Company Ends 2021 with Largest Purchase Order Backlog in History, as the Number of Tier-One and Tier-Two Customers Grows
GREENSBORO, N.C. — (BUSINESS WIRE) — March 30, 2022 — Guerrilla RF, Inc. (“Guerrilla RF” or the “Company”), a semiconductor company focused on high performance MMICs (monolithic microwave integrated circuits) for the wireless and infrastructure market, announced today financial results for the full year ended December 31, 2021.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220330005815/en/
Guerrilla RF announces record sales in 2021 with product sales increasing by 63 percent. Company ended 2021 with its largest purchase order backlog in history, as the number of tier-one and tier-two customers grows. (Graphic: Business Wire)
The Company reported record total sales of $10.5 million in 2021, an increase of 30 percent as compared to $8.1 million in 2020. Product revenue in 2021 increased 63 percent to a record $9.8 million despite royalty revenue decreasing 69 percent to $652K as compared to $2.1 million in 2020. The decrease in royalty revenue was consistent with the Company’s plan to transition from a licensing model to a product sales model.
Product revenue to our automotive end users increased 82 percent in 2021 to a record $4 million. Repeater end user product revenue doubled to $2.2 million, while sales to our 5G infrastructure end users product revenue remained steady at $1.8 million. Our total direct product costs increased to $4.3 million in 2021; thus, our overall contribution margin on product revenue was 69.6 percent in 2021 ($9.8 million in product revenue divided by $4.3 million in direct product costs). Cash at December 31, 2021 was $5.3 million.
“Our plan to transition from a licensing model to a proprietary product model has been immensely successful,” said Ryan Pratt, founder and CEO at Guerrilla RF. “We believe that we’re a best-in-class MMIC provider in the fast-growing automotive vertical, and we see extraordinary opportunity to launch new and exciting cutting-edge products in 5G infrastructure.”
2021 Highlights:
- Completed a go-public reverse merger in October 2021
- Closed an $11.5 million private placement offering October and November 2021, which included the conversion of approximately $4.5 million of debt
- Ended 2021 with the largest purchase order backlog in the Company’s history
- Product revenue increased 63 percent finishing 2021 at $9.8 million
- Contribution margin of product revenue at 69.6 percent for 2021
- Continued investment in research and development with a focus on new products aimed at 5G network infrastructure
- Over 30 million units delivered during 2021, versus 19 million in 2020
- Introduced 14 new products to meet accelerating customer demand
- Increased number of tier-one customers and tier-two customers
Guerrilla RF, Inc |
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Consolidated Statements of Operations |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
Dec 31, 2021 |
Dec 31, 2020 |
Dec 31, 2021 |
Dec 31, 2020 |
|||||||||||||
Product shipments |
$ |
2,553,094 |
|
$ |
2,199,295 |
|
$ |
9,827,817 |
|
$ |
5,986,108 |
|
||||
Royalties |
|
181,793 |
|
|
202,612 |
|
|
652,082 |
|
|
2,103,282 |
|
||||
Total |
|
2,734,887 |
|
|
2,401,907 |
|
|
10,479,899 |
|
|
8,089,390 |
|
||||
| Direct product cost |
|
1,201,556 |
|
|
997,068 |
|
|
4,340,292 |
|
|
2,911,120 |
|
||||
| Gross Profit |
|
1,533,331 |
|
|
1,404,839 |
|
|
6,139,607 |
|
|
5,178,270 |
|
||||
| Operating Expenses: |
||||||||||||||||
| Research and development |
|
1,408,551 |
|
|
942,831 |
|
|
4,592,879 |
|
|
3,591,336 |
|
||||
| Sales and marketing |
|
869,121 |
|
|
550,745 |
|
|
2,752,153 |
|
|
2,129,238 |
|
||||
| Administration |
|
1,102,484 |
|
|
222,172 |
|
|
2,464,295 |
|
|
999,731 |
|
||||
| Total Operating Expenses |
|
3,380,156 |
|
|
1,715,748 |
|
|
9,809,327 |
|
|
6,720,305 |
|
||||
| Operating Income (Loss) |
|
(1,846,825 |
) |
|
(310,909 |
) |
|
(3,669,720 |
) |
|
(1,542,035 |
) |
||||
| Interest expense |
|
(81,712 |
) |
|
(136,814 |
) |
|
(551,495 |
) |
|
(469,684 |
) |
||||
| Other income (expense) |
|
14,960 |
|
|
- |
|
|
1,384,060 |
|
|
- |
|
||||
| Net loss |
$ |
(1,913,577 |
) |
$ |
(447,723 |
) |
$ |
(2,837,155 |
) |
$ |
(2,011,719 |
) |
||||
| Guerrilla RF, Inc |
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| Consolidated Balance Sheets |
||||||||
| December 31, 2021 and 2020 |
||||||||
| 2021 |
2020 |
|||||||
| Assets |
||||||||
| Cash |
$ |
5,313,985 |
|
$ |
427,269 |
|
||
| Accounts receivable, net |
|
1,667,006 |
|
|
1,653,805 |
|
||
| Inventories, net |
|
1,439,014 |
|
|
993,633 |
|
||
| Prepaid expense |
|
1,187,418 |
|
|
100,447 |
|
||
| Total Current Assets |
|
9,607,423 |
|
|
3,175,154 |
|
||
| Property, plant, and equipment, net |
|
1,027,312 |
|
|
789,587 |
|
||
| Total Assets |
$ |
10,634,735 |
|
$ |
3,964,741 |
|
||
| Liabilities and Stockholders' Equity (Deficit) |
||||||||
| Short-term debt |
$ |
5,117 |
|
$ |
1,297,611 |
|
||
| Capital lease, current portion |
|
118,420 |
|
|
59,990 |
|
||
| Accounts payable and accrued expenses |
|
1,186,443 |
|
|
781,433 |
|
||
| Total Current Liabilities |
|
1,309,980 |
|
|
2,139,034 |
|
||
| Capital lease |
|
264,347 |
|
|
258,439 |
|
||
| PPP loan |
|
- |
|
|
90,046 |
|
||
| Notes payable |
|
144,783 |
|
|
4,602,516 |
|
||
| Total Liabilities |
|
1,719,110 |
|
|
7,090,035 |
|
||
| Preferred stock, $.0001 par value, 10,000,000 shares authorized no shares issued and outstanding as of December 31, 2021; $.001 par value, 5,042,000 shares authorized 4,852,414 shares issued and outstanding as of December 31, 2020 |
$ |
- |
|
$ |
4,852 |
|
||
| Common stock, $.0001 par value, 300,000,000 shares authorized, 33,222,192 shares issued and outstanding as of December 31, 2021; $.001 par value, 8,484,000 shares authorized, 2,265,633 shares issued and outstanding as of December 31, 2020 |
|
3,322 |
|
|
2,261 |
|
||
| Additional paid-in-capital |
|
23,958,705 |
|
|
9,076,840 |
|
||
| Accumulated deficit |
|
(15,046,402 |
) |
|
(12,209,247 |
) |
||
| Total Stockholders' Equity (Deficit) |
|
8,915,625 |
|
|
(3,125,294 |
) |
||
| Total Liabilities and Stockholders' Equity (Deficit) |
$ |
10,634,735 |
|
$ |
3,964,741 |
|
||
