Guerrilla RF Provides Updated Guidance on Future Revenues and Plans
- Q3 2023 revenue expected to be on the upper end of guidance range. Total revenue for 2023 expected to exceed $15.0 million, a 30% increase. Revenue for 2024 projected to increase by 40%. Gross profit margin expected to exceed 60.0%. Backlog increased to $6.11 million.
- None.
Guerrilla RF provides updated guidance on future revenues and plans. (Graphic: Business Wire)
Management believes Q3 2023 revenue will be between
The Company anticipates revenue for the full year 2024 to be between
During the third quarter of 2023, Guerrilla RF announced a further advance of
In conjunction with securing additional funding to support its growth, Management has continued to focus on reducing expenses that do not directly support increased near-term sales and/or gross margins. The Company has implemented cost savings measures, including voluntary salary reductions, further reducing salary expenses through attrition, elimination of non-essential expenses, and other efforts. These efforts are expected to reduce annualized expenses between
“Since 2013, Guerrilla RF has been investing in products and delivering high-performance RF solutions to demanding markets that value performance. However, as the market environment has changed, it has become clear that profitability is more important than all-out growth. We have shifted our strategy accordingly to achieve breakeven status beginning with the second quarter of 2024. In light of anticipated 2024 revenue and operational profitability, Management believes the Company is significantly undervalued at approximately one times anticipated 2024 revenue,” said Ryan Pratt, Founder & CEO.
About Guerrilla RF, Inc.
Founded in 2013, Guerrilla RF, Inc., develops and manufactures high-performance state-of-the-art radio frequency (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 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/20230927938814/en/
Sam Funchess, VP of Corporate Development
ir@guerrilla-rf.com
+1 336 510 7840
Source: Guerrilla RF, Inc.