Q3 '25 Earnings Preview

Peraso (PRSO) reports Q3 ’25 results on Monday, November 10, after the market closes. Between a large non-recurring engineering deal secured early in the quarter and continued momentum with network equipment suppliers targeting the fixed wireless access (FWA) market, we think visibility into the company’s Q3 performance is relatively high. As such, we expect the results to be in line with our estimates, which are generally consistent with both management’s guidance and consensus. We also remain comfortable with both the Street’s and our expectations for continued sequential growth in Q4 given the company’s strong pipeline of customers nearing production and the receipt of an unexpected end-of-life (EOL) memory IC order totaling $0.5 million that will be fully shipped by year-end. 

Exhibit I: Our Estimates Versus Consensus

Sources: K. Liu & Company LLC; FactSet Estimates

We project Q3 revenue of $3.1 million, adjusted EBITDA of $(1.5) million and non-GAAP EPS of $(0.25), all of which are largely in line with consensus of $3.0 million, $(1.6) million and $(0.25), respectively. Management’s guidance calls for revenue of $2.8-$3.1 million. We expect gross margin to hold steady on a sequential basis, and we also assume cash operating expenses will mirror the levels seen during 1H ‘25. Looking forward, we anticipate continued sequential growth in mmWave sales along with ongoing improvements in both adjusted EBITDA and EPS. We note that our Q4 estimates do not currently include the EOL memory IC order announced last month, which should have a favorable impact on margins.

As for the company’s ongoing strategic review, Peraso recently entered into a mutual confidentiality agreement with Mobix Labs (MOBX). Recall that Mobix first made an unsolicited offer to acquire Peraso for $1.20 per share in cash and stock in June 2025. Mobix has since raised its offer to $1.30 per share in an all-cash transaction. Given Peraso’s exposure to high-growth end markets, we continue to believe the current proposal undervalues the company. We believe this is further validated by Verizon’s pending acquisition of Starry, a fixed wireless broadband provider leveraging mmWave technology, to significantly expand its FWA footprint. Our price target remains $2.50 based on a FY ’26 EV/Sales multiple of 1x.

Our report with model and disclosures is available here.

Disclosure(s):

K. Liu & Company LLC (“the firm”) receives or intends to seek compensation from the companies covered in its research reports. The firm has received compensation from Peraso Inc. (PRSO) in the past 12 months for “Sponsored Research.”

Sponsored Research produced by the firm is paid for by the subject company in the form of an initial retainer and a recurring monthly fee. The analysis and recommendations in our Sponsored Research reports are derived from the same process and methodologies utilized in all of our research reports whether sponsored or not. The subject company does not review any aspect of our Sponsored Research reports prior to publication.