Peraso, Inc. Common Stock Planet MicroCap Showcase: Toronto 2026

Oh, okay. I left. Okay, so I have no Oh, here it is. This, right? Yeah, there you go. Okay. All right. Good morning. It sounds like the clock is striking 8:00, so it is a good time to start. Thank you. My name is Ron Glibbery, I am the CEO of Peraso Technologies. Thank you for attending this morning bright and early. Actually, I prefer this because it gives me the full day. Peraso at a glance, we are a fabless semiconductor company. That is, we make our money from selling computer chips. Oh, so I get this off here. There you go. Okay. We have been in business for a long time. We were incorporated in 2008. We are listed on Nasdaq. Our headquarters are actually in San Jose, California, but really our operating company is here in Toronto, just down the street at Front and University.

We actually started the company with a professor from University of Toronto, acquired the intellectual property from the University of Toronto. We do high-speed wireless, specifically it is called millimeter wave, and I will get into that a little bit. We sold over 2 million chips worldwide, have over 60 patents, and really focused on some of the leading applications, fixed wireless access, which I will talk about, tactical communications, and edge AI or physical AI are the main markets that we go after. I am going to start off with a little bit of a technical lesson. Basically what differentiates us, one aspect is that we work in very high frequency range. You can see, traditional wireless is lower frequencies, in the one to 3 gigahertz range. Something like Wi-Fi, Bluetooth, 5G, and so on. But we work in the 60 gigahertz range, so that is very high frequency.

That confers some advantages to us, but it also presents some challenges that we have overcome over the years. Really this is actually an important slide because it is the last technical slide I will show, but it just really highlights the difference between our wireless and traditional wireless in the marketplace. Traditional wireless is what we call omni. It goes out in all directions, like a sphere. Basically, you can receive signals really in Oh, I see I should have that. It is okay. You look good. Devices in all directions can receive signals. In our technology, we do beamforming. That is really our special sauce, if you will. The idea here is that we concentrate the radio energy into a very narrow beam. Again, presents some advantages, and creates some challenges. Basically, one of the main benefits it provides is that it is stealth.

It is very difficult to detect this signal. It is at a frequency, actually, I know firsthand that at our frequency range that I described in the last slide, there are no jammers in the world that can jam our signals. So it is what we call a stealthy unjammable technology. With the beamforming, we get a very long range, so typically we are about one kilometer, but with good antenna technology, we can get this up to 25 to 30 kilometers of range. We have very good efficiency, so we have increased battery life. This is actually quite important, what we call reduced interference. So it is the idea that if you look at this slide or this picture, basically, the advantage of this is that it goes in all directions. The disadvantage is that it interferes with itself, so you get a lot of self-interference.

This, you can have very high density of nodes, and I will talk about why that is important later. Actually, one of our main advantages is we get very high bandwidth, what we call basically fiber data rates, so in the order of 3 gigabits per second, so very high data rates. Again, those are all the technical aspects of our technology that I will touch on today because they are very high level, but very important to our customers. From a market perspective, we see in the standard market, millimeter wave at a 25% growth rate. This is actually a very important slide just in the sense that this technology is coming on now. Actually, you can check this, it was a press release from Verizon yesterday. We have been predicting this for some time.

When Verizon and all the U.S. carriers, for example, and frankly, the Canadian carriers went to market, they were very successful with what they call their mid-band frequency, so the 3 gigahertz. But one of the unexpected surprises of that deployment was that people were using their fixed wireless services or their internet broadband services, like what we use with fiber here in Toronto. But the problem with that is that actually, that market was consuming the very important spectrum. What Verizon announced yesterday is they are actually deploying now, and converting all of those customers over to millimeter wave because they have got that separate spectrum, and they can use the lower bands for mobility services. Basically, you are really starting to see actually a trigger point for millimeter wave right now, and you can start to see this. It is documented in the press.

