Guerrilla RF Announces Record Sales in 2021 as Product Sales Increase 63%

GREENSBORO, NC–(BUSINESS WIRE)–Guerrilla RF, Inc. (“Guerrilla RF” or the “Company”), a semiconductor company specializing in high-performance MMICs (monolithic microwave integrated circuits) for the wireless and infrastructure market, today announced its financial results for the year ended December 31, 2021.

The company reported record total sales of $10.5 million in 2021, a 30% increase from $8.1 million in 2020. Product revenue in 2021 increased 63% to a record $9.8 million despite a 69% decline in royalty revenue to $652,000 from $2.1. million in 2020. The decline in royalty income was in line with the Company’s plan to transition from a licensing model to a product sales model.

Product revenue for our automotive end users grew 82% in 2021 to a record $4 million. Revenue from repeater end-user products doubled to $2.2 million, while sales to our 5G infrastructure end-users were flat 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% in 2021 ($9.8 million in product revenue divided by $4.3 million in direct product costs). Cash as of 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 of Guerrilla RF. “We believe we are a premier MMIC supplier in the rapidly growing automotive sector, and we see tremendous opportunity to launch exciting new cutting-edge products in 5G infrastructure.”

2021 Highlights:

  • Completion of a reverse merger made public in October 2021

  • Closing of an $11.5 million private placement in October and November 2021, which included the conversion of approximately $4.5 million of debt

  • Ended 2021 with the largest purchase order backlog in company history

  • Product revenue grew 63% to end 2021 at $9.8 million

  • Product revenue contribution margin at 69.6% for 2021

  • Continuous investment in research and development with a focus on new products for 5G network infrastructure

  • Over 30 million units delivered in 2021, compared to 19 million in 2020

  • Launched 14 new products to meet growing customer demand

  • Increase in the number of Tier 1 customers and Tier 2 customers

Guerrilla RF, Inc.

Consolidated Statements of Income

Three months completed

Twelve month period ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Product shipments

$

2,553,094

$

2,199,295

$

9,827,817

$

5,986,108

Royalty fee

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 profit (loss)

(1,846,825

)

(310,909

)

(3,669,720

)

(1,542,035

)

Interest expense

(81,712

)

(136,814

)

(551,495

)

(469,684

)

Other income (expenses)

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

Species

$

5,313,985

$

427,269

Accounts receivable, net

1,667,006

1,653,805

Inventories, net

1,439,014

993 633

Prepaid expenses

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 equity (deficit)

Short term debt

$

5,117

$

1,297,611

Capital lease, current portion

118,420

59,990

Accounts payable and accrued liabilities

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 responsibilities

1,719,110

7,090,035

Preferred shares, par value $0.0001, 10,000,000 shares authorized no shares issued and outstanding as of December 31, 2021; par value of $0.001, 5,042,000 shares authorized 4,852,414 shares issued and outstanding as of December 31, 2020

$

$

4,852

Common shares, par value $0.0001, 300,000,000 shares authorized, 33,222,192 shares issued and outstanding as of December 31, 2021; Par value of $0.001, 8,484,000 shares authorized, 2,265,633 shares issued and outstanding as of December 31, 2020

3,322

2,261

Premium

23,958,705

9,076,840

Accumulated deficit

(15,046,402

)

(12,209,247

)

Total equity (deficit)

8,915,625

(3,125,294

)

Total liabilities and equity (deficit)

$

10,634,735

$

3,964,741

About Guerilla RF, Inc.

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

Founded in 2013 and based in Greensboro, North Carolina, Guerrilla RF develops and manufactures high performance monolithic microwave integrated circuits (MMICs) for wireless OEMs in multiple market segments – including 5G/4G macro and small cell base stations, cellular/DAS repeaters, 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 been repeatedly included in Inc.’s annual Inc. 5000 list. Magazine. Guerrilla RF recently made the top Inc. 500 for the second consecutive year, ranking 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 regarding future events or results or 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 regarding the opinions or judgments of individuals. the Company and its management about future events. You should not place undue reliance on forward-looking statements as 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 due to 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 assumes no obligation to revise or update the information contained in this release to reflect future events or circumstances, even if new information becomes available.



Source link

Comments are closed.