Peraso Inc.

The grade, in three tenses

Headline 3.6 out of ten, 7 of 9 metrics filed and 2 estimated: past 2.7 out of ten, present 3.1 out of ten, future 5.0 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 1.9 out of ten. 12 warning events since 2017; the latest 2026-07-24. 19th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.3 out of ten. +21% a year over 5 filed years; profitable in 0 of 5. 43rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 0.5 out of ten. CrossAssetData estimate 0.5/10, confidence 35 of 100 (one part). 5th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 4.5 out of ten. ROE -103%: lost 103¢ per shareholder dollar. Leverage 24%: owes 24¢ per asset dollar. 45th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 2.2 out of ten. bottom 22% of 97 in its family; net margin -39%. 22nd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 1.7 out of ten. CrossAssetData estimate 1.7/10, confidence 35 of 100 (one part). 17th percentile among 79 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Room to expand (future): 6.7 out of ten. top 33% of 94 in its family for room to expand. 67th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 2.0 out of ten. bottom 20% of 93 in its family for growth drivers. 20th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 6.2 out of ten. top 38% of 88 in its family for expectations against reality. 62nd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-30 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-13 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-11 (on EDGAR). Newest filing: Form S-8, 2026-10-08. Filings on record since 2000. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-30.

The people

Ronald Glibbery has been chief executive officer and a director since December 2021, when the private company he founded was folded into this one. He founded Peraso Technologies Inc., called Peraso Tech in the filing, in 2008 and ran it as chief executive. The annual report credits him with over 25 years in the semiconductor industry, after executive jobs at Kleer Semiconductor, a fabless designer of wireless audio chips, and at Intellon Corporation, which made chips for communications over power lines. The same bio records a hard passage: in June 2020 Peraso Tech obtained an order under the Companies' Creditors Arrangement Act from the Ontario Superior Court of Justice, which appointed Ernst & Young Inc. as its monitor, and the monitor filed a petition under Chapter 15 of the United States Bankruptcy Code, the part that has a foreign insolvency case recognized in the United States. The Ontario court authorized an end to those proceedings in October 2020 and the United States case was terminated in December 2020. [1, 2, 3, 4]

Three other executive officers are named, and none is new. James Sullivan has been chief financial officer since January 2008, after the same job at Apptera, Inc. and, before that, at 8x8, Inc.; on the insider record this site holds his first filing here dates from 2008. Bradley Lynch, chief operating officer since December 2021, co-founded Peraso Tech in 2009 and was its executive vice president of engineering and operations. Alexander Tomkins, chief technology officer since December 2021, co-founded Peraso Tech in 2009 as its chief technology officer. The bios of both men repeat the 2020 creditor protection at Peraso Tech. [5, 6, 7, 2, 8]

The board has five members. Besides Glibbery they are Daniel Lewis, now retired, a director since September 2017 who was president and then chief executive of the company before the Peraso combination and vice president and general manager of memory products until December 2022; Cornelis Links, appointed in December 2025, chief executive since January 2024 of SuperLight Photonics B.V., a Netherlands photonics company that was declared bankrupt in September 2025 and restarted after a restructuring; Andreas Melder, appointed in December 2021, a semiconductor, communications and consumer electronics executive; and Robert Newell, a director since October 2018 and a former chief financial officer at several technology companies. Links, Melder and Newell are the audit committee and all three are independent under the Nasdaq rules. On the insider record this site holds, eighteen people have filed as officers or directors, ten of them in the last fifteen months. [9, 10, 11, 12, 13, 14, 8]

The company is tiny for what it attempts: 42 employees at the end of 2025, 9 in the United States and 33 in Canada, with 31 in research, development and manufacturing operations and 11 in sales, marketing and administration. The offices it leases are in Toronto and Markham, Ontario. During 2023 and 2024 it cut 19 full-time equivalent positions, and research and development spending fell from 9.2 million dollars in 2024 to 6.2 million in 2025. [15, 16, 17, 18]

How it operates

Peraso designs millimeter wave radio chips. It is fabless, meaning it draws the chips and hires other companies to make them. Millimeter wave, shortened to mmWave in the filing, is the radio spectrum from 24 gigahertz to 300 gigahertz, far above the frequencies phones and Wi-Fi use; Peraso's products work between 24 and 71 gigahertz. It sells the chips themselves, complete antenna modules that put its chips and the antenna into one part, engineering work a customer pays for, and licences to its designs. Distance and speed are the selling points: the filing says point to point links using its chips reach up to 25 kilometers in the 60 gigahertz band. [19, 20]

