Peraso (PRSO) AI Stock Analysis

• Market Cap: $17.52M
• Dividend Yield: N/A
• Average Volume (3M): 1.20M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.37
• Revenue Growth: 2.15%
• EPS Growth: 94.29%
• Country: US
• Employees: 42
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.13
• 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: 0.35
• Enterprise Value/Revenue: 0.48
• Enterprise Value/Gross Profit: 0.81
• Enterprise Value/Ebitda: -1.29
• 1Y Price Target: $3.00
• Price Target Upside: 60.43% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.28
• Revenue Forecast (FY): $16.80M

• Rating: 54 Neutral
• Price Target: $0.91 ▼(-51.44% Downside)
• Action: Reiterated Date: 01/18/26
• Date: Action: Reiterated 01/18/26

The score is held back primarily by weak financial performance—ongoing losses and sustained negative free cash flow—despite improving margins and narrowing losses. Technicals are a meaningful positive with price above major moving averages and supportive momentum, while valuation remains constrained by negative earnings. The earnings call added optimism around accelerating mmWave-driven revenue and improving gross margin, but working-capital build and continued losses temper the upside.

Positive Factors

High Gross Margins

Sustained gross margins above 50% indicate strong product-level economics and differentiation in mmWave RF/beamforming ICs. High gross margin provides structural capacity to cover R&D and SG&A as volumes scale, improving the path to durable operating breakeven over multiple quarters.

Accelerating mmWave Revenue

Rapid, multi-quarter growth in 60 GHz product revenue signals successful design wins and meaningful market traction in fixed wireless and backhaul. Durable demand for high-capacity links and initial tactical communications trials support ongoing revenue expansion as OEMs ramp deployments.

Low Leverage

A low debt load reduces bankruptcy and refinancing risk, giving management flexibility to invest in product development and commercial ramps. This conservative capital structure supports longer runway for execution while the company transitions toward sustainable cash generation.

Negative Factors

Persistent Cash Burn

Material negative operating and free cash flow over trailing twelve months indicates the business is not yet self-funding. Continued cash burn pressures liquidity, increases reliance on external financing, and constrains the company’s ability to fund product commercialization and inventory build without dilution.

Sustained Net Losses

Despite improving gross margins, persistent negative operating and net margins reflect elevated operating expenses and limited operating leverage. Continued losses suppress retained earnings and ROE, delaying the timeline to durable profitability and reducing internal capital available for strategic initiatives.

Strategic and Financing Uncertainty

Ongoing strategic review and external talks create uncertainty around long-term direction and may lead to outcomes that dilute shareholders or change capital allocation. Combined with warrant extensions and ATM increases, these actions suggest recurring reliance on capital markets, pressuring financial stability.

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

Despite strong gross margin (~56%) and improving losses versus prior years, the business remains deeply unprofitable (net margin ~-48%) with continued cash burn (TTM operating cash flow ~-$5.2M; free cash flow ~-$5.3M). Low leverage (debt-to-equity ~0.08–0.09) helps reduce balance-sheet risk, but modest equity and negative returns keep the financial profile pressured.

Income Statement

TTM (Trailing-Twelve-Months) revenue is down (-4.5%), extending a choppy multi-year top-line pattern. Profitability is the key weakness: despite a solid TTM gross margin (~56%), the company remains deeply unprofitable with negative operating and net margins (net margin ~-48%). The positive offset is a clear improvement versus prior years (losses and margins have narrowed meaningfully from 2022–2023 levels), but the business has not yet converted that gross profit into sustainable operating profitability.

Balance Sheet

Leverage looks manageable with low debt relative to equity in both TTM and the latest annual period (debt-to-equity ~0.08–0.09), which reduces financial risk. However, equity is modest (~$3.6M TTM) and returns on equity remain sharply negative due to ongoing losses, indicating limited balance-sheet earning power. Overall, the capital structure is relatively conservative, but the company needs improved profitability to strengthen equity over time.

Cash Flow

Cash generation is the primary pressure point: TTM (Trailing-Twelve-Months) operating cash flow is materially negative (~-$5.2M) and free cash flow is also negative (~-$5.3M), implying continued cash burn to fund operations. Free cash flow improved versus the prior year (growth +20% from a negative base), but cash flow is still not self-sustaining. The company’s losses are also broadly mirrored in cash outflows, suggesting limited near-term support from working-capital or non-cash add-backs.

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: 1.87
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 1.87 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.03, and above the 200-day MA of 1.08, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 68.68 is Neutral, neither overbought nor oversold. The STOCH value of 59.27 is Neutral, 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
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MRAM	60 Neutral	$209.47M	-357.39	-0.80%	―	-0.41%	-134.49%
PRSO	54 Neutral	$17.52M	-1.87	-148.60%	―	2.15%	94.29%
PXLW	48 Neutral	$38.68M	-4.25	39.55%	―	-38.72%	16.01%
VLN	48 Neutral	$136.15M	―	-27.53%	―	7.53%	-15.00%
LEDS	47 Neutral	$11.52M	-4.79	-45.37%	―	729.81%	61.92%
SQNS	46 Neutral	$51.51M	-0.61	-99.13%	―	2.80%	―

Peraso Corporate Events

Peraso continues due diligence talks on Mobix Labs deal

Peraso Inc. disclosed that, following an initial confidentiality agreement signed on October 30, 2025, it remains in active discussions with Mobix Labs, Inc. over a potential strategic transaction and both parties are conducting customary confidential due diligence. Mobix Labs has submitted a non-binding indication of interest for an all-stock deal at a premium to Peraso’s current trading price, but no agreement has yet been reached on key terms such as structure, consideration, or timing, leaving the outcome and implications for shareholders uncertain at this stage.

The most recent analyst rating on (PRSO) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Peraso stock, see the PRSO Stock Forecast page.

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.