Peraso’s High-Frequency Pivot: From Fixed Wireless to the Drone War Effort

A 36% sequential revenue bump can’t mask a deeper story: the 60 GHz chipmaker is betting its future on jam-resistant communications for drones and defense.

MOSY · Earnings Call · 2026-08-11

The Quarter: A Beat, But No Guidance

Peraso reported Q2 2026 revenue of $1.3 million, up 36% sequentially, but still down from $2.2M a year ago. CFO Jim Sullivan cited the sequential growth from a delayed fixed wireless order, but management declined to provide guidance due to “irregular order patterns” and “limited near-term visibility.” “Overall visibility into future near-term demand remains challenging due to the irregular order patterns from our fixed wireless access customers.” — James Sullivan, Chief Financial Officer · 2026-08-11 That caution is understandable given that sales of legacy memory products have essentially evaporated (under $25K per quarter), and the core mmWave business is now the only engine—a fragile one.

The Pivot: Jam Resistance Over Bandwidth

The real story, though, is not in the numbers but in the narrative shift. CEO Ron Glibbery spent most of the call dismantling the old “fixed wireless access” framing and replacing it with a defense-and-autonomy thesis. He emphasized the fundamental physics of 60 GHz: “With 60 gigahertz technology, we utilize highly directional narrow beams. That directional nature significantly reduces co-channel interference, allowing numerous simultaneous multi-gigabit links to operate reliably inside the same physical footprint with deterministic low latency performance.” — Ronald Glibbery, Chief Executive Officer · 2026-08-11 This is the hook for the company’s pivot to drones, autonomous systems, and tactical communications—where dual use is not just a buzzword but a literal product requirement. The most concrete evidence is the formal introduction of the PRM2145, a new jam-resistant module purpose-built for UAVs and defense. Glibbery described it as “a new module with some—you’ll have to go to our website to see the specific technical details.” He also highlighted the partnership with Virewirx, which produced a demo achieving over 50 Gbps aggregate in a simulated drone swarm environment.

In June of this year, we completed a customer demonstration with our partner, Virewirx, that put these advantages on full display. Together, we created a simulated drone wireless environment and successfully operated a high-capacity network cluster that achieved a peak aggregate data rate of more than 50 gigabits per second.
Ronald Glibbery, Chief Executive Officer · 2026-08-11

This is the kind of proof point that cuts through RF clutter.

From IFF to Hybrid UAV Networks

The deeper strategic thread is the Identification Friend-or-Foe (IFF) work with InTACT. Glibbery underscored the evolution from ground-based infantry solutions to aerial applications: “…we're starting to see a shift over to the drone application as well. So just you can imagine the need for friendly fire in circumstances where you've got a drone and infantry on the ground.” — Ronald Glibbery, Chief Executive Officer · 2026-08-11 This is not new—the partnership has been discussed for over a year—but the language has sharpened. In the March 2026 call, he said: “One of the main evolutions we have seen in warfare over the last two years is this idea of drone swarm and the sky is getting cluttered with drones. Militaries need to identify friend or foe.” — Ron Glibbery, CEO · 2026-03-16 Now he is talking about weekly design wins, NATO consortium access, and a ramp in production. Perhaps the most futuristic application is the hybrid UAV network, where a LEO satellite provides backhaul to a control drone that then manages client drones via 60 GHz. Glibbery said, “…the drone operator can be really anywhere. And you can be anywhere in the globe and really see a real-time first-person video depiction of those client drones.” — Ronald Glibbery, Chief Executive Officer · 2026-08-11 This is a compelling vision, but the revenue timeline remains fuzzy—he mentioned ground-based secure fixed wireless could ship in Q4, while drone volumes are more likely Q1/Q2 next year.

Mixed Signals from the Tape and Peers

The market is still trying to price this pivot. The company’s own price tape is absent, but the global context shows the broader drone/defense theme is not uniformly hot. counter drone names like DPRO have seen wild swings, while pure-play space names have been beaten down recently (e.g., Low Earth Orbit decliners). Peraso is late to the party? Not necessarily—its unique 60 GHz angle may be the differentiator it needs, especially with competitors like Qualcomm exiting the space. Financially, Peraso added a $25 million committed equity facility with ROTH, but CFO Sullivan admitted the company is “focused on nonrecurring engineering services” to fund R&D without dilution. The balance sheet remains a going‑concern question—cash was just $3.3M at quarter end. Still, the strategic pivot is real, and the momentum in defense inquiries is tangible. As Glibbery put it, “I would say, just off the top of my head, we are for the last 2 to 3 months, engaging with new drone customers, and I mean design wins on a weekly basis.” — Ronald Glibbery, Chief Executive Officer · 2026-08-11

The Verdict

Peraso is no longer a fixed wireless niche player; it is a microcap bet on the next generation of battlefield connectivity. The revenue numbers are small, but the narrative arc is compelling. If the PRM2145 gains traction and the InTACT production revenue materializes, the upside could be enormous. For now, investors are buying a story—and a very directional one.