Peraso shares fall 35.29% premarket after Q4 revenue declines and net losses persist despite mmWave growth.

Peraso Inc. (NASDAQ:PRSO) fell 35.29% in premarket trading following the release of its Q4 2025 earnings report, which highlighted a 19.1% year-over-year decline in total net revenue to $12.2M and a 45.2% reduction in GAAP net loss to $4.8M. The drop was driven by weaker memory IC sales, which offset six-fold growth in mmWave product revenue, and a 16.3% decline in non-GAAP gross margin to 58.0%. Despite securing design wins in fixed wireless and defense applications, the earnings report underscored ongoing challenges in transitioning away from memory ICs, with full-year revenue falling below 2024 levels. The bearish sentiment was amplified by the absence of material progress in offsetting declining memory IC shipments and concerns over supplier delays highlighted during the earnings call.