Guerrilla RF, Inc. today announced its financial results for the fourth quarter and full year ended December 31, 2024. For the full fiscal year 2024, total revenue increased by 33.4% compared to fiscal year 2023, reaching $20.12 million. This growth was driven by new customer acquisitions, new product introductions, and market share gains across its segments.
Gross profit for fiscal year 2024 expanded to 63.7% of revenue, a significant increase from 57.1% in 2023. The company mitigated supply chain price increases by adjusting customer pricing, leading to product contribution margins rising from 70.5% in 2023 to 74.8% in 2024.
The operating loss for 2024 decreased to $8.8 million, down from $12.9 million in 2023, primarily due to higher revenue and relatively flat operating expenses. Research and development costs decreased by $0.6 million, or 6% year-over-year, while sales and marketing expenses increased by $0.6 million, or 10%.
In the fourth quarter of 2024, revenue was $4.4 million, a slight decrease from $4.7 million in Q4 2023. This was due to a 42% drop in Automotive sales, partially offset by 10% growth in Infrastructure and 62% expansion in Catalog markets, including SatCom and wireless audio.
The company ended 2024 with cash resources of $7.97 million, a substantial increase from $0.78 million at the end of 2023. Product backlog stood at $5.44 million at year-end 2024, with 163 total products released and 73 products exceeding $100,000 in lifetime revenue, indicating continued product development and market penetration.
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