Two standards shape the product line. The licence-free pair, IEEE 802.11ad and 802.11ay, runs in the 57 to 71 gigahertz band that needs no licence in most of the world, so a wireless internet service provider can build with it without buying spectrum. The licensed one is 5G, where the 3rd Generation Partnership Project put the 24 to 43 gigahertz band into the specification and carriers must license it. Everything Peraso ships is in the licence-free band: 60 gigahertz radio and baseband chips, the PERSPECTUS family of antenna modules for fixed wireless access, and a protocol it calls DUNE for crowded cities where many beams compete. It has sampled a 5G beamformer chip but says it has not sold any 5G products. Its other line, the Bandwidth Engine memory chips sold for networking and data centre gear, is closed: TSMC, the only foundry that made those wafers, stopped running the process, so the company began ending the line in May 2023 and filled the last standing orders in March 2025. [21, 22, 23, 24, 25, 26, 27]

Its revenue comes from a handful of names. In fixed wireless the customers are OEMs, the firms that build the radios, and wireless internet service providers, most of them in Africa. The filing names Ubiquiti, which relies on Peraso as the sole source of the mmWave chips in its Wave products; WeLink, whose hardware business was launched in 2024 as a separate company, Ketsen Networks; and Tachyon Networks, which uses Peraso modules in its 60 gigahertz point to point and point to multipoint products. Five customers each took a tenth or more of 2025 revenue: UI Limited at 29 percent, F5/Flextronics, Tachyon and Alltek at 13 percent each and Ikeja at 12 percent. The five together were about 80 percent of revenue, where a year earlier two customers were about 86 percent, Nokia Corporation at 25 percent and F5/Flextronics at 61 percent. At the end of 2025 two customers accounted for about 93 percent of the money owed to the company. [28, 29, 30, 31, 32, 33]

The record's geography is the destination of the shipment rather than the home of the buyer, and it moved a long way in one year. Taiwan took 5.3 million dollars of 2025 revenue, 43.3 percent, against 238.0 thousand the year before; Europe 3.1 million, 25.7 percent; North America 2.4 million, 19.3 percent, down from 12.5 million; the rest of the world 1.4 million, 11.6 percent; Hong Kong 14.0 thousand. Peraso sells through its own sales people and through representatives and distributors in the United States, Africa, Asia and Europe, and the wait from a design win to volume shipments runs 12 to 36 months. [34, 35, 36, 37]

It owns no factory. Third parties make, package, assemble and test every chip and module, and several of those vendors sit in Asia. There are no long term supply contracts: a supplier is bound only by the purchase order in front of it. At the end of 2025 the company had about 2.7 million dollars of non-cancellable orders outstanding for inventory, mostly wafers and substrates. [38, 39, 40, 41]

The specifics

What Peraso sells is hard to design and hard to make, which is the moat it claims. Millimeter wave circuits are extremely difficult to model on a computer, so the filing says the only way to know how a device performs is to build it and test it in the real world; it counts over 15 years of that know-how as the asset. Phased array beamforming, in which an array of antenna elements works in unison to point a narrow beam instead of radiating in all directions, is the core competence, and the company says it is one of the few in the world shipping phased array devices in mass production. At the end of 2025 it held 72 United States patents and 16 foreign patents, expiring between 2026 and 2041, with 8 applications pending; nine of its patents are essential claims on the IEEE 802.11ay standard, which means the standard cannot be implemented without a licence from it. [42, 43, 44, 45, 46]

It names its rivals plainly. In the licence-free 802.11ad and 802.11ay market the long-standing competitor is Qualcomm, and Peraso's answer is support for the upper channels from 66 to 71 gigahertz, where less oxygen absorption lets the signal travel further. In 5G it expects to meet Qualcomm again alongside MediaTek Inc. and Samsung Electronics Co., Ltd. The equipment market it sells into has historically been served by Ubiquiti Inc., Cambium Networks, Ltd. and SIA MikroTik, which makes Ubiquiti both the shape of its market and its largest named customer. [47, 48, 49, 31]

