Guerrilla RF Reports 12% Revenue Decline in Q2 2025, Net Loss Improves

Guerrilla RF, Inc. reported a decline in financial performance for the second quarter of fiscal 2025, with total revenue decreasing by 12% to $5.37 million compared to $6.11 million in the same period last year. The decrease was primarily attributed to a significant drop in wireless infrastructure product sales, which fell by 82% due to a prior year's spike driven by a key design ramp with a new customer. However, the company saw growth in its automotive and catalog product categories, which increased by 40% and 6%, respectively, partially offsetting the overall revenue decline. For the first half of 2025, total revenue was $9.74 million, down from $11.20 million in the prior year.

The company's gross profit for the second quarter was $3.48 million, representing a gross margin of 64.9%, slightly down from 65.3% in the previous year. Operating expenses decreased by 7% to $4.84 million, primarily due to cost reduction measures, although the operating loss widened to $1.36 million from $1.20 million year-over-year. The net loss for the quarter was $470,742, an improvement from a loss of $1.76 million in the same quarter of 2024, largely due to a favorable change in the fair value of warrant liabilities.

In terms of operational developments, Guerrilla RF reported a total of 18 new products released in the first half of 2025, up from 14 in the same period last year. The company also noted a significant increase in its product backlog, which rose to $6.6 million from $5.0 million year-over-year. The company continues to rely heavily on its major customer, Richardson RFPD, which accounted for 72% of product revenue in both the second quarter of 2025 and 2024.

Guerrilla RF's financial position as of June 30, 2025, showed total assets of $21.93 million, down from $24.92 million at the end of 2024. The company had cash resources of $4.81 million and an accumulated deficit of $57.81 million. The company has implemented significant cost reduction measures and plans to continue investing in its long-term strategic initiatives. Looking ahead, Guerrilla RF anticipates narrowing its cash burn and believes its existing cash and cash equivalents will be sufficient to support operations and meet obligations over the next 12 months.