Guerrilla RF Announces Record Sales in its First Quarter of 2022, as Product Sales Increased 39 Percent

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220512005234/en/

Guerrilla RF Announces Record Sales in its First Quarter of 2022, as Product Sales Increased 39 Percent (Graphic: Business Wire)

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,
2022

 

December 31,
2021

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

 

 

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