Spectrum rules and public money set the size of the opportunity. In 2023 the United States government created the Broadband Equity, Access, and Deployment program, which put 42.45 billion dollars behind high speed internet across all 50 states. The filing says the agency running it first steered the money to fiber and treated unlicensed fixed wireless as ineligible, then during 2025 moved to a technology neutral approach covering all forms of fixed wireless access, including services carried by Peraso's 60 gigahertz technology. Trade policy cuts the other way: the filing warns that tariffs and other restrictive trade measures can raise the cost of components and finished goods, and that it may not be able to pass those costs on. [50, 51, 52]

The company is older than its name. Founded in 1991 and reincorporated in Delaware in 2000, it was MoSys, Inc. until December 2021, when it completed the arrangement with Peraso Tech, took the Peraso name and began trading on the Nasdaq as PRSO; its filing record with the SEC starts in 2000. It has lost money in every year the record holds, from 2020 through 2025, though the 2025 loss of 4.8 million dollars was the smallest of them, and the accumulated deficit reached 181.9 million dollars. Cash was 2.9 million dollars at the end of 2025. Management concluded, and the outside auditor agreed, that there is substantial doubt about the company's ability to continue as a going concern; the filing says its cash and expected receipts from forecast product sales cover its needs into the third quarter of 2026. Since June 2025 the board has also been weighing an unsolicited, non-binding proposal from Mobix Labs, Inc. to acquire the company, inside a wider review of strategic alternatives it opened in July 2025. [53, 54, 55, 56, 57, 58, 18, 59]

What drives growth, line by line

Revenue fell 16.3 percent in 2025 to 12.2 million dollars, the lowest since 2021. Behind the fall is a swap rather than a slump: the memory chip line that was most of 2024 revenue is finished, and the mmWave lines meant to replace it grew to about three quarters of the total. [18, 34, 60]

mmWave ICs. The line that grew and now leads: 6.7 million dollars, 55.2 percent of 2025 revenue, against 302.0 thousand the year before, more than twenty times as much. The filing puts the gain down to higher shipments of mmWave chips and antenna modules as the memory line ran out. These chips also reached their first defense job: the filing says a lead defense contractor customer uses its 60 gigahertz beamforming transceivers in an identification friend or foe system, which lets ground forces and counter drone systems tell whether an aircraft overhead is friendly or hostile, built for places where electronic warfare is heavy. [34, 60, 61, 20]

Memory ICs. The line that has gone: 2.7 million dollars, 22.3 percent of revenue, down 78.9 percent from 12.9 million. TSMC, the only foundry that made those wafers, stopped running the process, so the company began the end of life in May 2023 and filled the last standing orders in March 2025; two later orders out of leftover inventory brought about 0.5 million dollars in the second half of the year. Memory chips were about 89 percent of 2024 revenue and about 22 percent of 2025, and the company says it does not expect meaningful revenue from them after December 2025. [34, 26, 62, 63]

mmWave modules. 2.3 million dollars, 18.8 percent of revenue, up 127.7 percent from 1.0 million. These are the PERSPECTUS modules, Peraso's own chips and antenna in a single part, sold to wireless internet service providers for fixed wireless access in the unlicensed 60 gigahertz band, using over 14 gigahertz of spectrum; the filing says links run from 1.5 kilometers to as far as 30 kilometers with a parabolic reflector. [34, 24]

Royalty and other. 348.0 thousand dollars, 2.9 percent of revenue, up 7.1 percent. The line holds royalties, licence fees and engineering work customers pay for. The rise came from engineering services on mmWave technology under a statement of work signed in July 2025, set against falling royalties from memory licensees, which the company puts down to TSMC dropping the process. [34, 64]

mmWave other products. The smallest line: 98.0 thousand dollars, 0.8 percent of revenue, against 25.0 thousand the year before. [34]

What comes next, in the company's own words: it says it expects sales of its mmWave products to increase in volume and revenue in 2026, on more orders from existing customers and new customers starting production during the year. Its quarterly report for the first half of 2026 says the first defense engagement has widened from an identification friend or foe system worn by people to module products for drones, and that it is working with another customer on autonomous vehicles and drone swarms. The same report says there have been no further developments on the Mobix Labs proposal since the current report filed in January 2026. [65, 66, 67]

What the desk infers (inferred, not filed)

