Guerrilla RF Reports First Quarter 2026 Results

Published: 2026-05-11 09:57:26 ET GUER

Published on 05/11/2026 at 09:57 am EDT

GREENSBORO, NC - Guerrilla RF, Inc. (OTCQX: GUER), a leading provider of high-performance radio frequency (RF) and microwave semiconductors, today announced financial results for first

quarter ended March 31, 2026.

* Revenue of $6.5 Million, Up 48% YoY

* Gross Margin Expands to 69.9%, Up ~880 Basis Points YoY

* Operating Loss Narrows to Near Breakeven at ($46) Thousand

* Product Backlog Grows to $8.8 Million

'Our first quarter results reflect the strongest start to a year in the Company's history and demonstrate that our strategy is working,' said Ryan Pratt, Founder and CEO of Guerrilla RF. 'Revenue grew 48% year over year to $6.5 million, driven by strength in our catalog business, while operating loss narrowed to near breakeven, a $3.1 million improvement from the prior year. Gross margin expanded to 69.9%, reflecting scale and a favorable product mix. We enter the remainder of 2026 with an $8.8 million backlog and strong momentum as we continue to execute our business strategy.'

First Quarter highlights

Revenue increased 48% year over year to $6.5 million, driven by 207% growth in catalog revenue

Gross profit rose 69% year over year to $4.5 million.

Gross profit margin expanded 880 basis points to 69.9%, driven by higher volumes and favorable

product mix.

Operating loss narrowed to ($46) thousand, approaching breakeven.

Net income was $1.1 million, compared to a net loss of $3.5 million in the prior year period.

Earnings per share were $0.06, compared to ($0.34) in the prior year period.

Product backlog increased to $8.8 million, up 31% year over year.

Revenue

Revenue for the first quarter of 2026 increased 48% to $6.5 million, compared to $4.4 million in the prior year period. Growth was driven by strong performance in the Company's catalog business, which increased 207% to $4.8 million, reflecting continued conversion of design wins into production and broad-based demand across end markets.

Wireless infrastructure revenue was relatively stable, while automotive revenue declined due to reduced

demand in certain legacy automotive programs. International revenue grew to $2.2 million, representing

33% of total revenue, compared to 26% in the prior year period.

Gross Profit and Margins

Gross profit increased 69% to $4.5 million, compared to $2.7 million in the prior year period. Gross margin expanded to 69.9%, an improvement of 880 basis points year over year. The increase was driven by higher revenue volumes, improved operating leverage, and a favorable shift toward higher-margin catalog products.

Operating Expenses and Operating Performance

Total operating expenses decreased 22% to $4.6 million, compared to $5.8 million in the prior year period, reflecting disciplined cost management across all functions.

Operating loss narrowed to $46 thousand, compared to a loss of $3.2 million in the first quarter of 2025,

representing a $3.1 million year-over-year improvement and bringing the Company to near operating

breakeven.

Net Income

Net income for the first quarter of 2026 was $1.1 million, compared to a net loss of $3.5 million in the prior year period. Results included certain non-cash and non-operating items, including a gain on the change in fair value of warrant liabilities and proceeds from the Employee Retention Tax Credit. Earnings per share were $0.06, compared to ($0.34) in the prior year period.

Balance Sheet and Liquidity

As of March 31, 2026, Guerrilla RF had $3.2 million in cash.

Outlook

Guerrilla RF enters the second quarter of 2026 with an $8.8 million product backlog, an improved cost

structure, and demonstrated operating leverage. The Company remains focused on converting design wins into recurring revenue, expanding margins, and achieving full-year operating profitability in 2026.

'The first quarter of 2026 demonstrates the financial leverage in our model,' said Mike John-Williams,

CFO of Guerrilla RF. 'Revenue grew 48% while direct product costs increased only 14%, expanding gross margin by nearly 880 basis points. At the same time, disciplined spending reduced operating expenses by 22%. We believe we are well positioned for continued growth and profitability.'

Key Metrics (Non-GAAP Measures)

The following non-GAAP measures have limitations as analytical tools and should not be considered in

isolation or as a substitute for analysis of Company results as reported under GAAP. The Company

compensates for such limitations by relying primarily on GAAP results and using non-GAAP measures only as supplemental data. In addition, because these non-GAAP measures are not measures of financial

performance under GAAP and are susceptible to varying calculations, these measures, as defined by us, may differ from and may not be comparable to similarly titled measures used by other companies.

We regularly review the following key metrics to measure our performance, identify trends affecting our

business, formulate financial projections, make strategic business decisions, and assess working capital needs.

https://www.guerrilla-rf.com/company/newsroom/press/guerrilla-rf-reports-first-quarter-2026-results