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Introduction & Market Context
Peraso Inc. (NASDAQ:PRSO), a San Jose-based wireless technology company specializing in millimeter wave (mmWave) solutions, presented its second quarter 2025 earnings on August 11, 2025. The company’s stock closed at $0.84, experiencing a slight decline of 1.87% during regular trading hours, but surged 8.64% to $0.93 in aftermarket trading following the presentation.
Founded in 2008 and holding approximately 110 patents, Peraso positions itself at the forefront of high-speed wireless technology with applications across fixed wireless access, tactical communications, and emerging markets like education and healthcare.
Quarterly Performance Highlights
Peraso reported total net revenue of $2.2 million for Q2 2025, representing a significant decrease from $3.9 million in the previous quarter. However, the company’s millimeter wave product revenues increased to $2.2 million from $1.5 million, indicating a strategic shift toward its core technology offerings.
The company’s GAAP gross margin declined to 48.3% from 69.3% in the previous quarter, while posting a GAAP net loss of $1.8 million or $0.31 per share. Cash and equivalents stood at $1.8 million as of June 30, 2025.
Despite these financial challenges, CEO Ron Glibery expressed optimism about the company’s direction, stating, "We have good visibility into near-term orders for MMWave solutions with an existing backlog that supports continued sequential growth."
Strategic Initiatives
Peraso’s presentation highlighted several strategic initiatives across multiple markets. In the fixed wireless access segment, the company introduced its "DUNE" Platform designed specifically for dense urban environments, emphasizing integrated hardware/software solutions with advantages in beamforming, multi-gigabit speeds, and low latency.
The company announced that its PRM2141X module was selected by Tachyon Networks for outdoor 60 GHz fixed wireless solutions, enabling fiber-class speeds in a compact form factor. Peraso-enabled deployments were showcased in Los Angeles (via WeLink), South Africa, and Kenya.
As shown in the following slide detailing Peraso’s fixed wireless access highlights:
The company has also expanded into tactical communications, leveraging mmWave technology’s inherent security advantages for military applications. Peraso’s 60 GHz technology offers narrow beam transmission, dynamic beam steering, and low probability of detection or interception, making it suitable for mission-critical military applications.
The tactical communications segment has begun to generate revenue, with the company reporting initial production shipments of advanced 60 GHz wireless solutions for military use cases.
Additionally, Peraso is pursuing adjacent market opportunities in consumer and enterprise segments, highlighting the technology’s benefits of high data rates (3 Gbps), low latency (<5 ms), and low interference. The company secured its first production order for 60 GHz wireless solutions in the education market, representing a significant milestone in market diversification.
Customer and Product Pipeline Growth
One of the most compelling aspects of Peraso’s presentation was the substantial growth in its customer pipeline. The company reported an increase from 11 opportunity funnels in Q4 2023 to 19 in Q2 2025, with customers in production doubling from 7 to 14 during this period.
This customer growth includes partnerships with notable companies such as Ubiquiti, Radwin, Tachyon Networks, Zinwell, and Jaguar Wave, demonstrating Peraso’s expanding market presence despite revenue challenges.
As illustrated in the following customer pipeline comparison:
Similarly, Peraso’s SKU-based pipeline showed significant growth, with customer SKUs in production nearly doubling from 31 in Q4 2023 to 59 in Q2 2025. The total opportunity funnel increased from 70 to 83 during this period, indicating broader product adoption across the company’s customer base.
The following slide demonstrates this SKU-based pipeline expansion:
Forward-Looking Statements
Looking ahead, Peraso provided optimistic guidance for Q3 2025, projecting record quarterly revenue between $2.8 million and $3.1 million. CFO Jim Sullivan expressed confidence in this projection, noting, "We’re very comfortable with our backlog relative to the revenue number that we provided for guidance."
The company is focusing on converting its expanded pipeline engagements into production orders and pursuing non-recurring engineering opportunities to support future growth. Additionally, Peraso disclosed that it is exploring strategic alternatives, including potential merger or sale scenarios.
Wall Street analysts maintain a Strong Buy consensus on Peraso, with price targets ranging from $3.00 to $3.62, suggesting significant upside potential from current levels. However, investors should consider several risk factors, including the company’s decreased revenue and gross margin, intense competition in the mmWave sector, and potential economic headwinds affecting customer spending.
While Peraso’s presentation emphasized growth in customer base and market opportunities, the company’s immediate challenge remains translating this expanded footprint into sustainable revenue growth and improved financial performance in the coming quarters.
Full presentation:
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