Guerrilla RF has reported record total sales of $3.9 million in Q1 2022, an increase of 39 percent compared to $2.8 million in Q1 2021. Product revenue in Q1 2022 increased 39% to a record $3.6 million while royalty revenue increased 41% to $280K compared to $198K in Q1 2021. The Company's strategic plan remains focused on its product sales business.
“We saw record revenues and product shipments in Q1 2022 as we continued to meet customer demand,” said Ryan Pratt, Guerrilla RF Founder and CEO. “I am pleased with our team as we have been able to achieve more design wins and gain new customers.”
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 $934K due to implementing a structure supportive of a public company environment. This included the addition of numerous employees to support the Company’s transition to a public company. Wages and Benefits year over year were up as a result by $600K. In addition, legal fees and audit fees increased $200K year over year, again in support of a public company environment. Lastly, insurance costs driven by Directors and Officer Liability coverage increased nearly $200K year over year.
In Q1 2022, the Company adopted a new accounting standard related to its leased assets, which resulted in recording $3.0 million of leased assets and associated lease liabilities onto its balance sheet, none of which required any unplanned lease expenditures. Cash on March 31, 2022 was $2.6 million.
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 $100,000, bringing the total to forty-five which meet this milestone
The company closed 2021 with over $10 Million in sales.
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