“Seco d qua te eve ue i c eased app oximately 36% seque tially a d was above ou p evious expectatio s, p ima ily eflecti g the fulfillme t of a p eviously delayed o de shipme t to a ew fixed wi eless access custome ,” comme ted Ro Glibbe y, CEO of Pe aso. “Ou ove all busi ess co ti ues to be impacted by i egula o de patte s, as fixed wi eless access custome s avigate i flated memo y p ices a d co st ai ed supply of othe key compo e ts. We expect these ma ket dy amics to exte d i to the fou th qua te .
“Despite these o goi g dy amics, we emai optimistic about the g owi g ecog itio a d demo st ated value p opositio of ou 60 GHz mmWave tech ology ac oss ou ta get e d ma kets. I defe se a d tactical commu icatio s, its i he e tly stealthy, a ti-jammi g cha acte istics delive u ique diffe e tiatio fo applicatio s equi i g secu e, high-ba dwidth co ectivity. Today, we a e seei g a high level of i te est a d expa di g e gageme ts with d o e ma ufactu e s that a e actively evaluati g ou solutio s.
“We co ti ue to focus ou effo ts o the a eas of the busi ess that we ca co t ol. This i cludes o goi g steps to imp ove the futu e esilie ce of ou supply chai , as well as secu e additio al dist ibutio pa t e s to expa d the ma ket each of Pe aso’s 60GHz mmWave solutio s. Coupled with these ope atio al i itiatives, ou highest p io ity emai s o d ivi g comme cial t actio a d secu i g ew desig wi s a d custome s i suppo t of futu e top-li e g owth.”
Total et eve ue fo the seco d qua te of 2026 was $1.3 millio , compa ed with $1.0 millio i the p io qua te a d $2.2 millio i the same qua te a yea ago. P oduct eve ue fo the seco d qua te of 2026 was $1.2 millio , compa ed with $0.7 millio i the p io qua te a d $2.2 millio i the same qua te a yea ago. The seque tial i c ease i p oduct eve ue fo the seco d qua te of 2026 was att ibutable to highe shipme ts of mmWave p oducts.
G oss ma gi fo the seco d qua te of 2026 was 63.7%, compa ed with 61.5% i the p io qua te a d 48.3% i the same qua te a yea ago. The yea -ove -yea i c ease i g oss ma gi was p ima ily att ibutable to a i c ease i o – ecu i g e gi ee i g se vices eve ue a d mmWave p oduct mix, combi ed with a i c ease i sales of i ve to y w itte dow i p io pe iods, as pa tially offset by a dec ease i sales of memo y a d elated p oducts.
Total ope ati g expe ses o a GAAP basis fo the seco d qua te of 2026 we e $3.1 millio , co siste t with the p io qua te a d compa ed with $2.9 millio i the same qua te a yea ago. Ope ati g expe ses o a o -GAAP basis fo the seco d qua te of 2026, which excluded stock-based compe satio , we e $2.9 millio , co siste t with the p io qua te a d compa ed with $2.7 millio i the same qua te a yea ago.
GAAP et loss fo the seco d qua te of 2026 was $2.2 millio , o ($0.16) pe sha e, compa ed with a et loss of $2.5 millio , o ($0.22) pe sha e, i the p io qua te , a d a et loss of $1.8 millio , o ($0.31) pe sha e, i the seco d qua te of 2025. No -GAAP et loss, which excludes stock-based compe satio a d cha ges i fai value of wa a t liabilities, fo the seco d qua te of 2026 was $2.1 millio , o ($0.15) pe sha e, compa ed with a et loss of $2.3 millio , o ($0.20) pe sha e, i the p io qua te a d a et loss of $1.7 millio , o ($0.28) pe sha e, i the seco d qua te of 2025.
Adjusted EBITDA fo the seco d qua te of 2026 was egative $2.0 millio , compa ed with egative $2.3 millio i the p io qua te a d egative $1.6 millio i the same qua te last yea .
