CORRECTING and REPLACING Guerrilla RF Reports Record Second Quarter 2024 Results and Gross Margin Expansion
Guerrilla RF (OTCQX: GUER) reported record Q2 2024 results with revenue of $6.1 million, a 61.7% increase year-over-year. Gross margin expanded to 65.3%, up 631 basis points from the previous year. The company closed a $22 million private placement, strengthening its financial position.
Key highlights include:
- Operating loss reduced to $1.2 million from $3.4 million in Q2 2023
- Adjusted EBITDA loss narrowed to $0.5 million from $2.7 million
- 12 new products released into production
- Strategic acquisition of GaN device portfolio from Gallium Semiconductor
Despite weakness in the Automotive Market, increased 5G deliveries drove growth. The company revised its 2024 revenue guidance to $20-$25 million, a 5% reduction. Guerrilla RF remains focused on achieving sustainable positive EBITDA and operating cash flow.
Guerrilla RF (OTCQX: GUER) ha riportato risultati record per il secondo trimestre del 2024 con un fatturato di 6,1 milioni di dollari, un aumento del 61,7% rispetto all'anno precedente. Il margine lordo si è ampliato al 65,3%, in aumento di 631 punti base rispetto all'anno precedente. L'azienda ha chiuso un collocamento privato da 22 milioni di dollari, rafforzando la sua posizione finanziaria.
I principali punti salienti includono:
- Perdita operativa ridotta a 1,2 milioni di dollari rispetto ai 3,4 milioni del Q2 2023
- La perdita di EBITDA rettificato si è ristretta a 0,5 milioni di dollari rispetto ai 2,7 milioni
- 12 nuovi prodotti immessi in produzione
- Acquisizione strategica del portafoglio di dispositivi GaN da Gallium Semiconductor
Nonostante la debolezza nel mercato automobilistico, l'aumento delle consegne 5G ha guidato la crescita. L'azienda ha rivisto le sue previsioni di fatturato per il 2024 a 20-25 milioni di dollari, una riduzione del 5%. Guerrilla RF rimane concentrata nel raggiungere un EBITDA positivo sostenibile e flusso di cassa operativo.
Guerrilla RF (OTCQX: GUER) reportó resultados récord en el segundo trimestre de 2024 con un ingreso de 6.1 millones de dólares, un aumento del 61.7% en comparación con el año anterior. El margen bruto se amplió al 65.3%, lo que representa un aumento de 631 puntos base respecto al año anterior. La compañía cerró un colocación privada de 22 millones de dólares, fortaleciendo su posición financiera.
Los puntos destacados incluyen:
- Pérdida operativa reducida a 1.2 millones de dólares desde 3.4 millones en el segundo trimestre de 2023
- La pérdida de EBITDA ajustada se redujo a 0.5 millones desde 2.7 millones
- 12 nuevos productos lanzados a producción
- Adquisición estratégica del portafolio de dispositivos GaN de Gallium Semiconductor
A pesar de la debilidad en el mercado automotriz, el aumento de las entregas de 5G impulsó el crecimiento. La compañía revisó su orientación de ingresos para 2024 a 20-25 millones de dólares, una reducción del 5%. Guerrilla RF sigue enfocada en lograr un EBITDA positivo sostenible y flujo de efectivo operativo.
Guerrilla RF (OTCQX: GUER)는 2024년 2분기에
주요 하이라이트는 다음과 같습니다:
- 운영 손실이 2023년 2분기 340만 달러에서 120만 달러로 감소
- 조정된 EBITDA 손실이 270만 달러에서 50만 달러로 축소
- 12개의 신제품이 생산에 투입됨
- Gallium Semiconductor로부터 GaN 장치 포트폴리오의 전략적 인수
자동차 시장의 약세에도 불구하고 5G 배송 증가가 성장을 이끌었습니다. 회사는 2024년 매출 지침을 2천만 달러에서 2천5백만 달러로 5% 하향 조정했습니다. Guerrilla RF는 지속 가능한 긍정적 EBITDA 및 운영 현금 흐름 달성에 집중하고 있습니다.
Guerrilla RF (OTCQX: GUER) a annoncé des résultats record pour le deuxième trimestre 2024 avec un chiffre d'affaires de 6,1 millions de dollars, soit une augmentation de 61,7 % par rapport à l'année précédente. La marge brute s'est élargie à 65,3 %, en hausse de 631 points de base par rapport à l'année précédente. L'entreprise a clôturé un placement privé de 22 millions de dollars, renforçant ainsi sa position financière.
