Core Insights - Mobix Labs, Inc. has entered into a mutual confidentiality agreement with Peraso, Inc. to explore a potential acquisition, marking a new phase for both companies [1] - The agreement aims to facilitate a structured exchange of information and foster collaboration to identify synergies that could enhance innovation [1] Company Overview - Mobix Labs, Inc. is a fabless semiconductor and connectivity company focused on defense, aerospace, and high-reliability applications, offering a portfolio that includes RF, interconnect, and related solutions [3]

Summary of Peraso's Conference Call Company Overview - **Company Name**: Peraso - **Incorporation**: 2008, went public in December 2021 through a merger - **Business Focus**: Semiconductor company specializing in high-speed wireless technology, particularly mmWave technology, similar to Nvidia's business model [1][2] Industry Insights - **Market Growth**: The millimeter wave market is projected to grow from $5 billion this year to approximately $30 billion by 2023, representing an annual growth rate of about 25% [5] - **Military Segment Growth**: The military segment for millimeter wave technology is expected to grow at a rate of 42% due to its stealth capabilities [5] Core Business Areas 1. **Fixed Wireless Access**: - Focus on providing high-speed internet, particularly in rural areas where large telcos do not operate [6] - Lead customer: Ubiquiti, a $40 billion company with eight products based on Peraso's chips [6] 2. **Military Communications**: - Emphasis on stealthy communication capabilities that are undetectable in military environments [4] - Ongoing trials and demos with the U.S. government and other international military entities [10][11] 3. **Edge AI Applications**: - High bandwidth video processing for applications like self-driving cars and factory automation [12][13] 4. **Transportation**: - Trials in Asia to provide internet access on moving trains [14][15] Technological Advantages - **Beamforming Technology**: - Allows for long-distance signal transmission (over 25 kilometers) with low interference, making it suitable for dense urban environments and military applications [4][7] - **Patent Portfolio**: - Strong patent portfolio with 60 issued and pending patents, including nine essential claim patents in IEEE 802.11ay [2] Financial Performance - **Revenue**: - Fiscal 2024 revenue was $14.5 million, with 90% from legacy memory products [20] - mmWave revenue was $1.5 million in 2024, with a trajectory to reach approximately $10 million in 2025 [21][22] - **Gross Margin**: - Targeting a gross margin of 50% for mmWave products, with a current margin of about 48% [22] - **Cash Position**: - Reported $1.8 million in cash as of June 30, with plans to extend runway into mid-2026 [22] Market Position - **Competitive Landscape**: - Peraso is a sole supplier in the unlicensed mmWave market, while Qualcomm and MediaTek dominate the licensed segment [24] - **Total Addressable Market (TAM)**: - Estimated at about half a billion dollars for unlicensed mmWave technology [24] Challenges and Opportunities - **Adoption Barriers**: - The transition to mmWave technology is slow as customers adapt to the new high-frequency technology [24] - **Potential Acquisition**: - Mobix Labs has expressed interest in acquiring Peraso, with ongoing discussions about a potential hostile takeover [27][28] Conclusion - Peraso is positioned as a leader in the mmWave semiconductor market with significant growth opportunities in various sectors, particularly military and urban communications. The company is navigating challenges related to technology adoption and market competition while maintaining a focus on expanding its customer base and product offerings [18][19]

Core Insights - Peraso Inc. has received additional non-cancelable purchase orders totaling $0.5 million, indicating strong demand for its products [1] - These orders are linked to the end-of-life program for the company's memory integrated circuit products, suggesting a strategic shift in product offerings [1] Company Summary - Peraso Inc. is recognized as a pioneer in mmWave wireless technology solutions, highlighting its innovative position in the industry [1] - The recent purchase orders represent unanticipated incremental last-time buys, reflecting potential customer loyalty and ongoing interest in the company's legacy products [1]

Core Viewpoint - Peraso (PRSO) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive shift in earnings estimates which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements, particularly influenced by institutional investors [3][5]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional investors to buy or sell, thus affecting stock prices [3]. Company Performance and Outlook - The upgrade for Peraso reflects an improvement in its underlying business, suggesting that investors may respond positively by driving the stock price higher [4]. - Over the past three months, the Zacks Consensus Estimate for Peraso has increased by 46.2%, indicating a significant upward revision in earnings expectations [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, positioning Peraso among the best candidates for potential market-beating returns [8][9].

Core Viewpoint - Mobix Labs has made an all-cash proposal to acquire Peraso, offering $1.30 per share, which represents a 53% premium over Peraso's 20-day volume-weighted average price of $0.85 per share [2][4][7] Group 1: Proposal Details - The proposal is an all-cash offer, eliminating market uncertainty and providing immediate value for Peraso investors [4][7] - Mobix Labs aims to create long-term stockholder value and accelerate top-line growth through this acquisition [2][3] - The offer is based on Peraso's publicly reported share count and includes customary adjustment provisions [3] Group 2: Strategic Rationale - Mobix Labs views the acquisition as a strategic move to enhance its technology leadership in aerospace, defense, and next-generation connectivity [5][6] - The integration of Peraso's wireless and millimeter-wave technologies is expected to drive revenue growth and expand market share across multiple high-growth technology sectors [5][8] - The combined company is anticipated to unlock efficiencies and scalability that will strengthen profitability and margins [8] Group 3: Collaborative Approach - Mobix Labs has expressed a preference for a friendly and cooperative process with Peraso's Board of Directors to maximize value for both companies' stockholders [6][9] - The company is ready to work collaboratively to deliver the proposed value quickly and seamlessly [6][7]

