peraso_ex991.htm

EXHIBIT 99.1

Peraso Announces Second Quarter 2026 Results

SAN JOSE, Calif., Aug. 11, 2026 – Peraso Inc. (NASDAQ: PRSO) (“Peraso” or the “Company”), a leader in high-performance 60 GHz wireless technology, today announced financial results for the second quarter ended June 30, 2026.

Management Commentary

“Second quarter revenue increased approximately 36% sequentially and was above our previous expectations, primarily reflecting the fulfillment of a previously delayed order shipment to a new fixed wireless access customer,” commented Ron Glibbery, CEO of Peraso. “Our overall business continues to be impacted by irregular order patterns, as fixed wireless access customers navigate inflated memory prices and constrained supply of other key components. We expect these market dynamics to extend into the fourth quarter.

“Despite these ongoing dynamics, we remain optimistic about the growing recognition and demonstrated value proposition of our 60 GHz mmWave technology across our target end markets. In defense and tactical communications, its inherently stealthy, anti-jamming characteristics deliver unique differentiation for applications requiring secure, high-bandwidth connectivity. Today, we are seeing a high level of interest and expanding engagements with drone manufacturers that are actively evaluating our solutions.

“We continue to focus our efforts on the areas of the business that we can control. This includes ongoing steps to improve the future resilience of our supply chain, as well as secure additional distribution partners to expand the market reach of Peraso’s 60GHz mmWave solutions. Coupled with these operational initiatives, our highest priority remains on driving commercial traction and securing new design wins and customers in support of future top-line growth.”

Second Quarter 2026 Financial Results

Total net revenue for the second quarter of 2026 was $1.3 million, compared with $1.0 million in the prior quarter and $2.2 million in the same quarter a year ago. Product revenue for the second quarter of 2026 was $1.2 million, compared with $0.7 million in the prior quarter and $2.2 million in the same quarter a year ago. The sequential increase in product revenue for the second quarter of 2026 was attributable to higher shipments of mmWave products.

Gross margin for the second quarter of 2026 was 63.7%, compared with 61.5% in the prior quarter and 48.3% in the same quarter a year ago. The year-over-year increase in gross margin was primarily attributable to an increase in non-recurring engineering services revenue and mmWave product mix, combined with an increase in sales of inventory written down in prior periods, as partially offset by a decrease in sales of memory and related products.

Total operating expenses on a GAAP basis for the second quarter of 2026 were $3.1 million, consistent with the prior quarter and compared with $2.9 million in the same quarter a year ago. Operating expenses on a non-GAAP basis for the second quarter of 2026, which excluded stock-based compensation, were $2.9 million, consistent with the prior quarter and compared with $2.7 million in the same quarter a year ago.

GAAP net loss for the second quarter of 2026 was $2.2 million, or ($0.16) per share, compared with a net loss of $2.5 million, or ($0.22) per share, in the prior quarter, and a net loss of $1.8 million, or ($0.31) per share, in the second quarter of 2025. Non-GAAP net loss, which excludes stock-based compensation and changes in fair value of warrant liabilities, for the second quarter of 2026 was $2.1 million, or ($0.15) per share, compared with a net loss of $2.3 million, or ($0.20) per share, in the prior quarter and a net loss of $1.7 million, or ($0.28) per share, in the second quarter of 2025.

Adjusted EBITDA for the second quarter of 2026 was negative $2.0 million, compared with negative $2.3 million in the prior quarter and negative $1.6 million in the same quarter last year.

A reconciliation of GAAP to non-GAAP results and GAAP net loss to Adjusted EBITDA is provided in the financial statement tables following the text of this press release.

Earnings Conference Call and Webcast Information

Ron Glibbery, CEO, and Jim Sullivan, CFO, will host a conference call and webcast with slides today, August 11^th, at 1:30 p.m. Pacific Time.

Date: Tuesday, August 11, 2026

Time: 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)

Conference Call Number: 1-888-506-0062

International Call Number: +1-973-528-0011

Participant Access Code: 513888

Webcast and Slides: Click Here

For those unable to listen to the live Web broadcast, it will be archived on the Company’s website, and can be accessed by visiting the Company’s investor page at https://investors.perasoinc.com/events-presentations. A replay of the conference call will also be available through August 18, 2026 and can be accessed by calling 1-877-481-4010, and using passcode 54274. International callers should dial 1-919-882-2331 and enter the same passcode at the prompt. Any supporting materials referenced during the live broadcast will be made available in the Investor Relations section of the Company’s website following the conclusion of the conference call.

Use of Non-GAAP Financial Measures

To supplement Peraso’s consolidated financial statements presented in accordance with GAAP, Peraso uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation and the change in fair value of warrant liabilities. Peraso’s management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that Peraso’s management uses for planning and forecasting future performance. The press release also makes reference to and reconciles GAAP net income (loss) and adjusted EBITDA, which the Company defines as GAAP net income (loss) before interest expense, the income tax provision, and depreciation and amortization, as well as stock-based compensation and the change in fair value of warrant liabilities. Management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management’s operating performance.

Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, which are provided in tables below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management’s explanation of why it considers such measures to be useful, refer to the Current Report on Form 8-K dated August 11, 2026 filed by the Company with the Securities and Exchange Commission.