• UI Limited, the customer that took 29 percent of 2025 revenue, is almost certainly the entity through which Ubiquiti buys, which would make one buyer nearly a third of the company's sales. Because: The filing names five customers at a tenth or more of 2025 revenue and puts UI Limited at the top of them, at 29 percent. [31] The only customer the filing describes as depending on Peraso as its sole source of mmWave chips is Ubiquiti, for its Wave products. [28] Ubiquiti Inc. is also the first name in the list of equipment makers the filing says has historically served the worldwide fixed wireless market. [49] mmWave chip revenue leapt from 302.0 thousand dollars to 6.7 million in one year, the shape of a single volume program starting rather than a broad base of buyers. [34] Confidence 80 of 100. Wrong if: A filing or a customer disclosure that names UI Limited as a company unconnected to Ubiquiti Inc., or that names some other buyer behind the 29 percent.
• F5/Flextronics, at 61 percent of 2024 revenue and 13 percent of 2025, was buying the memory chips, so its fall is the revenue decline and says nothing about demand for the mmWave products. Because: Memory chips were about 89 percent of 2024 revenue and about 22 percent of 2025 revenue, and the same pair of names was the largest customer in both years. [63, 31] Memory revenue fell from 12.9 million dollars to 2.7 million while every mmWave line grew. [34] The memory chips were companion parts for high speed cloud networking, communications and security appliance systems, which is the equipment an appliance maker and its contract manufacturer would buy for. [27] Revenue shipped to North America fell from 12.5 million dollars to 2.4 million in the same year, close to the whole memory decline. [34] Confidence 75 of 100. Wrong if: A filing or disclosure showing that F5/Flextronics bought mmWave chips or modules rather than memory parts, or naming a different customer as the memory buyer at that share.
• The leap in revenue shipped to Taiwan is where Peraso's customers have their equipment built, not a new set of Taiwanese buyers, so the geography line tracks contract manufacturing rather than the end market. Because: The company reports revenue by geographical destination, which is where the goods are shipped rather than where the customer is headquartered. [35] Taiwan went from 238.0 thousand dollars to 5.3 million, 43.3 percent of 2025 revenue, in the same year North America fell from 12.5 million to 2.4 million. [34] The fixed wireless customers the filing names are Ubiquiti, WeLink with its spun out hardware company Ketsen Networks, and Tachyon Networks, with wireless internet service providers mostly in Africa; none of them is described as Taiwanese. [28, 29] Peraso owns no factory and the vendors that make, package, assemble and test its parts sit largely in Asia. [38, 39] Confidence 65 of 100. Wrong if: A filing that attributes the Taiwan revenue to customers headquartered in Taiwan buying for their own use, or a customer list naming a Taiwanese equipment maker at anything like that share.

