Form 8-K, which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso's website at www.perasoinc.com under the Investor Relations section. There is also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the IR website. As a reminder, comments made during today's conference call may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical facts could be deemed as forward-looking. Peraso advises caution and reliance on forward-looking statements. These statements include, without limitation, any projections of revenue, margins, expenses, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, non-GAAP net loss, cash flows or other financial items, including anticipated cost savings as well as any statements concerning the expected development, performance and market share or competitive performance of our products or technologies. Any statements regarding the sufficiency of the company's capital resources and its ability to continue as a going concern, any statements regarding customer demand forecasts and concentration risk and any statements related to prospective future financing arrangements or capital transactions and the evaluation or pursuit of strategic alternatives. All forward-looking statements are based on information available to Peraso on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Peraso's actual results to differ materially from those implied by the forward-looking statements, including unexpected changes in the company's business. More detailed information about these risk factors and additional risk factors are set forth in Peraso's public filings with the SEC. Peraso expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in terms of GAAP and non-GAAP. With respect to remarks on today's call involving non-GAAP numbers, unless otherwise indicated, referenced amounts exclude stock-based compensation expense and the change in fair value of warrant liabilities. These non-GAAP financial measures, definitions and the reconciliation of the differences between them and comparable GAAP measures are presented in our press release and related Form 8-K, which provide additional details. For those of you unable to listen to the entire call at this time, a recording will be available on the Investor Relations page of our website. I'll now turn the call over to our CEO, Ron Glibbery, for his prepared remarks. Ron? Ronald Glibbery: Thank you, Jim. Good afternoon, and welcome to everyone on the call and webcast. We appreciate you taking the time to join today's call. As reported in our press release this afternoon, revenue for the second quarter increased approximately 36% sequentially and was above our previous expectations. The sequential growth primarily reflected our successful fulfillment of a previously delayed order shipment to a new fixed wireless access customer. Despite the better-than-anticipated top line results this quarter, our overall business continues to be impacted by a combination of macro-related headwinds and irregular order patterns across our existing customer base with limited ability to influence certain underlying market dynamics, particularly those affecting our leading fixed wireless access customers, we remain focused on the elements of the business we can control. These include operational efficiencies, ongoing cost management and enhancing the resilience of our supply chain, while continuing to cultivate extensive customer engagement across our target end markets. Turning to Slide 4. Across each of our target end markets, we continue to be encouraged by the growing recognition of 60 gigahertz mmWave technology and its inherent performance benefits over conventional wireless communication solutions that operate in lower frequency bands. Historically, the most prevalent commercial application for 60 gigahertz technology has been fixed wireless access. While this continues to be the largest and most mature end market for Peraso, the rapid proliferation of AI and associated demand for hardware in support of AI infrastructure has led to significant market dislocations. With respect to fixed wireless access, this includes customers navigating persistently elevated memory prices and the constrained supply of other key components. We believe this has and is continuing to contribute to subdued purchase order activity and limited near-term visibility into future customer demand. While these current market dynamics are expected to extend into the fourth quarter, the value proposition of 60 gigahertz mmWave technology and fixed wireless application is its commercially proven ability to overcome interference and capacity limitations in congested wireless environments. As such, we believe we are positioned to benefit once the current supply dislocations moderate and order patterns normalize. Having said that, it's become increasingly clear over the past 12 to 18 months that the inherent benefits of 60 gigahertz mmWave technology extend beyond traditional fixed wireless access applications. We continue to engage with prospective customers and partners seeking to utilize our 60 gigahertz solutions to address real-world challenges encountered in other end markets, namely in autonomous Edge AI, unmanned aerial vehicles, and defense communications applications. Today, we are actively engaged on a combination of new and existing opportunities to leverage Peraso's proven 60 gigahertz technology in both of these high-value end markets. Turning to Slide 5. I want to start with the substantial emerging market opportunity that we see for our technology in emerging edge AI and associated autonomous systems application, whether it's operating a fleet of autonomous vehicles, a swarm of drones or a factory floor full of robots, implementing Edge AI at scale creates a fundamental bandwidth challenge. These platforms typically require the continuous upload of massive volumes of sensor and camera data as well as the download of large AI models and software updates. This often entails not only multi-gigabit data transfers, but doing so while operating in close physical proximity to many other independent autonomous devices. Traditional 5 gigahertz WiFi technology struggles in these types of environments due to limited spectrum. Additionally, omnidirectional coverage creates widespread co-channel interference or overlapping of wireless signals. As the number of devices sharing the same channel increases, the throughput collapses and latency becomes unpredictable. With 60 gigahertz technology, we utilize highly directional narrow beams. That directional nature significantly reduces co-channel interference, allowing numerous simultaneous multi-gigabit links to operate reliably inside the same physical footprint with deterministic low latency performance. This isn't just conceptual. In June of this year, we completed a customer demonstration with our partner, Virewirx, that put these advantages on full display. Together, we created a simulated drone wireless environment and successfully operated a high-capacity network cluster that achieved a peak aggregate data rate of more than 50 gigabits per second. Within the combined space of a large room, we simultaneously transmitted several independent multi-gigabit streams, something conventional sub-6 gigahertz technologies struggled to do at that density without severe interference. The demonstration also underscored 2 additional attributes that are critical for autonomous and mission-critical systems, the inherent low probability of intercept and detection of 60 gigahertz links and the ability when combined with Virewirx's network synchronization technology to maintain coordination without reliance on GPS. That GPS independence is particularly valuable in contested or GPS-denied environments. Looking ahead, we see applications in both defense, especially emerging drone swarm tactics and commercial settings such as automated factories where large fleets of robots require high-capacity interference-free connectivity. The Virewirx collaboration is a strong example of how complementary 60 gigahertz technology can address real-world applications that traditional wireless architectures were not designed to solve. As we've introduced on previous conference calls, many of these fundamental characteristics of 60 gigahertz are equally, if not more, critical in defense and tactical communications applications. Turning to Slide 6, I want to highlight one of the most unique applications of our technology within the tactical communications space, IFF, which stands for Identification Friend or Foe system. It goes without saying today's increasingly modern battlefield is a complex and congested environment. The ability to rapidly and reliably distinguish friendly assets from hostile ones is mission-critical. Traditional IFF systems operate by transmitting what's known as an interrogation signal and receiving authenticated responses. These signals or links can be detected, jammed or spoofed, exposing troops and assets to devastating consequences, including friendly fire incidents. 60 gigahertz technology is designed to meaningfully upgrade the performance of an IFF system in 3 ways. First, the highly directional narrow beam makes the communication links inherently difficult for an adversary to detect or intercept. Second, that same directional beam combined with the physical properties of the 60 gigahertz band substantially reduces the risk of spoofing or successful jamming. Third, we have integrated our solutions to deliver these capabilities in a compact low-power form factor. This makes it ideal for size, weight and power-constrained platforms such as unmanned aerial systems, or UAS. In partnership with our previously announced lead defense contractor, InTACT, we are continuing to make solid progress on the refinement and testing of next-generation drone IFF solutions. This system is purpose-built for highly contested electronic warfare environments and is designed to enable secure real-time mutual authentication between friendly drones and ground forces. Following our delivery of initial limited production modules earlier this year, feedback on this jointly developed solution continues to be positive, which we believe is meaningful validation of Peraso's 60 gigahertz technology for IFF applications. More broadly, the combination of stealth-oriented design, anti-jam resistant architecture and compact integration is generating expanded interest from additional prospective customers and partners seeking to evaluate the benefits of 60 gigahertz for their future product road maps. With that foundation, let me turn to the wider opportunity we see in unmanned aerial systems communications. Moving to Slide 7. Building on the initial foundation from our ongoing work on IFF applications, we have identified and are beginning to target broader opportunities for our 60 gigahertz solutions in unmanned aerial systems. In fact, the rapid growth of UAVs and related systems, especially in defense and security applications, has helped to increase the awareness and the limitations of traditional sub-6 gigahertz radio links. These legacy systems are increasingly susceptible to wireless congestion, relatively easy to detect and vulnerable to jamming in contested electromagnetic environments. Additionally, modern drones have become highly data-intensive with large arrays of sensors. They are also frequently required to support real-time coordination, autonomy and swarm operations. Today's existing drone communications infrastructure is challenged to meet all of these demands. 