Guerrilla RF Reports Record Revenue for Fourth Quarter and Full Year 2023

Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art radio frequency and microwave semiconductors, today announced record revenue for the fourth quarter and full year 2023. Fourth quarter 2023 revenue increased 95.8% over the same period in 2022, coming in at $4.7 million compared to $2.4 for the year ago quarter. Annual revenue for 2023 grew 30.2% to $15.1 million, compared to $11.6 million for FY22 as increased orders from Automotive and satellite communications (SATCOM) markets drove growth.

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Guerrilla RF, Inc. (OTCQX: GUER) today announced record revenue for the fourth quarter and full year 2023. Fourth quarter 2023 revenue increased 95.8% over the same period in 2022, coming in at $4.7 million compared to $2.4 for the year ago quarter. Annual revenue for 2023 grew 30.2% to $15.1 million, compared to $11.6 million for FY22 as increased orders from Automotive and satellite communications (SATCOM) markets drove growth. (Graphic: Business Wire)

Fourth Quarter and Full Year 2023 Financial Results

• Fourth quarter shipments 99.8% higher than same period in 2022, representing highest quarterly deliveries in Company’s history.
• The Company reported $15.1 million in revenue for FY23 hitting the upper end of management’s full year 2023 guidance of between $14.7 and $15.2 million.
• Contribution margin of 70.5% for the FY23, compared to 71.5% for FY22, indicating price stability as revenues grow.
• Gross profit margin for Q4 2023 was 56.8% of revenues, 100bps over Q3 2023.
• Fourth quarter operating expense decreased $0.8 million or 14.4% from Q3 2023, reflecting the continued impact of previously announced expense management efforts.
• Operating loss for fiscal fourth quarter 2023 was $2.1 million, a decrease of $1.6 million, or 43.2%, as compared to an operating loss of $3.7 million for the third quarter of 2023.
• R&D expenses decreased $0.5 million to $2.3 million from the prior quarter, reflecting the continued impact of previously announced expense management efforts.
• New product revenue reached 22.1% of our product revenue in 2023 compared to less than 1.0% in 2022, reflecting positive results of previous R&D investments. New product revenue is for products in production less than three years.
• Fourth quarter bookings exceeded $5.1 million, matching previous Company record in Q1 2023.
• Distribution channel inventory days reached lowest level in two years at 50.0 days as of December 31, 2023, leading management to believe the inventory overhang is behind the Company.
• Backlog (a non-GAAP measure) remained steady quarter-over-quarter, ending 2023 at $6.0 million; $1.5 million higher compared to $4.5 million at the end of 2022. Subsequent to year end, backlog reached an all-time high for the Company at $7.9 million on January 12, 2024 due to new orders.

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