Peraso (PRSO) AI Stock Analysis

• Market Cap: $9.32M
• Dividend Yield: N/A
• Average Volume (3M): 1.20M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.79
• Revenue Growth: 2.15%
• EPS Growth: 94.29%
• Country: US
• Employees: 42
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.15
• Shares Outstanding: 9,311,877
• 10 Day Avg. Volume: 1,626,328
• 30 Day Avg. Volume: 1,195,681
• PEG Ratio: <0.01
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 0.24
• P/FCF Ratio: -0.76
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: 0.57
• Enterprise Value/Gross Profit: 0.97
• Enterprise Value/Ebitda: -1.54
• 1Y Price Target: $3.00
• Price Target Upside: 200.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $0.98 ▼(-2.50% Downside)

The score is held down primarily by persistent unprofitability and ongoing cash burn despite strong gross margins, alongside weak technical momentum with the stock trading below key moving averages. Offsetting factors include improving operating results highlighted on the earnings call (strong sequential revenue growth and better margins) and a conservative leverage profile, but valuation remains difficult to justify given negative earnings and no dividend.

Positive Factors

Revenue Growth

Strong revenue growth indicates successful market penetration and product demand, particularly in mmWave technology, supporting long-term business expansion.

Improved Gross Margins

Improved gross margins reflect better cost management and product mix, enhancing profitability potential and financial health over the long term.

mmWave Technology Momentum

Growing demand for mmWave technology positions Peraso as a competitive player in the high-speed wireless market, driving future revenue and market share.

Negative Factors

Persistent Net Losses

Ongoing net losses indicate challenges in achieving profitability, which could hinder long-term financial stability and investor confidence.

Negative Cash Flow

Negative cash flow reflects operational inefficiencies, potentially limiting the company's ability to invest in growth opportunities and manage liabilities.

Declining Asset Base

A declining asset base may reduce financial flexibility and resilience, impacting the company's ability to sustain operations and invest in future growth.

Peraso Business Overview & Revenue Model

Company Description

Peraso Inc. operates as a fabless semiconductor company, develops, markets, and sells semiconductor devices and modules. It focuses on development of millimeter wavelength (mmWave) for the 60 gigahertz, spectrum, and for 5G cellular networks. The company's products include mmWave ICs, including baseband IC, various mmWave radio frequency, integrated circuits, as well as associated antenna technology; and mmWave modules. It also provides accelerator engine products, comprising bandwidth engine for high-performance applications where throughput is critical; and programmable hyperspeed engine to allow user-defined functions or algorithms. In addition, the company offers quad partition rate which allows for parallel accesses to multiple partitions of the memory simultaneously. Its mmWave products enable various applications, such as 5G with low latency and high reliability, multi-gigabit, mmWave links over 25 kilometers, as well as consumer applications, such as wireless video streaming, and untethered augmented reality and virtual reality. The company also licenses intellectual property, as well as offers non-recurring engineering services. It markets its products through direct sales personnel, as well as sells representatives and distributors. The company was formerly knowns as MoSys, Inc. and changed its name to Peraso Inc. in December 2021. Peraso Inc. was incorporated in 1991 and is based in San Jose, California.

How the Company Makes Money

Peraso, Inc. generates revenue primarily through the sale of its semiconductor products, including mmWave ICs and modules. These products are sold to original equipment manufacturers (OEMs) and system integrators who incorporate them into their wireless communication systems. The company may also engage in licensing agreements, allowing other firms to utilize its proprietary technology for a fee. In addition, Peraso might receive revenue from research and development services provided to strategic partners and customers. Significant partnerships with industry leaders and participation in joint ventures can further bolster its earnings by expanding its market reach and integration in emerging technologies like 5G.

Peraso Financial Statement Overview

Summary

Peraso, Inc. faces significant financial difficulties with persistent losses and negative cash flows. Although there are improvements in cost management, overall profitability and cash flow generation remain concerning. The balance sheet shows moderate leverage but a declining asset base.

Income Statement

Peraso, Inc. shows significant challenges in profitability with consistent negative net income over the years. The gross profit margin improved significantly in TTM to 51.7% from 13.6% in 2023, indicating better cost management. However, the net profit margin remains negative at -73.6% due to high operating expenses. Revenue growth is minimal at 6.0% in TTM, which signals slow growth in sales.

Balance Sheet

The company has a reasonable debt-to-equity ratio of 0.09, reflecting manageable leverage. However, the equity ratio of 48.1% in TTM indicates moderate financial stability. ROE remains negative due to persistent net losses, which is a concern. The balance sheet shows a declining asset base, reducing from 2023 to TTM, affecting overall stability.

