Peraso Inc. (PRSO): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor, are you defintely tracking Peraso Inc. (PRSO), the small-cap semiconductor player pioneering 60 GHz mmWave wireless technology? This company is at a critical inflection point, reporting Q3 2025 total net revenue of $3.2 million-a sequential jump of over 45%-driven by record millimeter-wave product sales, but still navigating a nano-cap market capitalization of just $7.91 million as of November 2025. You need to understand how Peraso's core mission to disrupt fixed wireless access and tactical communications with its high-speed chips translates into a business model that can move its full-year 2025 estimated revenue of $12.74 million toward true profitability, especially with Q4 revenue forecast to be between $2.8 million and $3.1 million. Let's break down the history, ownership, and financial engine of this high-risk, high-reward bet in the wireless infrastructure space.

Peraso Inc. (PRSO) History

You're looking for the origin story of Peraso Inc. to understand its current position in the millimeter-wave (mmWave) technology market, and the history is a classic tech evolution narrative: a focused Canadian startup that eventually went public via a US-listed entity. The direct takeaway is that Peraso's trajectory is defined by a decade-plus commitment to high-frequency wireless technology, culminating in a 2023 merger that provided the capital access needed to accelerate its mmWave product line, which is now the primary revenue driver.

Given Company's Founding Timeline

Year established

The company was established in 2008 in Canada, initially focusing on the development of 60 GHz mmWave chipsets for high-speed, short-range wireless communication.

Original location

The original location was in Toronto, Ontario, Canada, which provided the initial engineering and development base for their proprietary technology.

Founding team members

The founding team members who started the company included Ron Glibbery, who currently serves as the CEO, Gregory Warriner, and Raymond Ho.

Initial capital/funding

Specific details on the initial seed capital are not publicly available, but the company's early development was fueled by private funding rounds before its eventual public listing. What this estimate hides is the significant, long-term investment required to bring complex semiconductor (IC) products to market over a decade before the 2023 public transaction.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most transformative period for Peraso Inc. was the pivot from a private, R&D-heavy startup to a publicly traded entity focused on commercializing its mmWave platform. This shift fundamentally changed the company's financial structure and market visibility.

• The 2023 Reverse Merger: The merger with MoSys, Inc. was the single most important financial event, effectively transitioning the company's operations into a public vehicle. This move, while providing capital access, also brought the immediate pressure of public reporting and NASDAQ compliance.
• The mmWave Revenue Inflection: The focus on mmWave products is paying off. In Q1 2025, mmWave revenue hit $1.5 million, which actually exceeded the company's total mmWave revenue for the full year of 2024. This shows a clear, successful pivot in product-market fit.
• Financial Restructuring and Cost Discipline: The company's Q1 2025 results showed a significant improvement in profitability metrics, with the GAAP gross margin expanding to 69.3%, up from 46.4% a year prior. This margin expansion, driven by a favorable sales mix and lower operating expenses (GAAP operating expenses fell to $3.19 million in Q1 2025), is a direct result of strategic post-merger cost discipline.
• Strategic Market Expansion in 2025: As of Q3 2025, the company secured a quarterly record for mmWave product revenue at $3 million and received a significant initial production order of $0.9 million. This growth is fueled by new design wins in defense, aerospace, and a strategic expansion into the educational sector with a 60GHz wireless video system. You can see how this financial health is taking shape by Breaking Down Peraso Inc. (PRSO) Financial Health: Key Insights for Investors.

Honestly, the Q3 2025 cash balance of approximately $1.9 million still shows a tight liquidity position, but the sequential revenue growth in the core mmWave business is defintely the story to watch. The market is telling them to cut the legacy memory IC business and double down on the high-margin mmWave chips.

Peraso Inc. (PRSO) Ownership Structure

The ownership of Peraso Inc. is highly concentrated for a publicly traded company, with a small group of institutional investors and a single large holder effectively controlling the majority of the stock. This structure means strategic decisions are defintely driven by a few key stakeholders, rather than a widely dispersed shareholder base.

Peraso Inc.'s Current Status

Peraso Inc. (PRSO) is a public company, trading on the Nasdaq Capital Market (NasdaqCM) under the ticker PRSO. As of November 2025, the company's market capitalization sits at a small-cap level, around $8.26 million. This is a critical factor; the low market cap and stock price volatility mean the company is under intense scrutiny from a financial standpoint, even as it works to maintain its Nasdaq listing compliance, which it does through the stockholders' equity alternative, requiring at least $2.5 million in equity. For more detail on what the leadership is aiming for, you should check out the Mission Statement, Vision, & Core Values of Peraso Inc. (PRSO).

