Guerrilla RF Issues Letter to Shareholders

CEO covers 2022 milestones and 2023 strategic plans, catalysts, and guidance

GREENSBORO, N.C.--(BUSINESS WIRE)-- Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of state-of-the-art RF and microwave communications solutions, today announced that it has issued a letter to its shareholders outlining its 2022 milestones and 2023 strategic plans.

Guerrilla RF has issued a letter to shareholders outlining the company's 2022 milestones and 2023 strategic plans. (Graphic: Business Wire)

The letter’s highlights include:

• Record revenue of $11.6M in FY22

• Book-to-bill ratio for Q4 2022 exceeded 1.5, indicating excellent performance and strong future demand

• 2022 average unit selling price increased to $0.40 versus $0.33 for 2021, a 20.7% increase

• Garnered numerous new design wins for multiple applications

• In the fast-growing automotive industry, eight design wins led to a $2.4 million automotive purchase order in 2023, five months ahead of schedule. This project is expected to generate an aggregate peak volume of 30 million units per year

• Reduced the average cycle time for component fabrication, assembly, and testing to about 10.5 weeks, matching the Company’s pre-Covid average—outpacing the industry’s typical 12+ weeks’ cycle times

• Entered the rapidly growing satellite communications industry

• Record $8.1 million R&D investment—a key metric that will manifest in continuing growth ahead

• Completed a private placement for total gross proceeds of $9.2 million in February 2023. The funds provide the Company with the resources to accelerate its growth through new market penetration, expanded product offerings, additional R&D initiatives, and new capital equipment

• Goals for 2023 including:
  • increase R&D investment by 20% in 2023
  • up-list to a senior exchange

“All the success we achieved in 2022 is the result of the seeds we planted years ago and nurtured through meticulous analysis and strategic planning, hiring the best, and executing to our potential every day,” said Ryan Pratt, founder, and CEO at Guerrilla RF. “We look to build upon a year of record revenues and milestones and follow that up with yet more ambitious goals. We thank our shareholders for their continued support.”

Read the complete shareholder letter at Guerrilla_RF_Shareholder_Letter_2023_(guerrilla-rf. com).

About Guerrilla RF, Inc.

Founded in 2013, Guerrilla RF, Inc., develops and manufactures high-performance state-of-the-art radiofrequency (RF) and microwave communication solutions for wireless OEMs in multiple high-growth market segments, which include network infrastructure for 5G/4G macro and small cell base stations, cellular repeaters/DAS, automotive telematics, military communications, navigation, and high-fidelity wireless audio. The Company has an extensive portfolio of 100+ high-performance RF and microwave semiconductor devices with 50+ new products in development. As one of the fastest growing semiconductor firms in the industry, Guerrilla RF drives innovation through its R&D to commercialization initiatives and focuses on product excellence and custom solutions to underserved markets. To date, the Company has shipped over 150 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. 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 several 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230314005319/en/

Sam Funchess, VP of Investor Relations

sfunchess@guerrilla-rf.com

+1 336 510 7840

Source: Guerrilla RF, Inc.