Guerrilla RF Announces Major Milestone as Shipments of its RFICs/MMICs Surpass 175 Million Units

Company accelerates shipments, increasing lifetime shipments by 17% in seven months

GREENSBORO, N.C.--(BUSINESS WIRE)-- Guerrilla RF, Inc. (OTCQX: GUER) a leading provider of state-of-the-art radio frequency and microwave communications solutions, announced that it has reached a major milestone surpassing 175 million shipments for RFICs/MMICs (radio-frequency integrated circuit/monolithic microwave integrated circuits). This represents a 17% increase in lifetime shipments since reaching the 150 million mark just seven months ago. Since its founding in 2013, Guerrilla RF has experienced rapid growth in multiple markets including wireless infrastructure, automotive infotainment, RFID, and wireless audio. Guerrilla RF has over 120 products in its growing catalog business designed by its leading engineers and design staff that are dedicated to servicing 300+ customers, many of which are Fortune 500 companies.

“Guerrilla RF’s stellar performance and increase in shipments happened in a backdrop where the general semiconductor and RF industry has been experiencing considerable slowdowns and headwinds,” noted Kellie Chong, Chief Business Officer at the company. “The first quarter of 2023 was the second largest quarter in the company’s history even as backlog increased 30% year-over-year and 2022 turned out to be a record year in terms of revenues. We have achieved this by continuing to execute our market diversification strategy entering into new verticals that include satellite communications, aerospace, and defense. Though general market visibility may be limited, we continue to outperform the market underpinned by the breadth of our product portfolio, depth of wireless expertise, and focus on RF innovation and performance combined with robust customer support.”

In 2020 and 2021, the company was recognized by Inc. magazine as being one of the top 500 fastest-growing companies in the country.

About Guerrilla RF, Inc.

Founded in 2013, Guerrilla RF, Inc., develops and manufactures high-performance state-of-the-art radiofrequency (RF) and microwave communication solutions for wireless OEMs in multiple high-growth market segments, which include 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. To date, the Company has shipped over 175 million devices and has repeatedly been included in Inc. magazine’s annual “Inc. 5000” list. Guerrilla RF recently made the top “Inc. 500” list for the second year 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 a number of 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.

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Sam Funchess, VP of Investor Relations

ir@guerrilla-rf.com

+1 336 510 7840

Source: Guerrilla RF, Inc.