Guerrilla RF Reports Fourth Quarter and Full Year 2024 Results
2024 Revenue grew
Gross profit increased
Gross Profit Expanded 660 basis points to

Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art radio frequency (RF) and microwave semiconductors, announced today that 2024 revenue grew by
Fourth quarter 2024 revenue decreased slightly over the same period in 2023, coming in at
Revenue for fiscal year 2024 increased
Gross profit for fiscal year 2024 was
Operating loss was
Fourth Quarter and Full Year 2024 Financial Result Highlights
-
The Company reported
in revenue for FY24 achieving the lower end of management’s revised full year 2024 guidance of between$20.1 million and$20.0 .$25.0 million -
Contribution margin of
74.8% for FY24, compared favorably to70.5% for FY23, indicating price stability as revenue grows. -
Gross profit increased
49.8% to for the FY24 compared to$12.8 million for FY23.$8.6 million -
Gross profit increased for fiscal year 2024 to
63.7% of revenue as compared to57.1% for fiscal year 2023. Full year operating expenses increased to$0.1 million for FY24 compared to$21.6 for FY23, while revenue expanded over 33.4 percent, reflecting the continued impact of previously announced expense management efforts.$21.5 million -
Operating loss was
for 2024 as compared to$8.8 million for 2023.$12.9 million -
Research and development expenses decreased
to$0.6 million for the year ended December 31, 2024, compared to$9.7 million for the year ended December 31, 2023.$10.3 million -
We continue to invest in Sales and Marketing, which increased
to$0.6 million for 2024.$9.7 million -
Backlog (a non-GAAP measure) remained steady quarter-over-quarter, ending 2024 at
. Subsequent to year end, backlog increased to$5.4 million by March 14, 2025.$6.8 million -
During the year ended December 31, 2024, we recognized a loss of
on extinguishment of debt a change in fair value related to warrant liabilities gain of$1.5 million .$2.2 million -
Net loss per share was
and$1.12 for fiscal year 2024 and 2023, respectively.$2.25 -
International shipments amounted to
(approximately$4.0 million 20% of total product revenue) and (approximately$2.3 million 16% of total product revenue) for the years ended December 31, 2024, and December 31, 2023, respectively.
Key Metrics (Non-GAAP Measures)
We regularly review the following key metrics to measure our performance, identify trends affecting our business, formulate financial projections, make strategic business decisions, and assess working capital needs.
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Year Ended December 31, |
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2024 |
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2023 |
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Key Metrics |
|
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|
|
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|
|
|
|
Number of products released |
|
|
|
32 |
|
|
|
12 |
|
Number of total products |
|
|
|
163 |
|
|
|
131 |
|
Number of products with lifetime revenue exceeding |
|
|
|
73 |
|
|
62 |
|
|
Product backlog (in millions) |
|
|
$ |
5.44 |
|
$ |
5.96 |
|
Financial Tables
The following table compares condensed elements of the Company’s summarized Consolidated Balance Sheets as of December 31, 2024, and 2023, the Consolidated Statements of Operations for the three-month periods and years ended December 31, 2024, and 2023 respectively.
