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Guerrilla RF, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $4,523,700 from $3,365,911 in the same quarter the previous year. The increase is attributed to higher demand for wireless infrastructure products and growth in international sales.
Direct product costs for the quarter were $1,571,182, representing 35% of sales, compared to 44% in the same quarter of the previous year. This decrease in cost ratio is due to a favorable product mix.
The company reported a gross profit of $2,952,518 for the quarter, compared to $1,875,132 in the previous year, with the increase attributed to improved product mix and leverage on fixed overhead costs.
Research and development expenses decreased to $2,506,554 from $2,775,430, primarily due to reduced prototype activities.
Sales and marketing expenses increased to $1,749,497 from $1,445,790, primarily due to increased staffing.
General and administrative expenses decreased to $1,306,268 from $1,381,119, primarily due to staffing reductions.
Net loss for the quarter was $7,201,565, compared to $4,480,948 in the previous year. The increase in net loss is primarily due to a $1,523,221 loss on debt extinguishment and a $2,623,608 change in fair value of warrant liabilities.
Cash used in operating activities was $3,790,764, while cash used in investing activities was $673,908. Cash provided by financing activities was $14,961,095.
Guerrilla RF had cash resources of $11,277,741 as of September 30, 2024. The company believes it has sufficient resources to support operations for the next twelve months.
The filing also details various financial agreements, including amendments to the Salem Loan Facility and the completion of the North Run Private Placement.
Guerrilla RF continues to focus on expanding its product portfolio and increasing sales to new and existing customers, with a significant increase in international sales reported for the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Guerrilla RF quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.