Peraso Stock Plunges 19.84% on Weak Q4 Guidance Amid Demand Concerns

Peraso’s stock fell to its lowest level so far this month on Nov. 12, with an intraday decline of 3.85%. The semiconductor company has now lost 19.84% over four consecutive sessions, marking its steepest drop since at least the start of the year.

Despite a 45% sequential revenue increase in Q3 2025 and improved gross margins, investor sentiment has soured amid concerns about the sustainability of recent gains. The company’s shares had surged following a Q3 earnings beat, driven by record mmWave product sales and a $0.9 million production order from a new OEM customer. However, Q4 guidance of $2.8 million to $3.1 million—below Q3’s $3.2 million—has raised questions about demand stability and execution risks.

Peraso’s stock performance reflects broader uncertainties in its business model. While strategic partnerships, including a collaboration with WeLink for urban broadband and field trials in tactical communications, highlight market expansion, the company remains reliant on converting design wins into repeat orders. Analysts note that margin improvements in Q3 were partly due to the recognition of previously written-down inventory, a one-time factor unlikely to recur. Additionally, competitive pressures from larger players in the mmWave and 5G sectors pose long-term risks to its growth trajectory.