60 gigahertz mmWave technology is designed to enable a fundamentally different solution for modern UAS platforms. Instead of broadcasting energy broadly, it utilizes highly directional, high-capacity data links. Atmospheric oxygen absorption further limits long-distance propagation, reducing the probability of detection or interception outside the intended path. Adaptive beamforming is the foundational capability that makes this possible, enabling precise energy steering and spatial filtering of interference and high spatial reuse of multiple independent links can operate concurrently without overlapping interference. As seen on the slide, the narrow point-to-point paths of 60 gigahertz beams are virtually impossible to detect and extremely difficult to jam. The highly directional beam makes alignment by a jammer difficult, while oxygen attenuation further weakens potential interference signals. Since by definition, the band is unlicensed, 60 gigahertz also avoids interference with licensed spectrum. Bringing all of these elements together, this week, we expanded our product portfolio with the formal introduction of Peraso's PRM2145. This new jam-resistant communications module is purpose-built for unmanned aerial vehicles, autonomous systems and defense applications. The PRM2145 leverages our proven 60 gigahertz platform to deliver secure, ultra-low latency gigabit class performance in a lightweight compact form factor optimized for airborne platforms. It is designed to support robust command and control links, high-definition video, ISR data transport, Identification Friend or Foe communications and drone-to-drone networking. This new module is expected to be available for customer evaluation in the fourth quarter, supporting integration across a broad range of unmanned and autonomous platforms. We believe the PRM2145 further strengthens our early entry position in these high value-add markets while also reinforcing our strategy of diversifying Peraso's future growth beyond our core fixed wireless access business. Turning to Slide 8. Before my concluding remarks, I want to briefly highlight one other real-world application and opportunity that we are actively engaged in development of with a prospective customer. Today, the current landscape within defense tactical communications is rapidly driving the evolution of next-generation solutions. One real-time example of this is hybrid UAV networks. In these architectures, 60 gigahertz communications links are combined with other transport layers such as satellite backhaul or selective fiber to deliver high-capacity, low-latency connectivity while still maintaining the intended stealth and anti-jamming benefits of mmWave technology. As visualized on this slide, this hybrid approach allows operators to optimize a complete end-to-end network for range, resilience and mission flexibility in contested or GPS-denied environments. I wanted to briefly share this example of a hybrid UAV network on today's call for 2 reasons. First, it reflects the type of advanced system design work that we are actively collaborating with partners to solve and work toward bringing to market. And second, I believe it further illustrates the expanding role 60 gigahertz can play beyond traditional point-to-point or fixed wireless use cases. In closing, our near-term focus remains firmly on the areas within the company's control. We continue to take steps to strengthen the resilience of our supply chain and reduce single supplier bottlenecks while also reducing to secure additional distribution partners that will expand the market reach of our 60 gigahertz mmWave portfolio. Our highest priority is driving commercial traction, converting existing customer engagements, proof of concepts and technology demonstrations into design wins, purchase orders and production revenue that can support renewed top line growth. While near-term visibility, particularly within fixed wireless access remains limited due to external market dynamics and irregular order patterns, the breadth of our current engagements and the growing recognition of 60 gigahertz differentiated capabilities makes us optimistic for the future. With that, I'll turn the call over to Jim for a detailed review of the financial results for the quarter. James Sullivan: Thank you, Ron. Turning to the results for the quarter. Total net revenue for the second quarter was $1.3 million compared with $1 million for the prior quarter and $2.2 million for the second quarter of 2025. Product revenue in the second quarter was $1.2 million compared with $0.7 million in the prior quarter and $2.2 million in the second quarter of 2025. The sequential increase in product revenue for the second quarter of 2026 was attributable to higher shipments of mmWave products. Sales of our legacy memory and related products were less than $25,000 in each of the first 2 quarters of 2026. We recorded no sales of legacy memory and related products in the second quarter of 2025. Gross margin was 63.7% in the second quarter compared with 61.5% in the prior quarter and compared with 48.3% in the year ago quarter. The sequential increase for the second quarter of 2026 was primarily attributable to mmWave product mix, including increased sales of inventory written down in prior periods as partially offset by a decrease in nonrecurring engineering services or NRE revenue. The year-over-year increase was primarily attributable to an increase in NRE revenue and mmWave product mix, combined with an increase in sales of inventory written down in prior periods as partially offset by a decrease in sales of memory and related products. GAAP operating expenses for the second quarter of 2026 were $3.1 million, consistent with the prior quarter and compared with $2.9 million in the second quarter of 2025. Non-GAAP operating expenses, which excludes stock-based compensation, were $2.9 million in the second quarter, consistent with the prior quarter and compared with $2.7 million in the second quarter of 2025. Our recent non-GAAP operating expenses level of approximately $2.9 million per quarter continues to reflect the benefits realized from previously implemented cost reductions and our ongoing cost containment initiatives. GAAP net loss for the second quarter of 2026 was $2.2 million or a loss of $0.16 per share compared with a net loss of $2.5 million or a loss of $0.22 per share in the prior quarter and compared with a net loss of $1.8 million or a loss of $0.31 per share in the same quarter a year ago. Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities for the second quarter of 2026 was $2.1 million or a loss of $0.15 per share. This compared with a non-GAAP net loss of $2.3 million or a loss of $0.20 per share in the prior quarter and a net loss of $1.7 million or a loss of $0.28 per share in the same quarter a year ago. The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and non-GAAP EPS for the second quarter of 2026 was approximately 14.1 million shares. Adjusted EBITDA, which we define as GAAP net income or losses reported, excluding stock-based compensation, change in fair value of warrant liabilities, interest expense, depreciation and amortization and the provision for income taxes was negative $2 million in the second quarter of 2026 compared with negative $2.3 million in the prior quarter and negative $1.6 million in the second quarter of 2025. With regard to the balance sheet, as of June 30, 2026, the company had approximately $3.3 million of cash compared with $2.7 million as of March 31, 2026. The net increase of approximately $0.6 million in the company's cash balance at quarter end reflected approximately $2.4 million of net proceeds from sales under the company's at-the-market offering program during the second quarter of 2026. As of today's call, the company has approximately 15.1 million shares of common stock and exchangeable shares outstanding. As previously disclosed, the company has been exploring potential strategic alternatives, including a merger sale of assets or other similar transactions as well as various potential sources of additional capital. On June 30, 2026, the company entered into a committed equity facility with ROTH Principal Investments. This facility allows but does not obligate the company to issue and sell up to $25 million of shares of its common stock. In addition to providing access to additional working capital for general corporate purposes, the facility is expected to support continued product development targeting expanded opportunities in drone, defense and tactical communications markets. Independent of the newly entered equity facility, we don't have any updates to share today in the company's broader strategic review process. As Ron previously mentioned, overall visibility into future near-term demand remains challenging due to the irregular order patterns from our fixed wireless access customers. Due to insufficient visibility, we will not be providing quarterly guidance on today's call. This concludes our prepared remarks, and we thank you for your time this afternoon. Operator, please commence the Q&A session. Operator: [Operator Instructions] Your first question is coming from Jon Hickman from Ladenburg. Jon Hickman: This new communications strategy, so who did you say your partner was again that you're working with to design for the, like, the factory floor and UAVs and all that? Ronald Glibbery: Are you referring to the final slide? Jon Hickman: No, the second -- no, it's the third to the last one, showed all the robots and stuff. Ronald Glibbery: Yes. Well, that -- again, it's obviously still confidential, Jon. But the concept there is -- I think what's really insightful about that situation is that -- and you're seeing this a lot in the U.S. as well as China, with humanoid robots, which basically have full freedom, the models are complicated. So it turns out the data flow between the network and these humanoid robots is substantial. That's where our chips come into play. And if you look at that, I love that slide because actually, that slide just shows you the benefit of our technology over traditional wireless technology, which is that we have a very narrow beam, very, very physically limited area of operation versus traditional wireless, which has a very wide field of operation, and that's why we win in those circumstances. So we really see that market as an important emerging market because of that capability of our technology. So I hope that slide got the message across. I think it did. I mean that's really the concept behind it. Jon Hickman: You said you'd have chips available for people to experiment or see if they work and by the end of the year in the fourth quarter? Ronald Glibbery: No, our chips -- no, no, what we meant to say was our chips are available now. The only concern about -- we -- overall, we have run into an issue. We've seen this with other companies, whereby the availability of third-party memory like DDR4, DDR5 is limiting sales and making orders kind of lumpy. So that's what I was referring to. As far as the silicon for that application, we are in full production and it's available today. Jon Hickman: So what were you talking -- when you said you would have chips available for in the fourth quarter. Ronald Glibbery: Yes, we have a new module product based on our existing silicon. And the new module, we did a press release yesterday, and that is called the PRM2145. And that is -- I think that's -- so that's a new module with some -- you'll have to go to our website to see the specific technical details. But basically, it's another part of our module family based on our existing silicon. Of course, the significant change to that particular product is, again, a new antenna, which we designed in-house ourselves. So we've got the ability to change the antenna to provide different RF characteristics. Jon Hickman: Okay. And then you've been working with some partner, I think, in Israel on the friendly fire thing for a while now, more than a year. So are you generating revenues there? Ronald Glibbery: Well, we definitely have generated revenue there, substantial revenue, 7-figure revenue from 