Guerrilla RF Announces Fourth Quarter and Full-Year 2024 Financial Results
Guerrilla RF, Inc a leading provider of advanced radio frequency (RF) and microwave semiconductors, has released its financial results for the fourth quarter and full year of 2024. The company Announces experienced revenue fluctuations due to sector-specific challenges but demonstrated notable growth in certain market segments.
Fourth Quarter 2024 Performance
Revenue for the fourth quarter of 2024 was reported at $4.4 million, marking a slight decrease from the $4.7 million recorded in the same quarter of the previous year. Announces This decline was primarily attributed to a 42% drop in automotive sales, partially offset by a 10% increase in infrastructure sales and a 62% surge in the catalog market. The catalog market’s growth was driven by significant demand in satellite communications (SatCom) and wireless audio applications.
Full-Year 2024 Financial Highlights
For the full fiscal year 2024, Guerrilla RF posted a revenue increase of 33.4% compared to 2023. The rise in revenue was fueled by the successful acquisition of new customers, the launch of innovative products, and an expanded market presence across key sectors. The company witnessed notable revenue expansion in its catalog, wireless audio, and SatCom divisions. Additionally, strong performance in automotive-related sales during the first three quarters of the year contributed significantly to overall revenue growth. A key factor in this increase was a new direct relationship with an electric vehicle (EV) automotive customer, as well as increased orders from major electronics suppliers serving automotive OEM component manufacturers.
Profitability and Margins
Guerrilla RF’s gross profit for 2024 stood at $12.8 million, representing 63.7% of total revenue, compared to 57.1% in 2023. This improvement was achieved despite persistent supply chain cost pressures, which the company mitigated through strategic pricing adjustments. The company’s product contribution margin rose from 70.5% in 2023 to 74.8% in 2024, underscoring a positive trend in pricing stability and cost management.
However, these gains were partially offset by an increase in overhead costs. The company expanded its Quality department workforce and incurred higher facility expenses, contributing to the rise in overall operational costs.
Operating Loss and Expense Management
The company reported an operating loss of $8.8 million in 2024, a significant improvement from the $12.9 million loss recorded in 2023. The reduction in losses was primarily driven by revenue growth while maintaining relatively stable operating expenses.
- Research and development (R&D) expenditures were reduced by 6%, from $10.3 million in 2023 to $9.7 million in 2024, as part of cost optimization efforts.
- Sales and marketing expenses rose by 10% year over year, increasing from $5.7 million to $6.3 million, as the company invested in customer acquisition and brand development.
- Administrative costs increased marginally by $49,000, reflecting a disciplined approach to expense control.
Backlog and Financial Position
At the end of 2024, the company reported a backlog (a non-GAAP measure) of $5.4 million. This figure remained stable compared to prior quarters, demonstrating consistent demand for Guerrilla RF’s products. By March 14, 2025, the backlog had increased to $6.8 million, suggesting continued growth momentum entering the new fiscal year.
Other financial highlights include:
- A recorded loss of $1.5 million related to the extinguishment of debt.
- A gain of $2.2 million due to a change in the fair value of warrant liabilities.
- Net loss per share improved to $1.12 in 2024 from $2.25 in 2023, reflecting a narrowing of overall losses.
International Sales Growth
Guerrilla RF also expanded its global footprint, with international shipments reaching $4.0 million, accounting for approximately 20% of total product revenue in 2024. This marked a substantial increase from $2.3 million (16% of total product revenue) in 2023, highlighting the company’s growing presence in international markets.
Key Metrics and Business Strategy
The company actively tracks key performance metrics to assess its growth, profitability, and operational efficiency. These indicators are crucial for strategic decision-making and optimizing resource allocation.
Guerrilla RF remains committed to expanding its market share through continued product innovation and customer acquisition. The company anticipates further revenue growth in 2025, driven by increased demand in its core markets, strategic partnerships, and advancements in RF semiconductor technology.
Despite challenges in the automotive sector, the company’s diversified portfolio and expanding international presence position it well for sustained long-term growth. With a solid backlog entering 2025 and continued efforts in cost management, Guerrilla RF aims to build upon its recent financial improvements and enhance shareholder value in the coming years.
