Peraso Inc. (PRSO): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at Peraso Inc. (PRSO), you're seeing a classic tech pivot: moving away from older memory chips toward the hot, high-bandwidth 60 GHz millimeter-wave (mmWave) space. The numbers from Q3 2025 tell a tight story: while the mmWave segment hit a record $3.0 million of the total $3.2 million in net revenue, the balance sheet shows a lean operation with only $1.9 million in cash at the end of that quarter. This Business Model Canvas breaks down exactly how Peraso Inc. (PRSO) is balancing heavy R&D spending and outsourced manufacturing against securing those crucial design-wins for urban FWA and defense contracts, all while navigating a strategic review that could change everything. Dive in below to see the nine blocks defining their path forward.

Peraso Inc. (PRSO) - Canvas Business Model: Key Partnerships

You're looking at the engine room of Peraso Inc.'s growth strategy, which is heavily reliant on who they partner with to get their mmWave silicon into the market. This isn't just about selling chips; it's about embedding their technology into critical infrastructure across multiple verticals. Honestly, the success here hinges on execution by these partners.

Peraso Inc. operates as a fabless semiconductor company, meaning they design the silicon and rely on external foundries for production. Their manufacturing partner is TSMC.

Strategic collaboration with WeLink Communications for urban FWA deployment

The collaboration with WeLink Communications, Inc. is a clear validation point for Peraso's 60 GHz technology in the Fixed Wireless Access (FWA) space. WeLink is using Peraso's advanced 60 GHz technology within its mesh-based FWA architecture to deliver multi-gigabit connectivity.

Here are the deployment specifics we know as of late 2025:

• WeLink is currently operating in three major U.S. metropolitan markets.
• The technology is designed to deliver speeds up to 2 Gbps links.
• Peraso reported a $0.9 million initial volume order for its PRM2141X module from a global FWA equipment manufacturer, which the company linked to multiple design wins, including WeLink, in Q3 2025.

Key OEM/System Integrator partners like Tachyon Networks

The relationship with Tachyon Networks Inc. shows Peraso Inc. successfully integrating its modules into OEM products for the WISP (Wireless Internet Service Provider) and surveillance markets. Tachyon selected Peraso's PRM2141X module for its new outdoor 60 GHz fixed wireless solution, the TNA-303L-65.

The performance metrics tied to this partnership are concrete:

This setup aims to deliver fiber-class speeds without the trenching costs associated with wired infrastructure.

Defense contractors for mission-critical tactical communications

Peraso Inc. is targeting the tactical communications segment, which requires stealthy, ultra-low-latency, and highly reliable data transmission. The company announced initial production shipments of its next-gen 60 GHz wireless platform for this market in Q2 2025, following a collaboration with a top-tier defense contractor.

The market opportunity here is substantial, based on Peraso's internal estimates:

• Estimated addressable market could exceed $500 million.
• This estimate is driven by a NATO active force size of 3.44 million soldiers.

Collaboration with Virewirx for robotaxi communication links

The partnership with Virewirx Inc. addresses the massive data offload challenge in autonomous vehicle fleets. Peraso provides its 60 GHz Perspectus™ modules (specifically the PRM2146X-D) to power the Virewirx VX60 platform.

The capacity enabled by this joint solution is a key statistical indicator of the partnership's value proposition:

• Breakthrough capacity enables up to 12 terabytes of data transfer per vehicle per hour.

This is designed to handle the terabytes of telemetry generated by robotaxis, which conventional Wi-Fi and 5G solutions easily saturate.

Finance: review Q4 2025 backlog projections against these key design wins by next Tuesday.

Peraso Inc. (PRSO) - Canvas Business Model: Key Activities

Research and development (R&D) of 60 GHz mmWave technology.

Peraso Inc. is actively driving development in 60 GHz unlicensed and 5G mmWave wireless technology, offering chipsets, modules, software, and IP. This R&D focus supports applications across fixed wireless access (FWA), military, immersive video, and factory automation. The company completed initial field trials in the third quarter of 2025 with its lead customer for a next-generation, mission-critical defense application. Furthermore, the company is continuing to convert its pipeline of existing customer engagements into additional design-ins for its 60 GHz solutions.

Converting design-wins into high-volume production orders.

The conversion of design-wins into revenue is a critical activity, evidenced by the sequential growth in mmWave product sales. Peraso Inc. secured its first production order for a 60 GHz wireless video system tailored for educational environments on June 30, 2025. In September 2025, the company received an initial production volume order valued at $0.9 million from a new OEM customer in the fixed wireless access equipment market. The momentum is clear:

• Q3 2025 mmWave product revenue reached $3.0 million.
• Q3 2025 product revenue totaled $3.1 million.
• Q1 2025 mmWave revenue already exceeded the total mmWave revenue for all of 2024.
• A collaboration was announced with WeLink to accelerate U.S. high-speed broadband deployment using 60 GHz technology.

