GREENSBORO, N.C. — (BUSINESS WIRE) — May 12, 2022 — Guerrilla RF, Inc. (OTC Pink: GUER) today reported financial results for its quarter ended March 31, 2022.
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Guerrilla RF Announces Record Sales in its First Quarter of 2022, as Product Sales Increased 39 Percent (Graphic: Business Wire)
“We saw record revenues and product shipments in Q1 2022 as we continued to meet customer demand,” said Ryan Pratt, Guerrilla RF Founder and CEO. “I am pleased with our team as we have been able to achieve more design wins and gain new customers.”
The Company reported record total sales of $3.9 million in Q1 2022, an increase of 39 percent compared to $2.8 million in Q1 2021. Product revenue in Q1 2022 increased 39 percent to a record $3.6 million while royalty revenue increased 41 percent to $280K compared to $198K in Q1 2021. The Company's strategic plan remains focused on its product sales business.
The Company continues to invest heavily in research and development and sales and marketing, working with existing customers to identify new products and opportunities. The Administration expense increased year over year by $934K due to implementing a structure supportive of a public company environment. This included the addition of numerous employees to support the Company’s transition to a public company. Wages and Benefits year over year were up as a result by $600K. In addition, legal fees and audit fees increased $200K year over year, again in support of a public company environment. Lastly, insurance costs driven by Directors and Officer Liability coverage increased nearly $200K year over year.
In Q1 2022, the Company adopted a new accounting standard related to its leased assets, which resulted in recording $3.0 million of leased assets and associated lease liabilities onto its balance sheet, none of which required any unplanned lease expenditures. Cash at March 31, 2022 was $2.6 million.
Q1 2022 Highlights:
- Largest revenue quarter in history at $3.9 million
- Largest product shipment in history at 10.7 million units shipped
- Second consecutive record product shipment quarter
- Continued investment in research and development with a focus on new products aimed at automotive and 5G network infrastructure sectors
- Two new products released in Q1 2022 bringing total products to 103
- Five additional products reached the lifetime revenue exceeding $100,000, bringing the total to forty-five which meet this milestone
GUERRILLA RF, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Unaudited) |
||||||||
Three Months Ended March 31 |
||||||||
2022 |
2021 |
|||||||
Product shipments |
$ |
3,586,267 |
|
$ |
2,583,388 |
|
||
Royalties |
|
279,644 |
|
|
197,634 |
|
||
Total |
|
3,865,911 |
|
|
2,781,022 |
|
||
Direct product costs |
|
1,547,281 |
|
|
1,092,692 |
|
||
Gross Profit |
|
2,318,630 |
|
|
1,688,330 |
|
||
Operating Expenses: |
||||||||
| Research and development |
|
1,802,006 |
|
|
1,063,106 |
|
||
| Sales and marketing |
|
1,085,843 |
|
|
576,650 |
|
||
| Administration |
|
1,239,650 |
|
|
305,314 |
|
||
| Total Operating Expenses |
|
4,127,499 |
|
|
1,945,070 |
|
||
| Operating Loss |
|
(1,808,869 |
) |
|
(256,740 |
) |
||
| Interest expense |
|
(57,221 |
) |
|
(148,825 |
) |
||
| Other income |
|
- |
|
|
535,800 |
|
||
| Total other income (expenses), net |
|
(57,221 |
) |
|
386,975 |
|
||
| Net income (loss) |
$ |
(1,866,090 |
) |
$ |
130,235 |
|
||
| Net income (loss) per share, basic |
$ |
(0.06 |
) |
$ |
0.02 |
|
||
| Net income (loss) per share, diluted |
|
$ |
(0.06 |
) |
|
$ |
0.01 |
|
| GUERRILLA RF, INC. AND SUBSIDIARIES |
||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
| (Unaudited) |
||||||||
|
|
|
March 31,
|
|
December 31,
|
||||
| Assets |
||||||||
| Cash |
$ |
2,590,646 |
|
$ |
5,313,985 |
|
||
| Accounts receivable, net |
|
2,609,055 |
|
|
1,667,006 |
|
||
| Inventories, net |
|
1,639,042 |
|
|
1,439,014 |
|
||
| Prepaid expense |
|
1,041,328 |
|
|
1,187,418 |
|
||
| Total Current Assets |
|
7,880,071 |
|
|
9,607,423 |
|
||
| Operating lease right-of-use assets |
|
275,984 |
|
|
- |
|
||
| Property, plant, and equipment, net |
|
4,130,590 |
|
|
1,027,312 |
|
||
| Total Assets |
$ |
12,286,645 |
|
$ |
10,634,735 |
|
||
| Liabilities and Stockholders' Equity |
||||||||
| Short-term debt |
$ |
7,310 |
|
$ |
5,117 |
|
||
| Operating lease, current portion |
|
116,128 |
|
|
- |
|
||
| Finance lease, current portion |
|
669,309 |
|
|
118,420 |
|
||
| Accounts payable and accrued expenses |
|
1,408,676 |
|
|
1,186,443 |
|
||
| Total Current Liabilities |
|
2,201,423 |
|
|
1,309,980 |
|
||
| Operating lease |
|
160,640 |
|
|
- |
|
||
| Finance lease |
|
2,694,369 |
|
|
264,347 |
|
||
| Notes payable |
|
142,590 |
|
|
144,783 |
|
||
| Total Liabilities |
|
5,199,022 |
|
|
1,719,110 |
|
||
| Preferred stock, $.0001 par value, 10,000,000 shares authorized no shares issued and outstanding as of March 31, 2022 and December 31, 2021 |
$ |
- |
|
$ |
- |
|
||
| Common stock, $.0001 par value, 300,000,000 shares authorized, 33,234,894 and 33,222,192 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively |
|
3,323 |
|
|
3,322 |
|
||
| Additional paid-in-capital |
|
23,996,792 |
|
|
23,958,705 |
|
||
| Accumulated deficit |
|
(16,912,492 |
) |
|
(15,046,402 |
) |
||
| Total Stockholders' Equity |
|
7,087,623 |
|
|
8,915,625 |
|
||
| Total Liabilities and Stockholders' Equity |
$ |
12,286,645 |
|
$ |
10,634,735 |
|
||
