Peraso’s Stock Soars 85% as Q2 mmWave Revenue Jumps 200% YoY

Introduction

Peraso Inc. (NASDAQ: PRSO) is a San Jose–based fabless semiconductor company specializing in 5G and unlicensed mmWave wireless technology. Its products—ranging from chipsets and antenna modules to software and intellectual property (IP)—support applications such as fixed wireless access, immersive video, factory automation, and tactical communications. As of September 5, 2025, PRSO shares closed at $1.52 on the NASDAQ, reflecting an intraday gain of 85.82% on trading volume of 33,107,298 shares.

Corporate Structure and Experience

Formed in December 2021 through the merger of MoSys, Inc. and Peraso Technologies Inc., Peraso employs between 51 and 200 people. Since its founding in 2008, the company has invested over $100 million in mmWave research and development and holds more than 40 patents related to RF circuits, beamforming, and antenna technologies. Its leadership comprises professionals with expertise in phased-array design, advanced packaging, high-speed analog mixed-signal technology, and wireless MAC/PHY development, underpinned by experience in fields such as digital video and low-power gigabit Ethernet.

mmWave technology by Allison Saeng

Developments and News

• August 13, 2025: Peraso filed its Form 10-Q covering the second quarter. While detailed figures are available in the full filing, management reported that mmWave product revenue increased by 45% sequentially and more than 200% year-over-year. Cumulative device shipments exceeded two million units.
• August 14, 2025: A Schedule 13G/A amendment disclosed that Richard Abbe holds 1,428,570 shares (9.99%) and Iroquois Capital Management, LLC holds 371,424 shares (6.88%), both subject to a 9.99% voting "blocker."
• August 19, 2025: Peraso submitted an 8-K current report (Items 8.01 and 9.01), the contents of which have not been publicly summarized.
• August 2025: The company announced a partnership with Tachyon Networks to deliver 60 GHz fixed wireless solutions and expanded into the defense and education markets. Management indicated expectations for continued sequential growth and record revenue contributions from mmWave products in the third quarter of 2025.

Financial and Strategic Analysis

For the fiscal year ended December 31, 2024, Peraso reported a net loss of $11 million and reported no debt on its balance sheet. With a market capitalization of approximately $2.9 million, analysts covering PRSO anticipate a final loss in 2026 and a projected profit of $1.2 million in 2027, which implies a compound annual growth rate of approximately 69% from current revenue levels. Strategic strengths include:

• Absence of debt financing and reliance on shareholder equity
• High-volume shipping capability for mmWave semiconductors
• Diversified end markets spanning telecommunications, consumer video, and defense
  Ongoing research and development investments, along with module-level offerings, aim to enhance time to market for customers, supporting Peraso's pathway to breakeven.

Market Position and Industry Context

Peraso operates in the mmWave segment of the semiconductor industry, a niche within 5G and WiGig (802.11ad/ay) technologies that offers multi-gigabit throughput and sub-5 ms latency. The unlicensed 60 GHz band provides up to 14 GHz of spectrum without auction requirements, positioning Peraso to serve wireless ISPs, enterprise video deployments, and rail/transport applications. As one of the few vendors shipping silicon and modules at scale, Peraso differentiates itself by offering integrated solutions including RFICs, beamforming software, and calibrated antennas, while competing against larger incumbents and new entrants in high-frequency connectivity.

tl;dr

On August 13, 2025, Peraso reported Q2 2025 mmWave product revenue up 45% sequentially and over 200% year-over-year, with cumulative shipments exceeding two million units. Subsequent SEC filings in mid-August disclosed major shareholders and an 8-K reporting event. Partnerships with Tachyon Networks and entry into defense and education markets support management's forecast for further sequential growth in Q3 2025. Analysts project breakeven in 2027, aided by zero debt and a growth outlook in 5G mmWave applications.