Les points saillants incluent :
- Perte opérationnelle réduite à 1,2 million de dollars contre 3,4 millions au Q2 2023
- La perte d'EBITDA ajusté a diminué à 0,5 million de dollars contre 2,7 millions
- 12 nouveaux produits lancés en production
- Acquisition stratégique du portefeuille de dispositifs GaN de Gallium Semiconductor
Malgré la faiblesse du marché automobile, l'augmentation des livraisons 5G a stimulé la croissance. L'entreprise a révisé ses prévisions de revenus pour 2024 à 20 à 25 millions de dollars, soit une réduction de 5 %. Guerrilla RF reste concentrée sur l'obtention d'un EBITDA positif durable et d'un flux de trésorerie opérationnel.
Guerrilla RF (OTCQX: GUER) berichtete über Rekordergebnisse im zweiten Quartal 2024 mit einem Umsatz von 6,1 Millionen US-Dollar, was einem Anstieg von 61,7% im Vergleich zum Vorjahr entspricht. Die Bruttomarge erweiterte sich auf 65,3%, ein Anstieg von 631 Basispunkten im Vergleich zum Vorjahr. Das Unternehmen schloss eine 22 Millionen US-Dollar umfassende Privatplatzierung ab, wodurch seine finanzielle Position gestärkt wurde.
Wichtige Highlights sind:
- Betriebsverlust reduzierte sich auf 1,2 Millionen US-Dollar von 3,4 Millionen im Q2 2023
- Bereinigter EBITDA-Verlust verringerte sich auf 0,5 Millionen US-Dollar von 2,7 Millionen
- 12 neue Produkte wurden in die Produktion eingeführt
- Strategische Akquisition des GaN-Gerätportfolios von Gallium Semiconductor
Trotz der Schwäche im Automobilmarkt trieben steigende 5G-Lieferungen das Wachstum an. Das Unternehmen hat seine Umsatzprognose für 2024 auf 20-25 Millionen US-Dollar um 5% nach unten korrigiert. Guerrilla RF bleibt fokussiert auf die Erreichung eines nachhaltigen positiven EBITDA und operativen Cashflows.
- None.
- None.
-
Record revenue quarter of
,$6.1 million 61.7% increase over prior year period
-
Gross Margin expands 631 basis points over prior year quarter to
65.3%
-
Closed on
private placement, strengthening financial condition$22 million
Guerrilla RF Reports Record Second Quarter 2024 Results and Gross Margin Expansion. (Graphic: Business Wire)
The updated release reads:
GUERRILLA RF REPORTS RECORD SECOND QUARTER 2024 RESULTS AND GROSS MARGIN EXPANSION
-
Record revenue quarter of
,$6.1 million 61.7% increase over prior year period
-
Gross Margin expands 631 basis points over prior year quarter to
65.3%
-
Closed on
private placement, strengthening financial condition$22 million
Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art RF and microwave semiconductors, today announced results for the quarter ended June 30, 2024.
“During the quarter we continued to execute on our growth plans, releasing 12 new products into production and expanding our opportunities in the Catalog Markets and Infrastructure Markets with the acquisition of a GaN device portfolio. Even though we are seeing weakness in the Automotive Market, increased 5G deliveries enabled us to reach a new revenue record of
Second Quarter Highlights
-
Revenue for the current quarter increased
61.7% to as compared to$6.1 million in the year ago quarter.$3.8 million
-
Gross margin for the current quarter increased 631 basis points to
65.3% of revenues as compared to59.0% for the year ago quarter.
-
Operating loss for the current quarter was
as compared to$1.2 million for the year ago quarter.$3.4 million
-
Net cash used in operating activities narrowed to
as compared to$1.2 million in the year ago period.$3.1 million
-
Adjusted EBITDA loss (a non-GAAP measure) was
for the current quarter as compared to an Adjusted EBITDA loss of$0.5 million for the year ago quarter.$2.7 million
-
Product backlog (a non-GAAP measure) was
at the end of the current quarter as compared to$5.0 million for the year ago quarter.$5.5 million
-
Automotive Market product sales continued to be soft during the current quarter, declining to
31% of total revenue for the quarter as compared to57% of total revenue for full year 2023.
-
Wireless Infrastructure grew to
35% of total revenue for the current quarter, compared to9% of total revenue for full year 2023.
- Released 12 new products into production during the quarter.
- Completed strategic acquisition of GaN device portfolio from Gallium Semiconductor, opening opportunities in the telecom, radar, and industrial markets for these new products.