A eco ciliatio of GAAP to o -GAAP esults a d GAAP et loss to Adjusted EBITDA is p ovided i the fi a cial stateme t tables followi g the text of this p ess elease.
Ro Glibbe y, CEO, a d Jim Sulliva , CFO, will host a co fe e ce call a d webcast with slides today, August 11th, at 1:30 p.m. Pacific Time.
Date:
Fo those u able to liste to the live Web b oadcast, it will be a chived o the Compa y’s website, a d ca be accessed by visiti g the Compa y’s i vesto page at https://i vesto s.pe asoi c.com/eve ts-p ese tatio s. A eplay of the co fe e ce call will also be available th ough August 18, 2026 a d ca be accessed by calli g 1-877-481-4010, a d usi g passcode 54274. I te atio al calle s should dial 1-919-882-2331 a d e te the same passcode at the p ompt. A y suppo ti g mate ials efe e ced du i g the live b oadcast will be made available i the I vesto Relatio s sectio of the Compa y’s website followi g the co clusio of the co fe e ce call.
To suppleme t Pe aso’s co solidated fi a cial stateme ts p ese ted i acco da ce with GAAP, Pe aso uses o -GAAP fi a cial measu es that exclude f om the stateme t of ope atio s the effects of stock-based compe satio a d the cha ge i fai value of wa a t liabilities. Pe aso’s ma ageme t believes that the p ese tatio of these o -GAAP fi a cial measu es is useful to i vesto s a d othe i te ested pe so s because they a e o e of the p ima y i dicato s that Pe aso’s ma ageme t uses fo pla i g a d fo ecasti g futu e pe fo ma ce. The p ess elease also makes efe e ce to a d eco ciles GAAP et i come (loss) a d adjusted EBITDA, which the Compa y defi es as GAAP et i come (loss) befo e i te est expe se, the i come tax p ovisio , a d dep eciatio a d amo tizatio , as well as stock-based compe satio a d the cha ge i fai value of wa a t liabilities. Ma ageme t believes that the p ese tatio of o -GAAP fi a cial measu es that exclude these items is useful to i vesto s because ma ageme t does ot co side these cha ges pa t of the day-to-day busi ess o eflective of the co e ope atio al activities of the Compa y that a e withi the co t ol of ma ageme t o that would be used to evaluate ma ageme t’s ope ati g pe fo ma ce.
I vesto s a e e cou aged to eview the eco ciliatio s of these o -GAAP fi a cial measu es to the compa able GAAP esults, which a e p ovided i tables below the Co de sed Co solidated Stateme ts of Ope atio s. The o -GAAP fi a cial measu es disclosed by the Compa y should ot be co side ed a substitute fo , o supe io to, fi a cial measu es calculated i acco da ce with GAAP, a d the fi a cial esults calculated i acco da ce with GAAP a d eco ciliatio s to those fi a cial stateme ts should be ca efully evaluated. The o -GAAP fi a cial measu es used by the Compa y may be calculated diffe e tly f om, a d the efo e may ot be compa able to, simila ly titled measu es used by othe compa ies. Fo additio al i fo matio ega di g these o -GAAP fi a cial measu es, a d ma ageme t’s expla atio of why it co side s such measu es to be useful, efe to the Cu e t Repo t o Fo m 8-K dated August 11, 2026 filed by the Compa y with the Secu ities a d Excha ge Commissio .
