Guerrilla RF, Inc. Announces Strong Fundamentals to Close Out 2022

Guerrilla RF, Inc. (OTCQX: GUER), an innovative fabless semiconductor company, announces today that it ended 2022 with strong fundamentals and business performance due to advanced products and engagements with leading customers in high-growth markets.

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Guerrilla RF announces a strong finish to 2022. (Graphic: Business Wire)

At year-end, the backlog more than doubled from the second quarter, and the contribution margin jumped to 72% in the fourth quarter. In 2022, ASPs grew by 21% from the prior year due to new product introductions, enabled by continued investment in focused research and development initiatives. Shipments of evaluation boards jumped to 435 units in 2022, up from 339 in 2021. Evaluation board shipments are a strong indicator of customer interest because these boards are used to test designs with real-time hardware and are positively correlated with future orders.

According to Ryan Pratt, CEO, and founder of Guerrilla RF, “During 2022, even in a challenging macroeconomic climate, we gained momentum well into year-end. In addition, the company recently completed a private placement of $5 million which will provide us with a strengthened balance sheet and the ability to continue to invest in the business and drive growth.”

In 2022 Guerrilla RF was listed at #81 in the Financial Times article “The Americas’ Fastest Growing Companies,” a list of the top 500 fastest-growing businesses ranked by revenue growth.

About Guerrilla RF, Inc.

Founded in 2013 and based in Greensboro, NC, Guerrilla RF develops and manufactures high-performance microwave integrated circuits (MMICs) for 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, military communications, navigation, and high-fidelity wireless audio. Guerrilla RF has an extensive portfolio of over 100 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, digital step attenuators (DSAs), and linear power amplifiers (PAs) – the critical building blocks for mission-critical, performance-driven wireless applications. 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.

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