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Here are 1-2 brief analogies for Peraso (PRSO):

• A Qualcomm for specialized 60 GHz wireless chips.

• A Broadcom for high-speed 60 GHz Wi-Fi components.

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• Wi-Fi 6E/7 Chipsets: Integrated circuits providing high-speed, low-latency wireless connectivity for devices operating on the latest Wi-Fi standards.
• mmWave Chipsets: Integrated circuits designed for extremely high-bandwidth, short-range wireless communication in the millimeter-wave frequency spectrum.
• Wireless Modules: Pre-packaged, ready-to-integrate solutions that combine Peraso's chipsets with other necessary components for faster product development.

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Peraso (PRSO) Major Customers

Peraso Technologies Inc. (PRSO) primarily operates as a business-to-business (B2B) company. It specializes in developing and selling 60 GHz wireless chipsets and modules based on Wi-Fi 6E/7 and WiGig (802.11ad/ay) standards. These components are supplied to other companies that integrate them into their end products across various markets, including fixed wireless access (FWA), enterprise networking, industrial applications, and consumer electronics.

Peraso's financial reports consistently indicate a significant concentration of revenue with a few major customers. For example, during the three months ended September 30, 2023, two unnamed customers accounted for 54% and 11% of Peraso's total revenue, respectively. However, Peraso does not publicly disclose the specific names of these top-tier major customers in its financial filings or other public statements.

While the explicitly named "major customers" by revenue are not publicly disclosed by Peraso, based on publicly announced collaborations and product integrations, companies that utilize Peraso's technology and are therefore its customers include:

• AzureWave Technologies Inc. (Private): A Taiwanese manufacturer of wireless communication modules. Peraso has partnered with AzureWave on the development and production of 60 GHz Wi-Fi modules.
• C-Data Technology Co., Ltd. (Private): A Chinese company specializing in network access solutions. C-Data has partnered with Peraso to offer fiber-like fixed wireless access solutions leveraging Peraso's technology.
• Siklu Communication Ltd. (Private): An Israeli company that develops and manufactures fixed 5G millimeter wave radios. Siklu has integrated Peraso's technology into its products.

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• Taiwan Semiconductor Manufacturing Company (TSM)
• UMC (UMC)
• ASE Technology Holding Co., Ltd. (ASX)

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Ronald Glibbery, Chief Executive Officer
Mr. Glibbery co-founded Peraso Technologies in 2009 and has served as the Chief Executive Officer of Peraso Inc. since December 2021, following the business combination with MoSys, Inc.. Before co-founding Peraso Technologies, he held executive positions at Kleer Semiconductor and was the President of Intellon, a company known for developing semiconductor devices for powerline communications. He was also a member of the management team at LSI Logic, Canada. Peraso Inc. went public in 2022 with a listing on the Nasdaq stock exchange.

James Sullivan, Chief Financial Officer
Mr. Sullivan is responsible for all financial aspects of Peraso Inc. and previously served as Chief Financial Officer of MoSys since 2008, prior to its business combination with Peraso Technologies. His past experience includes serving as Chief Financial Officer for Apptera, a technology provider for voice advertising, search, and commerce, and as Chief Financial Officer for 8x8, a publicly-traded SAAS provider of VoIP and unified communication solutions. He also held leadership roles at Netergy Microelectronics, a subsidiary of 8x8, and PWC. Mr. Sullivan is a Certified Public Accountant.

Bradley Lynch, Chief Operating Officer
Mr. Lynch has been the Chief Operating Officer of Peraso Inc. since December 2021 and is a co-founder of Peraso Technologies, established in 2009. He previously held the role of Executive Vice President of Engineering and Operations at Peraso Technologies. His earlier career includes working as a system architect at Kleer Semiconductor and as the Director of Software Engineering at Intellon Corporation, a leader in powerline communication semiconductor devices. He also held various technical roles at Cogency Semiconductor and Power.

Alexander Tomkins, Chief Technology Officer
Mr. Tomkins has served as the Chief Technology Officer of Peraso Inc. since December 2021, responsible for all technical aspects of the company. He co-founded Peraso Technologies in 2009, where he also held the position of Chief Technology Officer.

Mark Lunsford, Chief Revenue Officer

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The public company Peraso (NASDAQ: PRSO) faces several significant risks to its business, primarily stemming from its financial health, strategic transition, and competitive landscape.

1. Liquidity and Cash Burn: Peraso's most pressing near-term challenge is its liquidity, with a tight operational runway that extends only into Q1 2026 based on its cash reserves as of late 2025. The company has been experiencing ongoing losses and is quickly burning through cash, raising concerns about its ability to sustain operations and secure necessary additional funding. Investors are closely monitoring its cash burn, margin improvements, and the execution of its revenue guidance to assess long-term viability.
2. Execution Risk of Strategic Transition and Production Scalability: Peraso is undergoing a strategic shift to focus on its mmWave business. While this pivot offers potential advantages, it introduces significant execution risks. The company must successfully scale production, particularly for defense contracts, and manage complex international logistics. Delays in fulfilling orders, bottlenecks in component sourcing, or issues with yield rates could disproportionately impact quarterly results and hinder growth.
3. Competitive Pressure and Customer Concentration: Peraso operates in a highly competitive mmWave semiconductor market where it contends with larger wireless carriers and established players like Qualcomm and Broadcom. These larger competitors could aggressively enter or expand their presence in the fixed wireless access (FWA) chipset market, potentially eroding Peraso's niche advantage. Additionally, Peraso faces risks associated with high customer and supplier concentration, which can introduce volatility and operational challenges, including inconsistent payment behavior from key customers that could threaten cash flow and operational stability.

