Revenue: As of FY2026 Q1, the actual value is USD 963 K, missing the estimate of USD 1.325 M.

EPS: As of FY2026 Q1, the actual value is USD -0.22.

EBIT: As of FY2026 Q1, the actual value is USD -2.484 M.

Peraso Inc. operates as a single reportable segment, focusing on mmWave wireless technology, semiconductor devices, antenna modules, non-recurring engineering (NRE) services, and intellectual property licensing.

Financial Performance Overview

Peraso Inc. reported a net loss of - $2.5 million for the three months ended March 31, 2026, compared to a net loss of - $0.5 million for the same period in 2025. The accumulated deficit as of March 31, 2026, was - $184.4 million.

Revenue

• Total Net Revenue: Total net revenue for the three months ended March 31, 2026, was $963 thousand, a decrease of - $2,906 thousand or -75% from $3,869 thousand in the prior-year period.
• Product Revenue: Product revenue decreased to $667 thousand in Q1 2026 from $3,800 thousand in Q1 2025, a reduction of - $3,133 thousand or -82%. This decline was primarily due to a significant decrease in end-of-life (EOL) memory IC product shipments and reduced shipments of mmWave ICs and antenna modules, with a sizable delayed order shipped subsequent to March 31, 2026.
  • Product Revenue by Category (Q1 2026 vs. Q1 2025):
    • Memory ICs: $20 thousand vs. $2,267 thousand.
    • mmWave ICs: $504 thousand vs. $975 thousand.
    • mmWave Modules: $111 thousand vs. $558 thousand.
    • mmWave Other Products: $32 thousand vs. -.
• Services and Other Revenue: Services and other revenue increased to $296 thousand in Q1 2026 from $69 thousand in Q1 2025, an increase of $227 thousand or 329%, mainly due to increased non-recurring engineering services related to mmWave technology, partially offset by decreased royalties.

Cost of Net Revenue and Gross Profit

• Cost of Net Revenue: Cost of net revenue decreased to $371 thousand in Q1 2026 from $1,189 thousand in Q1 2025, a decrease of - $818 thousand or -69%, primarily due to the decrease in product revenue.
• Gross Profit: Gross profit decreased to $592 thousand in Q1 2026 from $2,680 thousand in Q1 2025, a decrease of - $2,088 thousand or -78%, mainly due to reduced product revenues, partially offset by increased services and other revenues.

Operating Expenses

• Research and Development (R&D): R&D expenses were $1,590 thousand in Q1 2026, consistent with $1,583 thousand in Q1 2025, representing a 0% change.
• Selling, General and Administrative (SG&A): SG&A expenses decreased to $1,486 thousand in Q1 2026 from $1,611 thousand in Q1 2025, a decrease of - $125 thousand or -8%, mainly due to lower facilities and stock-based compensation expenses, partially offset by increased consulting and professional services costs.
• Loss from Operations: The loss from operations increased to - $2,484 thousand in Q1 2026 from - $514 thousand in Q1 2025.

Cash Flows

• Cash and Cash Equivalents: As of March 31, 2026, cash and cash equivalents were $2.7 million, compared to $2.886 million as of December 31, 2025.
• Net Cash Used in Operating Activities: Net cash used in operating activities was - $2,349 thousand for the three months ended March 31, 2026, compared to - $966 thousand for the same period in 2025.
• Net Cash Used in Investing Activities: Net cash used in investing activities was - $183 thousand for Q1 2026, attributable to the purchase of fixed assets, with no cash used or provided in Q1 2025.
• Net Cash Provided by Financing Activities: Net cash provided by financing activities was $2,318 thousand for Q1 2026, primarily from $2,304 thousand in net proceeds from at-the-market (ATM) sales of common stock. For Q1 2025, net cash provided was $397 thousand, primarily from $433 thousand in ATM sales, partially offset by lease repayments.

Liquidity and Outlook

As of March 31, 2026, Peraso Inc. had working capital of $4.0 million. Management concluded there is substantial doubt regarding the company’s ability to continue as a going concern for at least 12 months, though existing cash and expected receipts are anticipated to meet capital needs into Q4 2026.

Strategic Outlook

Peraso Inc. is evaluating strategic alternatives, including an unsolicited all-stock acquisition proposal from Mobix Labs, Inc., and plans to file a new prospectus supplement for its ATM offering program. R&D expenses are expected to remain flat for the remainder of 2026 compared to 2025, while SG&A expenses are expected to remain flat or slightly decrease, and memory IC product revenues are projected to be minimal in 2026 due to product end-of-life.