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CLOSED · 08:25 ET
Market ClerkRecap
Sun Nov 1 · markets closed1 signal on Oct 31129 insider buys this week · $10BCIRO short report next: Nov 15The week ahead

GUER

Guerrilla RF, Inc.
OTC · TECHNOLOGY · SEMICONDUCTORS & RELATED DEVICES
4.15
+0.04 +1.05%
USD · close Oct 30
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Work order
6
FLAG · shorts 6
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $44.4MP/E —DIV YIELD —FCF YIELD 4.79%REV TTM —NET INCOME −$4.1MNET DEBT $140K52W 1.10 – 4.21SEC XBRL · TTM TO Invalid Date

How GUER rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
92%
of sentences unchanged
Added
22
new sentences
Dropped
24
sentences removed
Length
+12
words, now 18,761

New in FY2025

  • Our business and stock price may be adversely affected if we cannot make consistent progress toward future profitability. ● We previously identified a material weakness and a significant deficiency in our internal control over financial reporting that have since been remediated.
  • However, we can offer no assurance that these remediation steps will prevent any future deficiencies in our internal control over financial reporting. ● We have a limited operating history upon which investors can evaluate our business and prospects. ● We operate in the highly cyclical semiconductor industry, which is subject to significant downturns that may negatively impact our results of operations. ● Our sales have been concentrated in a small number of customers. ● We are still developing many of our products, and they may not be accepted in the market or by significant customers. ● Our operating results are substantially dependent on developing new products and achieving design wins.
  • Furthermore, any disruption of our relationship with this distributor could result in their default in a large portion of our accounts receivable, which can often exceed 40% of total commercial receivables due to us. ● We depend heavily on third parties, especially in our supply chain.
  • Our cash balance stood at $4.2 million on December 31, 2025; and we have recorded an operating loss of $4.7 million and a net loss of $7.0 million for the year ended December 31, 2025 .
  • While we reduced our operating losses to $0.2 million in the third quarter of 2025, generated a modest operating profit of $55 thousand in the fourth quarter of 2025, and generated positive operating cash flow of $0.9 million in the third quarter of 2025 and $1.1 million in the fourth quarter of 2025, we expect to continue to experience net losses and negative cash flows in the near term, as our Company grows.
  • While we believe that our existing cash resources, together with available borrowings and amended debt terms, provide sufficient liquidity to fund operations for at least the next twelve months, we have based these estimates on assumptions that may prove to be wrong, and we could spend our available financial resources much faster than we currently expect and need to raise additional capital to fund our operations and support our business growth.
  • We have incurred significant losses in the past and recorded a net loss of $7.0 million for the year ended December 31, 2025, and $10.8 million for the year ended December 31, 2024.
  • As of December 31, 2025, we had an accumulated deficit of $60.8 million and $53.8 million at December 31, 2024.
  • If we fail to maintain effective internal control over financial reporting, we may not be able to report our financial results accurately and timely.
  • A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the Company’s financial reporting.
  • We previously identified material weaknesses and a significant deficiency that have since been remediated.
  • We have implemented measures designed to improve our internal control over financial reporting and disclosure controls and procedures.
  • However, we can offer no assurance that these remediation steps will prevent any future deficiencies in our internal control over financial reporting.
  • Any failure to maintain adequate internal control over financial reporting could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis, which in turn could harm our business, impair investor confidence in the accuracy and completeness of our financial reports, impair our access to the capital markets, cause the price of our common stock to decline and subject us to higher risk of shareholder litigation.
  • O ur three largest end customers collectively accounted for approximately 36 % and 43% of our revenue for 2025 and 2024 , respectively.
  • The concentration of billings to this distributor as a portion of our total revenues was 65% and 77% for fiscal years 2025 and 2024 , respectively.
  • Like others, we are also subject to significant system or network disruptions from numerous causes, including computer viruses and other cyber-attacks, facility access issues, new system implementations, and energy blacko uts.
  • For fiscal years ended December 31, 2025, and 2024, our five largest end-user customers accounted for approximately 50% and 55% of our total product revenues, respectively.
  • Sales to customers located outside the U.S. accounted for approximately 42 % of our revenue in 2025.
  • The imposition of additional tariffs by the U.S. government on a number of countries, and threat of trade wars against foreign countries/regions have created even more uncertainties in international trade which may affect our business.
  • In 2025, we received less than 1% of all our sales from customers located within the PRC.
  • North Run and its affiliates held 41.3% of the voting power of our capital stock based on shares outstanding as of December 31, 2025.