Sources

1. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Glibbery was appointed as our chief executive officer and to our board of directors in December 2021. He founded Peraso Technologies Inc. (Peraso Tech) in 2008 and served as its chief executive officer.”
2. Peraso Inc., Form 10-K filed 2026-03-30: “In June 2020, Peraso Tech applied for and obtained an order under the Companies’ Creditors Arrangement Act (the CCAA), providing certain relief. Pursuant to the Initial Order issued by the Ontario Superior Court of Justice (Commercial List) (the Court), Ernst & Young Inc. was appointed as the Monitor of Peraso Tech. In addition, the Monitor, in its capacity as Foreign Representative, filed a voluntary petition in the United States under Chapter 15 of the U.S. Bankruptcy Code, seeking recognition of the CCAA proceeding.”
3. Peraso Inc., Form 10-K filed 2026-03-30: “In October 2020, the Court granted an order authorizing the termination of Peraso Tech’s CCAA proceedings upon the completion of certain defined steps. In December 2020, the United States Bankruptcy Court for the Southern District of New York issued an Order that: (i) recognized and gave full force and effect in the United States to the Court’s order approving the Settlement Agreement; and (ii) terminated the Chapter 15 Proceedings.”
4. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Glibbery has over 25 years of experience in the semiconductor industry. Prior to co-founding Peraso Tech, Mr. Glibbery held executive positions at Kleer Semiconductor, a fabless semiconductor company focused on wireless audio technology and Intellon Corporation (Intellon), a pioneer and leader in the development of semiconductor devices used for powerline communications.”
5. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Sullivan has served as our chief financial officer since January 2008. From July 2006 until January 2008, Mr. Sullivan served as Vice President of Finance and Chief Financial Officer at Apptera, Inc., a venture-backed company providing software for mobile advertising, search and commerce. From July 2002 until June 2006, Mr. Sullivan was the chief financial officer at 8x8, Inc., a publicly-traded SAAS provider of VoIP and unified communication solutions.”
6. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Lynch has served as chief operating officer since December 2021. He co-founded Peraso Tech in 2009 and served as executive vice president of engineering and operations.”
7. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Tomkins has served as our chief technology officer since December 2021. He co-founded Peraso Tech in 2009 and served as its chief technology officer.”
8. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
9. Peraso Inc., Form 10-K filed 2026-03-30: “We do not have a nominating committee, as we are a small company and currently only have five directors.”
10. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Lewis, who is currently retired, has served as a member of the board of directors since September 2017. He served as our Vice President, General Manager of Memory Products from April 2022 until his retirement in December 2022. Mr. Lewis previously served as our President from August 2018 until April 2022 and chief executive officer from August 2018 until the business combination with Peraso Tech in December 2021.”
11. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Links was appointed to our board of directors in December 2025. Since January 2024, Mr. Links has served as chief executive officer of SuperLight Photonics B.V., a Netherlands-based photonics semiconductor company engaged in the development of broadband light sources for imaging applications that was declared bankrupt in September 2025; following a restructuring, the company restarted under the name Integrated Laser Photonics B.V. in October 2025.”
12. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Melder was appointed to our board of directors in December 2021. He is a veteran technology executive in the semiconductor, communications and consumer electronics industries.”
13. Peraso Inc., Form 10-K filed 2026-03-30: “Mr. Newell has served as a member of our board of directors since October 2018 and is currently a consultant and advisor to emerging technology and healthcare companies. He has held financial management positions for companies in Silicon Valley for over 25 years.”
14. Peraso Inc., Form 10-K filed 2026-03-30: “Cornelis Links, Andreas Melder and Robert Newell are the current members of the Audit Committee. All are independent, as determined in accordance with Rule 5605(a)(2) of the Nasdaq listing rules and Rule 10A-3 of the Exchange Act.”
15. Peraso Inc., Form 10-K filed 2026-03-30: “As of December 31, 2025, we had 42 employees, including 9 located in the United States and 33 located in Canada. Our headcount comprised 31 in research and development and manufacturing-related operations and 11 in sales, marketing and general and administrative functions.”
16. Peraso Inc., Form 10-K filed 2026-03-30: “The Company has operating leases for its facilities in Toronto and Markham, Ontario, Canada and recognizes lease expense on a straight-line basis over the respective lease terms.”
17. Peraso Inc., Form 10-K filed 2026-03-30: “Further, during 2023 and 2024, we implemented reductions in our workforce and eliminated 19 full-time equivalent positions.”
