Q2 '26 Earnings Preview

Peraso (PRSO) reports Q2 ’26 results on Tuesday, August 11, after the market closes. Between the shipment of a large order delayed from Q1 to Q2 and conservative guidance on management’s part, we expect the company to meet, and likely exceed, our estimates for the quarter. Our Q2 estimates include revenue of $1.3 million, adjusted EBITDA of $(2.1) million and non-GAAP EPS of $(0.18). Management’s guidance calls for revenue of $1.2 million, which we believe is readily achievable given the shipment of a large order that was delayed from Q1. We model both gross margin and operating expenses to remain flattish on a sequential basis, resulting in a slightly lower adjusted EBITDA loss and cash burn relative to Q1.

Exhibit I: Our Estimates Versus Consensus

Sources: K. Liu & Company LLC; FactSet Estimates

As for guidance, we believe management’s near-term outlook will continue to reflect a degree of conservatism as visibility remains hampered by lumpy customer ordering patterns. We note that Peraso has shipped several sizeable orders to its major fixed wireless access (FWA) customers over the past year, which combined with the inflation in memory components has prompted OEMs to work through existing inventory in lieu of restocking. In short, we would not be surprised to see Q3 revenue guidance fall short of our estimate, which reflects a near doubling of revenue on a sequential basis.

Taking a longer view, however, we think management will highlight the potential for stronger momentum exiting the year and into FY ’27 driven by restocking activity and new production orders in emerging verticals like defense. In our view, Peraso has established a solid foundation from which to scale in the FWA space, but the path towards a step function improvement in growth, profitability and the stock price hinges on a successful push into new markets. Worth noting, the company recently released a white paper on the strategic advantages of 60 GHz mmWave technology in drone communications, which include low probability of detection; resistance to jamming; reduced size, weight and power specifications; and high data rates. With one application for drones already in field trials and additional opportunities in the pipeline, we believe the early signs are encouraging. 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.” 

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.