Peraso (PRSO) Q1 2026 earnings summary

Executive summary

• Q1 2026 results impacted by delayed fulfillment of a major customer order due to supplier issues, with shipment completed in the current quarter.

• Irregular order patterns from fixed wireless access customers and new customers without established patterns affected revenue.

• Growing interest in 60 GHz mmWave technology, especially in tactical communications, with initial shipments to a lead Israeli defense customer.

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

Financial highlights

• Total net revenue for Q1 2026 was $1.0M, down from $2.9M in the prior quarter and $3.9M year-over-year.

• Product revenue was $0.7M, compared to $2.8M in the prior quarter and $3.8M in Q1 2025.

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

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

• Non-GAAP net loss was $2.3M ($0.20/share), versus $1.2M ($0.13/share) prior quarter and $0.4M ($0.07/share) year-over-year.

• Adjusted EBITDA was negative $2.3M, compared to negative $1.1M prior quarter and negative $0.3M year-over-year.

Outlook and guidance

• Management remains optimistic about expanding opportunities for 60 GHz wireless technology beyond core markets.

• Primary focus is on securing new orders and increasing conversion of engagements into design wins for future revenue growth.