Detailed financial statements for Peraso Inc. (PRSO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Peraso Inc. operates as a fabless semiconductor company, specializing in the design and sale of semiconductor devices and modules. A key area of its expertise is millimeter-wave (mmWave) technology, particularly for the 60-gigahertz frequency band and advanced 5G cellular networks.
Analysis Summary
Peraso Inc. reported revenue of $12.2M in the most recent fiscal year, growing at a 5-year CAGR of 6.0%.
Trailing-twelve-month margins: gross margin 56.6%, operating margin -85.8%, net margin -85.6%.
At the current price of $0.46, PRSO has negative trailing earnings (P/E not meaningful) and an ROE of -161.43%. Market capitalisation stands at $7M.
Balance sheet quality for PRSO: current ratio of 4.1, net cash position of $2.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $6.0M | $8.8M | $16.6M | $506000 | $9.1M | $5.7M | $14.9M | $13.7M | $14.6M | $12.2M |
| Cost of Revenue | $3.2M | $4.8M | $6.5M | $477432 | $1.7M | $3.3M | $8.9M | $11.9M | $7.0M | $5.1M |
| Gross Profit | $2.8M | $4.0M | $10.1M | $28568 | $7.3M | $2.4M | $6.0M | $1.9M | $7.5M | $7.1M |
| Research & Development | $18.0M | $8.0M | $4.0M | $10.3M | $8.3M | $11.5M | $19.8M | $14.4M | $9.2M | $6.2M |
| Selling, General & Admin | $5.7M | $4.7M | $4.1M | $5.8M | $7.2M | 0 | 0 | 0 | 0 | $5.8M |
| Operating Expenses | $23.7M | $12.7M | $8.1M | $17.7M | $15.5M | $18.5M | $38.3M | $22.5M | $20.0M | $12.1M |
| Operating Income | -$31.4M | -$10.0M | $2.0M | -$17.7M | -$8.1M | -$16.1M | -$32.3M | -$20.6M | -$12.4M | -$5.0M |
| EBITDA | -$30.2M | -$9.1M | -$10.1M | -$16.1M | -$6.5M | -$6.9M | -$23.3M | -$19.2M | -$8.8M | -$4.5M |
| Interest Expense | $687000 | $927000 | -$582000 | $16710 | $2.1M | $3.0M | $16000 | $21000 | $10000 | $1000 |
| Pre-tax Income | -$32.0M | -$10.9M | -$11.4M | -$18.0M | -$10.2M | -$10.9M | -$32.4M | -$16.8M | -$10.7M | -$4.8M |
| Income Tax | $45000 | -$233000 | $13000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$32.0M | -$10.7M | -$11.4M | -$18.0M | -$10.2M | -$10.9M | -$32.4M | -$16.8M | -$10.7M | -$4.8M |
| EPS | $-3884.02 | $-1163.04 | $-592.95 | $-56.88 | $-144.00 | $-74.40 | $-64.40 | $-26.00 | $-3.57 | $-0.67 |
| EPS (Diluted) | $-3884.02 | $-1163.04 | $-592.95 | $-56.88 | $-144.00 | $-74.40 | $-64.40 | $-26.00 | $-3.57 | $-0.67 |
| Shares Outstanding (Diluted) | $8251 | $9172 | $19241 | $493842 | $106050 | $146725 | $502499 | $646000 | $3.0M | $7.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $3.2M | $2.9M | $963000 | $1.3M |
| Gross Profit | $1.8M | $1.5M | $592000 | $833000 |
| Operating Income | -$1.2M | -$1.3M | -$2.5M | -$2.2M |
| EBITDA | -$1.1M | -$981000 | -$2.4M | -$2.2M |
| Net Income | -$1.2M | -$1.2M | -$2.5M | -$2.2M |
| EPS | $-0.17 | $-0.13 | $-0.22 | $-0.16 |
