Guerrilla RF Inc

guerrilla-rf.com

What Do They Do?

Designs and sells radio-frequency semiconductor components for wireless infrastructure companies, automakers, equipment makers and other device manufacturers.

How Do They Make Money?

Customers pay for semiconductor products at or shortly after the sale. The company also receives royalties when manufacturers make sales or use covered products, and fees for some engineering work as services are delivered.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	98% FY2022: 91%		Sold outright
Royalty and Non-recurring Engineering Mix	1.7% FY2022: 9.0%		Mix

Who Are Their Customers?

Automotive, infrastructure, satellite communications and other equipment makers buy the components, mainly through independent distributors; the company also sells directly and through sales representatives.

Customers above 10% of revenue, FY2025

of revenue from two customers (65%, 15%)

FY2024: 77% from one customer

Do Revenues Turn Into Profits?

No. It lost $7M in FY2025.

Operating income, FY2025

−21% of revenue

▼ −47% (Loss) vs FY2024 (−$8.8M, −44%)

Net income, FY2025

−31% of revenue

▼ −35% (Loss) vs FY2024 (−$10.8M, −54%)

Free cash flow, FY2025

−12% of revenue

▼ −61% (Loss) vs FY2024 (−$7M, −35%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +49%; vs $5.4M in Q2 FY2025
Net income: ▲ +374% (Loss); vs −$470.7K in Q2 FY2025

Product share of revenue vs 98.4% in Q2 FY2025

Growing. Revenue grew 2.2x in 4 years, from $10.5M in FY2021 to $22.7M in FY2025, about 21% a year.

Revenue over time

Product Royalty and Non-recurring Engineering

$25M$12.5M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Qorvo, NXP Semiconductors, Skyworks Solutions, and MACOM Technology Solutions

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