Subsequent Events
-
On August 5, 2024, the Company completed a
private placement, with net cash proceeds of approximately$22.0 million after deduction of expenses. We plan to use the new capital to accelerate the Company’s growth, pay down outstanding debt and strengthen our competitive position through investing in new market penetration, expanded product offerings, additional R&D initiatives, and purchases of new capital equipment.$21.6 million
- Restructured primary credit facility by reducing outstanding principal balance and interest rate while extending maturity until December 31, 2028.
GUERRILLA RF, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
||||||||
Guerrilla RF, Inc |
||||||||
Balance Sheet |
||||||||
June 30, 2024 |
December 31, 2023 |
|||||||
Assets |
Unaudited |
Audited |
||||||
Cash |
$ |
641,385 |
|
$ |
781,318 |
|
||
Accounts receivable, net |
|
2,143,754 |
|
|
2,079,111 |
|
||
Inventories |
|
1,663,227 |
|
|
1,533,592 |
|
||
Prepaid expenses |
|
410,415 |
|
|
458,313 |
|
||
Total Current Assets |
|
4,858,781 |
|
|
4,852,334 |
|
||
Deferred Offering Costs |
|
55,730 |
|
|
- |
|
||
Intangible Assets, net |
|
354,787 |
|
|
- |
|
||
Operating ROU Assets |
|
9,916,247 |
|
|
10,500,620 |
|
||
Property, Plant, and Equipment, net |
|
3,041,743 |
|
|
3,659,084 |
|
||
Total Assets |
$ |
18,227,288 |
|
$ |
19,012,038 |
|
||
Liabilities and Stockholders' Equity (Deficit) |
|
|||||||
Accounts payable and accrued expenses |
$ |
2,054,927 |
|
$ |
2,099,537 |
|
||
Short-term debt |
|
1,846,010 |
|
|
1,628,667 |
|
||
Derivative liabilities |
|
- |
|
|
158,000 |
|
||
Operating lease, current portion |
|
710,863 |
|
|
745,969 |
|
||
Finance lease, current portion |
|
870,448 |
|
|
978,543 |
|
||
Convertible notes |
|
- |
|
|
78,905 |
|
||
Convertible notes - related parties |
|
- |
|
|
700,189 |
|
||
Notes payable, current portion |
|
- |
|
|
10,948,668 |
|
||
Total Current Liabilities |
|
5,482,248 |
|
|
17,338,478 |
|
||
|
||||||||
Long-term debt |
|
579,453 |
|
|
698,600 |
|
||
Operating lease |
|
5,812,538 |
|
|
6,176,508 |
|
||
Finance lease |
|
1,221,683 |
|
|
1,593,979 |
|
||
Notes payable |
|
10,508,591 |
|
|
- |
|
||
Total Liabilities |
|
23,604,513 |
|
|
25,807,565 |
|
||
|
|
|
|
|||||
Preferred stock |
|
- |
|
|
- |
|
||
Common stock |
|
1,006 |
|
|
789 |
|
||
Additional paid in capital |
|
42,790,374 |
|
|
36,243,146 |
|
||
Accumulated deficit |
|
(48,168,605 |
) |
|
(43,039,462 |
) |
||
Total Stockholders' Equity (Deficit) |
|
(5,377,225 |
) |
|
(6,795,527 |
) |
||
Total Liabilities and Stockholders' Equity (Deficit) |
$ |
18,227,288 |
|
$ |
19,012,038 |
|
Guerrilla RF, Inc |
Three Months Ended June 30 |
Six Months Ended June 30 |
||||||||||||||
Profit and Loss |
Unaudited |
Unaudited |
||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Product revenue |
$ |
6,109,732 |
|
$ |
3,575,312 |
|
$ |
11,199,505 |
|
$ |
6,615,721 |
|
||||
Royalties and non-recur eng. |
|
822 |
|
|
204,022 |
|
|
2,298 |
|
|
394,501 |
|
||||
Total |
|
6,110,554 |
|
|
|
3,779,334 |
|
|
11,201,803 |
|
|
7,010,222 |
|
|||
Direct product cost |
|
2,120,281 |
|
|
1,549,881 |
|
|
3,990,956 |
|
|
2,953,226 |
|
||||
Gross Profit |
|
3,990,273 |
|
|
2,229,453 |
|
|
7,210,847 |
|
|
4,056,996 |
|
||||
Operating Expenses |
||||||||||||||||
Research and development |
|
2,412,541 |
|
|
2,652,989 |
|
|
4,664,074 |
|
|
5,239,158 |
|
||||
Sales and marketing |
|
1,583,377 |
|
|
1,629,944 |
|
|
2,936,286 |
|
|
2,991,893 |
|
||||
General and administrative |
|
1,190,990 |
|
|
1,377,342 |
|
|
2,645,685 |
|
|
2,923,505 |
|
||||
Total Operating Expenses |
|
5,186,908 |
|
|
5,660,275 |
|
|
10,246,045 |
|
|
11,154,556 |
|
||||
Operating Loss |
|
(1,196,635 |
) |
|
(3,430,822 |
) |
|
(3,035,198 |
) |
|
(7,097,560 |
) |
||||
Interest expense |
|
(856,468 |
) |
|
(389,012 |
) |
|
(2,541,255 |
) |
|
(730,869 |
) |
||||
Change in fair of derivative liabilities |
|
- |
|
|
- |
|
|
158,000 |
|
|
- |
|
||||
Other income (expense) |
|
