Receives Large FWA Production Order

Yesterday morning, Peraso (PRSO) announced the receipt of a large production order valued in excess of $2.0 million. Given the magnitude of the order, we believe the buyer is Peraso’s largest existing customer, a network equipment provider serving the fixed wireless access (FWA) market. Shipments under the order are expected to commence in Q4 ’26 and continue through July 2027. More importantly, the order reinforces our confidence that revenue will rebound following a trough in Q3 and suggests restocking activity amongst the company’s FWA customers may be resuming following a slowdown thus far in FY ‘26. Assuming the large order is recognized evenly over the expected shipment period, the associated revenue represents nearly half of the revenue we project for the current quarter and roughly a third of our Q1 ’27 estimate. That said, our estimates for this year and next are unchanged at this juncture as we await further evidence of renewed business momentum. Outside of the FWA market, we continue to believe emerging applications for Peraso’s 60 GHz products in drones and humanoid robots provide additional vectors for growth in the coming quarters. Our price target remains $1.25 based on a FY ’27 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.”

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