Managing the outsourced semiconductor manufacturing process.

The management of outsourced manufacturing directly impacts Peraso Inc.'s unit economics and profitability. The company achieved a sequential increase in gross margin in the third quarter of 2025, which was attributed to a more favorable revenue mix of mmWave products and solutions, alongside shipments of inventory previously written down. The GAAP gross margin for the third quarter of 2025 stood at 56.2%.

Executing the strategic review process for potential merger or sale.

Peraso Inc.'s board of directors authorized the exploration of strategic alternatives, including a merger or asset sale, on July 11, 2025, retaining Craig-Hallum Capital Group LLC as its financial advisor. The process involves engaging with potential counterparties under customary confidentiality agreements. As of September 12, 2025, multiple parties executing these agreements were actively participating. An unsolicited, non-binding proposal from Mobix Labs, Inc. was noted, which evolved into an updated all-cash proposal of $1.30/share delivered on October 6, 2025.

Prudent cost management to narrow Adjusted EBITDA loss.

Cost discipline is a key activity supporting the company's path toward improved bottom-line results. Total GAAP operating expenses for the third quarter of 2025 were $3.0 million, down from $4.5 million in the same quarter of the prior year. This management of expenses contributed to a narrowing of the Adjusted EBITDA loss sequentially. Here's the quick math on the bottom line for the third quarter of 2025 compared to the second quarter of 2025:

The GAAP net loss for Q3 2025 was $1.2 million, an improvement from the $1.8 million loss reported in the prior quarter.

Peraso Inc. (PRSO) - Canvas Business Model: Key Resources

You're looking at the core assets Peraso Inc. (PRSO) relies on to execute its strategy in the mmWave space. These aren't just line items; they are the actual engines driving their business right now.

Extensive intellectual property (IP) and patent portfolio (over 50 patents).

This IP is definitely a moat. The company continues to build on this foundation; for instance, they received a Notice of Allowance from the U.S. Patent and Trademark Office for a patent application covering System for Seamless Recovery of Distributed Access Points in a Wireless Local Area Network, with protection expected to extend into 2042. Intellectual property is a core component of the business, and they are committed to protecting it.

Proprietary mmWave chipsets and modules (e.g., PERSPECTUS, PRM2141X).

The hardware itself is a major resource. Peraso Inc. (PRSO) has its proprietary X720 60GHz chipset powering advancements like the PERSPECTUS product line. A concrete example of this translating to business is the initial volume order totaling approximately $0.9 million received in September 2025 for their PRM2141X module from a global Fixed Wireless Access (FWA) equipment supplier. The mmWave products are clearly gaining traction, evidenced by their record quarterly revenue in Q3 2025.

Here's a quick look at some of the recent financial performance tied to these resources:

Specialized engineering talent for high-frequency wireless design.

You can't build world-class mmWave silicon without deep expertise. This talent pool is critical for developing solutions that handle complex technical challenges, like ensuring stable, multi-gigabit wireless performance in high-mobility environments. They are focused on leveraging this expertise to expand into new applications like tactical communications and edge AI.

Limited cash balance of $1.9 million as of Q3 2025.

Financially, the balance sheet shows a tight position. As of September 30, 2025, Peraso Inc. (PRSO) held approximately $1.9 million in cash. That was a slight improvement from the $1.8 million on hand at the end of Q2 2025. This cash position was bolstered during the quarter by approximately $0.9 million in net proceeds from a warrant inducement offering and about $0.7 million from their at-the-market offering program. Still, managing that burn rate is key, especially while continuing a strategic review process.

You should review the Q4 2025 revenue guidance against the current cash position to model near-term runway. Finance: draft 13-week cash view by Friday.

Peraso Inc. (PRSO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Peraso Inc. (PRSO) technology, especially as they ramp up shipments in late 2025. The value proposition centers on delivering fiber-like performance without the fiber deployment headache.

High-bandwidth, multi-gigabit data transfer over 60 GHz unlicensed spectrum.

This is the foundation. Peraso Inc. positions its 60 GHz mmWave technology as delivering fiber-class speeds. The unlicensed 60Ghz V-band offers the largest contiguous spectrum available, which is what enables these multi-gigabit data rates. This capability is now translating into real revenue; for instance, mmWave product revenue hit a quarterly record in Q3 2025, increasing 35% sequentially, contributing $3.1 million of the total $3.2 million in net revenue for that quarter.

