Guerrilla RF Reports Record First Quarter 2024 Results and Gross Margin Expansion
-
Record revenue quarter of
$5.1 million
- Gross Margin expands 640 basis points sequentially over prior quarter
Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art RF and microwave semiconductors, today announced results for the first quarter 2024 ended March 31, 2024. The Company achieved record revenues of
“Following a challenging 2023, we accelerated our momentum by increasing revenue as a result of our strong foothold in the Automotive market and deeper penetration in the 5G Infrastructure market with previously announced satellite communications and point to multi-point communications shipments,” said Ryan Pratt, Founder and CEO. “This was an excellent quarter with over
Corporate Highlights
-
Completed a
$5.0 million $3.0 million
- Announced the acquisition of strategic GaN product portfolio and intellectual property of Gallium Semiconductor. We believe this acquisition will accelerate our penetration into this market by an estimated two years.
- Extended maturity of primary credit facility to 2026.
-
Management reiterates 2024 revenue guidance of
$21.0 $26.0 million
Financial Highlights
-
Revenue for the first quarter of fiscal 2024 increased
59.4% as compared to the first quarter of fiscal 2023.
-
Quarterly revenues increased
8.5% to$5.1 million $4.7 million
-
Gross margin for the first quarter of fiscal 2024 was
63.2% of revenues as compared to56.6% for the first quarter of fiscal 2023 and up 640 basis points from Q4 2023.
-
Operating loss for the first quarter of fiscal 2024 was
$1.8 million $3.7 million
-
Net cash used in operating activities reduced to
$0.8 million $5.0 million
-
Adjusted EBITDA loss (a non-GAAP measure) was
$1.1 million
-
Backlog (a non-GAAP measure) increased at the end of the first quarter of fiscal 2024 to
$8.3 million $6.5 million
-
Cash balance as of March 31, 2024, was approximately
$3.6 million $0.8 million
Financial Results for Three Months Ended March 31, 2024
-
Revenues were
$5.1 million $3.2 million
-
R&D expenses decreased to
$2.3 million $2.6 million
-
Sales and marketing expenses remained flat at
$1.4 million
-
General and administrative expenses decreased slightly to
$1.5 million
GUERRILLA RF, INC. AND SUBSIDIARIES
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Guerrilla RF, Inc. |
||||||||
Balance Sheet |
||||||||
March 31, 2024 |
December 31, 2023 |
|||||||
Assets |
|
Unaudited |
|
|||||
Cash |
$ |
3,600,710 |
|
$ |
781,318 |
|
||
Accounts receivable, net |
|
2,819,814 |
|
|
2,079,111 |
|
||
Inventories |
|
1,773,596 |
|
|
1,533,592 |
|
||
Prepaid expenses |
|
540,911 |
|
|
458,313 |
|
||
Total Current Assets |
|
8,735,031 |
|
|
4,852,334 |
|
||
Operating right-of-use assets |
|
10,209,384 |
|
|
10,500,620 |
|
||
Property, plant, and equipment, net |
|
3,332,955 |
|
|
3,659,084 |
|
||
Total Assets |
$ |
22,277,370 |
|
$ |
19,012,038 |
|
||
Liabilities and Stockholders' Equity (Deficit) |
|
|
||||||
Accounts payable and accrued expenses |
$ |
3,590,654 |
|
$ |
2,099,537 |
|
||
Short-term debt |
|
2,839,529 |
|
|
1,628,667 |
|
||
Derivative liabilities |
|
- |
|
|
158,000 |
|
||
Operating lease, current portion |
|
731,952 |
|
|
745,969 |
|
||
Finance lease, current portion |
|
939,975 |
|
|
978,543 |
|
||
Convertible notes |
|
- |
|
|
78,905 |
|
||
Convertible notes - related parties |
|
- |
|
|
700,189 |
|
||
Notes payable, current portion |
|
- |
|
|
10,948,668 |
|
||
Total Current Liabilities |
|
8,102,110 |
|
|
17,338,478 |
|
||
Long-term debt |
|
634,717 |
|
|
698,600 |
|
||
Operating lease |
|
5,994,557 |
|
|
6,176,508 |
|
||
Finance lease |
|
1,394,430 |
|
|
1,593,979 |
|
||
Notes payable |
|
10,178,238 |
|
|
- |
|
||
Total Liabilities |
|
26,304,052 |
|
|
25,807,565 |
|
||
Common stock |
|
995 |
|
|
789 |
|
||
Additional paid in capital |
|
42,384,337 |
|
|
36,243,146 |
|
||
Accumulated deficit |
|
(46,412,014 |
) |
|
(43,039,462 |
) |
||
Total Stockholders' Equity (Deficit) |
|
(4,026,682 |
) |
|
(6,795,527 |
) |
||
Total Liabilities and Stockholders' Equity (Deficit) |
$ |
22,277,370 |
|
$ |
19,012,038 |
|
||
Guerrilla RF, Inc. |
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Profit and Loss Statement |
Q1 2024 |
Q1 2023 |
||||||
Unaudited |
||||||||
Product revenue |
$ |
5,089,773 |
|
$ |
3,040,409 |
|
||
Royalties and non-recurring engineering revenue |
|
1,476 |
|
|
190,479 |
|
||
Total |
|
5,091,249 |
|
|
3,230,888 |
|
||
Direct product cost |
|
1,870,675 |
|
|
1,403,345 |
|
||
Gross Profit |
|
3,220,574 |
|
|
1,827,543 |
|
||
Operating Expenses: |
||||||||
Research and development |
|
2,251,533 |
|
|
2,586,169 |
|
||
Sales and marketing |
|
1,352,909 |
|
|
1,361,949 |
|
||
General and administrative |
|
1,454,695 |
|
|
1,546,163 |
|
||
Total operating expenses |
|
5,059,137 |
|
|
5,494,281 |
|
||
Operating loss |
|
(1,838,563 |
) |
|
(3,666,738 |
) |
||
Interest expense |
|
(1,684,787 |
) |
|
(341,857 |
) |
||
Change in fair value of derivative liabilities |
|
158,000 |
|
|
- |
|
||
Other income (expense) |
|
(7,202 |
) |
|
7,177 |
|
||
Total other income (expense), net |
|
(1,533,989 |
) |
|
(334,680 |
) |
||
Net loss |
$ |
(3,372,552 |
) |
$ |
(4,001,418 |
) |
||
EBITDA and Adjusted EBITDA Reconciliation
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
Guerrilla RF, Inc. |
||||||||
EBITDA Reconciliation |
Q1 2024 |
Q1 2023 |
||||||
|
|
|
||||||
Net Loss |
$ |
(3,372,552 |
) |
$ |
(4,001,418 |
) |
||
Interest expense |
|
1,684,787 |
|
|
341,857 |
|
||
Depreciation and amortization |
|
366,281 |
|
|
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