Guerrilla RF, Inc. |
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Consolidated Balance Sheets |
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December 31, 2024 and 2023 |
||||||||
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December 31, 2024 |
|
|
December 31, 2023 |
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||
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
7,974,650 |
|
|
$ |
781,318 |
|
Accounts receivable, net |
|
|
2,232,696 |
|
|
|
2,079,111 |
|
Inventories, net |
|
|
1,838,370 |
|
|
|
1,533,592 |
|
Prepaid expenses |
|
|
450,293 |
|
|
|
458,313 |
|
Total Current Assets |
|
|
12,496,009 |
|
|
|
4,852,334 |
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other |
|
|
123,185 |
|
|
|
- |
|
Intangible assets, net |
|
|
346,547 |
|
|
|
- |
|
Operating lease right-of-use assets |
|
|
9,465,427 |
|
|
|
10,500,620 |
|
Property, plant, and equipment, net |
|
|
2,493,355 |
|
|
|
3,659,084 |
|
Total Assets |
|
$ |
24,924,523 |
|
|
$ |
19,012,038 |
|
|
|
|
|
|
|
|
|
|
Liabilities, Redeemable Preferred Stock and Stockholders' Deficit |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
2,040,862 |
|
|
$ |
2,099,537 |
|
Short-term debt |
|
|
828,492 |
|
|
|
1,628,667 |
|
Derivative liabilities |
|
|
- |
|
|
|
158,000 |
|
Warrant liabilities |
|
|
1,495,516 |
|
|
|
- |
|
Operating lease liability, current portion |
|
|
669,001 |
|
|
|
745,969 |
|
Finance lease liability, current portion |
|
|
667,718 |
|
|
|
978,543 |
|
Convertible notes |
- | 78,905 |
||||||
Convertible notes - related parties |
- |
700,189 |
||||||
Notes payable, current portion, net |
|
|
500,000 |
|
|
|
10,948,668 |
|
Total Current Liabilities |
|
|
6,201,589 |
|
|
|
17,338,478 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
440,879 |
|
|
|
698,600 |
|
Operating lease liability |
|
|
5,636,793 |
|
|
|
6,176,508 |
|
Finance lease liability |
|
|
828,171 |
|
|
|
1,593,979 |
|
Notes payable |
|
|
4,000,000 |
|
|
|
- |
|
Total Liabilities |
|
|
17,107,432 |
|
|
|
25,807,565 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A convertible preferred stock, |
|
|
20,033,555 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Stockholders' Deficit |
|
|
|
|
|
|
|
|
Undesignated preferred stock, |
|
|
- |
|
|
|
- |
|
Common stock, |
|
|
1,024 |
|
|
|
789 |
|
Additional paid-in capital |
|
|
41,575,012 |
|
|
|
36,243,146 |
|
Accumulated deficit |
|
|
(53,792,500 |
) |
|
|
(43,039,462 |
) |
Total Stockholders' Deficit |
|
|
(12,216,464 |
) |
|
|
(6,795,527 |
) |
Total Liabilities, Convertible Preferred Stock and Stockholders' Deficit |
|
$ |
24,924,523 |
|
|
$ |
19,012,038 |
|
Guerrilla RF, Inc. |
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Consolidated Statements of Operations |
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For the Quarters Ended December 31, 2024 and 2023 |
||||||||||
Three Months Ended December 31, |
||||||||||
2024 |
|
|
2023 |
|
|
|||||
Product revenue |
$ |
4,390,398 |
|
$ |
4,691,474 |
|
||||
Royalties and non-recurring engineering |
|
- |
|
|
10,709 |
|
||||
Total |
|
4,390,398 |
|
|
4,702,183 |
|
||||
Direct product cost |
|
1,740,054 |
|
|
2,029,472 |
|
||||
Gross Profit |
|
2,650,344 |
|
|
2,672,711 |
|
||||
Operating Expenses: |
||||||||||
Research and development |
|
2,536,500 |
|
|
2,268,047 |
|
||||
Sales and marketing |
|
1,565,472 |
|
|
1,239,458 |
|
||||
General and administrative |
|
1,666,436 |
|
|
1,265,030 |
|
||||
Total Operating Expenses |
|
5,768,408 |
|
|
4,772,535 |
|
||||
Operating Loss |
|
(3,118,064 |
) |
|
(2,099,824 |
) |
||||
Interest income |
|
99,861 |
|
|
- |
|
||||
Interest expense |
|
(225,233 |
) |
|
(1,441,967 |
) |
||||
Loss on debt extinguishment |
|
- |
|
|
- |
|
|
|||
Change in fair of derivative liabilities |
|
- |
|
|
(94,800 |
) |
||||
Change in fair of warrant liabilities |
|
4,821,659 |
|
|
- |
|
|
|||
Other income (expense) |
|
(552 |
) |
|
(26,255 |
) |
||||
Total other income (expenses), net |
|
4,695,735 |
|
|
(1,563,022 |
) |
||||
Net Income (Loss) |
$ |
1,577,671 |
|
$ |
(3,662,846 |
) |
||||
|
Guerrilla RF, Inc. |
||||||||
