A specialized Qualcomm, building the critical chips for ultra-high-speed millimeter-wave wireless communication.

Like an 'Intel Inside' for next-generation, multi-gigabit wireless connections, powering devices from 5G infrastructure to AR/VR headsets.

• mmWave ICs: Semiconductor devices including baseband and radio frequency integrated circuits, along with associated antenna technology, for 60 GHz and 5G applications.
• mmWave Modules: Integrated modules built upon their mmWave ICs.
• Bandwidth Engine: An accelerator engine designed for high-performance applications where throughput is critical.
• Programmable Hyperspeed Engine: An accelerator engine that allows users to define custom functions or algorithms.
• Quad Partition Rate: A technology enabling parallel access to multiple partitions of memory simultaneously.
• Intellectual Property (IP) Licensing: Services involving the licensing of the company's proprietary technology.
• Non-Recurring Engineering (NRE) Services: Custom engineering services provided to clients.

Peraso Inc. (PRSO) operates as a fabless semiconductor company, developing and selling semiconductor devices, modules, and intellectual property primarily to other companies (B2B). Based on the provided description, specific names of major customer companies are not disclosed.

However, Peraso's products are enabling technologies for various applications, indicating that its customers would typically be other businesses involved in the following sectors:

• Companies developing 5G cellular network infrastructure and equipment, utilizing Peraso's mmWave technology for low latency and high reliability.
• Companies deploying multi-gigabit mmWave links for applications such as fixed wireless access or point-to-point wireless backhaul over distances up to 25 kilometers.
• Manufacturers of consumer electronics, particularly those focused on wireless video streaming, untethered augmented reality (AR), and virtual reality (VR) devices.

• TSMC (NYSE: TSM)
• GlobalFoundries (NASDAQ: GFS)
• ASE Group (NYSE: ASX)
• Amkor Technology (NASDAQ: AMKR)

Ronald Glibbery, Chief Executive Officer

Mr. Glibbery leads all functional areas of Peraso Inc. and has served as Chief Executive Officer since December 2021. He co-founded Peraso Technologies Inc. in 2009 and previously served as its Chief Executive Officer. Prior to co-founding Peraso Technologies, Mr. Glibbery was President of Intellon, a pioneer and leader in the development of semiconductor devices for powerline communications. He also held executive positions at Kleer Semiconductor, a fabless semiconductor company, and was a member of the management team of LSI Logic, Canada. Mr. Glibbery holds a B.E. Sc. in Electrical and Electronics Engineering from the University of Western Ontario.

James Sullivan, Chief Financial Officer

Mr. Sullivan is responsible for all financial aspects of Peraso Inc. He previously served as Chief Financial Officer of MoSys since 2008. Prior to joining MoSys, he was Chief Financial Officer for Apptera, a provider of technology for voice advertising, search, and commerce. Mr. Sullivan also served as Chief Financial Officer for 8x8, a publicly-traded SAAS provider of VoIP and unified communication solutions. He held prior leadership roles at Netergy Microelectronics, a subsidiary of 8x8, and PWC. Mr. Sullivan holds a B.S. in Accounting from New York University, Stern School of Business, and is a certified public accountant.

Brad Lynch, Chief Operating Officer

Mr. Lynch is responsible for all operational aspects of Peraso Inc. and has served as Chief Operating Officer since December 2021. He co-founded Peraso Technologies in 2009 and served as Executive Vice President of Engineering and Operations. Before founding Peraso Technologies, Mr. Lynch worked as a system architect at Kleer Semiconductor, a fabless company focused on wireless audio technology. He was also Director of Software Engineering at Intellon Corporation. Mr. Lynch holds a B.A.Sc in Computer Engineering from the University of Waterloo.

Alexander Tomkins, Chief Technology Officer

Mr. Tomkins is responsible for all technical aspects of Peraso and has served as Chief Technology Officer since December 2021. He co-founded Peraso Technologies in 2009 and served as its Chief Technology Officer. Mr. Tomkins holds a Masters of Applied Science from the University of Toronto and a B.S. in Engineering Physics from Carleton University.