This p ess elease may co tai fo wa d-looki g stateme ts about the Compa y, i cludi g, without limitatio , the Compa y’s expectatio s ega di g g owth p ospects fo the Compa y’s p oducts a d the Compa y’s 2026 eve ue a d g oss ma gi t e ds. Fo wa d-looki g stateme ts a e based o ce tai assumptio s a d expectatio s of futu e eve ts that a e subject to isks a d u ce tai ties. Actual esults a d t e ds may diffe mate ially f om histo ical esults o those p ojected i a y such fo wa d-looki g stateme ts depe di g o a va iety of facto s. These facto s i clude, but a e ot limited to the followi g:
the Compa y’s ability to co ti ue as a goi g co ce ;
the Compa y’s ability to aise additio al capital to fu d its ope atio s;
the Compa y’s ability to egai complia ce with the co ti ued listi g equi eme ts a d sta da ds of the Nasdaq Stock Ma ket;
isks elated to the p ocess of eviewi g a d explo i g pote tial st ategic alte atives, which may be time-co sumi g, dist acti g, a d dis uptive to the Compa y’s busi ess ope atio s;
the timi g of custome o de s a d p oduct shipme ts, which may be impacted by supply chai dis uptio s expe ie ced by the Compa y o its custome s;
the Compa y’s ability to co ve t custome e gageme ts, p oof-of-co cept evaluatio s, a d tech ology demo st atio s i to desig wi s, pu chase o de s, a d p oductio eve ue;
the timi g a d outcome of p oduct delive ies, field t ials, a d custome accepta ce of the Compa y’s p oducts;
isks elated to pa demics, wa s a d te o ist activities that may have a adve se impact o the Compa y’s busi ess a d fi a cial esults a d esult i compo e t sho tages a d i c eased lead times that may egatively impact the Compa y’s ability to ship its p oducts;
isks elated to ta iffs, t ade est ictio s, i flatio , a d othe gove me t actio s that may affect the Compa y’s supply chai , compo e t costs, o custome dema d;
custome co ce t atio s a d le gth of billi g a d collectio cycles, which may be impacted i the eve t of a global ecessio o eco omic dow tu ;
le gthy sales cycle;
ability to e ha ce the Compa y’s existi g p op ieta y tech ologies a d develop ew tech ologies;
achievi g additio al desig wi s fo the Compa y’s p oducts th ough the accepta ce a d adoptio of its tech ology by existi g a d pote tial custome s a d thei supplie s;
difficulties a d delays i the p oductio , testi g a d ma keti g of the Compa y’s p oducts;
elia ce o ma ufactu i g pa t e s to assist successfully with the fab icatio of a d p oductio of the Compa y’s p oducts;
impacts of the e d-of-life of the Compa y’s memo y p oducts;
availability of qua tities of the Compa y’s p oducts supplied by its ma ufactu i g pa t e s at a competitive cost;
level of i tellectual p ope ty p otectio p ovided by the Compa y’s pate ts, the expe ses a d othe co seque ces of litigatio , i cludi g i tellectual p ope ty i f i geme t litigatio , to which the Compa y may be o may become a pa ty f om time to time;
vigo a d g owth of ma kets se ved by the Compa y’s custome s a d its ope atio s; a d
othe isks ide tified i the Compa y’s public fili gs it makes with the Secu ities a d Excha ge Commissio .
Pe aso does ot i te d to update publicly a y fo wa d-looki g stateme t fo a y easo , except as equi ed by law, eve as ew i fo matio becomes available o othe eve ts occu i the futu e.
Pe aso I c. (NASDAQ:PRSO) is a pio ee i high-pe fo ma ce 60 GHz wi eless tech ology, offe i g chipsets, modules, softwa e, a d IP. Pe aso suppo ts a va iety of applicatio s, i cludi g fixed wi eless access, d o e, defe se a d tactical commu icatio s, imme sive video, a d facto y automatio . Fo additio al i fo matio , please visit www.pe asoi c.com.
