Guerrilla RF has reported financial results for its second quarter, which ended on June 30, 2022. The Company reported total sales of $3.1 million in Q2 2022. This was a 10.4% increase year-over-year from the $2.8 million in the second quarter of 2021 (Q2 2021). Overall, Guerrilla RF achieved a 24.6% increase in revenue year-to-date, with $7.0 million for the first two quarters of 2022 compared to $5.6 million for the prior year period.
Although the Company’s primary focus continues to be product sales, there was a year-over-year increase of 72.3% in royalty revenue for the quarter and a 53.8% increase for the six months ending June 30, 2022. The Company reported royalty revenue of $226 thousand in Q2 2022, compared to $131 thousand in Q2 2021.
The Company is well positioned to provide products for an evolving automotive market, where more manufacturers are moving to the production of electric vehicles (EVs). These EVs will increasingly rely on the kind of products Guerrilla RF produces. Guerrilla RF continues to make a significant investment in research and development, as well as sales and marketing. Guerrilla RF invested almost twice as much in research and development in Q2 2022, compared to Q2 2021. The Company also invested almost twice as much in sales and marketing, $1.2 million in Q2 2022, compared to $649 thousand in Q2 2021. The administration costs increased on a year-over-year comparative basis by $886 thousand, partially as a result of being a public company. Interest expenses saw a sharp year-over-year comparative basis decrease from $161 thousand to $71 thousand.
“I am encouraged by the progress we have made, in particular, the design wins that we continue to gain and the new opportunities that we are uncovering in the medium and long term,” said Ryan Pratt, Founder, and CEO.
“Today, we announced a debt funding of $8 million for Guerrilla RF,” Ryan Pratt also said. “This non-dilutive capital allows the Company to continue to execute on its strategic plan.”
Q2 2022 Highlights:
- Continued investment into both research and development and sales and marketing
- Year-over-year comparative revenue increased by 10.4%, and YTD revenue increased by 24.6%
- Five new products were released in Q2 2022, bringing the total products available to 108
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