2 perspectives. One perspective is from an engineering perspective, and we actually have shipped volume. Generally, I would say what we're seeing is originally, that business and still is based on what we call in country. But actually, we're starting to see a shift over to the drone application as well. So just you can imagine the need for friendly fire in circumstances where you've got a drone and infantry on the ground. And the drone wants to make 100% sure that it's not targeting ground personnel. So it's really an evolution of that model from kind of ground-based communications to aerial-based communications. So we're starting to see that transition. And we really do anticipate more volume from that customer over the next few quarters. Jon Hickman: So this issue of drones being jammed or their communications interrupted to make them ineffective. So theoretically, every drone should have millimeter microwave (sic) [ mmWave ] on it so that it can't have... Ronald Glibbery: Yes, theoretically. And frankly speaking, that -- again, that is a core value proposition. So from our perspective, we've always had this capability. What's changed over the last year, Jon, is the fact that traditional wireless technology that was used to control drones now is getting jammed by the enemy. So we frankly see our -- really our technology potentially going -- and we have to keep in mind, this is really more for military and security applications where the user wants to avoid being jammed by the enemy. Obviously, if you're just flying a drone at a wedding and you want to take some pictures, I mean, not really necessarily a requirement for anti-jamming. But frankly, for military and security applications, we're seeing very, very strong interest there, and you're going to see a lot of announcements from us over the next few weeks and months. And as a matter of fact, that was the announcement we made yesterday was a specific new module for the drone application. So we see it as a very, very important part of the drone rollout over the coming years. Jon Hickman: So can you -- so it's kind of a defensive technology, you're preventing communications interruptions on the drone. Can you turn it around and make it an offensive like use it to more precisely interrupt other people's drones? Or is that not? Ronald Glibbery: No. I wouldn't -- it's really more command and control. I mean really the 2 primary applications are the friendly fire, which I described, whereby the drone can determine whether the ground personnel or ground devices are friend or foe. But of course, the other application is command and control of the drone. So your definition of defensive or offensive is kind of up to you. But yes, we don't see -- we do have the ability eventually to also detect drones, but we're not doing that today. In other words, it's kind of a radar applications. But really, the focus for us right now with our existing technology is command and control for the drone application. And with the concept that we -- it's very -- I would say, very, very difficult to jam our link. And I hope our slides today really communicated that concept. Jon Hickman: Well, how are you getting yourself noticed, like, the military... Ronald Glibbery: Yes, it's a very good question. Like -- so basically, we -- really traditional, like, we do in the States, in America, we've got some terrific partners that are helping us in that regard, and that's still under confidentiality. We're actually -- to be frank, we've been accepted by a NATO consortium that's actually promoting technology in NATO-based countries. And that's actually been a very, very strong channel for us to get recognized by drone manufacturers. It's probably our primary channel right now for engagements. I would say, just off the top of my head, we are for the last 2 to 3 months, engaging with new drone customers, and I mean design wins on a weekly basis. So the exposure is very, very good through NATO, for example. We do attend trade shows and have traditional marketing channels, but the NATO alliance has been very helpful for us. So there's been a variety of methods that we're undertaking to really get ourselves. And obviously, as the word gets out that our technology can be used for jam-resistant communications, that really spreads the word as well, and that helps our communication. So we really do find that we're getting more and more inquiries on a weekly basis. Jon Hickman: So just one more question there. So some of these drone manufacturers are making thousands a week or a month. If somebody wants that kind of volume, can you do that? Ronald Glibbery: Yes. I mean today, I would say our capacity is about 30,000 to 50,000 units a month. But obviously, we've kind of achieved that in the past. I would say we would have no problem getting to 100,000 units a month. So we -- our primary silicon supplier is TSMC, which for them, that's kind of peanuts. And I think with our other suppliers, it's just a matter of time before we can get to those volumes. So we're not worried about achieving those volumes from an operational perspective. Operator: Your next question is coming from Kevin Liu from K. Liu & Company. Kevin Liu: Just a couple of follow-ons on the defense opportunities that you have. Can you talk about the pipeline? And more specifically, how soon do you think you can kind of get the second and third production customer? Is that a couple of quarters out? Is that longer term? And then for the hybrid UAV network that you referenced, I was curious if there are any specific LEO partners that you can name there? Ronald Glibbery: For the first part of your question, Kevin, I mean, actually, it turns out there's been a very -- there's kind of a very interesting development, which is that obviously, we're targeting drone manufacturers, but we are seeing actually traction in a related business, which is actually like fixed wireless communications, but secure fixed wireless communications. So it turns out that some of the customers who are actually providing drone communications also would like us to provide communications on the ground. And we could see those shipments starting really in Q4. So that's very exciting. I think the drone specifically will be Q1, Q2 next year. But we -- I actually am hoping that we -- like the whole concept of secure communications is just a very, very important concept. And again, I mean, we tried to make it clear in the slides today, but our ability to avoid jamming is just very fundamental. It just basically boils down to very, very narrow beam and very directional, directional and dynamic, like all those things that add up to make the whole communications channel very, very difficult to detect and to jam. So I would say there's -- we could start shipping in lower volumes even later this year. And so that's really our target. But I'm thrilled to say that the momentum certainly on defense manufacturers overall is turning out to be very, very positive for us. Now the second part of your question is one of the -- again, without getting specific, one of the opportunities we're specifically working on, and I find this very, very interesting. In a certain battlefield environment, and I can't say where, there is a model whereby a LEO satellite provider can provide a link to a control drone, call it, and that control drone can manage, kind of, client drones. And so what that means is the drone operator can be really anywhere. And you can be anywhere in the globe and really see a real-time first-person video depiction of those client drones. And so you can do the math on how many LEO operators there are in the world. But like certainly, we're -- that's one of the applications we're working on is that specific scenario where the actual pilot of the drone is nowhere near the battlefield and using the LEO environment to actually control the client drone. So that's a really interesting application for us. So we're working on that kind of in real time. So that is probably as much as I could say at this time. But certainly, suffice it to say that, that's an application that people are very, very intrigued about. Kevin Liu: Yes. Just one quick follow-on that point is with all these new things that you guys are working on, how quickly can you actually get these things to the battlefield? Are these all products that are contemplated for kind of the current conflicts that are ongoing? Or are these more so kind of next-generation technologies where it could take a year or more for them to really get into production? Ronald Glibbery: Kevin, I think it's going to be phased. And frankly, again, I mean, going back to my earlier comments to Jon, I mean, we -- I can see us starting to ship literally later this year on ground-based applications. So just to give you an example, like there's -- some of our customers are providing radar and they need communications, like, data links to their radar units and the radar units need to be secure. So you can see a situation where we could be shipping. There's very, very little development that has to take place because it's really like a point-to-point applications for fixed wireless access as it turned out. It just turns out it's secure. There may be a few more bells and whistles, but I can see us starting later this year. I think from -- look, I mean, if we're talking about a very, very sophisticated kind of swarm, I think swarm drones in particular, is a complex problem. We're probably a year away from that. But there's no doubt in my mind, we'll start shipping later this year or early Q1 and then just ramp it up from there. Kevin Liu: I appreciate that. Maybe switching gears a little bit on to more of your traditional fixed wireless business. I certainly understand some of the challenges your customers are going through and why they're holding off on purchases. I'm curious what you're hearing from them in terms of where their inventory levels are with your chips. And when they do start to reorder again, are you expecting kind of a big ramp-up as they restock pretty fully? Or do you think it's kind of a more gradual uptick? Ronald Glibbery: I'm going to share some insight with you, Kevin, that even over the last few days, which is that even though there's a lot of buzz on the military side of things, on the fixed wireless side, we've had 3 major customer opportunities arise very, very recently, including -- believe this was very, very good news for us is one of the largest OEMs in India now it feels like they're going to -- they'd like to start shipping our technology in India, which is obviously a tremendous market, Middle Eastern customer as well as a large OEM. So -- and the message from all of those potential customers is that they're seeing traction. I think with regard to our own customers, we -- I'm going to let Jim kind of answer in terms of specifics, but we actually are starting to see reorders from some customers. So we're starting to see that turnaround. We're hoping -- we know for sure in Q4, we're going to start to see that turnaround. In terms of what we can share globally, Jim can speak to that more specifically. But we really -- I think the good news and certainly what I've seen even over the last week is we're getting real momentum from new customers, and I'm talking very large opportunities in India and the Middle East as well as a new OEM partner. And we're hoping by Q4, we really overcome this memory situation. But by the way, one of the key points, I think, that our customers are trying to do on the memory side of things is kind of switching to DDR3. I mean, so one of the problems is the AI customers broadly are using DDR4, DDR5, which is very, very high speed. But luckily, in most cases, our customers can get away with DDR3. So we're starting to see that transition, which we are hoping by Q3 will alleviate some of this pressure. Kevin