The technology is being deployed in new areas, like the announced collaboration with WeLink to boost broadband in dense urban areas, and powering systems for physical AI and robotaxi fleet vehicles, which require multi-gigabit wireless connectivity.

Ultra-low latency connectivity for real-time applications like Edge AI.

Beyond just speed, the low latency is key for time-sensitive applications. The performance benefits that make millimeter wave ideal for fixed wireless access (FWA) include ultra-low latency. This is critical for next-generation solutions, including tactical communications and the physical AI applications mentioned in recent partnerships.

Secure and power-efficient wireless solutions via beamforming technology.

Security and efficiency are baked in. Peraso Inc. emphasizes the secure and power-efficient nature of its 60 GHz solutions. The efficiency comes partly from low wattage units and optimized transmission. They use proprietary advanced beamforming techniques, including adaptive beamforming, to dynamically adjust the beam direction, which helps maintain optimized connectivity even when obstacles are present.

The focus on these core benefits helped drive a GAAP gross margin of 56.2% in Q3 2025, up from 48.3% in the prior quarter, showing improved unit economics.

Cost-effective alternative to fiber deployment in dense urban areas.

This is where you see the hard numbers that make the business case for Wireless Internet Service Providers (WISPs). Deploying this wireless alternative avoids the high costs and delays associated with trenching and traditional fiber builds. The cost savings are substantial, particularly in rural settings, but the value holds in dense urban environments too, where deployment speed is often the bottleneck.

Here's the quick math on how this cost proposition stacks up against fiber deployment:

For other estimates, total capital expenditure (CAPEX) for FWA is placed at 50-60% of fiber's CAPEX. This cost advantage is validated by securing a $0.9 million initial production order from a new OEM customer in Q3 2025 for FWA equipment.

The market is clearly responding to the product momentum, as evidenced by the sequential total revenue growth of >45% in Q3 2025.

• Delivers multi-gigabit speeds.
• Reduces deployment time significantly.
• Lowers infrastructure costs versus trenching.
• Leverages abundant, interference-free spectrum.
• Enables rapid expansion in underserved areas.

Finance: draft 13-week cash view by Friday.

Peraso Inc. (PRSO) - Canvas Business Model: Customer Relationships

You're looking at how Peraso Inc. keeps its key customers locked in, which is critical when your technology is as specialized as 60 GHz mmWave. Honestly, for a fabless semiconductor company like Peraso Inc., customer relationships aren't just about selling chips; they're about embedding your IP deep into the customer's next-generation product line. That means long-term commitment from both sides.

The foundation of Peraso Inc.'s customer interaction is built on direct, long-term ties with Original Equipment Manufacturers (OEMs) and system integrators. This isn't a transactional business; it's about securing design wins that translate into years of production orders. For example, as of the third quarter of 2025, Peraso Inc. had nearly doubled the number of customer Stock Keeping Units (SKUs) in production over the preceding 2 years, showing a clear trend of deepening engagement with existing partners. Furthermore, the company secured an initial production volume order in September 2025 from a new OEM customer specifically for fixed wireless access equipment, valued at $0.9 million. This kind of order validates the design-in process.

Here's a snapshot of the OEM/System Integrator focus as of the Q3 2025 reporting period:

Dedicated support for design-in and product customization is where the engineering teams earn their keep. You can't just ship a datasheet and walk away; these complex wireless solutions require heavy collaboration to integrate perfectly. Peraso Inc. is actively working to convert its substantial pipeline into commercial reality. They are focused on continuing to convert existing customer engagements into additional design-wins across fixed wireless access and adjacent markets.

• Over 100 distinct customer engagement opportunities currently in the pipeline.
• Securing multiple new design wins throughout Q3 2025 with both existing and new customers.
• The company had a double-digit number of new customer devices in preproduction at the end of Q3 2025.

The strategic, collaborative engagement for new market entry is best exemplified by the WeLink Communications partnership. This isn't just a sale; it's a joint effort to redefine urban broadband deployment. WeLink selected Peraso Inc.'s 60 GHz mmWave technology to power its mesh-based Fixed Wireless Access (FWA) architecture, aiming to deliver fiber-class speeds up to 2 Gbps. This collaboration, announced in September 2025, targets dense urban areas, with WeLink already operating in three major U.S. metropolitan markets (Los Angeles, Las Vegas, and Phoenix). This move signals a shift from rural FWA opportunities to more complex urban environments for Peraso Inc.'s technology.