Peraso Inc.'s Ownership Breakdown

The ownership profile is anything but typical, showing a high degree of concentration. While the general breakdown shows a large portion categorized as retail and other public investors, this category includes a single, massive investor whose stake dominates the float. This is why you see such low trading volume sometimes; there just aren't many shares changing hands.

Here's the quick math: A single entity, Litespeed Master Fund Ltd., holds approximately 71.55% of the shares, making them the largest individual shareholder and a key determinant of company strategy. This level of concentration means management's decisions must align closely with this major investor's interests, which is a big consideration for any minority shareholder.

Peraso Inc.'s Leadership

The company is steered by a seasoned executive team, many of whom are co-founders, which gives them a deep, long-term perspective on the mmWave wireless technology. Their average management tenure is substantial, around 16.8 years, showing a consistent vision. Still, the compensation structure is something to watch.

• Ronald Glibbery, Co-Founder & Chief Executive Officer (CEO): Leads all functional areas and has served as CEO since December 2021. His total compensation for the 2025 fiscal year is approximated at $400,000.
• James Sullivan, Chief Financial Officer (CFO): Responsible for all financial aspects, with an approximate total compensation of $305,000. He was previously CFO of MoSys.
• Brad Lynch, Co-Founder & Chief Operating Officer (COO): Oversees all operational aspects since December 2021, with an approximate total compensation of $275,000.
• Alexander Tomkins, Co-Founder & Chief Technology Officer (CTO): Directs all technical strategy and research, with an approximate total compensation of $3.39 million.

The board also saw a recent change in November 2025, with Director Ian McWalter announcing his planned retirement and decision not to stand for re-election at the 2025 annual meeting. This kind of board turnover, even for retirement, is something to monitor as it can shift committee dynamics, especially since he served on the Audit and Compensation Committees.

Peraso Inc. (PRSO) Mission and Values

Peraso Inc. does not publish a formal, traditional mission or vision statement, but its core purpose is clearly defined by its technological focus: delivering high-performance, multi-gigabit wireless connectivity. The company's operational activities in 2025 show a defintely clear drive to lead the millimeter wave (mmWave) technology sector in high-growth markets like fixed wireless and tactical communications. Mission Statement, Vision, & Core Values of Peraso Inc. (PRSO).

Given Company's Core Purpose

Honestly, unlike many public companies, Peraso Inc. has not adopted a single, publicly accessible mission statement or set of core values as of November 2025. This absence is notable, but you can discern their purpose by looking at where they put their capital and engineering effort-it's all about solving the spectrum crunch with superior silicon.

Official mission statement

While an official statement is not published, the company's operational mission is to innovate and deliver cutting-edge millimeter wave (mmWave) wireless technology solutions. This means developing high-performance chipsets, antenna modules, and software that provide high-speed, reliable connectivity in the 60 GHz spectrum. You see this focus in their financial results; for instance, the Q1 2025 mmWave revenue alone already exceeded their total mmWave revenue for the full-year of 2024.

Their activities point to a three-part operational focus:

• Pioneering advancements in mmWave technology and the 60 GHz spectrum.
• Expanding market presence by commercializing technology for high-density environments.
• Providing customer-centric, high-speed, and power-efficient wireless solutions.

Vision statement

Peraso's strategic vision is to become the premier, almost monopolistic, supplier of high-performance 60 GHz unlicensed and 5G mmWave technology in the marketplace. They are positioning their technology to be a critical enabler for next-generation networks that demand high bandwidth and low latency, specifically targeting major infrastructure and defense opportunities.

Here's the quick math on their vision: they are actively involved in the U.S. government's Broadband Equity Access and Deployment (BEAD) program, a massive, tech-neutral initiative with over $45 billion in funding to subsidize high-speed internet access across America. Their technology is a direct fit for this, plus they are securing contracts for mission-critical wireless 60GHz communications technology for global military operations.

Given Company slogan/tagline

Peraso Inc. does not have a formal, public-facing slogan or tagline. Their communication focuses instead on their technical role as a 'pioneer in high-performance 60 GHz unlicensed and 5G mmWave wireless technology.' This is a company that leads with technical precision, not marketing fluff.

Finance: Track Q4 2025 guidance for mmWave product revenue to confirm continued year-over-year growth.

Peraso Inc. (PRSO) How It Works

Peraso Inc. operates as a fabless semiconductor enterprise, meaning it designs and sells its proprietary chips and modules but outsources the actual manufacturing (fabrication). The company primarily makes money by selling its high-performance 60 Gigahertz (GHz) millimeter wave (mmWave) wireless solutions-chipsets, modules, software, and intellectual property (IP)-to equipment manufacturers serving high-speed connectivity markets.