Consolidated Statements of Operations |
||||||||
For the Years Ended December 31, 2024 and 2023 |
||||||||
|
|
Year Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Product |
|
$ |
20,113,523 |
|
|
$ |
14,683,492 |
|
Royalties and non-recurring engineering |
|
|
2,377 |
|
|
|
394,824 |
|
Total Revenue |
|
|
20,115,900 |
|
|
|
15,078,316 |
|
|
|
|
|
|
|
|
|
|
Direct product costs |
|
|
7,302,192 |
|
|
|
6,473,477 |
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
|
12,813,708 |
|
|
|
8,604,839 |
|
|
|
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
|
9,707,128 |
|
|
|
10,282,635 |
|
Sales and marketing |
|
|
6,251,254 |
|
|
|
5,677,141 |
|
General and administrative |
|
|
5,618,389 |
|
|
|
5,569,654 |
|
Total Operating Expenses |
|
|
21,576,771 |
|
|
|
21,529,430 |
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(8,763,063 |
) |
|
|
(12,924,591 |
) |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
163,735 |
|
|
|
- |
|
Interest expense |
|
|
(3,267,653 |
) |
|
|
(2,904,454 |
) |
Loss on debt extinguishment |
|
|
(1,523,221 |
) |
|
|
- |
|
Change in fair value of derivative liabilities |
|
|
158,000 |
|
|
|
(142,200 |
) |
Change in fair value of warrant liabilities |
|
|
2,198,051 |
|
|
|
- |
|
Other income |
|
|
281,113 |
|
|
|
4,951 |
|
Total Other Expenses, net |
|
|
(1,989,975 |
) |
|
|
(3,041,703 |
) |
Net Loss |
|
$ |
(10,753,038 |
) |
|
$ |
(15,966,294 |
) |
Guerrilla RF, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
For the Years Ended December 31, 2024 and 2023 |
||||||||
|
|
Year Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,753,038 |
) |
|
$ |
(15,966,294 |
) |
|
|
|
|
|
|
|
|
|
Adjustment to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,513,798 |
|
|
|
1,592,567 |
|
Share-based compensation |
|
|
1,693,814 |
|
|
|
1,279,536 |
|
Non-cash interest expense related to debt financing |
|
|
413,727 |
|
|
|
407,710 |
|
Accretion of notes payables |
|
|
1,250,499 |
|
|
|
1,130,731 |
|
Impairment on property plant and equipment and operating lease |
|
|
- |
|
|
|
115,438 |
|
Loss on extinguishment of debt |
|
|
1,523,221 |
|
|
|
- |
|
Change in fair value of derivative liabilities |
|
|
(158,000 |
) |
|
|
142,200 |
|
Change in fair value of warrant liabilities |
|
|
(2,198,051 |
) |
|
|
- |
|
Inventory allowance |
|
|
214,913 |
|
|
|
9,661 |
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(153,585 |
) |
|
|
(954,140 |
) |
Inventories |
|
|
(519,691 |
) |
|
|
129,672 |
|
Prepaid expenses |
|
|
134,442 |
|
|
|
1,125,369 |
|
Accounts payable and accrued expenses |
|
|
(34,343 |
) |
|
|
(2,366,260 |
) |
Operating lease liability |
|
|
418,510 |
|
|
|
(101,180 |
) |
Net cash used in operating activities |
|
|
(6,653,784 |
) |
|
|
(13,454,990 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
|
(380,880 |
) |
|
|
(101,714 |
) |
Purchase of intangible assets |
|
|
(371,300 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(752,180 |
) |
|
|
(101,714 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from stock options exercised |
|
|
6,000 |
|
|
|
- |
|
Proceeds from notes payable, derivative liabilities and factoring agreement |
|
|
13,206,729 |
|
|
|
16,759,886 |
|
Principal payments of notes payable and recourse factoring agreement |
|
|
(21,474,031 |
) |
|
|
(10,590,115 |
) |
Proceeds from equity financing, net |
|
|
24,616,598 |
|
|
|
5,440,658 |
|
Principal payments on finance lease |
|
|
(979,170 |
) |
|
|
(1,043,149 |
) |
Repayments of finance insurance premiums |
|
|
(746,830 |
) |
|
|
(569,665 |
) |
Payment of deferred offering costs |
|
|
(30,000 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
|
14,599,296 |
|
|
|
9,997,615 |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
|
7,193,332 |
|
|
|
(3,559,089 |
) |
|
|
|
|
|
|
|
|
|
Cash, beginning of period |
|
|
781,318 |
|
|
|
4,340,407 |
|
Cash, end of period |
|
$ |
7,974,650 |
|
|
$ |
781,318 |
|
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 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/20250327530585/en/
Sam Funchess, VP of Corporate Development
ir@guerrilla-rf.com
+1 336 510 7840
Source: Guerrilla RF, Inc.