Peraso (NASDAQ:PRSO) executives said the company closed out 2025 with a fourth quarter that was “in line with our guidance range,” driven by year-over-year growth in 60 GHz millimeter wave product shipments, while also flagging a supplier-related shipment delay expected to pressure first-quarter 2026 revenue.
On the company’s call to review fourth-quarter and full-year 2025 results, CEO Ron Glibbery said full-year revenue from millimeter wave products grew about sixfold versus 2024, reflecting increased shipments and “the ramp of newly secured design wins across both new and existing customers.” CFO Jim Sullivan added that the company’s overall 2025 performance benefited from “healthy gross margins” and “disciplined approach to expense management,” contributing to improved bottom-line results.
Fourth-quarter and full-year results
Fourth-quarter product revenue was $2.8 million, compared with $3.1 million in the prior quarter and $3.7 million a year earlier. Sullivan attributed the year-over-year decline primarily to reduced shipments of memory IC products following the previously announced end-of-life for those products, “partially offset” by increased millimeter wave shipments. Full-year product revenue totaled $11.8 million versus $14.2 million in 2024.
Millimeter wave product revenue was $2.4 million in the fourth quarter, compared with $3.0 million in the third quarter and $0.2 million in the year-ago period. For full-year 2025, millimeter wave product sales rose to $9.1 million from $1.3 million in 2024.
- GAAP gross margin: 52.2% in Q4 (56.2% in Q3; 56.3% in Q4 2024); 58.0% for full-year 2025 (51.7% in 2024).
- Non-GAAP gross margin: 52.2% in Q4 (56.2% in Q3; 71.6% in Q4 2024); 58.0% for full-year 2025 (67.2% in 2024).
Sullivan said the full-year GAAP margin improvement was primarily due to higher millimeter wave margins from increased shipments and improved memory IC margins linked to reduced amortization expense, noting intangible assets were fully amortized as of Dec. 31, 2024. By contrast, the non-GAAP gross margin declines versus 2024 were primarily due to reduced memory IC shipments.
Fourth-quarter GAAP operating expenses were $2.8 million, down from $3.0 million in the prior quarter and $3.7 million a year ago. Full-year 2025 GAAP operating expenses were $11.8 million, down from $20.0 million in 2024, driven by lower stock-based compensation and amortization, plus a $2.3 million decrease in severance and software license obligation costs. On a non-GAAP basis, operating expenses were $2.7 million in Q4 and $11.3 million for the year, compared with $14.9 million in 2024.
Peraso’s fourth-quarter GAAP net loss was $1.2 million, or $(0.13) per share, compared with a GAAP net loss of $1.6 million, or $(0.37) per share, in the year-ago quarter. Full-year 2025 GAAP net loss was $4.8 million, or $(0.67) per share, versus $10.7 million, or $(3.57) per share, in 2024. Adjusted EBITDA was -$1.1 million in the fourth quarter and -$4.0 million for the year, compared with -$4.5 million in 2024.
Fixed wireless access remains core market
Glibbery described fixed wireless access (FWA) as Peraso’s “largest and longest-served end market” and the primary driver of millimeter wave growth in 2025. He said the company saw a broad recovery in demand and orders through the year, including traction for its integrated DUNE platform and Perspectus 60 GHz modules. He highlighted deployments in dense urban environments and cited platform advantages such as lower-cost deployment, low power, long range, and point-to-multipoint capabilities, with customers spanning North America and Africa.
Glibbery reiterated two 2025 customer wins: Tachyon Networks selecting Perspectus modules for an outdoor 60 GHz gigabit wireless solution, and a renewed collaboration with Miliwave for multi-gigabit mesh deployments in dense urban U.S. neighborhoods. He also pointed to a March launch at Mobile World Congress where MikroTik introduced a next-generation 60 GHz nRAY point-to-point product incorporating Peraso technology.
In Q&A, Glibbery said the company expects many FWA customers to replenish orders later in 2026, with timing “in Q2 and Q3 and the rest of this year,” and also referenced expectations for Q3 and Q4 replenishment for some customers.
Tactical communications expands into a new vertical
Peraso also detailed progress in tactical communications, which Glibbery characterized as a new market vertical with “high growth potential.” He said the company announced a contract in April 2025 to incorporate its 60 GHz technology into a defense contractor’s deployable system for enhanced situational awareness, delivered initial production shipments in June, and completed initial field trials by November. Glibbery said 60 GHz millimeter wave can offer stealthy communications characteristics due to narrow beamforming, dynamic beam steering, and oxygen attenuation, helping support low probability of detection and interception and anti-jamming characteristics.
Earlier in March 2026, Peraso identified InTACT as its lead defense contractor customer and said InTACT selected Peraso’s technology for a drone identification friend-or-foe system. In Q&A, Glibbery said the InTACT revenue mix is currently “90%” non-recurring engineering (NRE) and “10%” product revenue, and that he expects meaningful production revenue to shift to the second half of 2026, while additional NRE work continues.
Adjacent opportunities and edge AI discussions
Beyond FWA and tactical communications, Glibbery said Peraso is seeing customer pull in adjacent markets where high-bandwidth, low-latency wireless links are needed for video and edge AI workloads. He cited an earlier production shipment for a classroom wireless video system and said multiple conversations are converging on the challenge of moving large volumes of video data for edge AI use cases such as last-mile delivery, autonomous vehicles, and drones.
He highlighted a fourth-quarter collaboration with BioWorks, with Peraso supplying Perspectus modules for the VX60 platform aimed at robotaxi fleet vehicles and physical AI applications. Glibbery said the VX60 system is designed to support up to one terabyte of data transfer per vehicle per hour when vehicles return to depots, addressing limitations of Wi-Fi and 5G in high-aggregate-throughput environments. In Q&A, he said the company is in active discussions with roughly “3–5” adjacent-market customers, described as “Fortune 100” type names, and suggested some could reach production “at the end of this year” and into 2027 using existing silicon.
Liquidity, strategic review, and first-quarter 2026 outlook
Peraso ended 2025 with $2.9 million in cash, up from $1.9 million at Sept. 30, 2025. Sullivan said the fourth-quarter increase reflected about $2.1 million in net proceeds from the company’s at-the-market offering program. As of the call date, Peraso had about 12.6 million common and exchangeable shares outstanding. Sullivan also said the company’s strategic review process—exploring options including a merger, asset sale, or other transaction, as well as additional capital sources—remains ongoing, with no additional update.
Looking ahead, management warned of a near-term revenue headwind. Glibbery said an unexpected delay in receiving key materials from an Asia-based supplier—believed to be “stuck in customs”—will likely prevent Peraso from shipping a significant order in the first quarter. He said the company expects to fulfill the order in the second quarter, but the delay is anticipated to reduce first-quarter revenue by “more than half a million dollars.”
Sullivan said order visibility is also lower due to irregular ordering patterns from FWA customers and several newer customers without established patterns. Excluding any contribution from the delayed order, Peraso expects first-quarter 2026 total net revenue of approximately $1.2 million.
About Peraso (NASDAQ:PRSO)
Peraso Technologies Inc is a Canadian semiconductor company specializing in the research, design and development of millimeter wave (mmWave) wireless communication solutions. The company’s core focus lies in the 60 GHz frequency band, where it engineers high-performance integrated circuits and beamforming solutions designed to deliver multi-gigabit wireless connectivity. Peraso’s technology is tailored for applications demanding high data throughput, low latency and reliable short-range wireless links.
The company’s product portfolio includes 60 GHz chipset solutions for wireless local area networking (WiGig), fixed wireless access (FWA), small-cell backhaul and point-to-point communication links.
