Peraso Inc. Reports 41% Revenue Decline and $2.2 Million Net Loss in Q2 2026

Peraso Inc. reported its financial results for the second quarter of 2026, revealing a significant decline in revenue and continued operational losses. For the three months ended June 30, 2026, the company generated total net revenue of $1.3 million, a decrease of 41% from $2.2 million in the same period of 2025. The decline was primarily attributed to reduced sales of its memory integrated circuits (ICs) and mmWave products, with product revenue falling to $1.2 million from $2.2 million year-over-year. The company also reported a net loss of $2.2 million for the quarter, compared to a loss of $1.8 million in the prior year.

In the first half of 2026, Peraso's total net revenue was $2.3 million, down 63% from $6.1 million in the first half of 2025. The company’s accumulated deficit reached approximately $186.6 million as of June 30, 2026. The decrease in revenue was largely due to the end-of-life phase of its memory IC products and a slowdown in demand from existing customers in the fixed wireless access market. Despite the revenue drop, the company reported an increase in services and other revenue, which rose to $359,000 in the first half of 2026, up from $71,000 in the same period of 2025, driven by non-recurring engineering services.

Operationally, Peraso has been focusing on its mmWave technology, which is critical for applications in autonomous systems and defense communications. The company has engaged with customers in these sectors, including a defense application for drone identification systems. However, the company also faced challenges, including a significant reduction in its workforce and ongoing efforts to manage costs amid declining revenues. As of June 30, 2026, Peraso had cash and cash equivalents of $3.3 million, which it expects to sustain its operations into the fourth quarter of 2026.

Looking ahead, Peraso's management expressed concerns about the company's ability to continue as a going concern, citing the need for substantial revenue increases to achieve sustainable profitability. The company is exploring strategic alternatives, including potential mergers or asset sales, to maximize shareholder value. Additionally, Peraso has entered into an At The Market Offering Agreement to raise capital and has a committed equity facility with Roth Principal Investments, which could provide up to $25 million in funding over the next 36 months, subject to market conditions and shareholder approval.

In summary, Peraso Inc. is navigating a challenging financial landscape with declining revenues and ongoing losses, while strategically positioning itself in the mmWave technology market. The company is actively seeking to raise capital and explore strategic options to enhance its financial stability and operational capabilities.