Liu: Great. One last one, perhaps for Jim. Just it doesn't sound like it, but curious with the ROTH equity facility that you guys secured after quarter end. Did you guys tap into that at all? Or is that still fully available to you? James Sullivan: No, we have not tapped into the ROTH facility or used our ATM facility since I think the -- yes, since June 30, I think we had some trades under the ATM maybe settled on July 1. No, there's been no activity under either facility. We'll have comments, obviously, in the 10-Q regarding our runway and liquidity, et cetera, going forward. Obviously, we've got some market conditions working against us on the fixed wireless side and while a tremendous amount of activity on the drone defense side. And I kind of joke with folks. I know there's a lot of activity because a lot of NDAs are crossing my desk when Ron has come back from trade shows, which is always a good sign to me. I've had quite a number of them. So there's some good -- to your comment earlier about the pipeline. But we'll be looking at that going forward. And as has been the case and kind of my mantra in past quarters, first and foremost, if we can't get our products out the door as quickly as we'd like based on customer orders, we remain focused on nonrecurring engineering services, NRE transactions. I believe Ron and team are working on one right now in the defense space. And generally, those contracts have no incremental cost to us. So it's funded R&D to me that drops to the bottom line. So we've got at least one of those that's hopefully as high as mid-6 figures that we're working as well with a number of the programs out there on technology, Ron has been very active in pursuing grants from the Canadian government. Obviously, each country wants to have its independent technology and resources. And while Peraso is a U.S. public company, the majority of Ron and the majority of the team and all the engineers working on our mmWave technology sit in Canada. So we've been pretty aggressive about applying for those. Time will tell. We've done the data submissions on the administrative side, Ron and led by Alex, our CTO; and Brad, our COO and our VP of Biz Dev have done the technical details, provided the specs, et cetera. So we're optimistic about some of those coming in. Anything I missed there, Ron, on that front? Ronald Glibbery: No, that was... Yes. No, perfect. Terrific, Jim. James Sullivan: I'll stop there. I don't know if that answered your question. Kevin Liu: Definitely. Look forward to seeing some of these defense announcements in the near future. Operator: I show that there are no further questions in the queue at this time. That will conclude today's conference call. Thank you for your participation. You may now disconnect. Before you buy stock in Peraso, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Peraso wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $419,408!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,348,694!* Now, it’s worth noting Stock Advisor’s total average return is 966% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 19, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Peraso (PRSO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 36% sequentially was primarily driven by the fulfillment of a previously delayed order to a new fixed wireless access (FWA) customer. The core FWA market continues to face significant dislocations caused by the AI infrastructure boom, which has led to persistently high memory prices and component shortages. Management is strategically diversifying into high-value end markets, specifically targeting autonomous Edge AI, unmanned aerial vehicles (UAVs), and defense communications. The company is leveraging the inherent physical advantages of 60 GHz mmWave technology, such as narrow beam directionality, to solve interference and capacity issues that traditional 5 GHz WiFi cannot address. Operational focus remains on cost containment and supply chain resilience to mitigate the impact of irregular order patterns and limited near-term visibility. Successful technology demonstrations, including a 50 Gbps aggregate data rate in a simulated drone environment, serve as critical validation for mission-critical autonomous systems. Quarterly guidance remains suspended due to insufficient visibility and irregular order patterns within the fixed wireless access segment. The new PRM2145 jam-resistant communications module is scheduled for customer evaluation in the fourth quarter of 2026, targeting airborne and defense platforms. Management anticipates a phased rollout of defense applications, with ground-based secure communications potentially shipping in late 2026 and complex drone swarm solutions expected in 2027. Strategic growth assumes a normalization of the FWA market as customers transition to alternative components, such as DDR3 memory, to bypass AI-driven supply constraints. The company is actively pursuing non-dilutive funding through Canadian government grants and high-margin non-recurring engineering (NRE) contracts to support R&D. A $25 million committed equity facility was established with ROTH Principal Investments to provide working capital and support product development in defense markets. The company continues its broader strategic review process, exploring potential mergers, asset sales, or alternative capital sources, though no new updates were provided. Gross margin expansion to 63.7% was aided by the sale of inventory previously written down, though this was partially offset by a decrease in NRE revenue. Heavy reliance on a single primary silicon supplier (TSMC) is being managed through efforts to reduce single-supplier bottlenecks across the broader supply chain. Management highlighted that humanoid robots require massive data flows that traditional wireless cannot handle due to interference. The 60 GHz technology wins in these environments because its narrow beam allows for high-density device operation without throughput collapse. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Peraso has already generated seven-figure revenue from defense engineering and initial volume shipments. The business is evolving from ground-based communications to aerial drone applications to prevent friendly fire incidents between drones and infantry. The company has been accepted by a NATO consortium, which serves as the primary channel for engagement with international drone manufacturers. Management reported a significant increase in inquiries and design win engagements over the last two to three months due to the technology's jam-resistant properties. Current capacity is 30,000 to 50,000 units per month, with a clear path to scale to 100,000 units if required by large-scale manufacturers. Silicon supply via TSMC is not considered a bottleneck for achieving these higher volumes. Despite broader market headwinds, new opportunities have emerged with a major OEM in India and a customer in the Middle East. Management expects the FWA segment to begin turning around in the fourth quarter as the memory supply situation for customers improves.

SAN JOSE, CA / ACCESS Newswire / August 11, 2026 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a leader in high-performance 60 GHz wireless technology, today announced financial results for the second quarter ended June 30, 2026. Management Commentary "Second quarter revenue increased approximately 36% sequentially and was above our previous expectations, primarily reflecting the fulfillment of a previously delayed order shipment to a new fixed wireless access customer," commented Ron Glibbery, CEO of Peraso. "Our overall business continues to be impacted by irregular order patterns, as fixed wireless access customers navigate inflated memory prices and constrained supply of other key components. We expect these market dynamics to extend into the fourth quarter. "Despite these ongoing dynamics, we remain optimistic about the growing recognition and demonstrated value proposition of our 60 GHz mmWave technology across our target end markets. In defense and tactical communications, its inherently stealthy, anti-jamming characteristics deliver unique differentiation for applications requiring secure, high-bandwidth connectivity. Today, we are seeing a high level of interest and expanding engagements with drone manufacturers that are actively evaluating our solutions. "We continue to focus our efforts on the areas of the business that we can control. This includes ongoing steps to improve the future resilience of our supply chain, as well as secure additional distribution partners to expand the market reach of Peraso's 60GHz mmWave solutions. Coupled with these operational initiatives, our highest priority remains on driving commercial traction and securing new design wins and customers in support of future top-line growth." Second Quarter 2026 Financial Results Total net revenue for the second quarter of 2026 was $1.3 million, compared with $1.0 million in the prior quarter and $2.2 million in the same quarter a year ago. Product revenue for the second quarter of 2026 was $1.2 million, compared with $0.7 million in the prior quarter and $2.2 million in the same quarter a year ago. The sequential increase in product revenue for the second quarter of 2026 was attributable to higher shipments of mmWave products. Gross margin for the second quarter of 2026 was 63.7%, compared with 61.5% in the prior quarter and 48.3% in the same quarter a year ago. The year-over-year increase in gross margin was primarily attributable to an increase in non-recurring engineering services revenue and mmWave product mix, combined with an increase in sales of inventory written down in prior periods, as partially offset by a decrease in sales of memory and related products. Total operating expenses on a GAAP basis for the second quarter of 2026 were $3.1 million, consistent with the prior quarter and compared with $2.9 million in the same quarter a year ago. Operating expenses on a non-GAAP basis for the second quarter of 2026, which excluded stock-based compensation, were $2.9 million, consistent with the prior quarter and compared with $2.7 million in the same quarter a year ago. GAAP net loss for the second quarter of 2026 was $2.2 million, or ($0.16) per share, compared with a net loss of $2.5 million, or ($0.22) per share, in the prior quarter, and a net loss of $1.8 million, or ($0.31) per share, in the second quarter of 2025. Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities, for the second quarter of 2026 was $2.1 million, or ($0.15) per share, compared with a net loss of $2.3 million, or ($0.20) per share, in the prior quarter and a net loss of $1.7 million, or ($0.28) per share, in the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 was negative $2.0 million, compared with negative $2.3 million in the prior quarter and negative $1.6 million in the same quarter last year. A reconciliation of GAAP to non-GAAP results and GAAP net loss to Adjusted EBITDA is provided in the financial statement tables following the text of this press release. Earnings Conference Call and Webcast Information Ron Glibbery, CEO, and Jim Sullivan, CFO, will host a conference call and webcast with slides today, August 11th, at 1:30 p.m. Pacific Time. Date: Tuesday, August 11, 2026Time: 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)Conference Call Number: 1-888-506-0062International Call Number: +1-973-528-0011Participant Access Code: 513888 Webcast and Slides: Click Here For those unable to listen to the live Web broadcast, it will be archived on the Company's website, and can be accessed by visiting the Company's investor page at https://investors.perasoinc.com/events-presentations. A replay of the conference call will also be available through August 18, 2026 and can be accessed by calling 1-877-481-4010, and using passcode 54274. International callers should dial 1-919-882-2331 and enter the same passcode at the prompt. Any supporting materials referenced during the live broadcast will be made available in the Investor Relations section of the Company's website following the conclusion of the conference call. Use of Non-GAAP Financial Measures To supplement Peraso's consolidated financial statements presented in accordance with GAAP, Peraso uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation and the change in fair value of warrant liabilities. Peraso's management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that Peraso's management uses for planning and forecasting future performance. The press release also makes reference to and reconciles GAAP net income (loss) and adjusted EBITDA, which the Company defines as GAAP net income (loss) before interest expense, the income tax provision, and depreciation and amortization, as well as stock-based compensation and the change in fair value of warrant liabilities. Management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management's operating performance. