Key Highlights

  • Third quarter 2026 net Revenue was $0.3 million, compared with $3.2 million a year earlier.
  • GAAP net loss was $2.7 million, or $0.18 per share, compared with $1.2 million a year earlier.
  • An October production order exceeding $2 million was received for a 60 GHz fixed wireless access deployment.
  • The company introduced its PRM2145 jam-resistant product during the quarter.

Peraso Inc. (NASDAQ:PRSO) reported financial results for the third quarter ended September 30, 2026, on November 12, 2026. The San Jose, California company develops high-performance 60 GHz wireless technology used in fixed wireless access and related networks. Revenue dropped sharply from both the prior quarter and the prior-year period, as customers' order patterns became irregular. Management said it has seen early signs of renewed Demand in the fourth quarter.

Revenue and Loss Trends

Total net revenue for the third quarter was $0.3 million, compared with $1.3 million in the prior quarter and $3.2 million in the third quarter of 2025. Product revenue was also $0.3 million for the period. The steep decline reflects the irregular order patterns that Chief Executive Ron Glibbery said customers in the fixed wireless access market experienced during the quarter.

The GAAP net loss for the third quarter was $2.7 million, or $0.18 per share, compared with a net loss of $2.2 million, or $0.16 per share, in the prior quarter. In the third quarter of 2025, the net loss was $1.2 million, or $0.17 per share. Because revenue fell faster than the company's cost base, the loss widened from the prior quarter even as the per-share figure was affected by the number of shares outstanding.

Order Flow and Product Development

Glibbery said the company received a production order exceeding $2 million in October for a 60 GHz fixed wireless access deployment, which he described as the largest such order in the last six quarters. He said the order is an early sign of renewed customer demand heading into the fourth quarter.

During the quarter, Peraso introduced its PRM2145 jam-resistant product and said it continued advancing several strategic initiatives. The company described these initiatives as key to unlocking future growth, but the release does not quantify the revenue potential of the new product or give a timeline for its commercial volumes.

Sector Context

Fixed wireless access networks use high-frequency radio links to deliver broadband service without fiber, and demand for the equipment is tied to the build-out schedules of network operators and their equipment purchases. Suppliers in this segment often see large swings in quarterly revenue because orders arrive in batches rather than evenly.

The company's description of irregular order patterns is consistent with that environment. Peraso's results therefore depend on timing as much as on overall demand, and a single large order can change the picture for a quarter, which is why the October production order is a central data point in the release.

Risks and What Lies Ahead

The company's near-term path depends on converting the October order into shipments and on whether other customers follow with comparable orders. A loss of its established customers or a slower rollout of network deployments would extend the revenue gap seen in the quarter.

Investors should watch the fourth-quarter revenue figure, the trend in net loss per share and any progress on PRM2145 orders. The release provides adjusted EBITDA reconciliations in its tables, and those figures will help separate operating trends from non-cash items.

The company's dependence on a relatively small number of large orders means that quarterly revenue can move sharply from period to period. Peraso's reporting of its adjusted EBITDA alongside GAAP net loss is intended to show operating results without some non-cash items, although the GAAP figures remain the primary measure in the release.

Final Word

The third quarter shows Peraso with a sharp drop in net revenue and a larger net loss than the prior year's quarter, as customer order timing shifted. The October production order and the PRM2145 launch give management a basis for expecting firmer demand, but the company has not yet shown that the orders will be sustained. Its fourth-quarter revenue will be the first clear test of that outlook.