Guerrilla RF Announces Record Sales in its First Quarter of 2022, as Product Sales Increased 39 Percent
Guerrilla RF Announces Record Sales in its First Quarter of 2022, as Product Sales Increased 39 Percent (Graphic: Business Wire)
“We saw record revenues and product shipments in Q1 2022 as we continued to meet customer demand,” said
The Company reported record total sales of
The Company continues to invest heavily in research and development and sales and marketing, working with existing customers to identify new products and opportunities. The Administration expense increased year over year by
In Q1 2022, the Company adopted a new accounting standard related to its leased assets, which resulted in recording
Q1 2022 Highlights:
-
Largest revenue quarter in history at
$3.9 million - Largest product shipment in history at 10.7 million units shipped
- Second consecutive record product shipment quarter
- Continued investment in research and development with a focus on new products aimed at automotive and 5G network infrastructure sectors
- Two new products released in Q1 2022 bringing total products to 103
-
Five additional products reached the lifetime revenue exceeding
, bringing the total to forty-five which meet this milestone$100,000
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
2022 |
2021 |
|||||||
Product shipments |
$ |
3,586,267 |
|
$ |
2,583,388 |
|
||
Royalties |
|
279,644 |
|
|
197,634 |
|
||
Total |
|
3,865,911 |
|
|
2,781,022 |
|
||
Direct product costs |
|
1,547,281 |
|
|
1,092,692 |
|
||
Gross Profit |
|
2,318,630 |
|
|
1,688,330 |
|
||
Operating Expenses: |
||||||||
Research and development |
|
1,802,006 |
|
|
1,063,106 |
|
||
Sales and marketing |
|
1,085,843 |
|
|
576,650 |
|
||
Administration |
|
1,239,650 |
|
|
305,314 |
|
||
Total Operating Expenses |
|
4,127,499 |
|
|
1,945,070 |
|
||
Operating Loss |
|
(1,808,869 |
) |
|
(256,740 |
) |
||
Interest expense |
|
(57,221 |
) |
|
(148,825 |
) |
||
Other income |
|
- |
|
|
535,800 |
|
||
Total other income (expenses), net |
|
(57,221 |
) |
|
386,975 |
|
||
Net income (loss) |
$ |
(1,866,090 |
) |
$ |
130,235 |
|
||
Net income (loss) per share, basic |
$ |
(0.06 |
) |
$ |
0.02 |
|
||
Net income (loss) per share, diluted |
|
$ |
(0.06 |
) |
|
$ |
0.01 |
|
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
||||
Assets |
||||||||
Cash |
$ |
2,590,646 |
|
$ |
5,313,985 |
|
||
Accounts receivable, net |
|
2,609,055 |
|
|
1,667,006 |
|
||
Inventories, net |
|
1,639,042 |
|
|
1,439,014 |
|
||
Prepaid expense |
|
1,041,328 |
|
|
1,187,418 |
|
||
Total Current Assets |
|
7,880,071 |
|
|
9,607,423 |
|
||
Operating lease right-of-use assets |
|
275,984 |
|
|
- |
|
||
Property, plant, and equipment, net |
|
4,130,590 |
|
|
1,027,312 |
|
||
Total Assets |
$ |
12,286,645 |
|
$ |
10,634,735 |
|
||
Liabilities and Stockholders' Equity |
||||||||
Short-term debt |
$ |
7,310 |
|
$ |
5,117 |
|
||
Operating lease, current portion |
|
116,128 |
|
|
- |
|
||
Finance lease, current portion |
|
669,309 |
|
|
118,420 |
|
||
Accounts payable and accrued expenses |
|
1,408,676 |
|
|
1,186,443 |
|
||
Total Current Liabilities |
|
2,201,423 |
|
|
1,309,980 |
|
||
Operating lease |
|
160,640 |
|
|
- |
|
||
Finance lease |
|
2,694,369 |
|
|
264,347 |
|
||
Notes payable |
|
142,590 |
|
|
144,783 |
|
||
Total Liabilities |
|
5,199,022 |
|
|
1,719,110 |
|
||
Preferred stock, |
$ |
- |
|
$ |
- |
|
||
Common stock, |
|
3,323 |
|
|
3,322 |
|
||
Additional paid-in-capital |
|
23,996,792 |
|
|
23,958,705 |
|
||
Accumulated deficit |
|
(16,912,492 |
) |
|
(15,046,402 |
) |
||
Total Stockholders' Equity |
|
7,087,623 |
|
|
8,915,625 |
|
||
Total Liabilities and Stockholders' Equity |
$ |
12,286,645 |
|
$ |
10,634,735 |
|
||
About
Founded in 2013 and based in
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
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sfunchess@guerrilla-rf.com
+1 336 510 7840
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