Guerrilla RF, Inc. reported a decline in financial performance for the first quarter of fiscal 2025, with total revenues of $4.4 million, down 14% from $5.1 million in the same period last year. The decrease was primarily attributed to a $1.4 million drop in wireless infrastructure shipments, although this was partially offset by a 72% increase in automotive revenue. The company's gross profit margin also decreased to 61.1%, down from 63.3% in the prior year, reflecting a shift in product mix towards lower-margin automotive products.
The company's operating loss widened to $3.2 million in the first quarter of 2025, compared to a loss of $1.8 million in the same quarter of 2024. This increase was driven by a decline in gross profit, additional consulting fees, and severance costs related to organizational changes. Total operating expenses rose to $5.8 million, up from $5.1 million in the previous year, largely due to these one-time costs. The net loss per share improved slightly to $0.34 from $0.42 year-over-year.
In terms of operational metrics, Guerrilla RF released eight new products during the quarter, compared to two in the same period last year, bringing the total number of products to 171. The company also reported a product backlog of $6.7 million, down from $8.3 million a year earlier. Major customer Richardson RFPD, which accounted for 72% of product revenue in Q1 2025, continues to be a significant contributor to the company's sales, although its share has decreased from 82% in the previous year.
Guerrilla RF has implemented cost reduction measures aimed at improving cash flow and profitability, including organizational efficiency initiatives. As of March 31, 2025, the company had cash resources of $6.1 million and an accumulated deficit of $57.3 million. The company believes that its existing cash and cash equivalents, along with a loan facility of up to $3.75 million, will provide sufficient resources to support operations over the next 12 months. However, it anticipates continued losses and negative cash flows in the near term as it invests in research and development and sales and marketing efforts.
About Guerrilla RF, Inc.
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