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The rapid expansion and improving performance and cost-effectiveness of satellite-based internet services (e.g., Starlink, OneWeb) represent an emerging threat to the terrestrial Fixed Wireless Access (FWA) market, a significant segment for Peraso's 60 GHz mmWave chipsets. As satellite internet becomes a more viable and competitive alternative for broadband connectivity, especially in rural and underserved areas, it could reduce the addressable market for ground-based FWA solutions that utilize Peraso's technology. This shift provides an alternative solution for end-users, similar to how Netflix offered an alternative to traditional video rental services.

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Peraso (PRSO) operates primarily in the high-performance 60 GHz unlicensed and 5G mmWave wireless technology sectors, providing chipsets, antenna modules, software, and intellectual property (IP) for various applications.

The addressable markets for Peraso's main products and services, on a global scale, are as follows:

• Global Wi-Fi Chipset Market (including Wi-Fi 6, 6E, and Wi-Fi 7): This market, which Peraso contributes to with its 60 GHz solutions, was valued at approximately USD 39.03 billion in 2024. It is projected to reach USD 47.19 billion in 2025 and is expected to grow to USD 89.34 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 13.6% from 2025 to 2030. Other estimates for the global Wi-Fi Chipset market indicate a value of USD 18.49 billion in 2024, projected to reach USD 31.53 billion by 2032 with a CAGR of 6.90% from 2025 to 2032. Additionally, the market was valued at USD 23.07 billion in 2025 and is likely to cross USD 41.71 billion by 2035, with a 6.1% CAGR between 2026-2035. This market encompasses applications such as fixed wireless access, consumer virtual reality (VR), high-speed data links, and advanced tactical systems.

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Expected Drivers of Future Revenue Growth for Peraso (PRSO)

• Expansion of Millimeter Wave (mmWave) Product Sales: Peraso's core competency in high-performance 60 GHz unlicensed and 5G mmWave solutions is a primary growth driver. The company has reported significant sequential increases in mmWave product sales, which are setting quarterly records. This growth is anticipated to continue as market awareness and adoption of 60 GHz technology extend beyond existing applications.
• Growth in Fixed Wireless Access (FWA) Market and Strategic Partnerships: Peraso is actively expanding its presence in the fixed wireless access market. This includes leveraging its DUNE platform for urban deployments and securing new OEM customer orders for FWA equipment. A notable collaboration with WeLink aims to enhance broadband deployment in urban areas, further solidifying this driver. The U.S. BEAD program, a significant government initiative for broadband infrastructure, is also expected to positively impact Peraso's business from 2026 onwards by supporting tech-neutral broadband deployment.
• Penetration into Military/Tactical Communications: The company is making strides in new market segments, with military and tactical communications identified as a key emerging area for its mmWave solutions. Peraso has ongoing trials and shipments in the Middle East for applications such as stealth communications and friendly fire prevention. The military segment of the mmWave market is projected for substantial annual growth.
• Emerging Opportunities in Edge AI and Transportation: Peraso is exploring and conducting trials in the nascent Edge AI and transportation markets. These include applications for high-speed internet on trains and high-bandwidth video for AI in Asia. These emerging markets represent new avenues for leveraging Peraso's mmWave technology for future revenue streams.

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Share Repurchases

• Peraso has not made any significant share repurchases over the last 3-5 years. The 3-Year Share Buyback Ratio was -103.40%, and the 5-Year Share Buyback Ratio was -42.90%, indicating potential share issuance rather than buybacks.
• Recorded "Repurchase of Common Stock" was minimal, with amounts such as -$0.01 million in fiscal year 2023.

Share Issuance

• In February 2024, Peraso conducted an underwritten public offering of 480,000 shares of common stock, along with various warrants, aiming to raise approximately $4 million.
• As of October 2025, Peraso increased the maximum number of shares available for issuance under its At-the-Market Offering Agreement to an aggregate of $1,750,000, in addition to $2,686,953 already sold.
• The company secured approximately $2.9 million in gross proceeds from warrant exercises in November 2024 and approximately $0.7 million from its at-the-market offering program during Q3 2025.

Inbound Investments

• Mobix Labs made multiple unsolicited acquisition proposals for Peraso, including an all-stock offer in June 2025 and an enhanced cash-and-stock offer in September 2025, valuing Peraso at about $1.20 per share.
• In October 2025, Mobix Labs formally delivered an updated all-cash proposal to acquire Peraso for $1.30 per share.
• Peraso's board of directors authorized the exploration of strategic alternatives in July 2025, including a merger or sale of assets, and entered into a mutual confidentiality agreement with Mobix Labs in November 2025 for cooperative discussions toward a potential acquisition.

Outbound Investments

• No significant outbound investments, such as acquisitions of other companies by Peraso, were identified within the last 3-5 years.

Capital Expenditures

• Peraso's capital expenditures were minimal, reported as -$45,000 in the last 12 months (as of November 2025).
• The company operates a fabless business model, which allows it to outsource manufacturing and thus reduce capital expenditure significantly.
• Capital expenditures were approximately -$0.09 million in fiscal year 2023 and -$0.99 million in fiscal year 2022.