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Guerrilla RF (GUER+4.86%) Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a revenue increase of 33.4% for 2024 compared to 2023, driven by new customer acquisitions, product launches, and increased market share in core markets. The automotive segment faced a temporary decline due to a customer's delayed initiative.
Gross profit for 2024 was 63.7% of revenues, up from 57.1% in 2023. This increase was attributed to a shift in product mix towards higher-margin offerings, despite ongoing supply chain price increases.
Operating loss decreased to $8.8 million in 2024 from $12.9 million in 2023 due to higher revenue and stable operating expenses. Research and development expenses decreased by 6%, while sales and marketing expenses increased by 10%.
The company reported a basic net loss per share of $1.12 for 2024, compared to $2.25 for 2023.
Cash used in operating activities was $6.7 million for 2024, a decrease from $13.5 million in 2023. This was primarily due to a reduction in net loss and changes in working capital.
Guerrilla RF completed a $22 million private placement in August 2024, raising net cash proceeds of approximately $21.6 million. This funding is expected to support operations through the fiscal year and beyond.
The company moved into a new headquarters in Greensboro, NC, in early 2023, expanding its office and laboratory space to over 50,000 square feet.
Guerrilla RF continues to focus on expanding its sales network, working with three large electronic component distributors and over 19 sales representative organizations worldwide.
The filing notes a material weakness in internal control over financial reporting related to accounting for significant unusual transactions, which management is taking steps to remediate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Guerrilla RF annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.