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]

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]