P oduct | $ | 1,244 | $ | 2,218 | $ | 1,911 | $ | 6,018 | Se vices a d othe | 63 | 2 | 359 | 71 | Total et eve ue | 1,307 | 2,220 | 2,270 | 6,089 | 474 | 1,147 | 845 | 2,336 | 833 | 1,073 | 1,425 | 3,753 | Resea ch a d developme t | 1,625 | 1,662 | 3,210 | 3,245 | Selli g, ge e al a d admi ist ative | 1,444 | 1,411 | 2,935 | 3,022 | Softwa e lice se obligatio s | – | (223 | ) | – | (223 | ) | Total ope ati g expe ses | 3,069 | 2,850 | 6,145 | 6,044 | Loss f om ope atio s | (2,236 | ) | (1,777 | ) | (4,720 | ) | (2,291 | ) | Cha ge i fai value of wa a t liabilities | 14 | (29 | ) | 5 | 6 | Othe i come (expe se), et | 2 | (2 | ) | $ | (2,220 | ) | $ | (4,717 | ) | Basic a d diluted | $ | (0.16 | ) | $ | (0.31 | ) | $ | (0.37 | ) | $ | (0.39 | ) | Basic a d diluted | 14,058 | 5,977 | 12,842 | 5,862 |
Cu e t assets: | Cash a d cash equivale ts | $ | 3,322 | $ | 2,886 | Accou ts eceivable, et | 306 | 1,219 | I ve to ies | 1,708 | 1,168 | P epaid expe ses a d othe | 407 | 195 | Total cu e t assets | 5,743 | 5,468 | P ope ty a d equipme t, et | 548 | 363 | Right-of-use lease assets | 105 | 143 | Othe | 390 | 105 | Total assets | $ | 6,786 | $ | 6,079 | Cu e t liabilities: | Accou ts payable | $ | 757 | $ | 679 | Defe ed eve ue | 74 | 8 | Sho t-te m lease liabilities | 96 | 95 | Acc ued expe ses a d othe | 883 | 540 | Total cu e t liabilities | 1,810 | 1,322 | Lo g-te m lease liabilities | 32 | 97 | Wa a t liabilities | 19 | 24 | Total liabilities | 1,861 | 1,443 | Stockholde s’ equity | 4,925 | 4,636 | Total liabilities a d stockholde s’ equity | $ | 6,786 | $ | 6,079 |
$ | (2,220 | ) | $ | (1,829 | ) | $ | (4,717 | ) | $ | (2,300 | ) | Stock-based compe satio expe se | -Resea ch a d developme t | 71 | 81 | 130 | 146 | -Selli g, ge e al a d admi ist ative | 99 | 60 | 187 | 120 | Total stock-based compe satio expe se | 170 | 141 | 317 | 266 | Cha ge i fai value of wa a t liabilities | (14 | ) | 29 | (5 | ) | (6 | ) | $ | (2,064 | ) | $ | (1,659 | ) | $ | (4,405 | ) | $ | (2,040 | ) | $ | (0.16 | ) | $ | (0.31 | ) | $ | (0.37 | ) | $ | (0.39 | ) | Reco cili g items | -Stock-based compe satio expe se | 0.01 | 0.02 | 0.03 | 0.04 | -Cha ge i fai value of wa a t liabilities | – | 0.01 | – | – | $ | (0.15 | ) | $ | (0.28 | ) | $ | (0.34 | ) | $ | (0.35 | ) | Basic a d diluted | 14,058 | 5,977 | 12,842 | 5,862 |
$ | (2,220 | ) | $ | (1,829 | ) | $ | (4,717 | ) | $ | (2,300 | ) | Stock-based compe satio expe se | -Resea ch a d developme t | 71 | 81 | 130 | 146 | -Selli g, ge e al a d admi ist ative | 99 | 60 | 187 | 120 | Stock-based compe satio expe se | 170 | 141 | 317 | 266 | Cha ge i fai value of wa a t liabilities | (14 | ) | 29 | (5 | ) | (6 | ) | (2,064 | ) | (1,659 | ) | (4,405 | ) | (2,040 | ) | EBITDA adjustme ts: | -Dep eciatio a d amo tizatio | 49 | 62 | 99 | 129 | -I te est expe se | – | – | – | 1 | $ | (2,015 | ) | $ | (1,597 | ) | $ | (4,306 | ) | $ | (1,910 | ) |