296,512 |
|
|
(1,248 |
) |
|
289,310 |
|
|
5,929 |
|
||||
Total other income(expenses) net |
|
(559,956 |
) |
|
(390,260 |
) |
|
(2,093,945 |
) |
|
(724,940 |
) |
||||
Net Loss |
$ |
(1,756,591 |
) |
$ |
(3,821,082 |
) |
$ |
(5,129,143 |
) |
$ |
(7,822,500 |
) |
Backlog, EBITDA and Adjusted EBITDA Reconciliation
References to “product backlog” means the amount of product sales that have been committed to by customers, but have not yet been completed, shipped, or invoiced. The Company's product backlog can be materially impacted by supply chain constraints, a shift in customer ordering patterns whereby customers place orders in anticipation of extended product delivery lead times, or other customer order delivery request modifications. Furthermore, because the Company partners closely with a number of its customers to produce high-performance, quality components that are often designed into customers’ end products, immediate substitution of the Company’s products is neither typically desired by customers nor necessarily feasible. As such, the Company has not historically experienced significant order cancellations, and the Company does not expect significant order cancellations in the future. The Company closely monitors product backlog and its potential impact on the Company’s financial performance.
References to “EBITDA” mean net loss, before considering interest expense, provision for income taxes, depreciation and amortization. References to Adjusted EBITDA excludes irregular or non-recurring items and are not directly related to the Company’s core operating performance. EBITDA and Adjusted EBITDA are not measures of financial performance under
Guerilla RF, Inc |
|||||||
EBITDA Reconciliation |
Q2 2024 |
Q2 2023 |
|||||
Unaudited |
Unaudited |
||||||
Net Loss |
$ |
(1,756,591 |
) |
$ |
(3,821,082 |
) |
|
Interest expense |
|
856,468 |
|
|
389,012 |
|
|
Depreciation and amortization |
|
383,911 |
|
|
423,053 |
|
|
EBITDA |
|
(516,212 |
) |
|
(3,009,017 |
) |
|
Share-based compensation |
|
338,036 |
|
|
330,177 |
|
|
Economic development incentive proceeds |
|
(294,500 |
) |
|
- |
|
|
Adjusted EBITDA |
$ |
(472,676 |
) |
$ |
(2,678,840 |
) |
About Guerrilla RF, Inc.
Founded in 2013, Guerrilla RF, Inc., develops and manufactures high-performance, state-of-the-art radio frequency (RF) and microwave semiconductors for wireless OEMs in multiple high-growth market segments, including network infrastructure for 5G/4G macro and small cell base stations, SATCOM, cellular repeaters/DAS, automotive telematics, military communications, navigation, and high-fidelity wireless audio. The Company has an extensive portfolio of 100+ high-performance RF and microwave semiconductor devices with 50+ new products in development. As one of the fastest-growing semiconductor firms in the industry, Guerrilla RF drives innovation through its R&D to commercialization initiatives and focuses on product excellence and custom solutions to underserved markets. The Company has shipped over 200 million devices and has repeatedly been included in Inc. Magazine’s annual "Inc. 5000" list. Guerrilla RF has made the top "Inc. 500" list for two years in a row. For more information, please visit https://guerrilla-rf.com or follow the Company on Twitter and LinkedIn.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements include projections, predictions, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” or other statements concerning opinions or judgments of the Company and its management about future events. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of several factors, including those described in the Company’s filings with the SEC available at www.sec.gov. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240813151981/en/
Sam Funchess, VP of Corporate Development
ir@guerrilla-rf.com
+1 336 510 7840
Source: Guerrilla RF, Inc.
FAQ
What was Guerrilla RF's revenue for Q2 2024?
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