Peraso(US:PRSO)2025-09-16 19:32Summary 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]