Peraso is a fabless semiconductor company that designs and sells millimeter wave (mmWave) chips and antenna modules, primarily for the 60 GHz unlicensed frequency band. Peraso's chips enable multi-gigabit wireless connectivity with low latency for applications where traditional Wi-Fi or cellular falls short. The primary end market is fixed wireless access (FWA), where wireless internet service providers use Peraso's chips to deliver broadband to homes and businesses without laying fiber. Peraso sells mostly to OEM equipment makers who build the radios and access points that service providers deploy — Ubiquiti is Peraso's largest customer and uses Peraso as its sole-source mmWave chip supplier for its Wave product line. Peraso also sells directly to some service providers, particularly in Africa. A newer and growing vertical is tactical military communications, where the narrow, directional nature of 60 GHz signals makes them hard to detect or jam — Peraso's lead defense customer is Israeli contractor Intact, deploying Peraso's technology in a drone identification system. Peraso generates revenue through chip and module sales to OEMs and service providers, and through non-recurring engineering (NRE) fees for customizing its technology for specific applications, particularly in defense. Peraso outsources all manufacturing, avoiding capital expenditure but creating dependence on third-party foundries. The company is small, with 42 employees, and management has disclosed it is exploring strategic alternatives.