PRSO earnings analysis
What we found in PRSO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Peraso's Q2 revenue improved approximately 36% sequentially to $1.307 million and gross margin rose to 63.7%, while EPS improved year over year to $(0.15). Nonetheless, revenue missed consensus by 50.3%, and management continues to expect supply constraints, elevated memory prices, and irregular order patterns into Q4. The filing highlights substantial liquidity risk, with $3.3 million of cash, an accumulated deficit of $186.6 million, expected capital needs only covered into Q4 2026, and a Nasdaq bid-price deficiency requiring remediation by January 19, 2027.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue improved sequentially but missed estimates
- Revenue increased to $1.307 million from $963,000 in Q1 2026, a sequential increase of approximately 36%. However, revenue declined from approximately $2.0 million in Q2 2025 and was 50.3% below the $2.63 million consensus estimate.
- Gross margin expanded
- Gross margin expanded to 63.7% from 61.5% in Q1 2026 and 48.3% in Q2 2025, representing increases of 2.2 and 15.4 percentage points, respectively.
- Loss per share narrowed year over year
- Reported EPS was $(0.15), improving from $(0.22) in Q1 2026 and $(0.31) in Q2 2025, but it missed the $(0.12) consensus estimate.
- Liquidity expected to extend into Q4
- The company reported cash and cash equivalents of $3.3 million as of June 30, 2026, and stated that existing cash and expected product-sale receipts should support capital needs into the fourth quarter of 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Going-concern and funding risk
- The company reported an accumulated deficit of $186.6 million as of June 30, 2026 and net losses of approximately $4.7 million for the six months ended June 30, 2026. Management stated that additional capital will likely be required to sustain operations.
- Potential substantial equity dilution
- The June 30, 2026 Purchase Agreement with Roth Principal Investments permits purchases of up to $25.0 million of common stock over a 36-month period. The agreement's 19.99% Exchange Cap could be removed through stockholder approval or if the average purchase price reaches $0.9853, potentially increasing dilution.
- Nasdaq minimum bid-price deficiency
- On July 21, 2026, Nasdaq notified the company that its stock had failed the $1 minimum bid-price requirement based on 30 consecutive business days through July 20, 2026. The company has until January 19, 2027 to regain compliance, requiring a closing bid price of at least $1 for 10 consecutive business days.
- Supply and order volatility persists
- Management expects irregular order patterns, inflated memory prices, and constrained component supply to persist into the fourth quarter, creating continued risk to revenue timing and gross margin.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.15
- Gross margin
- 63.7%
What they said about what is next.
No numerical revenue or EPS guidance was provided. Management expects irregular order patterns, inflated memory prices, and constrained component supply to continue into the fourth quarter. Management stated that cash and expected product-sale receipts are expected to support capital needs into the fourth quarter of 2026.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 14, 2026
- Peraso Inc. reported Q1 2026 results with revenues falling to $963,000, down 23.33% from estimates and a significant 82% year-over-year decline. Gross margin saw a decrease but improved slightly to 61%, while dilutive…
- 10-K · March 30, 2026
- Peraso positions itself as a fabless semiconductor leader in mmWave (24–71 GHz) ICs and integrated antenna modules, emphasizing license‑free 60 GHz (802.11ad/ay) FWA and adjacent 5G mmWave opportunity. The company…
- 10-Q · November 12, 2025
- Peraso reported Q3 net revenue of $3,234,000 and gross profit of $1,817,000 (gross margin ~56.2%). Operating expenses were reduced: R&D $1,528,000 and SG&A $1,479,000, producing a smaller operating loss of $(1,190,000)…
- 10-K · March 28, 2025
- Peraso (PRSO) positions itself as a fabless mmWave semiconductor and module supplier targeting unlicensed 60 GHz FWA, 5G mmWave adjacent markets, defense and VR/AR applications. Revenue appears to have modestly improved…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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