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Guerrilla RF Announces Record Sales in 2021, as Product Sales Increase 63 Percent

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)

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:

Guerrilla RF, Inc

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

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

 

About Guerrilla RF, Inc.

Guerrilla RF has an extensive portfolio of high-performance radio frequency (RF) and microwave semiconductor devices. The existing product line includes ultra-low noise amplifiers, gain blocks, driver amplifiers, mixers, RF switches, and linear PAs (power amplifiers) – the critical building blocks for mission-critical, performance-driven wireless applications, including 5G wireless infrastructure, cellular repeaters/boosters, and automotive telematics.

Founded in 2013 and based in Greensboro, NC, Guerrilla RF develops and manufactures high performance monolithic microwave integrated circuits (MMICs) to wireless OEMs in multiple market segments – including 5G/4G macro and small cell base stations, cellular repeaters/DAS, automotive telematics such as SDARS/V2X/GPS/DAB, mission-critical military communications, navigation, and high-fidelity wireless audio. To date, the Company has shipped over 100 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, coming in at No. 421 and 489 for the 2020 and 2021 rankings, respectively. 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 a number of 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 Investor Relations
sfunchess@guerrilla-rf.com
+1 336 510 7840