The company is currently in a transition, focusing heavily on its mmWave products while phasing out its legacy memory integrated circuit (IC) products, a shift that is clearly visible in the Q3 2025 revenue of $3.2 million, where mmWave sales were the main driver.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

Peraso's operational model is built around design, sales, and strategic partnerships, minimizing capital expenditure by avoiding chip fabrication facilities-that's the 'fabless' part. Value is created through a continuous cycle of R&D, securing design wins, and managing a lean supply chain.

• Design and Development: Focus on proprietary mmWave technology, including baseband integrated circuits (ICs), radio frequency ICs, and antenna arrays.
• Customer Engagement ('Design Wins'): Work with equipment manufacturers (OEMs) to integrate Peraso's technology into their products, such as the initial $0.9 million production order from a new OEM for 60 GHz modules.
• Supply Chain Management: Outsource manufacturing to third-party foundries and assembly partners, which keeps operating expenses lower, reported at $3.2 million in Q1 2025.
• Revenue Generation: Sell the finished chipsets and modules to customers, plus generate revenue from licensing its IP and providing non-recurring engineering (NRE) services.
• Financial Trajectory: The shift to higher-margin mmWave products has improved GAAP gross margin to 56.2% in Q3 2025, a key metric to watch.

Here's the quick math: Based on Q1-Q3 actuals and the Q4 guidance midpoint, the company's estimated total net revenue for the 2025 fiscal year is approximately $12.25 million. This is defintely a growth story in a challenging market.

Given Company's Strategic Advantages

The company's competitive edge is rooted in its specialized technology and the strategic focus on high-growth, underserved market segments like Fixed Wireless Access. This is what makes their technology difficult to replicate quickly.

• Proprietary 60 GHz mmWave Technology: Their core competency is in high-frequency wireless communications, offering superior bandwidth and low latency, which is essential for 5G extensions and high-density deployments.
• Beamforming Expertise: The use of advanced beamforming (a signal processing technique that directs a wireless signal toward a specific user) allows for robust, secure, and energy-efficient connections, particularly valuable in tactical defense applications.
• Strategic Market Focus: By targeting Fixed Wireless Access (FWA), they are capitalizing on the global demand for fiber-like speeds without the cost of laying physical fiber, securing design wins like the collaboration with WeLink.
• IP Licensing Model: Beyond product sales, licensing their extensive IP portfolio provides a recurring, high-margin revenue stream and embeds their technology into a broader range of third-party products.

To be fair, the company still faces structural risks, including the need for additional capital and ongoing strategic review, but the mmWave momentum is a clear positive catalyst. You can learn more about what drives their long-term strategy by reading their Mission Statement, Vision, & Core Values of Peraso Inc. (PRSO).

Peraso Inc. (PRSO) How It Makes Money

Peraso Inc. makes money by selling high-performance, millimeter wave (mmWave) semiconductor components and modules that enable high-speed, low-latency wireless communication, primarily operating in the 60 GHz spectrum. Their revenue is generated through product sales to Original Equipment Manufacturers (OEMs) in markets like fixed wireless access and tactical communications, supplemented by a smaller stream from non-recurring engineering (NRE) services and legacy product sales.

Peraso Inc.'s Revenue Breakdown

In the third quarter of 2025, Peraso Inc.'s total net revenue reached $3.2 million, a significant sequential increase of over 45%, driven almost entirely by their strategic shift to mmWave products. This breakdown shows the company's successful pivot away from legacy businesses.

The core of the business is now the mmWave products, which hit a record $3.0 million in revenue for Q3 2025, up 35% sequentially. This growth confirms product-market fit in the fixed wireless access (FWA) and emerging tactical communications markets. Other revenue, which includes Non-Recurring Engineering (NRE) fees and shipments of legacy memory IC products (now end-of-life), is a minor, declining portion of the mix.

Business Economics

Peraso Inc. operates on a fabless business model, meaning they design the chips and modules but outsource the manufacturing to third-party foundries. This model is capital-efficient, allowing them to focus Research and Development (R&D) dollars on technological innovation rather than owning costly fabrication plants.

