Peraso Inc.
Peraso Inc. is a U.S.-based fabless semiconductor company focused on millimeter-wave integrated circuits, antenna modules, and related engineering services. Its products are designed for use in unlicensed 60 GHz wireless devices and in 28/39 GHz 5G applications, with a business model centered on chip design, module integration, and licensing-related revenue.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueIntegrated circuits for 60 GHz and 28/39 GHz wireless systems.
Antenna modules that combine Peraso ICs with the antenna element.
Legacy memory chip products sold as discrete semiconductor devices.
Royalties, non-recurring engineering services, and license revenue.
Products
Reported · share of revenue- mm Wave I Cs55.2 %
- Memory I Cs22.3 %
- mm Wave Modules18.8 %
- Royalty and Other2.9 %
- mm Wave Other Products0.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Peraso sells to customers that design wireless equipment, network devices, and other electronics requiring mmWave connectivity or custom semiconductor support. Its customer base also includes licensees and counterparties that generate royalty and engineering-service revenue tied to its memory and mmWave technologies. The business is oriented toward customers that need compact RF performance, faster time to market, and integrated antenna/chip solutions.
Buy mmWave ICs and modules for 60 GHz and 5G-compliant devices.
Buy integrated antenna modules to simplify RF design and deployment.
Generate royalty revenue through licensed memory technology shipments.
Purchase non-recurring engineering work tied to mmWave development.
Strategy
Peraso’s strategy is to build a profitable, IP-rich fabless semiconductor business around mmWave products, modules, and related services. It is focused on expanding customer adoption of its 60 GHz and 5G offerings, supporting new production shipments, and using its integrated module architecture to reduce RF design complexity for customers.
Higher unit volumes improve the commercial viability of the mmWave platform.
Proprietary ICs, modules, and test methods support technical defensibility.
Capital access supports product development and operating continuity.
Geography
Q1/2026Peraso is headquartered in the United States and operates as a fabless semiconductor designer, so its geographic footprint is shaped more by customer markets and supply-chain partners than by owned manufacturing sites. The company’s disclosures reference U.S. operations and international trade exposure, including dependence on foundry and supply-chain conditions that can affect shipments and product availability. Its business is therefore exposed to cross-border sourcing, customer demand, and trade-policy changes even though the core design activity is U.S.-based.
Share of the revenue the company reports by geography.
Risks
Peraso faces substantial execution and financing risk because its business depends on continued product adoption, customer shipments, and access to capital. It is also exposed to semiconductor supply-chain volatility, trade-policy uncertainty, and customer concentration in specialized mmWave and legacy memory-related revenue streams.
- Going concern and financing riskImpact: CriticalLikelihood: High
The company may need additional capital to fund operations and product development.
Exposure - Supply-chain and manufacturing riskImpact: HighLikelihood: High
Fabless semiconductor operations depend on external foundries, wafers, and substrates.
Exposure - Customer and technology adoption riskImpact: HighLikelihood: High
mmWave products require design wins and production ramps to scale revenue.
Exposure: New customer conversion and product shipment timing
- Trade and geopolitical riskImpact: MediumLikelihood: Medium
Tariffs and trade tensions can affect sourcing, customers, and international planning.
Exposure: Cross-border supply chain and customer demand
Accounting
Judgemental itemsProduct, royalty, and NRE revenue can fluctuate materially by quarter.
Impact: Affects comparability of revenue and gross margin
mmWave inventory and legacy product stock can require write-downs.
Impact: Can reduce gross profit when demand or obsolescence changes
Developed technology intangibles flow through cost of revenue until fully amortized.
Impact: Changes reported gross margin and operating cost structure
Liquidity assumptions depend on forecasted sales and financing access.
Impact: Affects disclosure, valuation, and assessment of financial stability
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Last updated: 24/09/2026