Peraso(US:PRSO)2025-09-16 18:32Summary 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]