Cash Flow

Operating cash flow remains negative, suggesting continued cash burn. The free cash flow to net income ratio indicates significant cash outflow compared to income. However, financing activities have provided cash inflows, slightly easing liquidity constraints. Overall, cash flow performance is weak, reflecting ongoing operational challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.00M	14.57M	13.75M	14.87M	5.68M	9.09M
Gross Profit	7.64M	7.53M	1.87M	5.95M	2.41M	7.34M
EBITDA	-4.81M	-8.76M	-19.22M	-23.27M	-15.02M	-6.46M
Net Income	-5.07M	-10.73M	-16.80M	-32.40M	-10.91M	-10.23M
Balance Sheet
Total Assets	6.24M	7.21M	10.71M	22.49M	47.95M	9.99M
Cash, Cash Equivalents and Short-Term Investments	1.86M	3.34M	1.58M	2.91M	15.16M	1.71M
Total Debt	192.00K	321.00K	719.00K	1.49M	667.00K	5.66M
Total Liabilities	2.64M	3.74M	6.63M	7.23M	5.88M	13.91M
Stockholders Equity	3.60M	3.47M	4.08M	15.26M	42.07M	-3.92M
Cash Flow
Free Cash Flow	-5.32M	-4.58M	-4.78M	-17.03M	-12.25M	-10.28M
Operating Cash Flow	-5.24M	-4.58M	-4.69M	-16.02M	-12.02M	-10.24M
Investing Cash Flow	-79.00K	0.00	1.01M	10.04M	6.63M	-38.13K
Financing Cash Flow	5.87M	6.34M	3.44M	1.92M	9.57M	10.08M

Peraso Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PRSO, the sentiment is Positive. The current price of 1 is above the 20-day moving average (MA) of 0.95, above the 50-day MA of 0.97, and below the 200-day MA of 1.03, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.90 is Neutral, neither overbought nor oversold. The STOCH value of 83.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PRSO.

Peraso Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MRAM	65 Neutral	$277.25M	-529.60	-0.91%	―	-0.41%	-134.49%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
VLN	58 Neutral	$213.94M	-6.88	-23.56%	―	7.53%	-15.00%
LEDS	50 Neutral	$16.23M	-12.80	-45.37%	―	729.81%	61.92%
PXLW	47 Neutral	$43.49M	-1.45	―	―	-38.72%	16.01%
PRSO	46 Neutral	$9.32M	-1.25	-180.20%	―	2.15%	94.29%
SQNS	43 Neutral	$86.54M	―	-18.19%	―	2.80%	―

Peraso Corporate Events

Peraso Adds Industry Veteran Cees Links to Board

On December 21, 2025, Peraso Inc.’s board amended its Amended and Restated 2019 Stock Incentive Plan to remove limits on equity awards for non-employee directors, following stockholder approval at the December 22, 2025 annual meeting to increase the plan’s share reserve by 1,000,000 shares. At that meeting, shareholders, representing about 38.7% of voting power, re-elected four directors, ratified Weinberg & Company, P.A. as independent auditor for 2025, approved the stock plan share increase and authorized potential adjournments of the meeting, signaling support for the company’s governance and compensation framework. On December 23, 2025, Peraso appointed veteran wireless entrepreneur and semiconductor executive Cees Links to its board, adding a seasoned industry figure with deep Wi-Fi, IoT and photonics experience that could bolster the company’s strategic positioning in advanced wireless markets.

The most recent analyst rating on (PRSO) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Peraso stock, see the PRSO Stock Forecast page.

Peraso Extends Series C Warrants Expiration Date

On December 5, 2025, Peraso Inc. extended the expiration date of its Series C Warrants to January 7, 2026. This extension, achieved through amendments with each warrant holder, impacts 1,293,650 shares of common stock, originally issued in November 2024. The Series C Warrants, with an exercise price of $1.61 per share, have undergone multiple extensions since their initial expiration date in May 2025. The resale of shares from these warrants is registered under the company’s effective registration statement with the SEC.

The most recent analyst rating on (PRSO) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Peraso stock, see the PRSO Stock Forecast page.

Peraso Increases Share Offering to Boost Flexibility

On November 20, 2025, Ian McWalter announced his retirement from Peraso Inc., deciding not to seek re-election as a director at the company’s 2025 annual meeting. His departure is not due to any disagreements with the company’s operations or policies. On November 21, 2025, Peraso Inc. filed a prospectus supplement to increase the maximum number of shares available under its At the Market Offering Agreement to $3,150,000, excluding previously sold shares. This move is part of the company’s strategy to enhance its financial flexibility and market presence.

The most recent analyst rating on (PRSO) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Peraso stock, see the PRSO Stock Forecast page.

Peraso Enters Confidentiality Agreement with Mobix Labs

On October 30, 2025, Peraso Inc. entered into a mutual confidentiality agreement with Mobix Labs, Inc. as part of its ongoing review of strategic alternatives. This agreement includes standard provisions such as a 12-month standstill and non-solicitation terms, potentially impacting Peraso’s strategic positioning and stakeholder interests.

The most recent analyst rating on (PRSO) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Peraso stock, see the PRSO Stock Forecast page.