Finally, the high-touch sales approach is essential for complex applications like defense and tactical communications. This segment demands extreme reliability and security, which necessitates deep technical engagement. Peraso Inc. recently completed initial field trials with its lead customer in the tactical communications market for a next-generation, mission-critical defense application. This focus is on a very high-growth area; the defense marketplace is projected to grow at a compounded annual rate of 42%. The company's four main focus markets include fixed wireless access, tactical communications, transportation, and video. This level of engagement requires a defintely high-touch sales cycle to navigate the stringent requirements of defense contractors.

Finance: draft 13-week cash view by Friday.

Peraso Inc. (PRSO) - Canvas Business Model: Channels

You're looking at how Peraso Inc. gets its 60 GHz and mmWave technology into the hands of end-users as of late 2025. The channel strategy clearly leans heavily on partnerships, which makes sense when you are selling complex chipsets and modules rather than finished consumer goods.

The company's revenue stream is directly tied to the success of these channel partners, especially as they transition away from legacy memory IC products. For instance, in the third quarter of 2025, total net revenue hit $3.2 million, with mmWave product revenue accounting for $3.0 million of that total. This mmWave revenue alone was up 35% sequentially, showing the channel is gaining traction.

The engagement with system providers is where the direct sales effort is focused, securing design wins that translate into future volume. This is the core of the direct sales team engaging with global OEMs and system providers. We see this in the renewed collaboration with WeLink Communications to deploy high-speed broadband across dense urban areas and multiple major U.S. cities.

Also, the company is securing wins in specialized markets, like the initial production shipment for a solution tailored for education environments. Furthermore, Peraso Inc. is pushing into tactical communications, which includes mission-critical military defense applications.

Distribution through major global equipment suppliers is evidenced by the success with key partners who integrate Peraso Inc.'s components into their final products. This is how you scale without building out a massive internal sales force for every vertical. Here are some of the key partner activities we've seen recently:

The technology is actively showcased to drive these channel relationships and build market awareness. Technology showcased at industry events like WISPAPALOOZA 2025 is a critical touchpoint for the WISP (Wireless Internet Service Provider) segment. Peraso Inc. showcased its 60 GHz FWA solutions at WISPAPALOOZA 2025 in Las Vegas, running from October 13-16, 2025.

The company maintained a physical presence at the event, specifically at booth #641, to engage with industry leaders and demonstrate its multi-gigabit connectivity solutions. This event presence supports the overall business outlook, even with Q4 2025 total net revenue guidance projected to be between $2.8 million to $3.1 million.

• Showcased 60 GHz fixed wireless access (FWA) solutions.
• Targeted WISPs for rural to dense urban connectivity.
• Met with executive teams and provided firsthand technology experiences.

The prior quarter, Q2 2025, saw a dip in revenue guidance to $1.8 million-$2.0 million due to the planned end-of-life for memory IC shipments, which underscores the channel shift to mmWave.

Peraso Inc. (PRSO) - Canvas Business Model: Customer Segments

You're looking at the specific groups of customers Peraso Inc. is targeting with its mmWave technology as of late 2025. This isn't just theory; we see the focus in their recent revenue mix and stated market efforts.

The company's recent financial trajectory shows a clear pivot, with millimeter wave (mmWave) product revenues hitting a quarterly record of $3.0 million in the third quarter of 2025, up 35% sequentially from the $2.2 million reported in the prior quarter. This shift is critical because total net revenue for Q3 2025 was $3.2 million.

Here is how the customer segments map to the market reality and Peraso Inc.'s reported activity:

• Fixed Wireless Access (FWA) providers for urban and rural broadband.
• Military and defense contractors (Tactical Communications).
• Transportation OEMs (e.g., high-speed internet on moving trains, robotaxis).
• Integrators for immersive video and Edge AI applications.

The Fixed Wireless Access segment is a major focus, with Peraso Inc. showcasing its 60 GHz FWA solutions to Wireless Internet Service Providers (WISPs) for both rural and dense urban connectivity. This aligns with the broader market, where the global FWA market size was estimated at USD 41.2 billion in 2025. Peraso Inc. specifically secured an order from a leading global FWA equipment provider that serves major service operators during the quarter.

For Military and defense contractors, Peraso Inc. announced initial production shipments of its 60 GHz wireless platform for tactical communications. The company estimates the addressable market here could exceed $500 million, driven by the need for secure, mobile connectivity for the NATO active force of 3.44 million soldiers.

