Market Adoption and Demand Risk: The success of Peraso's 60 GHz Wi-Fi and mmWave solutions heavily depends on the widespread adoption and demand for these technologies across target markets like fixed wireless access, enterprise, and consumer devices, which may not materialize as anticipated.

Intense Competition Risk: Peraso operates in a highly competitive semiconductor market, facing established players with greater financial resources, broader product portfolios, and stronger market presence, which could limit its market share and pricing power.

Customer Concentration Risk: A significant portion of Peraso's revenue may be derived from a limited number of key customers, making the company vulnerable to reductions in orders, loss of any major customer, or changes in their purchasing patterns.