Peraso Inc. (NASDAQ: PRSO) announced its financial results for the third quarter ended September 30, 2026, revealing a significant decline in revenue compared to both the prior quarter and the same period a year ago. Total net revenue for the quarter was $0.3 million, down from $1.3 million in the prior quarter and $3.2 million in the third quarter of 2025. Product revenue was also reported at $0.3 million, a decrease attributed to reduced shipments of mmWave products to fixed wireless access customers.
The company reported a GAAP net loss of $2.7 million, or ($0.18) per share, for the quarter. This compares to a net loss of $2.2 million, or ($0.16) per share, in the prior quarter and a net loss of $1.2 million, or ($0.17) per share, in the third quarter of 2025. Despite the revenue drop, gross margin improved to 78.5% for the third quarter of 2026, compared to 63.7% in the prior quarter. The increase was driven by a more favorable product mix and a one-time benefit of approximately $55,000 from the reversal of an inventory-related accrual.
Management attributed the revenue decline to irregular order patterns among customers in the fixed wireless access market. However, the company noted early signs of renewed demand in the fourth quarter. In October 2026, Peraso received a production order exceeding $2 million for a 60 GHz fixed wireless access deployment, which the company described as the largest FWA order received in the last six quarters.
Peraso also highlighted progress on strategic initiatives, including the introduction of the PRM2145 jam-resistant communications module for UAV and defense applications. Additionally, the company completed a private placement with Nant Capital, LLC, generating gross proceeds of approximately $10 million to strengthen its financial position and support the development of advanced drone communications solutions.
Looking ahead, Peraso stated its belief that the breadth of customer engagements positions the company to return to revenue growth beginning in the fourth quarter. The company’s board of directors has concluded its previously disclosed review of strategic alternatives.