18. The record on this page: the filed annual figures (EDGAR's company facts)
19. Peraso Inc., Form 10-K filed 2026-03-30: “We are a fabless semiconductor company focused on the development and sale of: i) millimeter wavelength wireless technology, or mmWave, semiconductor devices and antenna modules based on our proprietary semiconductor devices and ii) performance of non-recurring engineering, or NRE, services and licensing of intellectual property, or IP.”
20. Peraso Inc., Form 10-K filed 2026-03-30: “mmWave is generally described as the frequency band from 24 Gigahertz, or GHz, to 300 GHz. Our mmWave products, which primarily operate in the spectrum from 24 GHz to 71 GHz, enable a range of applications including: multi-gigabit point-to-point, or PtP, wireless links with a range of up to 25 kilometers and operating in the 60 GHz frequency band”
21. Peraso Inc., Form 10-K filed 2026-03-30: “Currently, there are two industry standards that incorporate mmWave technology for wireless communications: (i) license-free: IEEE 802.11ad/ay and (ii) licensed: 3GPP Release 15-17 (commonly referred to as 5G). We have developed and continue to develop products that conform to these standards.”
22. Peraso Inc., Form 10-K filed 2026-03-30: “In the case of mmWave, the 3rd Generation Partnership Project, or 3GPP, has included the spectrum from 24 GHz to 43 GHz in its 5G specification. This is licensed spectrum in most jurisdictions around the world, and carriers must license this spectrum if they choose to utilize the mmWave frequency bands within that spectrum. Alternatively, the spectrum from 57 GHz to 71 GHz is generally unlicensed around the world, and, therefore, a license is not required to operate in this spectrum.”
23. Peraso Inc., Form 10-K filed 2026-03-30: “To date, we have not sold any 5G products, as our primary business focus remains license-free markets.”
24. Peraso Inc., Form 10-K filed 2026-03-30: “Our PERSPECTUS family of mmWave antenna modules enable WISPs to offer high-capacity FWA networks in the unlicensed 60-GHz spectrum. The PERSPECTUS product family includes our integrated 60 GHz mmWave antenna modules and enhanced software for PtMP FWA applications. Our PERSPECTUS products allow rapid development of low-cost network equipment utilizing over 14 GHz of spectrum to provide multi-gigabit access services. Leveraging our integrated phased-array antennas and operating in the upper channels of the band, link ranges from 1.5 kilometers up to extended ranges of 30 kilometers can be achieved using a parabolic reflector.”
25. Peraso Inc., Form 10-K filed 2026-03-30: “Additionally, we have established an innovative user arbitration protocol called DUNE that is specifically designed to optimize network performance in dense urban environments using our PERSPECTUS antenna modules.”
26. Peraso Inc., Form 10-K filed 2026-03-30: “Taiwan Semiconductor Manufacturing Corporation, or TSMC, the sole foundry that manufactured the wafers used to produce our memory IC products, discontinued the foundry process used to produce such wafers. As a result, in May 2023, we initiated an end-of-life, or EOL, of our memory IC products, and fulfilled all outstanding EOL orders of our memory IC products in March 2025.”
27. Peraso Inc., Form 10-K filed 2026-03-30: “We also had a line of memory-denominated integrated circuits, or ICs, for high-speed cloud networking, communications, security appliance, video, monitor and test, data center and computing markets that delivered time-to-market, performance, power, area and economic benefits for system original equipment manufacturers, or OEMs.”
28. Peraso Inc., Form 10-K filed 2026-03-30: “In the FWA market, our primary customer base is OEMs, but we also have multiple WISP customers primarily located in Africa. Our OEM customers in the fixed wireless space include Ubiquiti, WeLink, which prior to 2024 operated as both an OEM and a WISP, and Tachyon Networks, or Tachyon. Ubiquiti, an OEM in the unlicensed fixed wireless space, relies on us as its sole source mmWave IC supplier for its Wave products.”
29. Peraso Inc., Form 10-K filed 2026-03-30: “Historically, WeLink relied on us as its sole source supplier for WeLink-designed equipment used to deliver WISP residential service since 2022; however, in 2024, WeLink’s hardware business was launched as a separate entity, Ketsen Networks, or Ketsen.”
30. Peraso Inc., Form 10-K filed 2026-03-30: “Tachyon utilizes our mmWave antenna modules in its TNA-30X family of PtP and PtMP solutions for 60 GHz unlicensed FWA networks.”
31. Peraso Inc., Form 10-K filed 2026-03-30: “During the year ended December 31, 2025, five customers accounted for 10% or more of our net revenues, including UI Limited at 29% and F5/Flextronics, Tachyon and Alltek at 13% each and Ikeja at 12%. During the year ended December 31, 2024, two customers accounted for 10% or more of our net revenues, including Nokia Corporation at 25% and F5/Flextronics at 61%.”
32. Peraso Inc., Form 10-K filed 2026-03-30: “For the year ended December 31, 2025 our five largest customers represented approximately 80% of our total revenue. For the year ended December 31, 2024 our two largest customers represented approximately 86% of our total revenue.”
