Peraso (NASDAQ:PRSO) expects revenue to grow sequentially in the fourth quarter after a sharp third-quarter decline, as the company sees signs of renewed demand from fixed wireless access customers and pursues opportunities in defense and robotics.
Third-quarter revenue fell to $0.3 million from $1.3 million in the preceding quarter and $3.2 million a year earlier. CEO Ron Glibbery said purchase orders from fixed wireless customers had been irregular for much of 2026, largely because of elevated memory prices and constrained supplies of other components needed to build finished products.
Glibbery said the company received a production order worth more than $2 million in October for a customer’s 60 GHz fixed wireless deployment. It was Peraso’s largest fixed wireless order in six quarters, he said, with shipments expected to continue through mid-2027. Additional orders could follow, although he expects it to take at least several quarters for market conditions to fully normalize.
Quarterly Loss Widens
Incoming interim CFO Kevin Liu said the sequential decline in product revenue reflected reduced shipments of millimeter-wave products. Product revenue was $0.3 million, down from $1.2 million in the second quarter and $3.1 million a year earlier.
Gross margin rose to 78.5% from 63.7% in the prior quarter and 56.2% a year earlier. Liu attributed the increase primarily to a more favorable mix of millimeter-wave product revenue and a one-time benefit of approximately $55,000 from the reversal of an inventory accrual.
Peraso reported a GAAP net loss of $2.7 million, or $0.18 per share, compared with a loss of $2.2 million, or $0.16 per share, in the second quarter. A year earlier, the company reported a loss of $1.2 million, or $0.17 per share.
Non-GAAP net loss was $2.5 million, or $0.16 per share, compared with $2.1 million, or $0.15 per share, in the prior quarter. Adjusted EBITDA was negative $2.4 million, compared with negative $2.0 million in the second quarter and negative $1.0 million a year earlier.
Investment Ends Strategic Review
Peraso had approximately $0.6 million in cash at Sept. 30, down from $3.3 million at the end of June. Liu said the decrease primarily reflected cash used in operations and payment of deferred equity facility costs, partially offset by proceeds from a committed equity facility.
The company subsequently secured a $10 million strategic investment from NantCapital in late October. Peraso intends to use the proceeds for working capital and general corporate purposes, including development of advanced communications solutions for drone applications.
Liu said the investment strengthened Peraso’s financial position and operational runway, leading the company to conclude its previously disclosed review of strategic alternatives. That review had included a potential merger, sale of assets or similar transaction.
Peraso also received approximately $0.1 million in net proceeds during the third quarter and approximately $1 million after quarter-end from its committed equity facility with Roth Principal Investments. The facility, entered into in June, provides optional access to up to $25 million of equity capital, Liu said.
Defense and Robotics Opportunities
Glibbery said fixed wireless access remains Peraso’s largest and most mature market, but the company is also pursuing defense, tactical communications and autonomous edge AI applications for its 60 GHz technology.
During the quarter, Peraso introduced its PRM2145 jam-resistant communications module for unmanned aerial vehicles and defense platforms. Glibbery said the company is engaged with multiple prospective partners and customers on UAV applications and sees ground-based tactical networks as a potential near-term revenue opportunity, with what he described as late-stage evaluations underway with multiple prospects.
In October, Peraso also demonstrated a high-speed 60 GHz connection between a humanoid robot and an edge AI server. Glibbery characterized robotics as an emerging opportunity alongside the company’s fixed wireless and defense markets.
“Our near-term focus remains on converting a growing number of opportunities into design wins and production orders,” Glibbery said. The company did not provide a numerical fourth-quarter revenue forecast on the call.
About Peraso (NASDAQ:PRSO)
Peraso Inc. is a fabless semiconductor company focused on millimeter-wave (mmWave) wireless technology. The company develops high-performance, low-power integrated circuits, radio-frequency components and antenna solutions for high-speed wireless communications. Its product portfolio includes 60 GHz WiGig chipsets and modules, as well as mmWave products designed for 5G fixed wireless access, wireless infrastructure, point-to-point and point-to-multipoint connectivity, and other broadband applications.
