PRSO

Peraso is a $10M mmWave-fabless chip micro-cap whose own 10-K states there is 'significant doubt about our ability to continue as a going concern.' That single line dominates everything else. FY2025 operating cash flow was -$5.61M against just $2.89M of cash on hand — less than one year of runway — and management explicitly says it 'will need to increase revenues substantially beyond levels attained in the past' or keep 'raising additional capital from time to time.' The 159.6% YoY jump in shares outstanding shows exactly how prior gaps were plugged: dilution, and the retail buyer of today's $0.82 stock is the funding source of tomorrow's raise.

The fundamentals are a mixed but net-deteriorating picture. Encouragingly, the net loss narrowed to -$4.75M from -$10.7M (+55.7%) and gross margin is a healthy 58%, and the balance sheet is unlevered (liabilities/equity 0.31x, total liabilities down 61%). But revenue fell 16.3% to $12.2M, and MD&A discloses that ~$0.5M of second-half 2025 revenue came from residual end-of-life orders on the discontinued memory line — a non-recurring tailwind that flatters an already-shrinking top line. R&D was cut 32% to $6.25M, which trims the burn but also starves the design-win engine the risk factors say revenue growth depends on ('if we do not continue to win designs in the short term, our product revenue in the following years will not grow'). The accumulated deficit is -$182M against $4.64M of equity.