Peraso Inc. announced its financial results for the second quarter ended June 30, 2025, on August 11, 2025. Total net revenue for the quarter was $2.2 million, a decrease from $4.2 million in Q2 2024, primarily due to the cessation of memory IC product shipments.
Despite the overall revenue decline, mmWave product revenue showed robust growth, increasing to $2.2 million in Q2 2025. This represents a 45% sequential rise and over 200% year-over-year increase, highlighting the success of the company's strategic pivot.
GAAP gross margin for Q2 2025 was 48.3%, down from 55.5% in Q2 2024, as revenue is now entirely comprised of mmWave products. The net loss for the quarter improved to $1.8 million, compared to $4.4 million in Q2 2024, indicating improved operational efficiency.
Peraso provided guidance for the third quarter of 2025, expecting total net revenue to be in the range of $2.8 million to $3.1 million. Management anticipates a record quarterly revenue contribution from its mmWave products in Q3, with sequential mmWave revenue growth projected throughout 2025.
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