Core Viewpoint - Peraso Inc. has regained compliance with Nasdaq's minimum bid price requirement, indicating a positive development for the company's stock performance [1] Company Summary - Peraso Inc. is a pioneer in mmWave wireless technology solutions [1] - As of September 18, 2025, the company's common stock has closed above the $1.00 minimum bid price requirement for the last 10 consecutive trading days [1]

Summary of Peraso Inc. Q3 2025 Investor Presentation Company Overview - **Company**: Peraso Inc. - **Industry**: Semiconductor, specifically focused on mmWave technology - **Business Model**: Fabless semiconductor company, designs chips and outsources manufacturing [2][23] Core Technology and Market Insights - **Technology Focus**: mmWave technology, operating in the spectrum of 24 to 300 gigahertz, emphasizing beamforming capabilities [3][4] - **Market Size**: The overall chipset market for mmWave technology is projected to grow from $5 billion to over $30 billion by 2033, representing a 25% compounded annual growth rate (CAGR) [4] - **Defense Market Growth**: The defense sector is expected to grow from $624 million to $7.179 billion, indicating a 42% CAGR [5] Key Applications - **Fixed Wireless Access**: High-speed internet access, with significant partnerships, notably with Ubiquiti, which has a valuation of approximately $30 billion [6][10] - **Stealth Communications**: Technology is crucial for military applications, providing low probability of detection and jamming, enhancing battlefield communication [12][13] - **Transportation**: Real-time high-speed internet for moving vehicles such as buses and trains [15] - **Professional Video Delivery**: Applications in virtual reality and real-time medical environments, such as operating rooms [16][17] - **Emerging Applications**: Autonomous vehicles requiring high data rates for information transfer [35][36] Financial Performance - **2024 Revenue**: Approximately $14.5 million, primarily from legacy memory products, transitioning to a pure mmWave focus [23][24] - **mmWave Revenue Growth**: Revenue increased from $1.5 million in the previous year to $3.8 million in the first half of 2025, with expectations for continued growth [24][25] - **Gross Margin Target**: Future target for mmWave products is approximately 50% gross margin, with recent performance nearing this target [25] Competitive Landscape - **Market Position**: Peraso is positioned as a leading supplier in the mmWave market, with limited competition following the exit of major players like Qualcomm [28][29] - **Unique Selling Proposition**: The technology's stealth capabilities and the ability to operate in unlicensed spectrum make it a preferred choice for various applications [27][31] Growth Opportunities - **BEAD Program**: A U.S. government initiative with a budget of $42.45 billion aimed at providing high-speed internet access, expected to benefit Peraso's fixed wireless business starting in 2026 [10][11] - **Military Applications**: Significant potential in military contracts, particularly in stealth communications and safety mechanisms to prevent friendly fire [14] Conclusion - **Investment Thesis**: The transition to a pure mmWave company is expected to drive growth, with increasing customer engagement and a robust pipeline of products in the market [21][26]

Summary of Peraso Q3 2025 Investor Presentation Company Overview - Peraso is a fabless semiconductor company focused on high-speed wireless communications, incorporated in 2008 and went public on NASDAQ in December 2021 [1] - The company has shipped over 2 million devices since 2016 and is a dominant player in the 60 GHz market [1] - Peraso holds over 50 patents and has nine essential claims in the 802.11ay standard [1] Industry Insights - The millimeter wave market is projected to grow from $5 billion in 2025 to $30 billion by 2033, representing a compound annual growth rate (CAGR) of 25% [3] - The defense sector is expected to grow at a CAGR of 42%, highlighting significant opportunities for Peraso [3] Key Markets and Applications - **Fixed Wireless Access**: - Ubiquiti is a lead customer, focusing on providing high-speed internet in rural markets [4][5] - The technology has evolved to support dense urban environments, with recent design wins in cities like Los Angeles and Las Vegas [6] - **Tactical Communications**: - The technology is difficult to detect and jam, making it suitable for military applications [9][10] - A major design win was announced with a Middle Eastern military contractor, emphasizing the technology's safety mechanisms [10][11] - **Transportation**: - The technology provides real-time high-performance internet access for various modes of transportation, including autonomous vehicles [12] - **Professional Video Delivery**: - Applications include VR and real-time video transmission in medical settings, such as operating rooms [13][14] Financial Performance - Revenue in 2024 was $14.6 million, with millimeter wave revenue at $1.5 million due to inventory issues from COVID-19 [20] - Revenue for 2025 is projected to increase, with Q2 revenue at $2.2 million and guidance for Q3 between $2.8 million and $3.1 million [20] Growth Pipeline - The number of customers in production increased from 11 in Q4 2023 to 14 in Q2 2025, with a significant growth in the product pipeline [15][18] - The company has 59 separate SKUs in the marketplace, nearly doubling from 31 in the previous period [18] Strategic Developments - The U.S. government's BEAD program, a $42.45 billion initiative to provide high-speed internet, is expected to positively impact Peraso's business [8] - The company is focused on maintaining a competitive edge in the 60 GHz semiconductor market, with significant barriers to entry for new competitors [19] Conclusion - Peraso is positioned as a premier supplier in the 60 GHz semiconductor space, with strong growth opportunities across multiple high-demand markets [19]

Core Insights - Peraso Inc. will present at the Investor Summit Virtual on September 16, 2025, highlighting its growth strategies and market opportunities [1] Company Overview - Peraso Inc. (NASDAQ:PRSO) specializes in high-performance 60 GHz unlicensed and 5G mmWave wireless technology, providing chipsets, modules, software, and intellectual property [1]

Group 1 - Mobix Labs has filed Form 425 with the SEC to announce its intention to commence a hostile exchange offer to acquire all outstanding shares of Peraso [1]