We are seeing traction, and I am going to talk about where a bit of our focus is really in a military environment. Frankly, defense applications these days are very important. Our ability to work in a battlefield and be undetected and unjammable has obviously become a very important feature in that marketplace. So we are entering markets that have very strong growth opportunities. This is actually the product that we sell. These two chips, this chip is built in Crolles, France. This chip is built at TSMC in Taiwan. It is the same factory that they build the NVIDIA chips, for example. This device here is what we call a phased array antenna. You cannot really see it that well on the screen, but actually it is an array. It is not just one antenna, it is an array of antennas.

What we do is we actually combine those signals into that beam that I showed you on the last slide. That is the key to our technology, is that beamforming capability. So we put all of that onto these modules, and these modules are actually what we sell into the marketplace. One of the reasons we did that was because with our first customer, which really 2017, 2018, it took two years to get that customer into production because the technology is so finicky that if you make one small error on this design, it does not work. So what we said was, "We need to fix the design so we sell this working black box product to our customers." That is really the idea that we had in terms of our go-to-market strategy. But really, we control the entire signal path.

We have a very strong software team with real-time embedded software. We have antenna technology. We have the radio frequency circuits, the baseband frequency circuits, and even the PCB is a sophisticated PCB. Actually, one of the challenges we have today is that the company that makes these PCBs is actually in China. And 10 years ago, this is very high-speed PCB technology, we found one company in the world that could build the PCBs that would operate fast enough. But it turns out NVIDIA actually found the same company. There's one company in the world that can do this, so it makes it a little more challenging operationally to get this now because AI has come along and said, "Well, this is great technology.

We need that for our stuff, too." All of that is part of the value proposition that we've developed for over 10 years now. If you look at our stock symbol, we actually did a financing on Monday, and we raised $10 million. The reason the investor actually put $10 million in was because he actually financed a competitor to us 15 years ago, and 15 years later, they are not in production. What I would say about this technology is that it's very, very difficult to get into production. There's a lot of people that get close to production, but getting into production and selling millions of chips like we have is a very, very large challenge.

The moat, what I would call the moat from a competitive perspective, is very, very strong for us because this is just from an execution perspective is a real challenge. That's really the product that we sell into the marketplace. Then we have several instantiations of this, really based on the different antenna configurations, which gives you the more antennas you have, the longer the range. Actually, that's just a quick snapshot. I'm going to not go through this in detail. It's on our website, so there's a lot of parameters for each one. But you can see there's an array of antennas, and this is actually a little out of date. This has actually been updated with several more of these products. This should be up there. We're up to 60 patents now.

We have patents really on all aspects of that module that I showed you, either software, antenna architectures. We actually even have developed in the IEEE standard what we call essential claims. So we've got patents in essential claims, and that basically means that if anybody wants to try to compete with us, they have to come to us for a license. That, again, that's very powerful obviously from a competitive perspective. And really, the software, I've become a convert in terms of I'm a semiconductor guy, but our real-time embedded software gives us extremely differentiated capabilities from any potential competition. The markets that I really want to highlight today are three markets. The first market is what we call fixed wireless access, and that's providing high-speed internet.

The second market, and really the market that we're— This market really— Actually, the quick summary there, and I will get to it, is that there is about, let us say a dozen OEMs. We sell into manufacturers, by the way, as a fabless semiconductor company, we sell into manufacturers that make equipment for service providers. We have got every equipment maker in the world as a customer. So it is what I call run the table in this regard. So for fixed wireless access on a global basis, we really control that market. So we really saturate that market. The market now that we are going after is secure military communications. Actually, really specifically drones. The idea there is, if you have been watching any of the Ukraine war, peel back the onion, you know that drones has become a big part of that war.

Electronic warfare is really a fundamental issue in that war. The idea there is, I have got a drone, I need to control that wirelessly, obviously. But then the enemy has counter-drone measures, and then we develop counter-counter-drone measures and so on and so on. I find now we have got what we call an anti-jammable solution, but the term is a bit diluted because everybody says they have got an anti-jammable solution. But I can tell you unequivocally, there are no jammers at our frequency right off the bat. Second of all, you have to detect this, which is more or less impossible because it is like a needle in a haystack compared to traditional wireless technologies. Third, they have not— The power that they need would be astronomical to get the signal to where it needs to be to jam it.