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are provided in tables below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management's explanation of why it considers such measures to be useful, refer to the Current Report on Form 8-K dated August 11, 2026 filed by the Company with the Securities and Exchange Commission. Forward-Looking Statements This press release may contain forward-looking statements about the Company, including, without limitation, the Company's expectations regarding growth prospects for the Company's products and the Company's 2026 revenue and gross margin trends. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to the following: the Company's ability to continue as a going concern; the Company's ability to raise additional capital to fund its operations; the Company's ability to regain compliance with the continued listing requirements and standards of the Nasdaq Stock Market; risks related to the process of reviewing and exploring potential strategic alternatives, which may be time-consuming, distracting, and disruptive to the Company's business operations; the timing of customer orders and product shipments, which may be impacted by supply chain disruptions experienced by the Company or its customers; the Company's ability to convert customer engagements, proof-of-concept evaluations, and technology demonstrations into design wins, purchase orders, and production revenue; the timing and outcome of product deliveries, field trials, and customer acceptance of the Company's products; risks related to pandemics, wars and terrorist activities that may have an adverse impact on the Company's business and financial results and result in component shortages and increased lead times that may negatively impact the Company's ability to ship its products; risks related to tariffs, trade restrictions, inflation, and other government actions that may affect the Company's supply chain, component costs, or customer demand; customer concentrations and length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn; lengthy sales cycle; ability to enhance the Company's existing proprietary technologies and develop new technologies; achieving additional design wins for the Company's products through the acceptance and adoption of its technology by existing and potential customers and their suppliers; difficulties and delays in the production, testing and marketing of the Company's products; reliance on manufacturing partners to assist successfully with the fabrication of and production of the Company's products; impacts of the end-of-life of the Company's memory products; availability of quantities of the Company's products supplied by its manufacturing partners at a competitive cost; level of intellectual property protection provided by the Company's patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which the Company may be or may become a party from time to time; vigor and growth of markets served by the Company's customers and its operations; and other risks identified in the Company's public filings it makes with the Securities and Exchange Commission. Peraso does not intend to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future. About Peraso Inc. Peraso Inc. (NASDAQ:PRSO) is a pioneer in high-performance 60 GHz wireless technology, offering chipsets, modules, software, and IP. Peraso supports a variety of applications, including fixed wireless access, drone, defense and tactical communications, immersive video, and factory automation. For additional information, please visit www.perasoinc.com. Company Contact:Jim Sullivan, CFOPeraso Inc.P: 408-418-7500E: [email protected] Investor Relations Contacts:Shelton GroupBrett L. Perry | Leanne K. SieversP: 214-272-0070E: [email protected] PERASO INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts; unaudited) PERASO INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands, unaudited) PERASO INC.Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share(In thousands, except per share amounts; unaudited) PERASO INC.Reconciliation of GAAP and Non-GAAP Financial Information(In thousands; unaudited) SOURCE: Peraso Inc. View the original press release on ACCESS Newswire

Adeia (ADEA) came out with quarterly earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.3 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +13.33%. A quarter ago, it was expected that this provider of chip technology for small electronic devices would post earnings of $0.36 per share when it actually produced earnings of $0.38, delivering a surprise of +5.56%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Adeia, which belongs to the Zacks Technology Services industry, posted revenues of $96.12 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.04%. This compares to year-ago revenues of $85.74 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Adeia shares have added about 54.5% since the beginning of the year versus the S&P 500's gain of 9.4%. While Adeia has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Adeia was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.35 on $103.76 million in revenues for the coming quarter and $1.43 on $416.74 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Peraso (PRSO), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This semiconductor technology company is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of +35.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Peraso's revenues are expected to be $1.25 million, down 43.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Adeia Inc. (ADEA) : Free Stock Analysis Report Peraso Inc. (PRSO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Total Net Revenue: $1 million for Q1 2026, down from $2.9 million in the prior quarter and $3.9 million in Q1 2025. Product Revenue: $0.7 million for Q1 2026, compared to $2.8 million in the prior quarter and $3.8 million in Q1 2025. Millimeter Wave Product Revenue: $0.6 million for Q1 2026, down from $2.4 million in the prior quarter and $1.5 million in Q1 2025. Gross Margin: 61.5% for Q1 2026, compared to 52.2% in the prior quarter and 69.3% in Q1 2025. GAAP Operating Expense: $3.1 million for Q1 2026, compared to $2.8 million in the prior quarter and $3.2 million in Q1 2025. Non-GAAP Operating Expenses: $2.9 million for Q1 2026, compared to $2.7 million in the prior quarter and $3.1 million in Q1 2025. GAAP Net Loss: $2.5 million or $0.22 per share for Q1 2026, compared to a net loss of $1.2 million or $0.13 per share in the prior quarter and $0.5 million or $0.08 per share in Q1 2025. Non-GAAP Net Loss: $2.3 million or $0.20 per share for Q1 2026, compared to $1.2 million or $0.13 per share in the prior quarter and $0.4 million or $0.07 per share in Q1 2025. Adjusted EBITDA: Negative $2.3 million for Q1 2026, compared to negative $1.1 million in the prior quarter and negative $0.3 million in Q1 2025. Cash Balance: $2.7 million as of March 31, 2026, compared to $2.9 million as of December 31, 2025. Q2 2026 Revenue Outlook: Expected to be approximately $1.2 million. Warning! GuruFocus has detected 4 Warning Signs with PRSO. Is PRSO fairly valued? Test your thesis with our free DCF calculator. Release Date: May 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Peraso Inc (NASDAQ:PRSO) maintained active customer engagement across all target end markets, advancing new opportunities for its 60 gigahertz technology. The company secured a notable new customer win with MikroTik, which launched a next-generation product incorporating Peraso technology. Peraso's fully integrated Dune platform continues to resonate with operators pursuing high-performance, cost-effective wireless deployments. The company achieved a milestone with Intacct as a defense contractor customer, expanding its presence in tactical communications. Peraso is actively engaged in prospective growth opportunities in edge AI applications, such as last mile delivery and autonomous vehicles. Revenue was negatively impacted by the delay of a sizable order due to material availability from an Asia-based supplier. Total net revenue for the first quarter of 2026 was $1 million, a significant decrease from $2.9 million in the prior quarter. The company faces subdued near-term demand and purchase order activity due to market dynamics, including memory chip shortages. GAAP net loss for the first quarter of 2026 was $2.5 million, compared to a net loss of $1.2 million in the prior quarter. Peraso's visibility into future near-term demand is lower due to irregular customer order patterns and memory device pricing issues. Q: Can you elaborate on the supply chain challenges that affected Q1 orders and whether there are ongoing impacts? A: Ron Glibbery, CEO: The supply chain issue was broad, affecting multiple products, but primarily impacted one major customer. The problem has been resolved, and we've strengthened our supply chain by adding alternative suppliers to prevent future issues. Q: What is causing visibility challenges with your Fixed Wireless Access (FWA) customers? A: Ron Glibbery, CEO: The main issue is the memory shortage, which several customers have confirmed. Some new customers are also facing ramp-up challenges, such as sourcing components, but these are being resolved, and we expect improved performance throughout the year. Q: Regarding the Defense sector, what is the expected order cadence for the Fender Foer system, and how do upcoming field trials differ from past activities? A: Ron Glibbery, CEO: The Defense sector is crucial for our future, with a focus on secure, non-jammable communications. We expect to see volume orders in Q3 and Q4, with production ramping up in the first half of 2027. The August field trials will further demonstrate our technology's capabilities. Q: What programs contributed to the NRE in Q1, and what future opportunities do you see? A: Ron Glibbery, CEO: NRE contributions came from optimizing our technology for military applications and Edge AI. We expect continued growth in these areas as we engage more customers and optimize our solutions for specific use cases. Q: What should we expect for gross margins in Q2, and what is the current share count? A: James Sullivan, CFO: Gross margins will likely decrease to the 50s as product revenue increases. The current share count is approximately 14.5 million shares, reflecting recent activity in our ATM program. