Guerrilla RF, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with revenues reaching $20.1 million, a 33.4% increase from $15.1 million in 2023. This growth was attributed to the acquisition of new customers, the launch of new product programs, and increased market share in core markets such as wireless infrastructure and catalog segments. Despite a temporary decline in the automotive sector due to a key customer's delayed initiative, the overall revenue growth was bolstered by strong sales in repeaters, wireless audio, and satellite communications (SatCom).
The company's gross profit margin improved to 63.7% in 2024, up from 57.1% in the previous year, driven by a strategic shift towards higher-margin products. Operating losses decreased to $8.8 million from $12.9 million in 2023, reflecting the positive impact of increased revenues while operating expenses remained relatively stable. The basic net loss per share also improved, decreasing from $2.25 in 2023 to $1.12 in 2024.
In terms of operational developments, Guerrilla RF expanded its product offerings, releasing 32 new products in 2024, bringing the total to 163. The company also reported a product backlog of $5.44 million, indicating strong future demand. The workforce increased to 67 employees, with a focus on enhancing engineering and technical capabilities to support growth. The company’s international sales accounted for approximately 20% of total product revenue, reflecting its ongoing geographic expansion.
Strategically, Guerrilla RF completed a $22 million private placement in August 2024, which provided significant liquidity to support operations and future growth initiatives. The company also moved into a new headquarters in Greensboro, NC, to accommodate its expanding workforce and R&D efforts. However, the company continues to face challenges, including a material weakness in internal controls over financial reporting, which management is actively working to remediate.
Looking ahead, Guerrilla RF anticipates continued investment in research and development, sales, and marketing efforts, which may lead to further losses in the near term. The company believes that its existing cash reserves, bolstered by recent funding, will be sufficient to support operations for at least the next twelve months. However, management has indicated that additional funding may be sought to capitalize on new business opportunities and enhance product development.
About Guerrilla RF, Inc.
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