GUER on OTC

Guerrilla RF, Inc.

American semiconductors and related devices company based in Greensboro. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerGUER on OTC1
  • IndustrySemiconductors & Related Devices1
  • HeadquartersGreensboro, North Carolina1
  • Incorporated inDE2
  • Business address2000 Pisgah Church Road, Greensboro, Nc 274552
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2
  • Legal formCorporation

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Guerrilla RF, Inc., a fabless semiconductor company based in Greensboro, North Carolina, was founded in 2013, initially as a North Carolina limited liability company before converting to a Delaware corporation. Unless otherwise stated or the context otherwise indicates, references to “Guerrilla RF”, the “Company”, “we”, “our”, “us” or similar terms refer to Guerrilla RF, Inc.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

65.3%Gross margin4
-20.5%Operating margin4
-30.7%Net margin4
13.0%Revenue growth, 20254
-$2.8MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 98% of the revenue Guerrilla RF, Inc. broke down this way in fiscal 2025.

  1. Product$22.3M498%up 11% from 2024
  2. Royalty and Non-recurring Engineering$386.4K42%up 16155% from 2024
Products and services by year
Products and services20242025
Product$20.1M$22.3M
Royalty and Non-recurring Engineering$2.4K$386.4K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue35¢$7.9M
  • Research and development38¢$8.6M
  • Other costs28¢$6.3M
  • Income tax0¢$12.3K

Out of $22.7M in revenue.4 The company lost money this year.

Financial statements

Revenue56784$22.7M in 2025+181% since 2020
0$10.0M$20.0M$30.0M2020: $8.1M$8.1M20202021: $10.5M$10.5M2021+30%2022: $11.6M$11.6M2022+11%2023: $15.1M$15.1M2023+30%2024: $20.1M$20.1M2024+33%2025: $22.7M$22.7M2025+13%
Gross profit56784$14.9M in 2025+187% since 2020
0$5.0M$10.0M$15.0M2020: $5.2M$5.2M20202021: $6.1M$6.1M2021+19%2022: $6.8M$6.8M2022+10%2023: $8.6M$8.6M2023+27%2024: $12.8M$12.8M2024+49%2025: $14.9M$14.9M2025+16%
Operating income56784-$4.7M in 2025+202% since 2020
-$15.0M-$10.0M-$5.0M02020: -$1.5M-$1.5M20202021: -$3.7M-$3.7M2021+138%2022: -$11.1M-$11.1M2022+203%2023: -$12.9M-$12.9M2023+16%2024: -$8.8M-$8.8M2024−32%2025: -$4.7M-$4.7M2025−47%
Net income56784-$7.0M in 2025+247% since 2020
-$20.0M-$15.0M-$10.0M-$5.0M02020: -$2.0M-$2.0M20202021: -$2.8M-$2.8M2021+41%2022: -$12.0M-$12.0M2022+324%2023: -$16.0M-$16.0M2023+33%2024: -$10.8M-$10.8M2024−33%2025: -$7.0M-$7.0M2025−35%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues$22.7M$20.1M
Direct product costs$7.9M$7.3M
Gross Profit$14.9M$12.8M
Research and development$8.6M$9.7M
Sales and marketing$6.4M$6.3M
General and administrative$4.5M$5.6M
Total Operating Expenses$19.5M$21.6M
Operating Loss-$4.7M-$8.8M
Interest income$186.4K$163.7K
Interest expense-$986.0K-$3.3M
Loss on debt extinguishment$0-$1.5M
Change in fair value of derivative liabilities$0$158.0K
Change in fair value of warrant liabilities-$1.5M$2.2M
Other income (expenses)-$4.9K$281.1K
Total Other Expenses, net-$2.3M-$2.0M
Income before income taxes-$7.0M-$10.8M
Income tax expense-$12.3K$0
Net Loss-$7.0M-$10.8M
Net loss per share - basic and diluted (in dollars per share)-$0.67-$1.12
Weighted average common shares outstanding - basic and diluted (in shares)10.5M shares9.6M shares

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Leadership

Who has led Guerrilla RF, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ryan Michael Pratt2021–now

Chief financial officer

  1. Michael John-Williams2025–now
2025
Board members and other officers (12)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Financial OfficerJohn Alen Berg named Nov 5, 2021 to Aug 12, 202425
  • Chief Operating OfficerMark Alan Mason named Nov 5, 2021 to Aug 12, 202425
  • DirectorGary Bundy Smith named Nov 5, 2021 to Aug 12, 202425
  • DirectorGary L. Smith named Aug 16, 2022 to Aug 25, 202326