| EPS (Diluted) | $-0.17 | $-0.13 | $-0.22 | $-0.16 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $8.8M | $3.9M | $7.1M | $6.1M | $1.7M | $5.9M | $1.8M | $1.6M | $3.3M | $2.9M |
| Short-term Investments | $1.0M | 0 | 0 | $300000 | 0 | $9.3M | $1.1M | 0 | 0 | 0 |
| Receivables | $576000 | $1.7M | $1.7M | $1.2M | $922000 | $3.5M | $3.3M | $767000 | $682000 | $1.2M |
| Inventory | $1.5M | $1.8M | $1.1M | $1.1M | $1.6M | $3.8M | $5.3M | $2.6M | $2.1M | $1.2M |
| Total Current Assets | $12.3M | $8.7M | $10.8M | $5.7M | $6.6M | $23.7M | $12.7M | $5.5M | $6.3M | $5.5M |
| Property, Plant & Equipment | $1.3M | $827000 | $279000 | $4.3M | $3.4M | $3.0M | $3.4M | $1.8M | $779000 | $506000 |
| Goodwill | $13.3M | $13.3M | $420000 | 0 | 0 | $9.9M | 0 | 0 | 0 | 0 |
| Intangible Assets | $223000 | $111000 | 0 | $153840 | 0 | $8.4M | $6.3M | $3.3M | $13000 | $6000 |
| Total Assets | $27.1M | $23.1M | $11.8M | $10.2M | $10.0M | $48.0M | $22.5M | $10.7M | $7.2M | $6.1M |
| Accounts Payable | $561000 | $170000 | $236000 | $218000 | $1.1M | $1.9M | $1.8M | $2.4M | $1.0M | $679000 |
| Short-term Debt | 0 | 0 | 0 | $166000 | $581000 | 0 | $330000 | 0 | 0 | $95000 |
| Total Current Liabilities | $3.3M | $6.6M | $1.9M | $1.7M | $2.3M | $5.6M | $4.7M | $4.5M | $3.5M | $1.3M |
| Long-term Debt | $8.2M | $9.2M | $2.7M | $1.6M | $4.3M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $11.8M | $15.8M | $4.6M | $5.6M | $13.9M | $5.9M | $7.2M | $6.6M | $3.7M | $1.4M |
| Retained Earnings | -$214.0M | -$224.7M | -$235.9M | -$96.1M | -$106.3M | -$117.2M | -$149.6M | -$166.4M | -$177.1M | -$181.9M |
| Total Equity | $15.3M | $7.3M | $7.2M | $4.6M | -$3.9M | $42.1M | $15.3M | $4.1M | $3.5M | $4.6M |
| Total Debt | $8.2M | $9.2M | $2.7M | $2.8M | $5.7M | $667000 | $1.5M | $719000 | $321000 | $192000 |
| Net Debt | -$1.5M | $5.3M | -$4.4M | -$3.6M | $3.9M | -$14.5M | -$1.4M | -$864000 | -$3.0M | -$2.7M |
| Working Capital | $8.9M | $2.0M | $8.9M | $4.0M | $4.2M | $18.1M | $8.0M | $1.0M | $2.8M | $4.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $1.9M | $2.9M | $2.7M | $3.3M |
| Total Assets | $6.2M | $6.1M | $6.4M | $6.8M |
| Total Liabilities | $2.6M | $1.4M | $1.8M | $1.9M |
| Total Equity | $3.6M | $4.6M | $4.6M | $4.9M |
| Total Debt | $192000 | $192000 | $159000 | $128000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$32.0M | -$10.7M | -$11.4M | -$18.0M | -$10.2M | -$10.9M | -$32.4M | -$16.8M | -$10.7M | -$4.8M |
| Depreciation & Amortization | $1.1M | $859000 | $709000 | $1.9M | $1.7M | $1.4M | $3.1M | $3.8M | $3.9M | $263000 |
| Stock-based Compensation | $2.2M | $719000 | $719000 | $1.9M | $1.7M | $4.5M | $5.7M | $5.2M | $3.6M | $521000 |
| Change in Working Capital | $292000 | $580000 | -$3.1M | $118261 | -$5.0M | -$737000 | -$2.4M | $2.8M | -$61000 | -$1.7M |
| Operating Cash Flow | -$17.9M | -$7.6M | $335000 | -$14.1M | -$10.2M | -$12.0M | -$16.0M | -$4.7M | -$4.6M | -$5.6M |
| Capital Expenditure | -$646000 | -$300000 | -$50000 | -$1.1M | -$38130 | -$236000 | -$1.0M | -$94000 | 0 | -$107000 |
