Revenue volatility remains a primary concern, highlighted by a sharp 75.1% year-over-year contraction in 2026Q1 and inconsistent gross margins that fluctuated from -147.2% in 2023Q4 to 69.3% in 2025Q1.
Peraso Inc. (PRSO) annual income statement — 25-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 8.37M | 12.19M | 14.57M | 13.75M | 14.87M | 5.68M | 9.09M | 506K | 16.6M | 8.84M | 6.02M | 4.39M | 4.4M | 4.4M | 6.08M | 14.11M | 14.03M | 11.46M | 14.03M | 19.23M | 19.23M | 10.82M | 8.55M | 16.05M | 24.39M | 16.08M |
| Revenue Growth % | -38.46% | -16.33% | 5.99% | -7.53% | 161.81% | -37.52% | 1696.44% | -96.95% | 87.74% | 46.78% | 37.22% | -0.18% | 0% | -27.69% | -56.89% | 0.58% | 22.41% | -18.31% | -27.07% | 0% | 77.74% | 26.52% | -46.7% | -34.22% | 51.69% | - |
| Cost of Goods Sold | 3.63M | 5.13M | 7.04M | 11.88M | 8.91M | 3.27M | 1.75M | 477.43K | 6.46M | 4.81M | 3.19M | 2.79M | 474K | 474K | 334K | 3.29M | 2.8M | 2.8M | 2.8M | 3.19M | 3.19M | 2.27M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 42.04% | 48.31% | 86.38% | 59.96% | 57.58% | 19.23% | 94.35% | 38.9% | 54.35% | 52.89% | 63.67% | 10.78% | 10.78% | 5.49% | 23.36% | 19.94% | 24.41% | 19.96% | 16.57% | 16.57% | 20.96% | - | - | - | - |
| Gross Profit | 4.74M | 7.07M | 7.53M | 1.87M | 5.95M | 2.41M | 7.34M | 28.57K | 10.14M | 4.04M | 2.84M | 1.59M | 3.92M | 3.92M | 5.75M | 10.81M | 11.23M | 11.23M | 11.23M | 16.05M | 13.41M | 8.55M | 8.55M | 16.05M | 24.39M | 16.08M |
| Gross Margin % | 56.59% | 57.96% | 51.69% | 13.62% | 40.04% | 42.42% | 80.77% | 5.65% | 61.1% | 45.65% | 47.11% | 36.33% | 89.22% | 89.22% | 94.51% | 76.64% | 80.06% | 98% | 80.04% | 83.43% | 69.73% | 79.04% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -6.19% | 302.4% | -68.55% | 147.12% | -67.19% | 25600.08% | -99.72% | 151.31% | 42.21% | 77.93% | -59.35% | 0% | -31.73% | -46.84% | -3.71% | 0% | 0.03% | -30.04% | 19.65% | 56.8% | 0% | -46.7% | -34.22% | 51.69% | - |
| Operating Expenses | 11.93M | 12.05M | 19.97M | 22.5M | 38.26M | 18.49M | 15.49M | 17.73M | 8.11M | 12.75M | 23.67M | 33.09M | 28.38M | 29.49M | 36.7M | 35.09M | 29.21M | 28.76M | 29.04M | 11.99M | 15.17M | 21.43M | 22.01M | 15.17M | 12.19M | 10.54M |
| OpEx % of Revenue | - | 98.83% | 137.02% | 163.63% | 257.36% | 325.53% | 170.37% | 3503.99% | 48.87% | 144.18% | 392.9% | 753.67% | 645.34% | 670.44% | 603.39% | 248.71% | 208.27% | 251.02% | 207.07% | 62.32% | 78.89% | 198.01% | 257.36% | 94.56% | 49.98% | 65.55% |
| Selling, General & Admin | 5.71M | 5.8M | 0 | 0 | 0 | 0 | 7.2M | 5.76M | 4.09M | 4.7M | 5.69M | 6.3M | 1.13M | 6.16M | 8.22M | 8.87M | 12.01M | 12.01M | 11.88M | 311K | 6.43M | 13.33M | 13.33M | 6.12M | 4.95M | 4.69M |
| SG&A % of Revenue | - | 47.61% | - | - | - | - | 79.19% | 1138.85% | 24.67% | 53.18% | 94.51% | 143.49% | 25.6% | 140.09% | 135.12% | 62.87% | 85.6% | 104.78% | 84.66% | 1.62% | 33.44% | 123.2% | 155.86% | 38.15% | 20.29% | 29.14% |
| Research & Development | 6.21M | 6.25M | 9.23M | 14.4M | 19.77M | 11.47M | 8.29M | 10.32M | 4.02M | 8.05M | 17.98M | 26.79M | 2.56M | 23.32M | 28.48M | 26.22M | 17.21M | 19.25M | 17.17M | 148K | 8.74M | 8.1M | 8.1M | 8.59M | 6.59M | 4.42M |
