Guerrilla RF, Inc.

What they do

Guerrilla RF designs monolithic microwave integrated circuits (MMICs) for radio frequency applications and outsources wafer fabrication to foundries in Taiwan, Singapore, and the United States, with assembly and test in Malaysia. The company has produced and distributed more than 200 million products to over 300 end customers worldwide. It operates as a fabless semiconductor company with in-house design, applications, sales, and customer support functions.

Revenue drivers

• Catalog business (aerospace and defense) — Catalog revenue grew 142% to $5.0 million in Q2 2026 and represented 63% of revenue; aerospace and defense within catalog more than quadrupled to $2.2 million on drone and satellite communications demand.
• Wireless infrastructure — Infrastructure revenue increased 97% to $1.1 million in Q2 2026, supported by 5G deployments and mMIMO active antenna arrays.
• Automotive — Automotive revenue declined 28% to $1.9 million in Q2 2026, though the company cites long-term content opportunity from EVs, autonomous features, and in-vehicle connectivity.

Recent performance

Second quarter 2026 revenue was a record $8.0 million, up 49% year over year from $5.4 million. Gross margin expanded to 70.9%, gross profit rose 63% to $5.7 million, and operating income was $1.0 million versus an operating loss of $1.4 million a year earlier. Net loss was $2.2 million, or $0.21 per share, including a $3.0 million non-cash loss from the change in fair value of warrant liabilities. Operating cash flow was $2.4 million, and the company ended the quarter with $4.6 million in cash.

Strategy

Management is focused on converting design wins into recurring revenue, expanding its position in aerospace and defense, and sustaining gross margin performance. The company emphasizes operating expense discipline, with total operating expense declining 3% despite 49% revenue growth. It cites improving leverage across its fabless operating model and internally generated cash to support operating requirements.

Risks

• Customer concentration — The company states its sales have been concentrated in a small number of customers, so loss of a major customer could materially reduce revenue.
• History of losses — Guerrilla RF has incurred significant annual net losses from 2021 through 2025 and reported a $2.2 million net loss in Q2 2026.
• Capital needs — The company states its future capital needs are uncertain and it may need to raise additional capital that may not be available on attractive terms.
• Cyclical semiconductor industry — The company operates in the highly cyclical semiconductor industry, which is subject to significant downturns that may negatively impact results.

Outlook

Guerrilla RF entered the second half of 2026 with a record $13.6 million product backlog, up from $6.6 million a year earlier. Management cited an improved cost structure and demonstrated operating leverage. The company remains focused on converting design wins into recurring revenue, expanding in aerospace and defense, and sustaining gross margin performance.