Forward-Looking Statements

This press release may contain forward-looking statements about the Company, including, without limitation, the Company’s expectations regarding growth prospects for the Company’s products and the Company’s 2026 revenue and gross margin trends. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to the following:

	·	the Company’s ability to continue as a going concern;

	·	the Company’s ability to raise additional capital to fund its operations;

	·	the Company’s ability to regain compliance with the continued listing requirements and standards of the Nasdaq Stock Market;

	·	risks related to the process of reviewing and exploring potential strategic alternatives, which may be time-consuming, distracting, and disruptive to the Company’s business operations;

	·	the timing of customer orders and product shipments, which may be impacted by supply chain disruptions experienced by the Company or its customers;

	·	the Company’s ability to convert customer engagements, proof-of-concept evaluations, and technology demonstrations into design wins, purchase orders, and production revenue;

	·	the timing and outcome of product deliveries, field trials, and customer acceptance of the Company’s products;

	·	risks related to pandemics, wars and terrorist activities that may have an adverse impact on the Company’s business and financial results and result in component shortages and increased lead times that may negatively impact the Company’s ability to ship its products;

	·	risks related to tariffs, trade restrictions, inflation, and other government actions that may affect the Company’s supply chain, component costs, or customer demand;

	·	customer concentrations and length of billing and collection cycles, which may be impacted in the event of a global recession or economic downturn;

	·	lengthy sales cycle;

	·	ability to enhance the Company’s existing proprietary technologies and develop new technologies;

	·	achieving additional design wins for the Company’s products through the acceptance and adoption of its technology by existing and potential customers and their suppliers;

	·	difficulties and delays in the production, testing and marketing of the Company’s products;

	·	reliance on manufacturing partners to assist successfully with the fabrication of and production of the Company’s products;

	·	impacts of the end-of-life of the Company’s memory products;

	·	availability of quantities of the Company’s products supplied by its manufacturing partners at a competitive cost;

	·	level of intellectual property protection provided by the Company’s patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which the Company may be or may become a party from time to time;

	·	vigor and growth of markets served by the Company’s customers and its operations; and

	·	other risks identified in the Company’s public filings it makes with the Securities and Exchange Commission.

Peraso does not intend to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

About Peraso Inc.

Peraso Inc. (NASDAQ:PRSO) is a pioneer in high-performance 60 GHz wireless technology, offering chipsets, modules, software, and IP. Peraso supports a variety of applications, including fixed wireless access, drone, defense and tactical communications, immersive video, and factory automation. For additional information, please visit www.perasoinc.com.

Company Contact:

Jim Sullivan, CFO

Peraso Inc.

P: 408-418-7500

E: jsullivan@perasoinc.com

Investor Relations Contacts:

Shelton Group

Brett L. Perry | Leanne K. Sievers

P: 214-272-0070

E: sheltonir@sheltongroup.com

PERASO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts; unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025

Net Revenue
Product	$	1,244		$	2,218		$	1,911		$	6,018
Services and other		63			2			359			71
Total net revenue		1,307			2,220			2,270			6,089

Cost of Net Revenue		474			1,147			845			2,336

Gross Profit		833			1,073			1,425			3,753

Operating Expenses
Research and development		1,625			1,662			3,210			3,245
Selling, general and administrative		1,444			1,411			2,935			3,022
Software license obligations		-			(223	)		-			(223	)
Total operating expenses		3,069			2,850			6,145			6,044

Loss from operations		(2,236	)		(1,777	)		(4,720	)		(2,291	)

Change in fair value of warrant liabilities		14			(29	)		5			6
Other income (expense), net		2			(23	)		(2	)		(15	)
Net loss	$	(2,220	)	$	(1,829	)	$	(4,717	)	$	(2,300	)

Net loss per share
Basic and diluted	$	(0.16	)	$	(0.31	)	$	(0.37	)	$	(0.39	)

Shares used in computing net loss per share
Basic and diluted		14,058			5,977			12,842			5,862

PERASO INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

	June 30,		December 31,
	2026		2025

Assets
Current assets:
Cash and cash equivalents	$	3,322	$	2,886
Accounts receivable, net		306		1,219
Inventories		1,708		1,168
Prepaid expenses and other		407		195
Total current assets		5,743		5,468

Property and equipment, net		548		363
Right-of-use lease assets		105		143
Other		390		105
Total assets	$	6,786	$	6,079

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	757	$	679
Deferred revenue		74		8
Short-term lease liabilities		96		95
Accrued expenses and other		883		540
Total current liabilities		1,810		1,322

Long-term lease liabilities		32		97
Warrant liabilities		19		24
Total liabilities		1,861		1,443

Stockholders' equity		4,925		4,636

Total liabilities and stockholders’ equity	$	6,786	$	6,079

PERASO INC.

Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share

(In thousands, except per share amounts; unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025

GAAP net loss	$	(2,220	)	$	(1,829	)	$	(4,717	)	$	(2,300	)
Stock-based compensation expense
- Research and development		71			81			130			146
- Selling, general and administrative		99			60			187			120
Total stock-based compensation expense		170			141			317			266

Change in fair value of warrant liabilities		(14	)		29			(5	)		(6	)

Non-GAAP net loss	$	(2,064	)	$	(1,659	)	$	(4,405	)	$	(2,040	)

GAAP net loss per share	$	(0.16	)	$	(0.31	)	$	(0.37	)	$	(0.39	)
Reconciling items
- Stock-based compensation expense		0.01			0.02			0.03			0.04
- Change in fair value of warrant liabilities		-			0.01			-			-

Non-GAAP net loss per share	$	(0.15	)	$	(0.28	)	$	(0.34	)	$	(0.35	)

Shares used in computing non-GAAP net loss per share
Basic and diluted		14,058			5,977			12,842			5,862