Company Overview
Peraso Inc. operates as a fabless semiconductor entity focused on the research, development, and commercialization of semiconductor devices and antenna modules across North America, Hong Kong, Taiwan, and international markets. Within the Technology sector, the firm specifically functions within the Semiconductors industry, a domain characterized by high technical barriers to entry and significant capital requirements for manufacturing and R&D. The company's current market capitalization stands at $8.95M, while its trailing twelve-month revenue is reported at $12.19M, with employee count listed as N/A in the available data. These financial metrics indicate that Peraso Inc. is a micro-cap entity with a relatively small market footprint compared to established industry leaders, suggesting a position where the company is still establishing its revenue base and market penetration rather than dominating a mature market share. The absence of a listed employee count further highlights the early-stage or lean operational structure often found in fabless semiconductor companies that outsource fabrication. The combination of a sub-$10M market cap and a revenue stream of approximately $12.2M suggests the business is operating at a scale typical for emerging technology firms that have not yet achieved the profitability required to support a larger valuation multiple.
Financial Health
The company reported a revenue of $12.19M for the trailing twelve months, yet this top-line growth was accompanied by a net income of $-4,753,000 and an EBITDA of $-4,721,667, revealing a substantial gap between revenue generation and profitability. This disparity between the $12.19M revenue and the roughly $4.75M net loss indicates a cost structure where operating expenses, likely driven by R&D and sales efforts in new markets, significantly outpace gross profit margins. While free cash flow data is not available in the provided facts, the presence of $2.89M in cash on hand alongside only $192,000 in debt suggests the company retains liquidity despite its accounting losses. The gross margin stands at 58.0%, which indicates a relatively efficient production or component cost structure relative to the selling price of the millimeter wavelength integrated circuits and antenna modules. However, the operating margin of -44.6% and profit margin of -39.0% demonstrate that high fixed costs or sales expenses are eroding the gross profitability before reaching the bottom line. The company holds $2.89M in cash against $192,000 in debt, resulting in a debt-to-equity ratio of 4.14, which technically classifies the balance sheet as highly leveraged based on the ratio, though the absolute debt level remains low. The current ratio is 4.14, indicating that the company possesses $4.14 in current assets for every $1 of current liabilities, which points to strong short-term liquidity and an ability to meet immediate obligations without distress. Finally, the return on equity is -117.3% and the return on assets is -46.9%, metrics that reveal that management is currently destroying shareholder value and utilizing assets inefficiently to generate positive returns, a common characteristic of pre-profitable semiconductor startups.
Valuation Assessment
Peraso Inc. does not have a trailing P/E ratio available due to its losses, but it reports a forward P/E of -5.79, implying that future earnings estimates are negative or that the market is pricing in continued unprofitability. The price-to-book ratio is 1.90, suggesting that the market values the company at nearly double its book value, which may reflect intangible assets like intellectual property in the semiconductor space rather than tangible net assets. The price-to-sales ratio is 0.73, indicating that the stock trades at less than one dollar of sales, while the EV/EBITDA stands at -1.30, further confirming that traditional earnings-based valuation models are not applicable at this stage. The stock has traded between a 52-week low of $0.52 and a 52-week high of $2.37; without a specific current price provided in the facts, the valuation range suggests significant volatility and a wide trading band typical of small-cap technology stocks. The beta of 0.85 indicates that the stock's price volatility is slightly lower than the broader market, moving with 85% of the market's magnitude during periods of fluctuation.
Growth & Income
The company experienced a revenue growth of -22.0% year-over-year, while earnings growth is listed as N/A due to the lack of profitable earnings to compound. The decline in revenue suggests a contraction in the business or a loss of market share, and since there are no earnings to grow, the relationship between revenue and earnings growth cannot be analyzed in terms of margin expansion. As the company does not pay dividends, the dividend yield is N/A and the payout ratio is 0.0%, meaning the firm reinvests any remaining operational cash flow or utilizes its existing cash reserves into growth initiatives rather than distributing income to shareholders. Consequently, the overall growth and income profile is defined by negative revenue momentum and a lack of dividend income, positioning the investment purely as a speculative bet on future turnaround potential rather than a yield-generating or consistently growing asset.