Guerrilla RF (GUER) updates Salem loan terms with new payments and fee

Rhea-AI Filing Summary

Guerrilla RF, Inc. entered into Amendment No. 3 to its Amended and Restated Loan Agreement with its primary lender, Salem Investment Partners V, Limited Partnership, on December 30, 2025. In light of what it describes as improved operating performance and progress on strategic and financial initiatives during 2025, the lender agreed to extend the loan term by 12 months and revise the principal repayment schedule to payments of $200,000 on 12/31/2026, $1.5 million on 12/31/2027, $1.5 million on 12/31/2028, and $1.3 million on 12/31/2029. The amendment also adds a 1% fee of $45,000 payable to Salem at loan maturity. Management characterizes this amendment as a constructive development that reflects disciplined execution of its business plan and proactive balance sheet management.

Insights

Credit and capital structure analyst

Guerrilla RF secures a one-year loan extension with a back-loaded repayment schedule.

The company has amended its Amended and Restated Loan Agreement with its primary lender, Salem Investment Partners V, Limited Partnership, extending the loan term by 12 months. The new principal schedule concentrates smaller repayment of $200,000 on 12/31/2026 and larger installments of $1.5 million on 12/31/2027 and 12/31/2028, followed by $1.3 million on 12/31/2029. This shifts larger cash obligations further into the future.

The amendment also introduces a 1% fee of $45,000 payable at maturity, modestly increasing overall borrowing cost. Management explicitly links Salem’s willingness to amend terms to “improved operating performance” and progress on strategic and financial initiatives in 2025, suggesting the lender has confidence in the company’s trajectory. The actual impact on liquidity and flexibility will depend on how operating performance evolves as these new maturity dates approach.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  December 30, 2025

GUERRILLA RF, INC.

(Exact name of Registrant as specified in its charter)

Delaware		000-56238		85-3837067
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(IRS Employer Identification No.)

2000 Pisgah Church Road Greensboro, NC		27455
(Address of principal executive offices)		(Zip Code)

(336) 510-7840

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 1.01.  ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

Amendment No. 3 to Amended and Restated Loan Agreement

On December 30, 2025, the Company entered into Amendment No. 3 to Amended and Restated Loan Agreement (the “Salem Amendment”) with its primary lender, Salem Investment Partners V, Limited Partnership (“Salem”).  In light of the Company’s improved operating performance and continued progress on strategic and financial initiatives during 2025, Salem agreed to extend the term of the loan by 12 months and adjust the principal repayment schedule as follows: 12/31/2026 - $200,000; 12/31/2027 - $1.5 million; 12/31/2028 - $1.5 million; and 12/31/2029 - $1.3 million. The Salem Amendment also provides for a 1% fee ($45,000) payable to Salem upon the maturity of the loan. Management views the Salem Amendment as a constructive development for the Company, rewarding the Company for the disciplined execution of its business plan, improving operating performance, and proactive balance sheet management.

The foregoing summary of the Salem Amendment does not purport to be complete and is qualified by reference to the full text of the Salem Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and are incorporated herein 

by reference.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

EXHIBIT INDEX

Exhibit Number	Description
10.1	Amendment No. 3 to Amended and Restated Loan Agreement, dated December 30, 2025, between the Company and Salem Investment Partners V, Limited Partnership
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GUERRILLA RF, INC.
Date: December 31, 2025	By:	/s/ Ryan Pratt
		Ryan Pratt
		Chief Executive Officer and Director

FAQ

What agreement did Guerrilla RF, Inc. (GUER) enter into with Salem Investment Partners?

Guerrilla RF, Inc. entered into Amendment No. 3 to its Amended and Restated Loan Agreement with its primary lender, Salem Investment Partners V, Limited Partnership, on December 30, 2025.

How did the loan repayment schedule change for Guerrilla RF under the new Salem amendment?

The amended principal repayment schedule calls for payments of $200,000 on 12/31/2026, $1.5 million on 12/31/2027, $1.5 million on 12/31/2028, and $1.3 million on 12/31/2029.

By how long was Guerrilla RF’s loan term with Salem Investment Partners extended?

The term of the loan was extended by 12 months under Amendment No. 3.

What additional fee does Guerrilla RF owe under the amended Salem loan agreement?

The amendment provides for a 1% fee of $45,000, which is payable to Salem upon the maturity of the loan.

Why does Guerrilla RF’s management view the Salem loan amendment as constructive?

Management views the amendment as a constructive development, citing that it rewards the company for disciplined execution of its business plan, improving operating performance, and proactive balance sheet management.

Where can investors find the full text of Guerrilla RF’s Salem loan Amendment No. 3?

The full text of Amendment No. 3 is filed as Exhibit 10.1 to the report and is incorporated by reference.