33. Peraso Inc., Form 10-K filed 2026-03-30: “At December 31, 2025, two customers represented approximately 93% of total trade receivables and at December 31, 2024, three customers represented approximately 91% of total trade receivables.”
34. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
35. Peraso Inc., Form 10-K filed 2026-03-30: “The Company recognized revenue from shipments of products, licensing of its technologies and performance of services to customers by geographical destination as follows (in thousands)”
36. Peraso Inc., Form 10-K filed 2026-03-30: “In addition to our direct sales personnel, we sell through sales representatives and distributors in the United States, Africa, Asia and Europe.”
37. Peraso Inc., Form 10-K filed 2026-03-30: “In the markets we serve, the time from a design win to production volume shipments of our IC products can range from 12 to 36 months.”
38. Peraso Inc., Form 10-K filed 2026-03-30: “We depend on third-party vendors to manufacture, package, assemble and test our IC and module products, as we do not own or operate a semiconductor fabrication, packaging or production testing facility.”
39. Peraso Inc., Form 10-K filed 2026-03-30: “Certain vendors that we utilize to manufacture our products are located in Asia, as are other foundries we may use in the future. Some of our vendors that provide substrates and wafer sorting and handle the testing of our products are headquartered in Asia.”
40. Peraso Inc., Form 10-K filed 2026-03-30: “We do not have long-term supply contracts with any of our suppliers or manufacturing service providers, and therefore they are not obligated to manufacture products for us for any specific period, in any specific quantity or at any specified price except as may be provided in a particular purchase order.”
41. Peraso Inc., Form 10-K filed 2026-03-30: “At December 31, 2025, we had outstanding non-cancelable purchase orders for inventory, primarily wafers and substrates, and related expenditures of approximately $2.7 million.”
42. Peraso Inc., Form 10-K filed 2026-03-30: “We have over 15 years of technical know-how in the design and manufacturing of mmWave technology. The most important aspect of this knowledge is knowing how mmWave circuits will perform in a real-world environment.”
43. Peraso Inc., Form 10-K filed 2026-03-30: “However, mmWave is extremely difficult to model precisely. Therefore, the only path to understand how well a device will perform is to produce the device and test it in a real-world application.”
44. Peraso Inc., Form 10-K filed 2026-03-30: “A core competency of the Company is phased-array technology, or beamforming, in which an array of antenna elements work in unison to create a focused RF beam.”
45. Peraso Inc., Form 10-K filed 2026-03-30: “As of December 31, 2025, we held 72 United States patents and 16 foreign patents on various aspects of our mmWave, antenna, memory and other technology, with expiration dates ranging from 2026 to 2041. We also held 8 pending patent applications in the United States and abroad.”
46. Peraso Inc., Form 10-K filed 2026-03-30: “We were also an active participant in the development of the IEEE 802.11ay wireless specification and, to date, have been granted nine essential claims patents with respect to this standard. Essential claims patents are of particular value as a specification cannot be implemented without obtaining a license to the patents from us.”
47. Peraso Inc., Form 10-K filed 2026-03-30: “Historically, our primary competitor in the IEEE802.11ad/ay market has been Qualcomm. The primary benefit that we provide to the market is the support of the higher frequency bands from 66 GHz to 71 GHz. The advantage at these frequencies is that oxygen attenuation is significantly reduced, and signals can travel much further.”
48. Peraso Inc., Form 10-K filed 2026-03-30: “However, this market opportunity is more competitive, and potential competitors, in addition to Qualcomm, include MediaTek Inc. and Samsung Electronics Co., Ltd.”
49. Peraso Inc., Form 10-K filed 2026-03-30: “From an equipment perspective, the FWA worldwide market has historically been serviced by OEMs, such as Ubiquiti Inc., or Ubiquiti, Cambium Networks, Ltd. and SIA MikroTik.”
50. Peraso Inc., Form 10-K filed 2026-03-30: “In 2023, the U.S. government established the Broadband Equity, Access, and Deployment, or BEAD, program, which allocated $42.45 billion to expand high-speed Internet access by funding planning, infrastructure deployment and adoption programs in all 50 states.”
51. Peraso Inc., Form 10-K filed 2026-03-30: “When initially introduced, the NTIA had originally provided guidance that BEAD funding would be prioritized for primarily fiber deployments, and that alternative technologies such as unlicensed fixed wireless were not eligible for BEAD program funding. During 2025, the NTIA espoused a shift to a technology-neutral approach including all forms of FWA, including services enabled by our 60GHz mmWave wireless technology.”
52. Peraso Inc., Form 10-K filed 2026-03-30: “Current or future tariffs or other restrictive trade measures may raise the costs of raw materials, components or finished goods, which may adversely impact both our product offerings and our operational expenses. Such cost increases may reduce our margins and require us to increase prices, which could harm our competitive position, reduce customer demand and damage customer relationships.”