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Monday, May 11, 2026 at 4:30 p.m. ET Chief Executive Officer — Ronald Glibbery Chief Financial Officer — James W. Sullivan James W. Sullivan: Good afternoon. Thank you for joining today's conference call to discuss Peraso Inc.'s first quarter 2026 financial results. I am James W. Sullivan, CFO of Peraso Inc., and joining me today is Ronald Glibbery, our CEO. Today, after the market closed, we issued a press release and related Form 8-K which was filed with the Securities and Exchange Commission. The press release and Form 8-K are available on Peraso Inc.’s website at parasoinc.com under the Investor Relations section. There is also a slide presentation that we will be using in conjunction with today's call that may be accessed through the webcast link on the Investor Relations website. As a reminder, comments made during today's conference call may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All statements other than statements of historical fact could be deemed as forward-looking. Peraso Inc. advises caution in reliance on forward-looking statements. These statements include, without limitation, any projections of revenue, margins, expenses, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, adjusted EBITDA, non-GAAP net loss, cash flows, or other financial items, including anticipated cost savings, as well as any statements concerning the expected development, performance and market share or competitive performance of our products or technologies; any statements regarding the sufficiency of the company's capital resources and its ability to continue as a going concern; any statements regarding customer demand forecasts and concentration risk; and any statements related to prospective future financing arrangements or capital transactions, and the evaluation or pursuit of strategic alternatives. All forward-looking statements are based on information available to Peraso Inc. on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause Peraso Inc.'s actual results to differ materially from those implied by the forward-looking statements, including unexpected changes in the company's business. More detailed information about these risk factors and additional risk factors are set forth in Peraso Inc.'s public filings with the SEC. Peraso Inc. expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additionally, the company's press release and management statements during this conference call will include discussions of certain measures and financial information in terms of GAAP and non-GAAP. With respect to remarks on today's call involving non-GAAP numbers, unless otherwise indicated, referenced amounts exclude stock-based compensation expense and the change in fair value of warrant liabilities. These non-GAAP financial measures’ definitions and the reconciliation of the differences between them and comparable GAAP measures are presented in our press release and related Form 8-Ks, which provide additional details. For those of you unable to listen to the entire call at this time, a recording will be available on the Investor Relations page of our website. I will now turn the call over to our CEO, Ronald Glibbery, for his prepared remarks. Ron? Ronald Glibbery: Thank you, Jim. Good afternoon, and welcome to everyone joining us on the call and webcast. We appreciate you taking the time to be here today. First quarter results were generally in line with our published revised expectations, with revenue negatively impacted by the anticipated delay of shipment of a sizable order which represented a significant portion of our first quarter backlog due to material availability from one of our Asia-based suppliers. We shipped this order in the current quarter, and we have since also begun taking steps to reduce our future reliance on any single supplier. While our top-line results reflected this headwind, during the quarter we continued to maintain active customer engagement across all of our target and markets, including advancing multiple new opportunities for our 60 gigahertz technology in tactical communications and edge AI applications. Turning to slide four, fixed wireless access continues to represent the largest and most mature end market for our 60 gigahertz solutions. Although a combination of current market dynamics, including the shortage and related increase of pricing of memory chips, are contributing to subdued near-term demand and purchase order activity from existing customers, we believe that we remain well positioned to benefit from a recovery in orders once market conditions improve. As highlighted on our previous conference call, in March, we secured a notable new customer win with MicroTeq’s launch of its next-generation 60 gigahertz NRAY point-to-point product at Mobile World Congress, incorporating Peraso Inc. technology. With MicroTeq’s global reach and market share across a broad number of wireless Internet service providers, we believe this newly introduced product will result in incremental fixed wireless access deployments using our industry-leading 60 gigahertz technology. More broadly, our fully integrated Doom platform continues to resonate with operators that are pursuing high performance but also cost-effective wireless deployments in challenging urban environments. The combination of multi-gigabit throughput, low power, long range, and point-to-multipoint capability remains a compelling alternative to traditional backhaul approaches. As such, we are continuously supporting a range of proof-of-concept evaluations with wireless ISPs worldwide, which we believe have the potential to translate into additional production orders for existing fixed wireless customers. Moving to slide five, the interest level in 60 gigahertz technology for tactical communications continues to gain momentum, and we increasingly see our expansion into this market as a potentially significant contributor to Peraso Inc.'s future growth. Although the timing and magnitude of orders remains uncertain, the opportunity in tactical communications stems from the fundamental attributes of our millimeter wave technology, including narrow-beam directional links, dynamic beam steering, oxygen attenuation, and utilizing unlicensed spectrum. Together, these attributes provide for inherently stealthy communications—low probability of detection, low probability of interception, robust anti-jamming performance—making 60 gigahertz uniquely well suited for mission-critical application. On today's increasingly modernized battlefield, the need for secure and clandestine communications naturally spawns numerous different send-and-receive scenarios, including forward operating bases and surveillance, vehicle-to-vehicle, air-to-ground, and ship-to-shore communications. After extensive collaboration to evaluate potential applications for our technology within tactical communications, in March we achieved a notable milestone with the announcement of Intact as a defense contractor customer. Our initial engagement with this customer began in 2024 and resulted in a jointly developed system solution for enhanced situational awareness on the battlefield. This novel deployable solution continues to generate positive feedback and is scheduled for additional planned field trials in the August timeframe. Separately, as part of our customer announcement in March, we disclosed that Intact selected Peraso Inc.'s 60 gigahertz millimeter wave technology for its next-generation drone identification friend or foe system. For additional context, this is a purpose-built solution designed for highly contested electronic warfare environments. It enables secure, real-time authentication between friendly drones and ground forces, allowing counter-drone systems and operators to quickly distinguish friend from both. Peraso Inc.'s integrated beam-forming wireless transceivers provide the low-power, highly directional connectivity that is essential for maintaining stealth and reliable communication in dense battlefield conditions. In mid-April, we delivered initial limited production shipments of our modules in support of Intact's next-generation drone platform. This extended engagement with our lead customer further reinforces our view that tactical communication represents a significant long-term market opportunity. Our announced collaboration has also served to increase the visibility and awareness of 60 gigahertz technology and the advantage that it brings to mission-critical tactical defense applications. In recent months, we have been approached by additional prospective customers and partners seeking to explore how Peraso Inc.'s 60 gigahertz millimeter wave technology could be incorporated into their future product road maps. Needless to say, we are excited about our growing momentum in tactical communications. Turning to slide six, in addition to tactical communications, we continue to identify and be actively engaged on prospective growth opportunities in other areas outside of our core fixed wireless access market. We have frequently referred to these areas as adjacent markets because they are seemingly diverse and not easily grouped into a common end market category. That said, a majority of the adjacent opportunities we are targeting today involve the application of Edge AI, areas such as last-mile delivery, autonomous vehicles, and drones. One specific example that I highlighted on our previous conference call is our announced collaboration with Fireworks on their VX 60 platform for robotaxis. Regardless of whether it is an autonomous vehicle, drone, or humanoid robot, implementing Edge AI frequently comes with the burden of requiring high-bandwidth wireless connectivity to upload massive amounts of captured data from various sensors and cameras and then also download large blocks with updates to the device's operating system or instructions. While this requirement is relatively easy to address in scenarios with a single vehicle, drone, or robot, a fleet of vehicles parked side by side, a swarm of drones in the air, or a factory floor full of robots could easily pose a significant challenge for traditional wireless technology. Although purely illustrative, this slide provides a clear visual depiction of the challenges as well as the value proposition delivered by 60 gigahertz wireless solution. At the bottom, with a traditional 5 gigahertz Wi‑Fi network, signals flood the space like a light bulb, creating widespread co-channel interference that collapses capacity and impairs reliability. Whereas at the top of the slide, 60 gigahertz technology utilizes directional narrow-beam links that eliminate interference, enabling numerous simultaneous multi-gigabit connections with low latency in the same density footprint. With 60 gigahertz, you not only overcome the challenge, but you achieve maximum throughput, zero co-channel interference, and reliable real-time robot control. Although purely illustrative, the relative outcomes shown here are representative of the real-world challenges associated with implementing Edge AI at scale in close proximity. I want to briefly emphasize that these exact same dynamics and respective outcomes extend beyond the factory floor to effectively any centralized hub for autonomous Edge AI devices. Today, we are working to advance ongoing discussions and have technology evaluations underway with multiple new prospective customers across a series of Edge AI and connected autonomous device applications. To the extent we are successful at converting these activities into design wins and future product ramps, it will represent expansion of our existing served market and also contribute to diversification of our future revenue base. In closing, while near-term visibility, particularly within fixed wireless access, is below where we would like it to be due to the combination of broader market dynamics and irregular customer order patterns, we remain optimistic about the breadth of our customer engagement. We believe there is growing recognition of 60 gigahertz millimeter wave’s unique value proposition, and we are continuing to pursue expanding opportunities for 60 gigahertz wireless