Key Highlights

  • Third-quarter 2026 net Revenue was USD 0.3 million, against USD 3.2 million a year earlier.
  • Gross Margin was 78.5%, against 56.2% in the prior-year quarter.
  • GAAP net loss was USD 2.7 million, or USD 0.18 per share.
  • A Nant Capital private Placement generated gross proceeds of approximately USD 10 million.

Peraso (NASDAQ:PRSO) reported third-quarter 2026 net revenue of USD 0.3 million, against an estimate of USD 1.10 million. Non-GAAP net loss was USD 0.16 per share, in line with an estimate of a loss of USD 0.16, while the GAAP net loss was USD 0.18 per share. The San Jose, California-based company develops 60 GHz wireless technology.

Chief Executive Officer Ron Glibbery said the quarter reflected previously indicated headwinds from irregular order patterns among customers in the fixed wireless access market. He said the company has begun to see early signs of renewed customer Demand in the fourth quarter.

Financial Results

Total net revenue was USD 0.3 million, against USD 1.3 million in the prior quarter and USD 3.2 million in the same quarter a year ago. Product revenue was USD 0.3 million, against USD 1.2 million and USD 3.1 million, and the company attributed the decrease to reduced shipments of mmWave products to fixed wireless access customers.

Gross margin was 78.5%, against 63.7% in the prior quarter and 56.2% a year earlier. The company said the increase was primarily attributable to a more favorable mix of mmWave product revenue and a one-time benefit of approximately USD 55,000 from the Reversal of an inventory-related accrual.

GAAP operating expenses were USD 2.9 million, against USD 3.1 million in the prior quarter and USD 3.0 million a year earlier. Non-GAAP operating expenses, which exclude stock-based compensation, were USD 2.7 million, against USD 2.9 million in both comparison periods.

Net Loss and EBITDA

GAAP net loss was USD 2.7 million, or USD 0.18 per share, against USD 2.2 million, or USD 0.16, in the prior quarter and USD 1.2 million, or USD 0.17, in the third quarter of 2025. Non-GAAP net loss, which excludes stock-based compensation and changes in the Fair Value of Warrant liabilities, was USD 2.5 million, or USD 0.16 per share, against USD 2.1 million, or USD 0.15, in the prior quarter and USD 1.1 million, or USD 0.15, a year earlier.

Adjusted EBITDA was negative USD 2.4 million, against negative USD 2.0 million in the prior quarter and negative USD 1.0 million a year earlier.

Balance Sheet, Financing and Product Updates

Cash and cash equivalents were USD 630 thousand at September 30, 2026, against USD 2,886 thousand at December 31, 2025. Accounts Receivable were USD 182 thousand, inventories were USD 1,951 thousand and total Assets were USD 4,178 thousand, against USD 6,079 thousand.

The company said it recently completed a private placement with Nant Capital, LLC that generated gross proceeds of approximately USD 10 million, and that its Board of Directors concluded its previously disclosed review of strategic alternatives. Its risk factors list the effect of Nant Capital's significant ownership position and board designation rights, and its ability to regain compliance with Nasdaq continued listing requirements.

In October, the company received a production order exceeding USD 2 million for a 60 GHz fixed wireless access deployment, which it described as its largest such order in the last six quarters. It also introduced the PRM2145 jam-resistant communications module for UAV and defense applications, showcased its technology at the 11th Annual UAV Technology Conference and demonstrated high-speed 60 GHz connectivity for humanoid robots. Management said it believes the company can return to revenue growth beginning in the fourth quarter.