Former names

  • Laffin Acquisition Corp.Jan 4, 2021 to Oct 27, 20212

Timeline

  1. Nov 4, 2021New chief executive Ryan Michael Pratt becomes CEO12

Filings

296 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 58 major events, 115 insider forms, 20 large holders, 8 private raises, 75 other. The latest 20:

  1. Sep 1, 20264 EDGAR
  2. Sep 1, 20264 EDGAR
  3. Aug 28, 20264 EDGAR
  4. Aug 18, 20264 EDGAR
  5. Aug 18, 20264 EDGAR
  6. Aug 18, 20264 EDGAR
  7. Aug 18, 20264 EDGAR
  8. Aug 18, 20264 EDGAR
  9. Aug 18, 20264 EDGAR
  10. Aug 18, 20264 EDGAR
  11. Aug 13, 2026SCHEDULE 13G/A EDGAR
  12. Aug 13, 2026SCHEDULE 13G/A EDGAR
  13. Aug 12, 202610-Q EDGAR
  14. Aug 6, 20268-K EDGAR
  15. Jun 23, 20264 EDGAR
  16. Jun 23, 20264 EDGAR
  17. Jun 15, 20264 EDGAR
  18. Jun 5, 20268-K EDGAR
  19. May 19, 20264 EDGAR
  20. May 19, 20264 EDGAR

The 296 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 22 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 13, 2026Dunn James E. Jr.DirectorBuy3,335$3.00$10.0KForm 4
May 13, 2026John-Williams MichaelChief Financial OfficerBuy2,000$2.82$5.6KForm 4
Nov 26, 2024Dunn James E. Jr.DirectorBuy9,100$1.10$10.0KForm 4
Aug 27, 2024PRATT WILLIAM JDirectorBuy216$3.75$810Form 4
May 29, 2024Dunn James E. Jr.DirectorBuy1,666$3.00$5.0KForm 4
May 28, 2024Pratt Ryan MichaelChief Executive OfficerBuy100$4.25$425Form 4
May 24, 2024Pratt Ryan MichaelChief Executive OfficerBuy901$3.52$3.2KForm 4
May 23, 2024Pratt Ryan MichaelChief Executive OfficerBuy59$4.25$251Form 4
May 20, 2024PRATT WILLIAM JDirectorBuy200$4.25$850Form 4
Mar 28, 2024SALEM INVESTMENT PARTNERS V, LIMITED PARTNERSHIP10% ownerBuy261,723Form 4
Mar 28, 2024Pratt Ryan MichaelChief Executive OfficerBuy33,822$2.50$84.6KForm 4
Mar 28, 2024PRATT WILLIAM JDirectorBuy21,139Form 4
May 30, 2023Mason Mark AlanChief Operating OfficerBuy225$4.52$1.0KForm 4
May 25, 2023Pratt Ryan MichaelChief Executive OfficerBuy43$4.99$215Form 4
May 18, 2023SUMMERELL VIRGINIA RDirectorBuy400$6.60$2.6KForm 4
May 18, 2023PRATT WILLIAM JDirectorBuy300$6.98$2.1KForm 4
May 15, 2023PRATT WILLIAM JDirectorBuy200$7.75$1.6KForm 4
Jan 20, 2023Barkal Susan BerishDirectorBuy40,000$1.30$52.0KForm 4
Dec 30, 2022Dunn James E. Jr.DirectorBuy10,000$1.30$13.0KForm 4
Dec 30, 2022Berg John AlenChief Financial OfficerBuy20,000$1.30$26.0KForm 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 5, 2024Raised $22 million in a private offering of equity Form D: 1 investor so far Form D
  2. Mar 28, 2024Raised $5.2 million in a private offering of equity Form D: 19 investors so far Form D
  3. Aug 14, 2023Raised $1.5 million in a private offering of equity Form D: $5.5 million offered in all Form D
  4. Jul 12, 2023Raised $790,000 in a private offering of debt Form D: 7 investors so far Form D
  5. Feb 7, 2023Raised $100,000 in a private offering of equity Form D: 1 investor so far Form D
  6. Dec 30, 2022Raised $5 million in a private offering of equity Form D: $10 million offered in all Form D
  7. Aug 11, 2022Raised $450,000 in a private offering of equity Form D: $900,000 offered in all Form D
  8. Oct 22, 2021Raised $7.2 million in a private offering of securities Form D: $15 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Diversified Trust Co22,754$63.3K0.0%−10,740

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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