Guerrilla RF Reports Record Revenue for Fourth Quarter and Full Year 2023
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Guerrilla RF Reports Record Revenue for Fourth Quarter and Full Year 2023

Fourth quarter revenue rose 93.6% and Full Year Revenues Grew 30.2% year-over-year

Full Year 2024 Guidance: Revenue between $21.0 and $26.0 million and Gross Profit between $12.8 and $15.9 million

Management Expects EBITDA Break-Even Second Quarter 2024

Announced first production PO and shipment to the SATCOM market with a PO from a tier 1 SATCOM company

GREENSBORO, N.C. — (BUSINESS WIRE) — April 1, 2024 — Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art radio frequency (RF) and microwave semiconductors, today announced record fourth quarter and full year 2023 revenue. Fourth quarter 2023 revenue increased 93.6% over the same period in 2022, coming in at $4.7 million compared to $2.4 million for the year ago quarter.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240401361693/en/

Guerrilla RF, Inc. (OTCQX: 
<a href='https://finance.yahoo.com/quote/GUER'>GUER</a>), today announced record fourth quarter and full year 2023 revenue. Fourth quarter 2023 revenue increased 93.6% over the same period in 2022, coming in at $4.7 million compared to $2.4 million for the year ago quarter. Annual revenue for 2023 grew 30.2% to $15.1 million, compared to $11.6 million for 2022 as increased orders from our Automotive and Wireless Infrastructure markets drove the company's growth. (Graphic: Guerrilla RF)

Guerrilla RF, Inc. (OTCQX: GUER), today announced record fourth quarter and full year 2023 revenue. Fourth quarter 2023 revenue increased 93.6% over the same period in 2022, coming in at $4.7 million compared to $2.4 million for the year ago quarter. Annual revenue for 2023 grew 30.2% to $15.1 million, compared to $11.6 million for 2022 as increased orders from our Automotive and Wireless Infrastructure markets drove the company's growth. (Graphic: Guerrilla RF)

Annual revenue for 2023 grew 30.2% to $15.1 million, compared to $11.6 million for 2022 as increased orders from our Automotive and Wireless Infrastructure markets drove our growth. Of our three markets, Automotive grew the most, representing 57% of 2023 revenue due to increased penetration and number of design wins that began shipping. The next highest growth market for the Company is Wireless Infrastructure, which includes satellite communications (SATCOM). This market grew to 11% of the Company’s 2023 revenue. Wireless Infrastructure revenue growth is expected to accelerate in 2024 and represent a much larger percentage of sales as two previously announced design wins in point-to-multi-point application and SATCOM begin shipping in earnest. Our Catalog Markets represented 32% of 2023 revenue and while revenue in this market is expected to remain stable and even increase, we anticipate that over time it will decline as a percentage of total revenue as the first two markets continue to scale.

Fourth Quarter and Full Year 2023 Financial Results

Corporate Highlights:

Financial Tables

The following table compares condensed elements of the Company’s summarized Consolidated Statements of Operations for the three-month periods and years ended December 31, 2023, and 2022 respectively, and the Consolidated Balance Sheets as of December 31, 2023, and 2022.

GUERRILLA RF, INC. AND SUBSIDIARIES

 

SUMMARIZED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

UNAUDITED

Q4 2023

Q4 2023

FY 2023

FY 2022

Total Revenue

$4,702,182

 

$2,428,338

$15,078,316

$11,600,904

 

Direct product costs

2,029,471

1,059,750

6,473,477

4,835,632

 

Gross Profit

2,672,711

1,368,588

8,604,839

6,765,272

 

Operating Expenses:

Research and development

2,294,691

2,198,162

10,282,635

8,114,377

Sales and marketing

1,239,458

1,186,448

5,677,141

4,634,012

General and administrative

1,264,230

1,291,619

5,569,654

5,138,410

Total Operating Expenses

4,798,379

4,676,229

21,529,430

17,886,799

 

Operating Loss

(2,125,668)

(3,307,641)

(12,924,591)

(11,121,527)

 

Interest expense

(1,441,967)

(443,271)

(2,904,454)

(874,713)

Change in fair value of derivative liabilities

(94,800)

-

(142,200)

-

Other income (expense)

(411)

(275)

4,951

(30,526)

Total Other Expenses, net

(1,537,178)

(443,546)

(3,041,703)

(905,239)

Net Loss

$ (3,662,846)

$ (3,751,187)

$(15,966,294)

$(12,026,766)

SUMMARIZED CONDENSED CONSOLIDATED BALANCE SHEETS

 

December 31,
2023

December 31,
2022

UNAUDITED

Assets

Cash

$

781,318

$

4,340,407

Accounts receivable, net

 

2,079,111

 

1,124,971

Inventories, net

 

1,533,592

 

1,672,925

Prepaid expenses

 

458,313

 

643,401

Total Current Assets

 

4,852,334

 

7,781,704

 

Prepaid expenses and other

 

-

 

3,574,746

Operating lease right-of-use assets

 

10,500,620

 

209,669

Property, plant, and equipment, net

 

3,659,084

 

5,098,097

Total Assets

$

19,012,038

$

16,664,216

 

Liabilities and Stockholders' Equity (Deficit)

Accounts payable and accrued expenses

$

2,099,537

$

4,426,477

Short-term debt

 

1,628,667

 

959,803

Derivative liabilities

 

158,000

 

-

Operating lease liability, current portion

 

745,969

 

139,794

Finance lease liability, current portion

 

978,543

 

1,078,506

Convertible notes

 

78,905

 

-

Convertible notes - related parties

 

700,189

 

-

Notes payable, current portion, net

 

10,948,668

 

-

Total Current Liabilities

 

17,338,478

 

6,604,580

 

Long-term debt

 

698,600

 

44,279

Operating lease liability

 

6,176,508

 

71,714

Finance lease liability

 

1,593,979

 

2,984,618

Notes payable

 

-

 

4,604,132

Total Liabilities

 

25,807,565

 

14,309,323

 

Common stock, $0.0001 par value, 300,000,000 shares authorized, 7,893,205 and 6,211,206 shares issued and outstanding as of December 31, 2023 and 2022, respectively

 

 

789

 

 

621

 

Additional paid-in capital

 

36,243,146

 

29,427,440

 

Accumulated deficit

 

(43,039,462)

 

(27,073,168)

Total Stockholders' Equity (Deficit)

 

(6,795,527)

 

2,354,893

Total Liabilities and Stockholders' Equity (Deficit)

$

19,012,038

$

16,664,216

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.



Contact:

Sam Funchess, VP of Corporate Development
ir@guerrilla-rf.com
+1 336 510 7840