Gone since FY2024

  • Our business and stock price may be adversely affected if we cannot make consistent progress toward future profitability. ● We have identified a material weakness in our internal control over financial reporting.
  • We had previously identified other material weaknesses that have since been remediated.
  • The outstanding material weakness, or a reoccurrence of those recently remediated material weaknesses, could adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner. ● We have a limited operating history upon which investors can evaluate our business and prospects. ● We operate in the highly cyclical semiconductor industry, which is subject to significant downturns that may negatively impact our results of operations. ● Our sales have been concentrated in a small number of customers. ● We are still developing many of our products, and they may not be accepted in the market or by significant customers. ● Our operating results are substantially dependent on developing new products and achieving design wins.
  • Furthermore, any disruption of our relationship with this distributor could result in their default in a large portion of our accounts receivable, which can often exceed 60% of total commercial receivables due to us. ● We depend heavily on third parties, especially in our supply chain.
  • Our cash balance stood at $8.0 million on December 31, 2024; and we have recorded a net loss of $10.8 million for the year ended December 31, 2024 , or approximately $0.9 million per month.
  • We expect losses and negative cash flows to continue in the near term, as our Company grows.
  • While we believe that our existing cash and cash equivalents will be sufficient to fund operations for at least the next twelve months, we have based these estimates on assumptions that may prove to be wrong, and we could spend our available financial resources much faster than we currently expect and need to raise additional capital to fund our operations and support our business growth.
  • We have incurred significant losses in the past and recorded a net loss of $10.8 million for the year ended December 31, 2024, and $16.0 million for the year ended December 31, 2023.
  • As of December 31, 2024, we had an accumulated deficit of $53.8 million and $43.0 million at December 31, 2023.
  • We have identified a material weakness in our internal control over financial reporting.
  • The outstanding material weakness, or a reoccurrence of those recently remediated material weaknesses, could adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.
  • As described elsewhere in this Annual Report, we have identified a material weakness in our internal control over financial reporting related to our accounting for and review for significant unusual transactions.
  • As a result of this material weakness, our management concluded that our internal control over financial reporting was not effective as of December 31, 2024.
  • Any failure to maintain adequate internal control over financial reporting could adversely impact our ability to report our financial position and results from operations on a timely and accurate basis.
  • We can give no assurance that the measures we have taken will remediate the outstanding material weakness, or will prevent any future material weaknesses, or restatements of financial results will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or circumvention of these controls.
  • In addition, our strengthened controls and procedures may not be adequate to prevent or identify irregularities or errors, which could affect the fair presentation of our consolidated financial statements.
  • O ur three largest end customers collectively accounted for approximately 43% and 45% of our revenue for 2024 and 2023 , respectively.
  • The concentration of billings to this distributor as a portion of our total revenues was 77% and 81% for fiscal years 2024 and 2023 , respectively.
  • Like others, we are also subject to significant system or network disruptions from numerous causes, including computer viruses and other cyber-attacks, facility access issues, new system implementations, and energy blackouts.
  • For fiscal years ended December 31, 2024, and 2023, our five largest end-user customers accounted for approximately 55% and 60% of our total product revenues, respectively.
  • Sales to customers located outside the U.S. accounted for approximately 18 % of our revenue in 2024.
  • The recent imposition of additional tariffs by the U.S. government on a number of countries in 2025, and threat of trade wars against foreign countries/regions have created even more uncertainties in international trade which may affect our business.
  • In 2024, we received only 1% of all our sales from customers located within the PRC.
  • North Run and its affiliates held 41.3% of the voting power of our capital stock based on shares outstanding as of December 31, 2024.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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