| R&D % of Revenue | - | 51.22% | 63.35% | 104.72% | 132.96% | 201.99% | 91.19% | 2039.12% | 24.2% | 91% | 298.39% | 610.18% | 58.32% | 530.35% | 468.27% | 185.84% | 122.67% | 168.05% | 122.4% | 0.77% | 45.45% | 74.82% | 94.66% | 53.55% | 27% | 27.49% |
| Other Operating Expenses | 0 | 0 | 10.74M | 8.1M | 18.5M | 7.02M | 0 | 1.65M | 0 | 0 | 0 | 0 | 24.69M | 0 | 0 | 0 | 0 | 0 | 0 | 11.53M | 0 | 0 | 585K | 459K | 656K | 1.44M |
| Operating Income | -7.19M | -4.98M | -12.44M | -20.63M | -32.31M | -16.08M | -8.14M | -17.7M | 2.03M | -10.03M | -31.36M | -31.49M | -24.93M | -24.93M | -27.66M | 11.34M | -20.7M | -19.3M | -20.53M | 873K | 873K | -5.58M | -13.46M | 873K | 12.2M | 5.54M |
| Operating Margin % | -85.85% | -40.87% | -85.33% | -150.01% | -217.33% | -283.11% | -89.6% | -3498.34% | 12.23% | -113.47% | -520.65% | -717.33% | -566.89% | -566.89% | -454.77% | 80.37% | -147.55% | -168.42% | -146.37% | 4.54% | 4.54% | -51.6% | -157.36% | 5.44% | 50.02% | 34.45% |
| Operating Income Growth % | - | 59.93% | 39.71% | 36.17% | -100.97% | -97.4% | 53.99% | -972% | 120.23% | 68.01% | 0.4% | -26.31% | 0% | 9.86% | -343.95% | 154.78% | -7.25% | 6.01% | -2451.66% | 0% | 115.63% | 58.51% | -1641.7% | -92.84% | 120.23% | - |
| EBITDA | -6.99M | -4.72M | -10.82M | -18.81M | -30.65M | -15.02M | -6.48M | -15.84M | 2.74M | -9.17M | -30.25M | -30.56M | -23.48M | -24.93M | -27.66M | 11.34M | -16.88M | -20M | -19.07M | 1.9M | 1.35M | -4.97M | -12M | 873K | 12.2M | 5.54M |
| EBITDA Margin % | -83.46% | -38.71% | -74.27% | -136.84% | -206.18% | -264.52% | -71.32% | -3129.65% | 16.5% | -103.75% | -502.24% | -696.2% | -533.95% | -566.89% | -454.77% | 80.37% | -120.33% | -174.58% | -135.99% | 9.86% | 7% | -45.93% | -140.29% | 5.44% | 50.02% | 34.45% |
| EBITDA Growth % | -35.37% | 56.39% | 42.47% | 38.63% | -104.07% | -131.71% | 59.06% | -678.17% | 129.86% | 69.68% | 1.01% | -30.15% | 5.81% | 9.86% | -343.95% | 167.18% | 15.62% | -4.87% | -1105.48% | 40.83% | 127.1% | 58.58% | -1474.46% | -92.84% | 120.23% | - |
| D&A (Non-Cash Add-back) | 184K | 263K | 1.61M | 1.81M | 1.66M | 1.06M | 1.66M | 1.87M | 709K | 859K | 1.11M | 928K | 1.45M | 0 | 0 | 0 | 3.82M | 0 | 1.46M | 1.02M | 474K | 614K | 1.46M | 0 | 0 | 0 |
| EBIT | -6.97M | -4.75M | -10.37M | -21.03M | -24.92M | -7.93M | -8.13M | -17.95M | -10.81M | -9.97M | -31.32M | -31.4M | -32.58M | -24.72M | -27.5M | 11.54M | -23.01M | -19.26M | -18.45M | -8.5M | -5.23M | -2.99M | -1.88M | 0 | 0 | 0 |
| Net Interest Income | 0 | -1K | -10K | -21K | -16K | -2.98M | -2.1M | -16.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 1K | 10K | 21K | 16K | 2.98M | 2.1M | 16.71K | -582K | 927K | 687K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.91M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 19K | 230K | 1.71M | 3.83M | -86K | 5.17M | -2.08M | -268.03K | -570K | -2.19M | -11.17M | 94K | 209K | 209K | 155K | 206K | 2.24M | 744K | 2.24M | 1.91M | 1.91M | 2.59M | 11.58M | 1.91M | 1.54M | 1.82M |
| Pretax Income | -7.17M | -4.75M | -10.73M | -16.8M | -32.4M | -10.91M | -10.23M | -17.97M | -11.4M | -10.9M | -32M | -31.4M | -32.58M | -24.72M | -27.5M | 11.54M | -23.01M | -19.26M | -18.29M | -8.5M | -5.23M | -2.99M | -1.88M | 2.79M | 13.74M | 7.36M |
