Peraso's Q2 2025 Earnings Call: Unpacking Contradictions in Inventory, Defense Opportunities, and Strategic Direction

Inventory levels and backlog clarity, military market opportunities and NREs, inventory and order fulfillment, defense market engagement and revenue expectations, strategic acquisitions and financial outlook are the key contradictions discussed in Peraso's latest 2025Q2 earnings call.



Revenue Growth from mmWave Products:
- Peraso Inc. reported mmWave product revenue of $2.2 million, up 45% sequentially and over 200% year-on-year.
- Growth was driven by increased shipments to an expanding customer base across multiple targeted end markets, with a focus on fixed wireless access solutions and tactical defense communications.

Customer Base Expansion and Production:
- The company doubled its number of customers in production from seven to fourteen in the past 18 months.
- The increase is attributed to successful customer acquisition and advancements in funnel opportunities across diverse applications and end markets.

Operating Expense Reduction:
- Non-GAAP operating expenses decreased to $2.7 million, down 20% year-on-year, primarily due to reductions in stock-based compensation expenses and the implementation of cost management initiatives.

Military and Defense Opportunities:
- Peraso is engaged with potential customers in Tactical Communications and Military Defense applications, driven by the performance attributes of their mmWave technology, such as ultra-low latency and high reliability.