Peraso Inc.
PRSO Technology Semiconductors
Peraso Inc.’s revenue for fiscal 2025 (year ended December 2025) was $12.2 million, down 16.3% from fiscal 2024. In the quarter to June 2026, revenue fell 41.1%, EPS grew 48.4% and free cash flow grew 19.9%, each against the same quarter a year earlier.
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Peraso Inc. (PRSO) Beneish M-score
Peraso Inc.'s Beneish M-score for fiscal 2025 is −0.74; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.74 | 6.58 |
| FY2024 | −7.32 | 0.37 |
| FY2023 | −7.69 | (2.33) |
| FY2022 | −5.36 | (6.29) |
| FY2021 | 0.92 | 1.59 |
| FY2020 | −0.66 | 3.33 |
| FY2019 | −4.00 | 3.13 |
| FY2018 | −7.13 | (5.47) |
| FY2017 | −1.67 | 4.93 |
| FY2016 | −6.60 | (7.38) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.14 | — | 1.97 | |
| Gross margin index | 0.89 | — | 0.47 | |
| Asset quality index | 0.73 | — | 0.30 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 2.10 | — | 0.24 | |
| SG&A index | 0.80 | — | −0.14 | |
| Total accruals to total assets | 0.14 | — | 0.66 | |
| Leverage index | 0.45 | — | −0.15 | |
| Beneish M-score | Flagged by the model | −0.74 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| WQEY WISeQey Corp compare | −1.9× |
| SQNS Sequans Communications S.A. compare | −0.8× |
| PRSO Peraso Inc. | −0.7× |
| LEDS SemiLEDS Corporation compare | 4.3× |
| IPWR Ideal Power Inc. compare | — |
| ICG Intchains Group Limited Unsponsored ADR compare | — |
| PXLW Pixelworks, Inc. compare | — |
| NA Nano Labs Ltd. Sponsored ADR compare | — |
| MOBX Mobix Labs, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI