Revises Q1 ’26 Revenue Outlook

Ahead of its presentation at the Centri Capital Conference later this week, Peraso (PRSO) disclosed that revenue for Q1 ’26 is expected to be in the range of $0.9-$1.0 million, below management’s prior guidance for approximately $1.2 million and our estimate of $1.3 million. We surmise the shortfall is attributable to delays in the timing of orders and shipments, but we expect the sales to ultimately be realized at some point in FY ’26. We therefore reduce our estimates for Q1 but leave our estimates for the full year intact. Aside from the guidance update, the company also increased the number of shares issuable under its existing at the market offering agreement to an aggregate value of approximately $2.1 million worth of stock. In our view, the move is necessary to ensure adequate liquidity to fund its operations through year-end. Our price target remains $1.75 based on a FY ’27 EV/Sales multiple of 1x.

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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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