Peraso (PRSO) investor relations material

Executive summary

• Revenue for Q2 2026 increased 36% sequentially, driven by fulfillment of a delayed order for a new fixed wireless access customer.

• Business remains affected by macro headwinds, irregular order patterns, and supply constraints, especially in fixed wireless access.

• Focus on operational efficiencies, cost management, and expanding customer engagement in target markets, including defense, UAVs, and edge AI.

• Growing recognition of 60 GHz mmWave technology is opening new opportunities in edge AI, UAVs, and defense communications.

• Exploring strategic alternatives, including potential merger or sale, but no developments since an unsolicited proposal in early 2026.

Financial highlights

• Q2 2026 net revenue was $1.3M, up from $1M in Q1 2026 but down from $2.2M in Q2 2025.

• Product revenue reached $1.2M, up from $0.7M in Q1 2026.

• Gross margin improved to 63.7% from 61.5% in Q1 2026 and 48.3% in Q2 2025, driven by mmWave product mix and sales of previously written-down inventory.

• GAAP net loss was $2.2M ($0.16/share), improved from $2.5M loss in Q1 2026 and $1.8M loss in Q2 2025.

• Adjusted EBITDA was -$2M, better than -$2.3M in Q1 2026 but worse than -$1.6M in Q2 2025.

Outlook and guidance

• Near-term demand visibility remains limited due to irregular order patterns and supply constraints in fixed wireless access.

• No quarterly guidance provided due to insufficient visibility.

• Expectation of new shipments in secure fixed wireless and drone communications starting Q4 2026, with ramp-up in 2027.

• Expects continued operating losses and negative cash flow for the foreseeable future.

• Current cash expected to fund operations into Q4 2026, not assuming further equity sales.