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PI

Peraso Inc. (PRSO)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue was $3.2M, up 45% sequentially and down 15% year-over-year; GAAP gross margin improved to 56.2% from 48.3% in Q2, driven by a favorable mmWave mix and shipments of previously written-down inventory .
  • GAAP EPS improved to ($0.17) from ($0.31) in Q2; non-GAAP EPS improved to ($0.15) from ($0.28), with adjusted EBITDA loss narrowing to ($1.0M) from ($1.6M) .
  • Company issued Q4 2025 revenue guidance of $2.8M–$3.1M; Q3 revenue came in above the prior quarter’s Q3 guidance range of $2.8M–$3.1M, a modest outperformance versus internal expectations .
  • mmWave product momentum continued: product revenue reached $3.1M and mmWave product revenue rose 35% sequentially to a quarterly record; new design wins (WeLink) and a $0.9M initial OEM order were highlighted as growth catalysts .
  • A potential corporate catalyst emerged post-quarter: Mobix Labs delivered an updated all-cash $1.30/share proposal to acquire Peraso on Oct 6, 2025, potentially supporting the stock near-term .

What Went Well and What Went Wrong

What Went Well

  • Record mmWave product revenue; CEO: “total revenue increasing more than 45% sequentially driven by record quarterly revenue from our mmWave products,” and “we delivered solid gross margin, while prudently managing expenses” .
  • Design-win traction: collaboration with WeLink for 60 GHz FWA, an initial $0.9M production volume order from a new OEM, and initial field trials with the lead tactical communications customer for next-gen defense applications .
  • Margins improved: GAAP gross margin rose to 56.2% from 48.3% in Q2 on mix and shipments of inventory written down in prior periods .

What Went Wrong

  • Year-over-year softness: revenue fell to $3.2M from $3.8M in Q3 2024; non-GAAP net loss widened vs prior-year ($1.1M vs $0.9M), despite sequential improvement .
  • Q4 guide implies sequential decline in total revenue ($2.8M–$3.1M vs $3.2M in Q3), suggesting near-term normalization after the Q3 ramp .
  • Ongoing structural risks called out: going concern, need for additional capital, and Nasdaq continued listing compliance risks—potential overhangs for investors .

Financial Results

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD Millions)$3.8 $2.2 $3.2
GAAP EPS ($USD)($0.98) ($0.31) ($0.17)
Non-GAAP EPS ($USD)($0.34) ($0.28) ($0.15)
GAAP Gross Margin (%)47.0% 48.3% 56.2%
Total OpEx – GAAP ($USD Millions)$4.5 $2.9 $3.0
Total OpEx – Non-GAAP ($USD Millions)$3.3 $2.7 $2.9
Adjusted EBITDA ($USD Millions)($0.8) ($1.6) ($1.0)
GAAP Net Loss ($USD Millions)($2.7) ($1.8) ($1.2)

KPIs

KPIQ3 2024Q2 2025Q3 2025
Product Revenue ($USD Millions)$3.8 $2.2 $3.1
mmWave Product Revenue Sequential Growth (%)——+35%
Non-GAAP Gross Margin (%)61.7% 48.3% 56.2%

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Millions)Q4 2025—$2.8–$3.1 Established
Revenue ($USD Millions)Q3 2025$2.8–$3.1 (issued Aug 11) N/A (reported)Maintained; actual $3.2 beat prior guide
Revenue ($USD Millions)Q2 2025$1.8–$2.0 (issued May 12) N/A (reported)Maintained; actual $2.2 above high end

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in the source set. Themes are triangulated from Q1 2025 and Q2/Q3 disclosures.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
mmWave FWA and DUNE platformQ1 call highlighted DUNE traction and WISP proofs of concept; backlog visibility improved; two million cumulative mmWave device shipments milestone in Q2 PR Collaboration with WeLink for urban broadband; record mmWave revenue; $0.9M OEM order in FWA Improving demand and design-win conversion
Tactical communications (defense)Strategic defense contract with initial production shipments expected to commence in Q2; low probability of detection/jamming emphasized Completed initial field trials with lead tactical communications customer Progressing from contract to field validation
Expense disciplineQ1: continued cost containment; OpEx down sequentially and YoY GAAP OpEx $3.0M vs $2.9M in Q2 and $4.5M YoY; non-GAAP $2.9M Sustained discipline; near-term stabilization
Supply/macro/tariffsRisks repeatedly flagged in filings and PRs, including inflationary/tariff risks and component shortages Same risk factors reiterated, plus going concern and Nasdaq listing compliance Persistent macro/structural risks
Product innovationQ1: PERSPECTUS upgrade (50% more users/AP), dual-polarized module for high-mobility deployments Continued focus on expanding 60 GHz portfolio and new applications Ongoing R&D execution

Management Commentary

  • “We had a notably strong third quarter, with total revenue increasing more than 45% sequentially driven by record quarterly revenue from our mmWave products… we delivered solid gross margin, while prudently managing expenses” — Ron Glibbery, CEO .
  • “We secured multiple design wins… collaboration with WeLink… initial production volume order… $0.9 million… completed initial field trials with our lead customer in the tactical communications market” — Ron Glibbery, CEO .
  • “Our go-forward focus remains on further expanding our customer base… converting our pipeline of existing customer engagements into additional design-wins” — Ron Glibbery, CEO .

Q&A Highlights

  • Backlog visibility improved across existing customers; initial tactical communications shipments commencing; Ubiquiti purchase order shipping through year-end, supporting mmWave growth trajectory .
  • Order linearity for the $3.6M 2025 shipment plan is intended but slightly second-half weighted due to shipping capacity (Q4 2024 call) .
  • CFO reiterated disciplined OpEx management and detailed sequential mmWave revenue growth expectations through 2025 (Q1 call) .

Estimates Context

  • S&P Global Wall Street consensus for Q3 2025 and Q4 2025 revenue and EPS was unavailable in the dataset at the time of this analysis (no values returned) [GetEstimates]. Values retrieved from S&P Global.
MetricQ3 2025 ConsensusQ4 2025 Consensus
Revenue ($USD Millions)NA*NA*
Primary EPS ($USD)NA*NA*

Results vs expectations:

  • With no S&P consensus available, we benchmark against company guidance: Q3 revenue of $3.2M was above the prior Q3 guidance range of $2.8M–$3.1M, a modest internal beat; Q4 guidance is $2.8M–$3.1M .

Key Takeaways for Investors

  • Sequential momentum is clear: revenue +45% q/q, GAAP gross margin +790 bps q/q, and adjusted EBITDA loss narrowed, supported by record mmWave product sales and improved mix — an operational positive for near-term sentiment .
  • The Q4 revenue guide implies normalization after Q3’s ramp; monitor order linearity and conversion of the FWA and defense pipeline into production to sustain trajectory into 2026 .
  • Design-win cadence and new OEM orders (WeLink, $0.9M OEM) validate product-market fit for 60 GHz solutions; continued wins could recalibrate the revenue base away from prior memory EOL headwinds .
  • Structural risks (going concern, capital needs, Nasdaq listing compliance) remain critical diligence items; financing or strategic alternatives may drive volatility and are as important as operating metrics .
  • Corporate action catalyst: Mobix Labs’ all-cash $1.30/share proposal increases strategic optionality and could support the stock near term; assess Board response and any formal tender developments .
  • Non-GAAP metrics reflect cost control, but YoY compares still show loss levels; investors should watch for sustained gross margin at mid-50s%+ and OpEx stability to continue EBITDA improvement .
  • With external consensus unavailable, track actuals versus guidance and backlog disclosures from management updates to gauge estimate resets and momentum until coverage expands .