Mark Lunsford, Chief Revenue Officer

Mr. Lunsford serves as the Chief Revenue Officer of Peraso Inc.

Financial Health and Profitability Challenges

Peraso faces significant financial challenges, including negative margins and declining revenue growth. The company has reported negative net income and a negative earnings per share (EPS), reflecting ongoing profitability issues and operational inefficiencies. An Altman Z-Score of -38.75 places Peraso in a "distress zone," indicating a potential risk of bankruptcy within the next two years. Furthermore, Peraso may require additional capital within the next year to sustain operations, and its gross margins on mmWave products are substantially below target levels. As a micro-cap company, Peraso's stock can experience significant price swings, and its low market capitalization contributes to intense financial scrutiny.

Intense Competition and mmWave Market Adoption

The 5G chipset and broader Wireless Gigabit (WiGig) markets are highly competitive, with numerous large and established players holding significant market share. Peraso competes with companies such as Sequans Communications, Nordic Semiconductor, Qualcomm, EnSilica, and Rambus. Operating in the semiconductor industry, Peraso is exposed to risks related to rapid technological advancements and competitive pressures. The company's future is intrinsically linked to the successful expansion and widespread adoption of mmWave applications, which, despite its specialized niche in 60 GHz chipsets for specific Fixed Wireless Access (FWA) and tactical systems, is a challenging market.

Customer Concentration and Supply Chain Dependence

Peraso's reliance on a concentrated customer base poses a significant risk. For instance, complications with a major customer, WeLink, including delayed payments, have adversely impacted the company's cash flow. As a fabless semiconductor company, Peraso is dependent on third-party manufacturers and the stability of the global supply chain for the fabrication of its integrated circuits (ICs) and the production of its modules. The availability of components at competitive costs from these manufacturing partners is crucial to its operations.

Peraso Inc. (PRSO) operates in several addressable markets related to its millimeter-wave (mmWave) technology and accelerator products. The primary markets include overall mmWave technology, 5G mmWave, 60 GHz Wi-Fi (WiGig), wireless video streaming, untethered augmented reality and virtual reality (AR/VR), and high-performance computing (HPC) accelerators.

• Millimeter Wave (mmWave) Technology: The global millimeter wave technology market was valued at approximately USD 3.75 billion in 2023 and is projected to reach USD 38.55 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 39.7% from 2024 to 2030. Another report estimates the global market size at USD 3.92 billion in 2024, projected to grow to USD 153.41 billion by 2034 with a CAGR of roughly 39.7% between 2025 and 2034. The 24 GHz to 57 GHz segment dominated the millimeter wave technology market in terms of revenue in 2023.
• 5G mmWave: The global mmWave 5G market size was valued at USD 3.68 billion in 2025 and is expected to reach USD 14.25 billion by 2035, exhibiting a CAGR of 14.5% during the forecast period of 2026-2035. North America is projected to be the largest region, holding 46% of the market share by 2035, while Asia Pacific is the fastest-growing region. Another estimate places the 5G mmWave market size at USD 49.72 billion in 2026, growing to USD 88.93 billion by 2031 with a 12.34% CAGR.
• 60 GHz Wi-Fi (WiGig): The global 60GHz Wi-Fi WiGig market size was valued at approximately USD 1.5 billion in 2023 and is projected to reach USD 7.8 billion by 2032, growing at a CAGR of 20%. North America is expected to dominate this market, accounting for approximately 35% of the global market share in 2023.
• Wireless Video Streaming: The global video streaming market was valued at USD 106.82 billion in 2023. It is projected to reach USD 356.2 billion by 2031, growing at a CAGR of 10.85% from 2026 to 2031. The market size was valued at USD 111.28 billion in 2024 and is poised to grow to USD 202.87 billion by 2033, at a CAGR of 6.9% for the forecast period of 2026–2033.
• Untethered Augmented Reality and Virtual Reality (AR/VR): The global Augmented and Virtual Reality (AR/VR) market size was estimated to be USD 4.085 billion in 2025, with projections to grow to USD 103.96 billion by 2034 at a CAGR of 43.3%. Another report indicates the global market size was USD 30.26 billion in 2025 and is projected to reach USD 441.51 billion by 2034, with a CAGR of 34.69% during the forecast period. A separate estimate indicates the global AR/VR market is projected to reach USD 138.60 billion by 2032 from USD 40.62 billion in 2025, at a CAGR of 19.2% from 2025 to 2032. North America held the largest share of the AR/VR market in 2024.
• High-Performance Computing (HPC) and AI Accelerators: The High Performance Computing market size is projected to expand from USD 55.78 billion in 2025 to USD 87.5 billion by 2031, registering a CAGR of 7.79% between 2026 and 2031. Another source reported the global high performance computing market was valued at USD 43.5 billion in 2025, and is expected to grow to USD 92.1 billion in 2035, at a CAGR of 7.9% during the forecast period of 2026-2035. North America is the largest market in HPC.

