Peraso Inc (NASDAQ: PRSO) is a semiconductor company that designs and sells millimeter-wave (mmWave) integrated circuits for wireless communications. Revenue comes from transactional product sales of mmWave ICs to OEMs, service providers, and equipment manufacturers serving defense, aerospace, and consumer markets, sold on a purchase-order basis. Peraso operates as a fabless semiconductor company, relying on independent foundries for wafer fabrication, assembly, testing, and packaging. Revenue has been highly concentrated among a small number of customers, which the FY2025 10-K (filed 2026-03-30) identifies as a material risk. The company previously sold Bandwidth Engine memory ICs, but initiated an end-of-life process for that product line in May 2023 after TSMC discontinued the foundry process used to produce those wafers. Final EOL memory IC orders were fulfilled in March 2025, with approximately $0.5 million in additional revenue from remaining inventory fulfilled in Q3 and Q4 2025. As of the filing date, Peraso was engaged in strategic alternative discussions with Mobix Labs involving a potential all-stock transaction.

Revenue model

Transactional product sales of mmWave ICs to OEMs, service providers, and equipment manufacturers on a purchase-order basis. No subscription or recurring license revenue model is described in the filing excerpts.

Products and services

mmWave ICs conforming to license-free IEEE 802.11ad/ay and licensed 3GPP Release 15-17 (5G) standards. The company states it has not sold any 5G products as of the filing, with primary business focus on license-free markets. Legacy Bandwidth Engine memory ICs (end-of-life initiated May 2023; final EOL orders fulfilled March 2025; approximately $0.5 million residual revenue in Q3-Q4 2025).

Customers and end markets

OEMs, service providers, equipment manufacturers, and their subsystem and component vendors. End markets include defense and aerospace and consumer products. Revenue is highly concentrated among a small number of customers, per the FY2025 10-K filed 2026-03-30.

Value-chain role

Fabless semiconductor designer. Peraso designs proprietary IC products and relies on independent foundries and contractors for fabrication, assembly, testing, and packaging. TSMC was the sole foundry for legacy memory IC wafers.

Source: SEC 10-K, filed 2026-03-30

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