53. Peraso Inc., Form 10-K filed 2026-03-30: “On December 17, 2021, following the satisfaction of the closing conditions set forth in the Arrangement Agreement, the Arrangement was completed, and we changed our name from MoSys to “Peraso Inc.” and began trading on The Nasdaq Stock Market, or the Nasdaq, under the symbol “PRSO.””
54. Peraso Inc., Form 10-K filed 2026-03-30: “We were founded in 1991 and reincorporated in Delaware in 2000.”
55. Peraso Inc., Form 10-K filed 2026-03-30: “As a result, management has concluded, and our independent registered public accounting firm has agreed with our conclusion that there is substantial doubt regarding our ability to continue as a going concern for a period of at least 12 months beyond the filing of this Annual Report on Form 10-K.”
56. Peraso Inc., Form 10-K filed 2026-03-30: “As of December 31, 2025, we had cash and cash equivalents of $2.9 million and an accumulated deficit of $181.9 million. We believe that our existing cash and cash equivalents and expected receipts associated with forecasted product sales will enable us to meet our capital needs into the third quarter of 2026.”
57. Peraso Inc., Form 10-K filed 2026-03-30: “On June 27, 2025, we confirmed in a public press release the receipt of an unsolicited, non-binding proposal from Mobix Labs, Inc. (“Mobix Labs”) to acquire all of the Company’s issued and outstanding equity securities in exchange for newly issued shares of Mobix Labs common stock”
58. Peraso Inc., Form 10-K filed 2026-03-30: “On July 11, 2025, we issued a press release announcing the initiation of the strategic review process.”
59. The record on this page: the filing record (the EDGAR submissions feed)
60. Peraso Inc., Form 10-K filed 2026-03-30: “Product revenue decreased for 2025 compared with 2024 primarily due to the decrease of our memory IC product shipments attributable to the significant reduction in EOL shipments in 2025 as compared with 2024. The decreases were partially offset by an increase in shipments of our mmWave ICs and antenna modules.”
61. Peraso Inc., Form 10-K filed 2026-03-30: “Our lead defense contractor customer is using our mmWave technology in an Identification Friend or Foe, or IFF, system designed to operate in highly contested electronic warfare environments. Our customer’s IFF system enables secure identification between and amongst ground forces and between ground forces and drones, allowing counter-drone systems and battlefield operators to determine whether aerial platforms are friendly or hostile.”
62. Peraso Inc., Form 10-K filed 2026-03-30: “Subsequent to March 2025, we received two additional purchase orders for our remaining inventory which were fulfilled in the third and fourth quarters of 2025 for total revenues to us of approximately $0.5 million. We may receive additional purchase orders for our remaining inventory, but we do not expect to generate any significant revenue from shipments of our remaining memory IC products after the quarter ended December 31, 2025.”
63. Peraso Inc., Form 10-K filed 2026-03-30: “For the years ended December 31, 2025 and 2024, our memory IC products represented approximately 22% and 89% of our revenues, respectively.”
64. Peraso Inc., Form 10-K filed 2026-03-30: “The increase in royalty and other revenue for 2025 compared with 2024 was primarily due to an increase in non-recurring engineering services revenue related to our mmWave technology attributable to a statement of work entered into in July 2025 partially offset by a decrease in royalties from licensees of our memory technology due to reduced shipments by these licensees, which we attribute to the discontinuation of the foundry process by TSMC.”
65. Peraso Inc., Form 10-K filed 2026-03-30: “We expect sales of our mmWave products to increase from a volume and revenue perspective in 2026, as we expect i) an increase in orders from existing customers and ii) new customers to commence production during 2026.”
66. Peraso Inc., Form 10-Q filed 2026-08-13: “Since then, we have expanded our initial engagement with this customer for an IFF application for personnel-mounted systems to IFF applications for our module products for drones. We have also been engaged with another customer for applications for autonomous vehicles and drone swarms.”
67. Peraso Inc., Form 10-Q filed 2026-08-13: “We received an unsolicited, non-binding proposal from Mobix Labs, Inc.(“Mobix”) to acquire the Company, as described in our Annual Report on Form 10-K for the year ended December 31, 2025 and Current Report on Form 8-K filed with the SEC on January 21, 2026. There have been no further developments since that time.”

Where the revenue comes from

Product and service lines in fiscal 2025: Mm Wave I Cs 55%, Memory I Cs 22%, Mm Wave Modules 19%, Royalty and Other 3%, Mm Wave Other Products 1%. By geography: Taiwan 43%, Europe 26%, North America 19%, Rest of world 12%, Hong Kong under 1%. As tagged in its annual report (Form 10-K, filed 2026-03-30).

Who runs it

Glibbery, Ronald (Chief Executive Officer); Lewis, Daniel Lee (President); Sullivan, James (Chief Financial Officer); Lynch, Brad (Chief Operating Officer); Tomkins, Alex (Chief Technology Officer); Links, Cornelis (director); Melder, Andreas (director); Newell, Robert Y Iv (director). 8 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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