While the segments for Transportation OEMs and Integrators for immersive video and Edge AI are noted as development areas or adjacent markets seeing increased activity, the direct financial attribution for these segments is not explicitly broken out in the latest public filings, though autonomous vehicles and drones are mentioned alongside Edge AI.

The shift in Peraso Inc.'s revenue mix is stark when looking at the mmWave performance versus prior periods:

The company is definitely leaning into the high-growth areas where its technology provides a fiber-like alternative, especially in FWA where deployment is faster and less costly than trenching. Finance: draft 13-week cash view by Friday.

Peraso Inc. (PRSO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Peraso Inc.'s (PRSO) engine as of late 2025. The structure shows a company heavily focused on product development costs, even while managing its day-to-day spending tightly.

Significant R&D expenditure for next-generation mmWave products.

Research and Development (R&D) is bundled within the total Operating Expenses figure. Peraso Inc. reported total GAAP Operating Expenses (OpEx) of $3.0 million for the third quarter of 2025. This figure encompasses all spending on R&D, Sales, General, and Administrative activities, so R&D is a significant, though not separately itemized in the latest reports, portion of that $3.0 million.

Cost of Goods Sold (COGS) from outsourced semiconductor manufacturing.

Specific COGS figures aren't broken out, but the result of that cost structure is clear from the gross margin. For Q3 2025, the GAAP gross margin improved to 56.2%. This improvement was attributed to a more favorable revenue mix, heavily weighted toward mmWave products, and the recognition of previously written-down inventory, which effectively lowered the per-unit cost recognized in COGS for that period.

GAAP Operating Expenses (OpEx) reduced to $3.0 million in Q3 2025.

The company demonstrated operating discipline, trimming total GAAP OpEx to $3.0 million in the third quarter of 2025. This reduction helped narrow the GAAP net loss to $1.2 million for the same quarter, an improvement from the $1.8 million loss in Q2 2025.

Sales, General, and Administrative (SG&A) costs.

SG&A costs are included within the total GAAP Operating Expenses of $3.0 million for Q3 2025. Management remains committed to disciplined expense management to drive steady improvement in quarterly operating results.

Amortization of intangible assets and stock-based compensation.

These items are specifically excluded when calculating non-GAAP financial measures, which management uses to assess core operational performance. The non-GAAP net loss for Q3 2025 was $1.1 million, compared to the GAAP net loss of $1.2 million, indicating the magnitude of these non-cash adjustments.

Here are the key cost-related financial metrics from Peraso Inc.'s Q3 2025 results:

The structure of the operating costs is further detailed by what is removed for non-GAAP reporting:

• Stock-based compensation.
• Amortization of reported intangible assets.
• Severance costs.
• Change in fair value of warrant liabilities.

To be fair, the cash balance as of September 30, 2025, was $1.9 million, which is a key constraint on funding these operating costs.

Finance: draft 13-week cash view by Friday.

Peraso Inc. (PRSO) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Peraso Inc. (PRSO) as of late 2025, focusing on the hard numbers from the most recent reporting period. The story here is clearly the pivot to the high-growth mmWave segment.

The total net revenue for Peraso Inc. in the third quarter of 2025 was reported as \$3.2 million. This represented a sequential increase of more than 45% from the prior quarter.

The primary driver for this top-line performance is the revenue generated from mmWave chipsets and modules. Specifically, the revenue from mmWave products hit a quarterly record of \$3.0 million in Q3 2025. This figure is a massive jump compared to the \$0.1 million generated from mmWave products in the third quarter of 2024.

We can see the composition of the revenue streams in the table below, based on the Q3 2025 figures:

The shift away from older technology is evident in the declining contribution from legacy products. Revenue from legacy memory IC products is phasing out due to the previously announced end of life for those products. The reduction in shipments of these memory IC products was a primary factor in the year-over-year revenue comparison, though the mmWave ramp more than offset this decline sequentially.

The revenue mix heavily favored the higher-margin mmWave business, which helped boost profitability metrics. The GAAP gross margin for the third quarter of 2025 improved to 56.2%. This margin expansion was attributed to a more favorable revenue mix of mmWave products and solutions.

The company is also seeing success in converting pipeline opportunities into immediate revenue, as evidenced by specific bookings:

• Secured an initial production volume order in September valued at \$0.9 million from a new OEM customer.
• Multiple design wins, including a collaboration with WeLink for high-speed broadband deployment.
• Completed initial field trials with a lead customer in the tactical communications market.

Looking ahead, Peraso Inc. provided guidance suggesting continued revenue generation in the near term, projecting total net revenue for the fourth quarter of 2025 to be in the range of \$2.8 million to \$3.1 million. Finance: draft 13-week cash view by Friday.