| Pretax Margin % | -85.62% | -38.98% | -73.62% | -122.15% | -217.9% | -192.13% | -112.51% | -3551.31% | -68.65% | -123.29% | -531.26% | -715.19% | -740.68% | -562.14% | -452.22% | 81.83% | -164.06% | -168.08% | -130.38% | -44.17% | -27.19% | -27.66% | -21.99% | 17.37% | 56.33% | 45.76% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K | -233K | 45K | 86K | 71K | 71K | 110K | 288K | 132K | -132K | -132K | -279K | -279K | -26K | 26K | 279K | 1.37M | 367K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.11% | 2.14% | -0.14% | -0.27% | -0.22% | -0.29% | -0.4% | 2.49% | -0.57% | 0.69% | 0.72% | 3.28% | 5.34% | 0.87% | -1.38% | 10.01% | 9.99% | 4.99% |
| Net Income | -7.17M | -4.75M | -10.73M | -16.8M | -32.4M | -10.91M | -10.23M | -17.97M | -11.41M | -10.67M | -32.05M | -31.48M | -24.79M | -24.79M | -27.61M | 11.26M | -18.59M | -18.59M | -18.42M | 2.51M | 2.51M | -1.91M | -1.91M | 2.51M | 12.37M | 6.99M |
| Net Margin % | -85.62% | -38.98% | -73.62% | -122.15% | -217.9% | -192.13% | -112.51% | -3551.31% | -68.73% | -120.65% | -532.01% | -717.15% | -563.76% | -563.76% | -454.03% | 79.79% | -132.5% | -162.2% | -131.32% | 13.04% | 13.04% | -17.62% | -22.3% | 15.63% | 50.7% | 43.47% |
| Net Income Growth % | -9.1% | 55.7% | 36.12% | 48.16% | -196.93% | -6.69% | 43.09% | -57.5% | -6.95% | 66.71% | -1.79% | -26.98% | 0% | 10.21% | -345.33% | 160.56% | 0% | -0.9% | -834.41% | 0% | 231.52% | 0% | -176.04% | -79.72% | 76.9% | - |
| Net Income (Continuing) | -7.17M | -4.75M | -10.73M | -16.8M | -32.4M | -10.91M | -10.23M | -17.97M | -11.41M | -10.67M | -32.05M | -31.48M | -32.68M | -24.79M | 0 | 0 | -23.06M | -19.1M | -18.59M | -8.52M | -5.34M | -2.98M | -1.91M | 2.51M | 12.37M | 6.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.52 | -0.67 | -3.57 | -26.00 | -64.40 | -74.40 | -144.00 | -56.88 | -592.95 | -1163.04 | -3884.02 | -4030.02 | -4004.85 | -4383.86 | -0.70 | 0.28 | -0.59 | -999999.00 | -4648.62 | 627.12 | 641.06 | -499.64 | -496.13 | 647.27 | 3163.42 | 1969.99 |
| EPS Growth % | 61.31% | 81.23% | 86.27% | 59.63% | 13.44% | 48.33% | -153.16% | 90.41% | 49.02% | 70.06% | 3.62% | -0.63% | 8.65% | -626165.71% | -350% | 147.46% | 100% | -81809.69% | -841.26% | -2.17% | 228.3% | -0.71% | -176.65% | -79.54% | 60.58% | - |
| EPS (Basic) | - | -0.67 | -3.57 | -26.00 | -64.40 | -74.40 | -30.92 | -56.88 | -592.95 | -1163.04 | -3884.02 | -4030.02 | -4004.85 | -4383.86 | -0.70 | 0.30 | -0.59 | -999999.00 | -4648.62 | 627.12 | 641.06 | -499.64 | -496.13 | 657.75 | 3308.68 | 2837.69 |
| Diluted Shares Outstanding | 13.88M | 7.06M | 3M | 646K | 502.5K | 146.72K | 106.05K | 493.84K | 19.24K | 9.17K | 8.25K | 7.81K | 6.19K | 5.66K | 5.03K | 4.82K | 4.66K | 3.9K | 3.96K | 4K | 3.91K | 3.82K | 3.84K | 3.87K | 3.91K | 3.55K |
| Basic Shares Outstanding | 13.88M | 7.06M | 3M | 646K | 502.5K | 146.72K | 493.84K | 493.84K | 19.24K | 9.17K | 8.25K | 7.81K | 6.19K | 5.66K | 5.03K | 4.82K | 4.66K | 3.9K | 3.96K | 4K | 3.91K | 3.82K | 3.84K | 3.81K | 3.74K | 2.46K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PRSO stock.