• Pricing Strategy: The company employs a premium pricing model for its advanced mmWave components, reflecting the high-speed, low-latency, and power-efficient benefits of the 60 GHz technology.
• Gross Margin Target: The corporate gross margin target is 50%, a level they comfortably exceeded in Q3 2025. Achieving a 56.2% GAAP gross margin in Q3 2025 demonstrates strong unit economics, helped by a favorable mix shift toward the higher-margin mmWave products.
• Cost Structure: The primary cost drivers are the outsourced manufacturing of the chips (Cost of Goods Sold) and significant R&D expenses necessary to maintain a technological edge in the rapidly evolving mmWave space.

For a company in this growth stage, the goal is to scale mmWave revenue fast enough to cover the fixed operating expenses, which were approximately $3.0 million (GAAP operating expenses) in Q3 2025. The unit economics are sound; the challenge is achieving the volume needed for overall profitability.

Peraso Inc.'s Financial Performance

As of November 2025, the financial performance shows a company in a critical transition phase, successfully pivoting to a new, higher-margin product line but still facing liquidity challenges and overall unprofitability.

• Annual Revenue Run-Rate: The Trailing Twelve Months (TTM) revenue as of Q3 2025 stands at approximately $13.00 million. This figure is the most accurate near-term annual measure of the business.
• Q3 2025 Net Loss: The GAAP net loss for the third quarter of 2025 narrowed to $1.2 million, or $0.17 per share, a significant improvement from the $1.8 million loss in the prior quarter. The sequential loss reduction is a positive sign of operational efficiency.
• Adjusted EBITDA: The Adjusted EBITDA loss for Q3 2025 was $1.0 million, also an improvement from the negative $1.6 million in the prior quarter.
• Liquidity: Cash and cash equivalents stood at approximately $1.9 million as of September 30, 2025. This tight cash position underscores the ongoing need for prudent capital management and the successful execution of their strategic review process.
• Near-Term Outlook: Management guided for Q4 2025 total net revenue to be between $2.8 million and $3.1 million, which suggests a slight normalization after the Q3 spike, but still confirms a stable run-rate for the mmWave business.

The key takeaway is that the mmWave product line is working, but the company is defintely still burning cash. You need to keep a close eye on the conversion of their design wins, like the $0.9 million initial production order they announced, into sustained volume shipments to see if they can hit cash flow breakeven. For a deeper dive into the company's viability, you should check out Breaking Down Peraso Inc. (PRSO) Financial Health: Key Insights for Investors.

Peraso Inc. (PRSO) Market Position & Future Outlook

Peraso Inc. is a pure-play millimeter-wave (mmWave) semiconductor company, strategically pivoting to dominate the high-speed 60 GHz Fixed Wireless Access (FWA) and specialized communications markets as of late 2025. While total net revenue for Q3 2025 was $3.2 million, the core mmWave product revenue hit a record $3.0 million, signaling a successful transition away from the legacy memory business and positioning the company for growth in its niche.

Competitive Landscape

In the broader Wireless Gigabit (WiGig) market, Peraso competes with giants, but it holds a unique, defensible position in the 60 GHz chipset segment for FWA and tactical systems. Here's the quick math: the overall WiGig market is valued at approximately $26.32 billion in 2025, making Peraso's total estimated 2025 mmWave revenue of around $9.7 million a tiny fraction, but its focus is a major differentiator.

Opportunities & Challenges

The company's trajectory is defintely tied to capturing market share in high-margin verticals and managing its tight liquidity. The strategic review process, including an unsolicited acquisition proposal from Mobix Labs, remains a pivotal near-term factor that could drastically change the risk profile.

Industry Position

Peraso holds a critical, albeit small, position as a technology enabler in the burgeoning mmWave ecosystem, which is projected to reach approximately $9.5 billion by 2025. Its strength lies in its deep intellectual property, holding over 50 patents focused on the 60 GHz band, which is crucial for delivering multi-gigabit speeds in dense environments.

• Dominance in 60 GHz Chipsets: The company is the 'sole supplier' in specific 60 GHz chipset applications, giving it a strong foothold against broader competitors who focus on consumer Wi-Fi 7 integration.
• Gross Margin Improvement: GAAP gross margin improved to 56.2% in Q3 2025, up from 48.3% in the prior quarter, reflecting the favorable shift to the higher-margin mmWave product mix.
• Pipeline Momentum: The customer pipeline is strong, with the number of qualified customer SKUs in production increasing from 6 in Q4 2023 to 12 in Q4 2025, and 57 opportunities in the funnel.

To fully understand the institutional interest driving this small-cap stock, you should read Exploring Peraso Inc. (PRSO) Investor Profile: Who's Buying and Why? The core of the investment thesis is a bet on the successful conversion of this deep pipeline into high-volume, recurring revenue in the defense and FWA markets.