NEW YORK, March 9, 2026, 09:14 EDT
Peraso Inc. shares slipped 3.9% to $1.96 ahead of Monday’s open, paring back some of Friday’s explosive 151.5% rally as traders weighed the potential impact of a military drone-related contract on the wireless chipmaker’s future. Late last week, Peraso announced its 60 GHz millimeter-wave chips—designed for fast, short-range data links—were picked by Israeli defense firm InTACT for a drone Identification Friend or Foe (IFF) system, tech that enables operators to distinguish allied drones from adversaries. 1
Peraso has little room for error as it hunts for fresh revenue and tries to stabilize its balance sheet. The board signaled in July that it’s weighing everything from a merger to selling assets, and is also looking for immediate funding to cover near-term needs. The company’s filing for the quarter ended Sept. 30 listed $1.865 million in cash, adding a warning that there’s “substantial doubt” about staying afloat over the next year. 2
Peraso says its InTACT system targets electronic-warfare zones where radio links risk exposure or jamming. The companies—already paired for over two years on tactical drone ID tech—kept quiet on contract size or rollout timing in the announcement. 3
“Secure identification systems are becoming essential,” Chief Executive Ron Glibbery said, pointing to the growing use of drones in combat zones. InTACT CEO Meir Rapaport described the link as “stealthy and robust.” According to both companies, the system relies on directional, low-power communications designed to limit interception risks. 4
This latest announcement builds on Peraso’s earlier moves in defense, which were already making an impact on its numbers. Back in November, Peraso reported wrapping up first field trials with a primary tactical-communications partner focused on a mission-critical defense use. Third-quarter revenue? Up 45% from the prior period, hitting $3.2 million as mmWave shipments picked up speed. 5
Peraso is pushing to turn recent gains into something meaningful as they navigate a packed field. In its annual report, the company flagged Qualcomm as its primary rival in the 802.11ad/ay mmWave segment. For 5G fixed wireless, MediaTek and Samsung also show up as competitors. 6
Friday’s action stood out—even for a microcap. Shares finished at $2.04, up from $0.81 on March 5. Volume exploded: 355.2 million shares changed hands, compared with just 761,930 a day earlier. As of Monday’s premarket, the price was still sitting far above most of February’s range. 1
Still, the rally doesn’t answer the tougher question—will one design win actually translate into follow-on orders and real cash flow in the near term? In its latest quarterly filing, Peraso flagged the need for more financing, warning that further cost cuts could be on the table if those efforts don’t pan out. Back in August, the board made it clear: there’s no guarantee the ongoing review will result in any transaction. 7
Peraso bills itself as a semiconductor maker specializing in mmWave gear and antenna modules, targeting markets like fixed wireless, military communications, and niche applications. So far, the company has named a defense client, which grabbed investor attention and sent shares swinging. Still, they haven’t put a revenue number on the new program. 8