For fiscal year 2025, Peraso Inc. (PRSO) reported total revenue of $12.2M. This represents a 24.2% decline compared to $16.1M in 2001.
Peraso Inc. (PRSO) reported a net loss of $4.8M for the fiscal year ending 2025.
Peraso Inc. (PRSO) reported an operating income of $-5.0M, resulting in an operating profit margin of -40.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Peraso Inc. (PRSO) generated $7.1M in gross profit for the year, representing a gross profit margin of 58.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and revenue volatility
Metrics are mathematically derived from official filings.
Revenue Contraction Challenges Growth Narrative
As reported in recent financial statements, Peraso's revenue experienced a sharp 75.1% year-over-year decline in 2026Q1, signaling that the company's transition toward mmWave infrastructure is struggling to gain consistent commercial traction against the backdrop of highly volatile legacy product demand and inconsistent project-based engineering revenue streams.
The significant revenue drop suggests that the company's core mmWave business has yet to achieve the scale necessary to offset the decline in legacy memory accelerator products. Investors should monitor whether this contraction reflects a structural loss of market share or merely the lumpy, milestone-driven nature of non-recurring engineering contracts.
Gross Margin Volatility Reflects Scale
Based on reported figures, Peraso's gross margin has fluctuated significantly, ranging from a negative 147.2% in 2023Q4 to a peak of 69.3% in 2025Q1, highlighting the inherent instability of a fabless semiconductor model that lacks the volume to absorb fixed manufacturing and foundry costs.
The wide variance in gross margins suggests that the company's pricing power is currently insufficient to mitigate the impact of low-volume production runs. This inconsistency implies that until the company achieves a more stable product mix, profitability will remain highly sensitive to foundry pricing and inventory management efficiency.
Operating Leverage Remains Deeply Negative
According to the income statement data, Peraso continues to struggle with operating leverage, as evidenced by a persistent negative operating margin that reached -40.87% in 2025Q4, indicating that the current revenue base is fundamentally insufficient to cover the company's high fixed research and development overhead.
The inability to scale operating income alongside gross profit suggests that the company's cost structure is currently misaligned with its commercial output. This warrants further investigation into whether management can achieve operational break-even without a substantial and sustained increase in high-margin intellectual property licensing revenue.
R&D Intensity Pressures Financial Viability
Analysis of the cost structure reveals that R&D remains the primary driver of the company's cash burn, with quarterly expenditures consistently exceeding $1.5 million, a level that appears unsustainable given the recent revenue contraction and the company's limited cash reserves of $2.89 million.
The high R&D intensity reflects the specialized nature of the 60GHz mmWave technology, yet the lack of corresponding revenue growth suggests that these investments have not yet translated into commercial success. Investors should consider the risk that continued high spending may necessitate further dilutive financing to sustain operations.
Sustainability of Current Business Model
While management emphasizes the potential of the 60GHz niche, the consistent operating losses and the 16.33% TTM revenue decline suggest that the company's current business model may be fundamentally challenged by its inability to convert design wins into consistent, high-margin revenue streams in a competitive market.
Short-sellers would likely focus on the company's precarious cash position and the potential for inventory obsolescence as 5G standards evolve. The reliance on lumpy NRE fees to bridge the gap between product sales and profitability appears to be a significant risk factor that could lead to further margin compression.