| Acquisitions | 0 | $12000 | 0 | 0 | 0 | $6.5M | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.6M | -$7.9M | $285000 | -$15.2M | -$10.3M | -$12.3M | -$17.0M | -$4.8M | -$4.6M | -$5.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.5M | -$1.1M | -$2.3M | -$1.6M |
| Capital Expenditure | -$34000 | -$28000 | -$183000 | -$97000 |
| Free Cash Flow | -$1.6M | -$1.1M | -$2.5M | -$1.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $131000 | $124000 | $147000 | $170000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +46.8% | +87.7% | -97.0% | +1696.4% | -37.5% | +161.8% | -7.5% | +6.0% | -16.3% |
| Net Income Growth (YoY) | | +66.7% | -6.9% | -57.5% | +43.1% | -6.7% | -196.9% | +48.2% | +36.1% | +55.7% |
| EPS Growth (YoY) | | +70.1% | +49.0% | +90.4% | -153.2% | +48.3% | +13.4% | +59.6% | +86.3% | +81.2% |
| Shares Change (YoY) | | +11.2% | +109.8% | +2466.6% | -78.5% | +38.4% | +242.5% | +28.6% | +364.7% | +135.3% |
| FCF Growth (YoY) | | +57.6% | +103.6% | -5417.8% | +32.2% | -19.2% | -39.0% | +71.9% | +4.3% | -24.9% |
| Gross Margin | 47.1% | 45.6% | 61.1% | 5.6% | 80.8% | 42.4% | 40.0% | 13.6% | 51.7% | 58.0% |
| Operating Margin | -520.7% | -113.5% | 12.2% | -3498.3% | -89.6% | -283.1% | -217.3% | -150.0% | -85.3% | -40.9% |
| EBITDA Margin | -501.4% | -103.1% | -60.9% | -3179.3% | -71.1% | -121.1% | -156.5% | -139.8% | -60.1% | -36.8% |
| Net Margin | -532.0% | -120.7% | -68.7% | -3551.3% | -112.5% | -192.1% | -217.9% | -122.2% | -73.6% | -39.0% |
| FCF Margin | -308.6% | -89.1% | 1.7% | -2995.2% | -113.1% | -215.7% | -114.5% | -34.8% | -31.4% | -46.9% |
| Effective Tax Rate | -0.1% | 2.1% | -0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-2252.94 | $-858.98 | $14.81 | $-30.69 | $-96.96 | $-83.50 | $-33.89 | $-7.41 | $-1.53 | $-0.81 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8251 | $9172 | $19241 | $493842 | $106050 | $146725 | $502499 | $646000 | $3.0M | $7.1M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -161.43% |
| Return on Invested Capital | -141.74% |
| Return on Assets | -105.66% |
| Gross Margin | 56.59% |
| Operating Margin | -85.85% |
| Net Margin | -85.62% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 3.17 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -39.21 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.47 | -0.76 | -0.23 | -1.24 | -0.68 | -2.26 | -0.45 | -0.43 | -0.32 | -1.30 |
| P/B | 0.99 | 1.11 | 0.37 | 7.62 | -2.64 | 0.59 | 0.96 | 1.77 | 1.00 | 1.33 |
| P/S | 2.52 | 0.92 | 0.16 | 69.10 | 1.14 | 4.34 | 0.99 | 0.53 | 0.24 | 0.50 |
| Gross Margin | 47.1% | 45.6% | 61.1% | 5.6% | 80.8% | 42.4% | 40.0% | 13.6% | 51.7% | 58.0% |
| Operating Margin | -520.7% | -113.5% | 12.2% | -3498.3% | -89.6% | -283.1% | -217.3% | -150.0% | -85.3% | -40.9% |
| Net Margin | -532.0% | -120.7% | -68.7% | -3551.3% | -112.5% | -192.1% | -217.9% | -122.2% | -73.6% | -39.0% |