Peraso Inc. (PRSO) is strategically positioned for future revenue growth over the next two to three years, driven primarily by the escalating demand for its millimeter-wave (mmWave) technology across several expanding markets.

The key drivers of future revenue growth for Peraso include:

1. Accelerated Adoption and Shipments of mmWave Products: Peraso has undergone a strategic pivot, focusing almost entirely on its mmWave products while phasing out legacy memory IC products. This shift is yielding significant results, with mmWave product revenue reaching a record $3.0 million in Q3 2025, a 35% sequential increase. Management anticipates significant growth of mmWave revenue throughout 2025, with expectations for solid double-digit sequential growth in Q2 2025.
2. Expansion in the Fixed Wireless Access (FWA) Market: The Fixed Wireless Access (FWA) market represents a critical growth avenue for Peraso. The company is experiencing increased demand for FWA deployments and has received substantial purchase orders for its mmWave FWA solutions. Notably, Peraso upgraded its PERSPECTUS module products to support 50% more end-point devices per access point, directly benefiting Wireless Internet Service Providers (WISPs) utilizing 60 GHz unlicensed spectrum for FWA, especially in dense urban environments. Government initiatives like the BEAD program, aimed at broadband infrastructure development, could further fuel this expansion.
3. Penetration and Growth in Defense and Tactical Communications: Peraso's mmWave technology is gaining traction in the defense and tactical communications sectors. The company secured an initial production order of $0.9 million in Q3 2025 and has achieved design wins in defense and aerospace. A significant development is the selection of Peraso's 60 GHz mmWave technology by Israeli defense contractor InTACT for a next-generation drone identification system, with revenue from military applications projected to commence in 2026.
4. Diversification into New Markets and Customer Expansion: Beyond its core FWA and defense segments, Peraso is actively pursuing new design wins and broadening its customer base across various applications. The company's innovative solutions are being adopted for a wide range of uses, including a strategic expansion into the educational sector with a 60GHz wireless video system. This diversification, coupled with a robust engagement pipeline, is expected to drive further customer acquisition and revenue growth.

Share Issuance

• Peraso Inc. increased the maximum number of shares available for issuance under its At the Market Offering Agreement to an aggregate of $1,750,000 as of October 10, 2025.
• The company extended the expiration date of its Series B warrants to November 8, 2024, allowing the purchase of up to 3,974,520 shares at an exercise price of $2.25 each. These warrants were issued on February 8, 2024, as part of an underwritten public offering.
• As of October 3, 2025, Peraso had 7,579,223 shares of common stock outstanding, alongside 1,333,794 shares issuable upon exercise of outstanding stock options and 3,974,520 shares issuable upon exercise of Series A warrants.

Inbound Investments

• Peraso secured $1.1 million in October 2025 through a warrant exercise agreement, which involved the purchase of 952,380 shares of common stock.
• As of December 2025, 23 funds or institutions reported positions in Peraso, with total shares owned by institutions increasing by 30.97% to 350,000 shares over the preceding three months.

Capital Expenditures

• Peraso invested $34,000 in capital expenditures in Q3 2025, marking a 70.0% increase from the prior quarter.
• In the trailing 12 months leading up to March 9, 2026, the company's capital expenditures totaled -$79,000, indicating a net reduction in capital assets.
• These capital expenditures are primarily focused on funding long-term assets and infrastructure.