Recent developments include quarterly financial results releases, new product launches targeting satellite communications and wireless infrastructure, and strategic initiatives to expand market focus.

• Guerrilla RF reported its fourth quarter and full year 2025 financial results on March 26, 2026, providing updated performance metrics and business progress [N1].
• The company launched the GRF2118 amplifier featuring best-in-class noise figure across the SatCom X-Band spectrum, enhancing its satellite communications product portfolio [N2].
• Third quarter 2025 results were reported on November 12, 2025, highlighting operational and financial updates [N3].
• Second quarter 2025 results were announced on August 12, 2025, reflecting ongoing business developments [N4].
• First quarter 2025 results were released on May 13, 2025, detailing early year performance [N5].
• Fourth quarter and full year 2024 results were reported on March 27, 2025, providing historical financial context [N6].
• The company unveiled new gallium nitride (GaN) dice for high-performance RF applications on January 16, 2025, expanding its advanced product offerings [N7].
• Guerrilla RF's power amplifier was selected for the Impinj RAIN RFID reader module reference design, demonstrating product adoption in RFID applications [N8].

Guerrilla RF's continued investment in R&D and expansion of its product catalog to 183 products by the end of 2025 demonstrate its commitment to innovation. Its recent product launches, including the GRF2118 amplifier with best-in-class noise figure for SatCom X-Band spectrum and new GaN dice, position it well in growing markets such as 5G wireless infrastructure and automotive connectivity. The company's ability to secure design wins with leading OEMs and distributors supports potential revenue growth. Its manufacturing strategy leveraging multiple foundries and certifications supports scalability and quality.

The company has incurred significant net losses, including $7.0 million in 2025, and faces ongoing risks related to achieving consistent profitability. Guerrilla RF depends heavily on a limited number of large customers and distributors, which concentrates revenue risk. Supply chain disruptions, geopolitical trade restrictions, and tariffs could impact manufacturing and costs. The company's stock trades on the OTCQX, which may result in liquidity challenges and price volatility. Additionally, the need for future capital raises may dilute existing shareholders and impose operational constraints.

Guerrilla RF's moat is based on its specialized focus on underserved RF semiconductor markets, its broad and expanding portfolio of high-performance MMIC products, and its expertise in multiple semiconductor process technologies including GaAs and GaN. The company's fabless model allows flexibility in manufacturing partnerships across multiple geographies, reducing supply chain risks. Its products meet stringent automotive and wireless infrastructure standards, supporting long product life cycles and customer relationships. The company's technical support and close collaboration with customers further strengthen its competitive position.

• Capital and Liquidity Risk: Guerrilla RF has a history of net losses and negative cash flows, with a net loss of $7.0 million in 2025 and cash and equivalents of $4.4 million as of December 31, 2025. The company may need to raise additional capital, which may not be available on favorable terms, potentially impacting its ability to fund operations and growth.
• Customer Concentration Risk: A significant portion of revenue is concentrated among a few large customers and distributors, with the top three customers accounting for 36% of revenue in 2025 and a major distributor accounting for 65% of billings. Changes in demand from these customers could materially affect financial results.
• Supply Chain and Manufacturing Risks: The company relies on subcontractors in Asia and the U.S. for wafer fabrication and assembly. Supply chain disruptions, quality issues, or geopolitical trade restrictions could delay product delivery, increase costs, or impact product quality.
• Competitive Market Risk: Guerrilla RF operates in highly competitive markets with larger and more established competitors. Success depends on continuous innovation, product quality, and securing design wins, which may be challenging.
• Regulatory and Compliance Risks: The company is subject to complex import/export controls, environmental regulations, and the U.S. Foreign Corrupt Practices Act. Changes in regulations or failure to comply could adversely affect operations.
• Market and Stock Liquidity Risk: Trading on the OTCQX platform may result in lower liquidity and higher price volatility compared to national exchanges, potentially affecting shareholder value and the ability to raise capital.

• Guerrilla RF, Inc. is a fabless semiconductor company based in Greensboro, North Carolina, founded in 2013 and incorporated in Delaware.
• The company designs, develops, and markets high-performance monolithic microwave integrated circuit (MMIC) products for wireless connectivity in underserved markets.
• Guerrilla RF operates primarily in three markets: Wireless Infrastructure, Automotive, and Catalog Markets.
• Wireless Infrastructure products include low-noise amplifiers (LNAs), linear driver amplifiers, digital step attenuators, discrete power amplifiers (PAs), and gallium nitride (GaN) amplifier modules, supporting 5G and satellite communications (SatCom).
• Automotive products include LNAs, linear driver amplifiers, switches, PAs, and front-end modules designed to meet AEC-Q101 quality and reliability standards, serving OEMs, tier-1 suppliers, and chipset vendors.
• Catalog Markets include satellite navigation, cellular repeaters, point-to-point radios, RFID/asset tracking, defense radios, wireless audio, test and measurement, and other high-performance RF applications.
• The company outsources wafer fabrication and assembly to subcontractors in Taiwan, Singapore, Malaysia, and the United States, using GaAs HBT, GaAs pHEMT, SOI, and GaN process technologies.
• Manufacturing facilities of subcontractors are certified to ISO 9001, with some also certified to automotive (IATF 16949) and environmental (ISO 14001) standards.
• Guerrilla RF has produced and distributed over 200 million products to more than 300 end customers worldwide.
• Sales are primarily through independent distributors, accounting for 93% of revenue in 2025 and 96% in 2024.
• The company invests in research and development, with $8.6 million spent in 2025 and $9.7 million in 2024, focusing on continuous innovation and expanding its product catalog to 183 products by end of 2025.
• Recent product launches include the GRF2118 with best-in-class noise figure for SatCom X-Band spectrum and new GaN dice for high-performance RF applications.
• Guerrilla RF reported a net loss of $7.0 million for the year ended December 31, 2025, with an EPS of -$0.67 for the same period.
• Liquidity as of December 31, 2025, includes cash and equivalents of $4.4 million, current assets of $8.1 million, current liabilities of $7.8 million, resulting in a current ratio of 1.04.
• The company has a loan agreement amended in December 2025 extending repayment terms and adjusting principal repayment schedule.
• Guerrilla RF's three largest end customers accounted for approximately 36% of revenue in 2025, with a major distributor accounting for 65% of billings in 2025.
• The company is subject to U.S. import/export controls; as of December 31, 2025, none of its products required export licenses and are classified as EAR99.
• Guerrilla RF faces risks including the need for additional capital, significant past and ongoing losses, competition from larger market participants, supply chain risks, and regulatory compliance.
• The company’s common stock is quoted on the OTCQX under the symbol GUER, with trading characterized by volatility and lower liquidity compared to national exchanges.