GUER (Guerrilla RF, Inc.) DD – OTCQX
Guerrilla RF is a fabless semiconductor company based in Greensboro, NC, founded in 2013. It designs high-performance RF and microwave MMICs (monolithic microwave integrated circuits) for wireless OEMs. Key markets: 5G/4G infrastructure (macro/small cell, DAS/repeaters), automotive telematics, SATCOM, military/tactical radios, drones/UAS, navigation, and wireless audio.
They have shipped 200M+ devices and serve 500+ customers with \~184 products (LNAs, gain blocks, drivers, PAs, switches, front-end modules, etc.). Fabless model: design/apps/sales in-house; wafer fabs in Taiwan/Singapore, assembly/test in Malaysia. Acquired Gallium Semiconductor’s GaN PA portfolio in 2024 to expand high-power offerings.
CEO/Founder Ryan Pratt previously worked at Qorvo/Skyworks. Focus is on underserved niches where bigger players ignore smaller volume/custom needs.
Recent Financials (strong inflection)
Q2 2026 (ended June 30):
• Revenue: $8.0M (+49% YoY) — company record
• Catalog: $5.0M (+142% YoY)
• Aerospace & Defense: $2.2M (quadrupled YoY; drones + SatCom strength)
• Infrastructure: +97%
• Automotive: -28%
• Gross margin: 70.9% (+\~600 bps YoY)
• Operating income: $1.0M (vs. -$1.4M prior year)
• Operating cash flow: $2.4M
• Product backlog: $13.6M (more than doubled YoY)
• Cash: $4.6M
Q1 2026:
• Revenue $6.5M (+48% YoY)
• Gross margin 69.9%
• Near-breakeven operating loss (-$46k)
• Net income $1.1M (EPS $0.06)
• Backlog $8.8M
FY 2025:
• Revenue $22.7M (+13%)
• Gross margin 65.3%
• Q4 achieved operating profitability + positive OCF
TTM revenue \~$27.5M. Gross margins are excellent for a semi company of this size due to mix and scale. Operating leverage is kicking in hard as OpEx stays flat-to-down while revenue ramps.
Share Structure (as of late Aug 2026)
• Outstanding: \~10.70M
• Restricted: \~3.84M
• Unrestricted: \~6.86M
• Public float: roughly 3.9–5.3M range (varies by definition)
• Market cap: \~$42M at \~$3.93
• Authorized: 50M
• Significant preferred (Series A convertible into \~7.2M shares) + warrants (various strikes, including \~2.9M at $3.05 and others). Dilution risk exists on conversion/exercise.
Low volume typical of OTCQX microcaps (avg daily often under 10k–15k shares).
Bull Case
• Clear path to sustained profitability and free cash flow. Q2 showed operating income and strong OCF.
• Explosive A&D growth (drones, SatCom, tactical radios) + catalog momentum.
• High gross margins (70%+) give big operating leverage as volume scales.
• Backlog $13.6M provides near-term visibility.
• Evaluating Nasdaq uplisting (stated goal).
• Niche positioning in RF where bigger semis are less focused.
• Stock has already run hard (1Y \~+250% from lows near $1), but still cheap on sales (\~1.5x TTM) if growth continues and they stay profitable.