technology within tactical communication as well as other markets that require high bandwidth and secure connectivity beyond our core fixed wireless access business. Our primary focus over the coming quarters is to secure new purchase orders while also increasing the conversion rate of existing customer engagements into design wins, with the goal of achieving renewed top-line growth. With that, I will turn the call over to Jim to review the financial results and share our outlook for the second quarter. James W. Sullivan: Thank you, Ron. Turning now to the results for 2026. Total net revenue for the first quarter was $1 million, compared with $2.9 million for the prior quarter and $3.9 million for 2025. Product revenue in the first quarter was $700 thousand, compared with $2.8 million in the prior quarter and $3.8 million in 2025. The decrease in product revenue for 2026 from the comparable periods was primarily attributable to lower shipments of millimeter wave products and, year-over-year, also reflected a significant reduction in shipments of legacy memory ICs due to the previously announced product end of life. Specific to sales of millimeter wave products, revenues were $600 thousand in 2026, compared with $2.4 million in the prior quarter and $1.5 million in 2025. Gross margin was 61.5% in the first quarter of 2026, compared with 52.2% in the prior quarter and 69.3% in the year-ago quarter. The sequential increase was primarily attributable to a higher mix of revenue from nonrecurring engineering products, while the year-over-year decline primarily reflected the decrease in sales of legacy memory ICs. GAAP operating expense for 2026 was $3.1 million, compared with $2.8 million in the prior quarter and $3.2 million in 2025. Non-GAAP operating expenses, which exclude stock-based compensation, were $2.9 million in the first quarter, compared with $2.7 million in the prior quarter and $3.1 million in 2025. Our recent non-GAAP operating expenses level of approximately $3 million per quarter continues to reflect the benefits realized from previously implemented cost reductions and ongoing cost containment initiatives. GAAP net loss for 2026 was $2.5 million, or a loss of $0.22 per share, compared with a net loss of $1.2 million, or a loss of $0.13 per share, in the prior quarter, and compared with a net loss of $500 thousand, or a loss of $0.08 per share, in the same quarter a year ago. Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities, for 2026 was $2.3 million, or a loss of $0.20 per share. This compared with a non-GAAP net loss of $1.2 million, or a loss of $0.13 per share, in the prior quarter and a net loss of $400 thousand, or a loss of $0.07 per share, in the same quarter a year ago. The weighted average number of basic and diluted shares outstanding for purposes of calculating both GAAP and non-GAAP EPS for 2026 was approximately 11.6 million shares. Adjusted EBITDA, which we define as GAAP net income or loss as reported, excluding stock-based compensation, change in fair value of warrant liabilities, interest expense, depreciation and amortization, and the provision for income taxes, was negative $2.3 million in 2026, compared with negative $1.1 million in the prior quarter and negative $300 thousand in 2025. With regard to the balance sheet, as of 03/31/2026, the company had approximately $2.7 million of cash, compared with $2.9 million as of 12/31/2025. The net decrease of approximately $200 thousand in the company's cash balance at quarter end reflected the operating loss and capital expenditures of $2.5 million, partially offset by $2.3 million of net proceeds from sales under the company's at-the-market offering program during the first quarter. As of today's call, the company has approximately 14.2 million shares of common stock and exchangeable shares outstanding. As previously disclosed, the company has been exploring potential strategic alternatives including a merger, sale of assets, or other similar transaction, as well as various potential sources of additional capital. Aside from confirming that the strategic review process continues to be ongoing, in coordination with the company's financial adviser, there are no related updates to share on today's call from what we have previously disclosed. Now turning to our outlook, as Ron previously discussed, overall visibility into future near-term demand is lower due to irregular, lumpy order patterns from our customers. Additionally, we believe that certain of our customers are being negatively impacted by the higher pricing and reduced availability of memory devices. Based on shipments to date and existing order backlog, the company currently expects total net revenue for 2026 to be approximately $1.2 million. This concludes our prepared remarks, and we thank you for your time this afternoon. We will now open the call for questions. Operator, please commence the Q&A session. Operator: Certainly. The floor is now open for questions. If you wish to join the queue to ask a question at this time, please press 1 on your telephone keypad to join the queue. You will hear a brief tone to indicate you have joined the question queue. We do ask, if listening on speakerphone today, that you pick up your handset while asking your question to provide optimal sound quality. Once again, please press 1 on your telephone keypad at this time if you wish to join the queue to ask a question. Please hold a moment while we poll for questions. And we have a question from Kevin Liu of K. Liu and Company. Kevin, your line is live. Please go ahead. Kevin D. Liu: Hi. Good afternoon, guys. I just wanted to start here first on the supply chain challenges that impacted the Q1 orders. Did you see that affect other orders outside of the large one that was shipped here in Q2? And was there any sort of ongoing spillover effect, even though you were able to ship that one—maybe there are still shortages that are affecting other orders? Wondering what sort of color you can give us there. Ronald Glibbery: Sure. I can speak to that, Kevin. Thanks for joining the call. The product that was affected is not exclusive to that specific customer, so it affected a broad product line. Although, clearly, there was really one customer that was affected the most. It is kind of a long story, but the issue has been completely resolved. The manufacturer was testing parameters that were not important to us. We resolved that, and we are back on track. Of course, in the meantime, it exposed a flaw in our supply chain that we have now, I would say, robustly fixed in terms of having alternative suppliers. We do not expect to see this again. This was a one-off that unfortunately hit the first quarter, but it is fully resolved. Kevin D. Liu: That is good to hear. And with respect to your FWA customers, both on the existing customer side as well as some of the newer ones that are starting to move into production, what exactly is creating the visibility challenges? Are they working through significant inventory levels after purchases last year? Is this more related to being still on preproduction given some of the memory shortages? What exactly can we pinpoint this to? Ronald Glibbery: The consistent feedback is the memory issue. That is a fact in the marketplace now that several customers have confirmed. If we look around the industry, we have seen that with other companies that rely on DRAM. We are hoping this situation stabilizes in the next quarter, but we will wait and see. I would say that is the most consistent factor. Also, a lot of these are new customers that are coming online, and sometimes there are glitches ramping up. For example, one customer had an issue sourcing their casing from a supplier. That is completely resolved now, but there will be a bit of a growing period. We expect to see a much better performance over the course of the rest of the year. Kevin D. Liu: Got it. And on the defense side of things, now that friend-or-foe system has shipped and is in production, what do you think the cadence of orders looks like, either over the course of this year or in future years? Is there a small initial shipment with much bigger volumes behind it? And then more generally, you mentioned some field trials coming up in August. How does that opportunity differ from what you have done so far on the defense side? Ronald Glibbery: Broadly for the company, our fixed wireless business—we feel that we have a very high percentage market share, and that business will stabilize. From our perspective, the military, defense, and security communications business is a very important part of our future. The real win there is secure communications that cannot be detected, given our beam forming—very difficult to detect and even more difficult to jam. This is becoming broadly an issue in military, particularly with regards to drones. We have all seen footage from the wars in Ukraine and in the Middle East where there is so much drone activity. Historically, a lot of that activity has been facilitated by wireless, but adversaries are getting very smart at how to jam wireless. You have seen non-jammable systems or people going to fiber optic, but those solutions have many problems. Broadly, our win in military is the stealth capability and the non-jammable communications capabilities. The IFF that we announced is an important subset. The key win there is that it cannot be detected, and the pain point on the battlefield is friendly fire. Ironically, friendly fire was our first foray into the market, but what we are discovering now—and you will start seeing the orders—is really broadly this stealth and non-jammable communications capability. For the August field trials, we expect to start to see volume later in Q3 and Q4. In Eastern Europe, we are seeing a real sense of urgency to get non-jammable wireless. I think we will start to see NRE later this year and then real production in 2027. One interesting point from recent conversations is Starlink in these war zones, which also uses millimeter wave technology. A core problem is that it relies on GPS, and adversaries jam the GPS, which makes the system inoperable. With our technology, we do not need GPS. We think we have saturated the market in fixed wireless; once that stabilizes and memory prices stabilize, we will see that market grow. But from our perspective, we see the military market being at least as big, and probably much larger, than that market. You can expect to hear a lot of focus from us over the next few quarters regarding what we are doing on that front. Kevin D. Liu: I appreciate the detail on that. And then with respect to NRE, what sort of programs are contributing to that number in the first quarter? To what extent do those continue versus any other opportunities you would want to highlight within your pipeline, either related to Edge AI or some of the other areas? Ronald Glibbery: There are really two broad areas. For the military, the term we refer to is size, weight, and power—people want them smaller and lighter with less power consumption. Pretty much everything for the military is battery operated—think of drones and soldiers—so power consumption is critical. Optimizing those parameters for our customers is a source of NRE, and that will definitely continue. For Edge AI—the slide we showed about Edge AI where we show the silos created by our technology versus traditional Wi‑Fi really underscores the win. One of our engineers called it our superpower. On a factory floor, the only way to solve the interference problem with Wi‑Fi is to create little rooms for each of the robots, which is not practical. Some of the first quarter NRE was attributable to optimizing our system for Edge AI. We will continue to see that grow over the rest of this year as we get more customers involved in that space, with the idea to optimize for those situations. The two main sources we feel are contributing to our NRE are tactical communications and Edge AI. Kevin D. Liu: Got it. And maybe a last couple of housekeeping ones for Jim before I turn it over. On the gross margin for the Q2 guidance, there was a nice margin for Q1. Is that sustainable given the mix of revenue that you see, or is it going to shift more heavily back towards the product side? James W. Sullivan: No, we expect it to shift more heavily back to the product side. With that large order pushing, the NRE was a larger percentage, so it pushed up the margins. We will see a much higher percentage of product revenue in Q2. I expect margins to come back down into the 50s. Kevin D. Liu: Makes sense. And then just lastly, what kind of share count should we be thinking about now for Q2 and beyond? James W. Sullivan: In the script, we said approximately 14.2 million. We have been active in our ATM program. We will provide a full update on that in the 10‑Q filing, but with additional activity we are probably around 14.5 million common shares and exchangeable shares outstanding. Kevin D. Liu: Got it. Thank you for that, and good luck here in the quarter. Ronald Glibbery: Thanks a lot, Kevin. Thanks, Kevin. Thank you. Operator: I show there are no further questions in the queue at this time. That will conclude today's conference call. Thank you for your participation, and you may now disconnect. Ronald Glibbery: Thank you. Before you buy stock in Peraso, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Peraso wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Peraso (PRSO) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool

