$GUER--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 ac...
GREENSBORO, N.C.: $GUER--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 $5.1 million for the first quarter 2024, a 59.4% increase as compared to the first quarter of 2023.
“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 $5.1 million in revenue and a backlog increase of 27.7% from Q1 2023. We believe we are on target to achieve the $21.0 to $26.0 million revenue guidance we previously provided.”
Corporate Highlights
Financial Highlights
Financial Results for Three Months Ended March 31, 2024
GUERRILLA RF, INC. AND SUBSIDIARIES | ||||||||
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. | ||||||||
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 U.S. GAAP. Management believes EBITDA and Adjusted EBITDA, in addition to operating profit, net income and other U.S. GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that may, or could, have a disproportionate positive or negative impact on our results for any particular period. Investors should recognize that EBITDA and Adjusted EBITDA might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with U.S. GAAP. A reconciliation of non-U.S. GAAP EBITDA and Adjusted EBITDA to the most directly comparable U.S. GAAP measure in accordance with SEC Regulation G follows:
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 |
|
| 39,832 |
| ||
EBITDA |
| (1,321,484 | ) |
| (3,619,729 | ) | ||
Share-based compensation |
| 396,197 |
|
| 268,640 |
| ||
Change in fair value of derivative liabilities |
| (158,000 | ) |
| - |
| ||
Adjusted EBITDA | $ | (1,083,287 | ) |
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