Peraso (PRSO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue declined due to delayed shipments from supplier material shortages, with the issue now resolved and steps taken to diversify suppliers.

• Active customer engagement continued across all target markets, with new opportunities and wins in 60 GHz technology for tactical communications, Edge AI, and industrial automation, including MikroTik's nRay launch and InTACT's adoption for drone IFF systems.

• Memory IC product line discontinued due to foundry process termination; minimal revenue expected from memory products going forward.

• Ongoing strategic review process, including evaluation of acquisition proposals from Mobix Labs.

• Focus remains on securing new purchase orders and converting customer engagements into design wins for future growth.

Financial highlights

• Q1 2026 net revenue was $1 million, down from $2.9 million in Q4 2025 and $3.9 million in Q1 2025.

• Product revenue was $0.7 million, compared to $2.8 million in the prior quarter and $3.8 million a year ago.

• mmWave product revenue was $0.6 million, down from $2.4 million in Q4 2025 and $1.5 million in Q1 2025.

• Gross margin was 61.5%, up sequentially from 52.2% but down from 69.3% year-over-year.

• GAAP net loss was $2.5 million ($0.22/share), compared to $1.2 million ($0.13/share) in Q4 2025 and $0.5 million ($0.08/share) in Q1 2025.

• Non-GAAP net loss was $2.3 million ($0.20/share).

• Adjusted EBITDA was -$2.3 million, compared to -$1.1 million in Q4 2025 and -$0.3 million in Q1 2025.

• Cash and cash equivalents at quarter end were $2.7 million.

Outlook and guidance

• Q2 2026 net revenue is expected to be approximately $1.2 million.

• Gross margin is expected to decrease in Q2 as revenue mix shifts back toward product sales.

• Expects continued operating losses and negative cash flow through at least Q4 2026; additional capital will be needed thereafter.

• Focus remains on mmWave product commercialization and securing new purchase orders for renewed growth.