SAN JOSE, CA / ACCESS Newswire / May 11, 2026 / Peraso Inc. (NASDAQ:PRSO) ("Peraso" or the "Company"), a pioneer in mmWave wireless technology solutions, today announced financial results for the first quarter ended March 31, 2026. Management Commentary "Our first quarter results reflect the anticipated push-out on the fulfillment of a significant customer order due to the delayed receipt of key materials from one of our suppliers," commented Ron Glibbery, CEO of Peraso. "We shipped this order in the current quarter, and we have since begun implementing measures to mitigate our reliance on any one supplier. In addition to this delayed order, we are also experiencing irregular order patterns from our fixed wireless access customers, as well as multiple new customers not yet establishing observable order patterns. "Despite these near-term challenges, particularly within the fixed wireless access market, we have remained closely engaged on expanded opportunities for our 60 GHz mmWave technology across a number of new and existing customers. Within the tactical communications market, we are seeing growing interest in Peraso's mmWave wireless technology following the announcement of our lead Israeli defense customer, InTACT. We delivered initial production shipments in April of our optimized 60GHz modules in support of this customer's next-generation drone Identification Friend or Foe system. "We remain optimistic about the breadth of our customer engagements and continue to believe there are expanding opportunities for 60 GHz wireless technology in markets that require high-bandwidth and secure connectivity beyond our core fixed wireless access applications. Our primary focus over the coming quarters is to secure new purchase orders, as well as increase the conversion rate of existing customer engagements into design wins for potential future top-line growth." First Quarter 2026 Financial Results Total net revenue for the first quarter of 2026 was $1.0 million, compared with $2.9 million in the prior quarter and $3.9 million in the same quarter a year ago. Product revenue for the first quarter of 2026 was $0.7 million, compared with $2.8 million in the prior quarter and $3.8 million in the same quarter a year ago. The sequential and year-over-year decrease in product revenue for the first quarter of 2026 was primarily attributable to lower shipments of both memory IC and mmWave products. Gross margin for the first quarter of 2026 was 61.5%, compared with 52.2% in the prior quarter and 69.3% in the same quarter a year ago. The sequential increase in gross margin for the first quarter of 2026 was primarily attributable to a higher mix of revenue contribution from non-recurring engineering projects, while the year-over-year decrease primarily reflected the decrease in sales of legacy memory ICs. Total operating expenses on a GAAP basis for the first quarter of 2026 were $3.1 million, compared with $2.8 million in the prior quarter and $3.2 million in the same quarter a year ago. Operating expenses on a non-GAAP basis for the first quarter of 2026, which excluded stock-based compensation, were $2.9 million compared with $2.7 million in the prior quarter and $3.1 million in the same quarter a year ago. GAAP net loss for the first quarter of 2026 was $2.5 million, or ($0.22) per share, compared with a net loss of $1.2 million, or ($0.13) per share, in the prior quarter, and a net loss of $0.5 million, or ($0.08) per share, in the first quarter of 2025. Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities, for the first quarter of 2026 was $2.3 million, or ($0.20) per share, compared with a net loss of $1.2 million, or ($0.13) per share, in the prior quarter and a net loss of $0.4 million, or ($0.07) per share, in the first quarter of 2025. Adjusted EBITDA for the first quarter of 2026 was negative $2.3 million, compared with negative $1.1 million in the prior quarter and negative $0.3 million in the same quarter last year. A reconciliation of GAAP to non-GAAP results and GAAP net loss to Adjusted EBITDA is provided in the financial statement tables following the text of this press release. Earnings Conference Call and Webcast Information Ron Glibbery, CEO, and Jim Sullivan, CFO, will host a conference call and webcast with slides today, May 11th, at 1:30 p.m. Pacific Time. Date: Monday, May 11, 2026 Time: 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) Conference Call Number: 1-888-506-0062 International Call Number: +1-973-528-0011 Participant Access Code: 939441 Webcast and Slides: Click Here For those unable to listen to the live Web broadcast, it will be archived on the Company's website, and can be accessed by visiting the Company's investor page at https://investors.perasoinc.com/events-presentations. A replay of the conference call will also be available through May 25, 2026 and can be accessed by calling 1-877-481-4010, and using passcode 53955. International callers should dial 1-919-882-2331 and enter the same passcode at the prompt. Any supporting materials referenced during the live broadcast will be made available in the Investor Relations section of the Company's website following the conclusion of the conference call. Use of Non-GAAP Financial Measures To supplement Peraso's consolidated financial statements presented in accordance with GAAP, Peraso uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation and the change in fair value of warrant liabilities. Peraso's management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that Peraso's management uses for planning and forecasting future performance. The press release also makes reference to and reconciles GAAP net income (loss) and adjusted EBITDA, which the Company defines as GAAP net income (loss) before interest expense, the income tax provision, and depreciation and amortization, as well as stock-based compensation and the change in fair value of warrant liabilities. Management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management's operating performance. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are provided in tables below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management's explanation of why it considers such measures to be useful, refer to the Current Report on Form 8-K dated May 11, 2026 filed by the Company with the Securities and Exchange Commission. Forward-Looking Statements This press release may contain forward-looking statements about the Company, including, without limitation, the Company's expectations regarding growth prospects for the Company's products and the Company's 2026 revenue and gross margin trends. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited, to the following: the Company's ability to continue as a going concern; the Company's ability to raise additional capital to fund its operations; the Company's ability to maintain compliance with the continued listing requirements and standards of the Nasdaq Stock Market; risks related to the process of reviewing and exploring potential strategic alternatives, which may be time-consuming, distracting, and disruptive to the Company's business operations; the timing of customer orders and product shipments, which may be impacted by supply chain disruptions experienced by the Company or its customers; the Company's ability to convert customer engagements, proof-of-concept evaluations, and technology demonstrations into design wins, purchase orders, and production revenue; the timing and outcome of product deliveries, field trials, and customer acceptance of the Company's products; risks related to pandemics, wars and terrorist activities that may have an adverse impact on the Company's business and financial results and result in component shortages and increased lead times that may negatively impact the Company's ability to ship its products; risks related to tariffs, trade restrictions, inflation, and other government actions that may affect the Company's supply chain, component costs, or customer demand; customer concentrations and length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn; lengthy sales cycle; ability to enhance the Company's existing proprietary technologies and develop new technologies; achieving additional design wins for the Company's products through the acceptance and adoption of its technology by existing and potential customers and their suppliers; difficulties and delays in the production, testing and marketing of the Company's products; reliance on manufacturing partners to assist successfully with the fabrication of and production of the Company's products; impacts of the end-of-life of the Company's memory products; availability of quantities of the Company's products supplied by its manufacturing partners at a competitive cost; level of intellectual property protection provided by the Company's patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which the Company may be or may become a party from time to time; vigor and growth of markets served by the Company's customers and its operations; and other risks identified in the Company's public filings it makes with the Securities and Exchange Commission. Peraso does not intend to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future. About Peraso Inc. Peraso Inc. (NASDAQ: PRSO) is a pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, antenna modules, software and IP. Peraso supports a variety of applications, including fixed wireless access, tactical communications, immersive video and factory automation. For additional information, please visit www.perasoinc.com. Company Contact: Jim Sullivan, CFO Peraso Inc. P: 408-418-7500 E: [email protected] Investor Relations Contacts: Shelton Group Brett L. Perry | Leanne K. Sievers P: 214-272-0070 E: [email protected] PERASO INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts; unaudited) PERASO INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited) PERASO INC. Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share (In thousands, except per share amounts; unaudited) PERASO INC. Reconciliation of GAAP and Non-GAAP Financial Information (In thousands; unaudited) SOURCE: Peraso Inc. View the original press release on ACCESS Newswire