Executive Summary

Q4 2024 revenue was $4.39M, down 6.6% year over year on weak Automotive (-42% YoY), partially offset by Infrastructure (+10%) and Catalog (+62%) strength; FY24 revenue reached $20.12M, the lower end of revised guidance ($20–$25M) .
Gross margin remained robust at 60.3% in Q4 (computed from reported figures) and expanded 660 bps to 63.7% for FY24, driven by price increases and mix shift toward higher-margin products .
Despite a Q4 operating loss of $3.12M, net income was $1.58M due to a $4.82M gain from remeasurement of warrant liabilities; FY24 operating loss narrowed to $8.76M from $12.93M in FY23 .
Management highlighted backlog stability ($5.4M at year-end) with a post-period increase to $6.8M by March 14, 2025, supporting near-term visibility; Automotive softness remains a headwind .
No Wall Street consensus (S&P Global) estimates were available for Q4 2024; compare-to-consensus analysis is not possible. Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

Gross profit expansion continued on pricing actions and favorable mix; FY24 gross margin rose to 63.7% (from 57.1%) and contribution margin increased to 74.8% (from 70.5%) .
Infrastructure and Catalog markets were resilient in Q4 (+10% and +62% YoY), with SatCom and wireless audio cited as contributors; international shipments grew to $4.0M in FY24 (~20% of product revenue) .
Cost discipline improved operating leverage over the year; FY24 operating loss decreased to $8.8M from $12.9M despite largely flat OpEx, with R&D down 6% YoY .

Management quote: “We continued to execute on our growth plans... releasing new products into production... laying the foundation for sustained revenue growth.” — Ryan Pratt, Founder & CEO (Q3 release) .

What Went Wrong

Q4 2024 revenue declined to $4.39M versus $4.70M in Q4 2023 due to a 42% drop in Automotive sales; operating loss widened to $3.12M from $2.10M YoY .
The quarter’s net income was non-operationally driven (warrant liabilities fair value gain of $4.82M), masking underlying operating losses and raising sustainability questions for profitability .
Q4 OpEx elevated versus Q4 2023, notably Sales & Marketing (+26% YoY) and G&A (+32% YoY), compressing quarterly operating results despite gross profit stability .

Financial Results

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD)	$4,702,183	$6,110,554	$4,523,700	$4,390,398
Gross Profit ($USD)	$2,672,711	$3,990,273	$2,952,518	$2,650,344
Gross Margin (%)	56.8% (computed)	65.3%	65.3%	60.3% (computed)
Operating Loss ($USD)	$(2,099,824)	$(1,196,635)	$(2,609,801)	$(3,118,064)
EBIT Margin (%)	-44.7% (computed)	-19.6% (computed)	-57.7% (computed)	-71.0% (computed)
Net Income ($USD)	$(3,662,846)	$(1,756,591)	$(7,201,565)	$1,577,671
Diluted EPS ($USD)	-$0.464*	-$0.175*	-$0.710*	$0.154*

Values retrieved from S&P Global for EPS figures (*).

Segment trends and mix (selected metrics):

Segment Metric	Q2 2024	Q3 2024	Q4 2024
Automotive share of revenue (%)	31%	24.6%	n/a; YoY -42%
Wireless Infrastructure share of revenue (%)	35%	28.8%	n/a; YoY +10%
Catalog (incl. wireless audio) trend	n/a	+90% YoY	+62% YoY

KPIs:

KPI (FY/Period)	Value
Products released (FY24)	32
Total products (FY24)	163
Products with lifetime revenue >$100k (FY24)	73
Backlog at 12/31/2024 ($)	$5.44M
Backlog at 3/14/2025 ($)	$6.8M
International shipments (FY24)	$4.0M (~20% of product revenue)

Non-GAAP and non-operating items (Q4 2024):

Change in fair value of warrant liabilities: +$4,821,659 (benefit to other income) .
Interest expense: $(225,233) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2024	Revised to $20.0–$25.0M (Aug 13, 2024)	Achieved lower end: $20.12M	Maintained; achieved lower bound
Adjusted EBITDA (quarterly)	Q3 2024 onward	“Around a $1.8M loss for the next few quarters” (Q3 commentary)	Not updated in Q4 release	Maintained prior commentary; no Q4 update
Backlog	Near-term	$5.4M at Q3 end	$5.4M at YE; $6.8M by Mar 14, 2025	Increased post-period

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was available in our document catalog or search; themes are drawn from company releases.

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Automotive demand	Weakness, share at 31% (Q2); 24.6% (Q3)	-42% YoY decline in Q4	Deteriorated vs early 2024
Wireless Infrastructure	Grew to 35% of revenue (Q2); strong 5G deliveries (Q3)	+10% YoY growth in Q4	Resilient growth
Catalog & SatCom	Catalog and wireless audio up; product releases (Q2/Q3)	Catalog +62% YoY in Q4; SatCom noted as contributor	Strengthening
Pricing & margins	GM up 631–956 bps; contribution margin up; pricing actions (Q2/Q3)	FY GM to 63.7%; contribution margin 74.8%	Sustained margin improvement
R&D execution	12 products released (Q2); 9 products in Q3; GaN portfolio acquisition	32 products released in FY24	Accelerating product cadence
Capital & liquidity	$22M private placement; debt reduced & restructured (Q2/Q3)	YE cash $7.97M; positive financing inflows in FY24	Improved liquidity

Management Commentary

“During the quarter we continued to execute on our growth plans, releasing 12 new products into production… Even though we are seeing weakness in the Automotive Market, increased 5G deliveries enabled us to reach a new revenue record of $6.1 million for the quarter… we are well positioned to meet our revised revenue guidance of $20 million to $25 million for 2024.” — Ryan Pratt, Q2 2024 .
“We continued to execute on our growth plans during the quarter… laying the foundation for sustained revenue growth… achieved record revenue… while further improving our gross profit margin and maintaining cost discipline.” — Ryan Pratt, Q3 2024 .
SatCom update: “We’re thrilled to report that the 125% growth in our Satcom business has been driven by the rapid adoption of our products in direct-to-cellular satellite applications.” — Ryan Pratt (Dec 11, 2024) .

Q&A Highlights

No Q4 2024 earnings call transcript was available; therefore, Q&A themes and clarifications cannot be summarized from primary sources.

Estimates Context

S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable for GUER; as a result, we cannot assess beats/misses versus Street. Values retrieved from S&P Global.

Where estimates may need to adjust:

Given Automotive weakness and non-operating gains driving Q4 net income, forward EPS expectations should incorporate the lack of recurring warrant-related gains while acknowledging margin resilience and backlog growth .

Key Takeaways for Investors

Q4 2024 was operationally soft (Automotive down 42% YoY) but supported by Infrastructure and Catalog strength; FY24 revenue hit $20.12M at the lower end of guidance, showing execution against revised targets .
Margin trajectory remains favorable: FY gross margin expanded to 63.7% and contribution margin to 74.8% on pricing and mix; investors should monitor sustainability as market mix normalizes .
Reported Q4 net income was driven by a $4.82M warrant liability fair value gain; strip out non-operating items to assess true operating trajectory (operating loss of $3.12M) .
Backlog provides near-term visibility ($5.4M at YE; $6.8M by Mar 14, 2025); combined with accelerated product releases (32 in FY24), it underpins potential revenue stabilization in 2025 .
Liquidity improved materially in FY24 (cash $7.97M; financing inflows), and prior debt restructuring lowered interest burden; supports ongoing R&D and sales investments .
Trading lens: absent Street coverage, catalysts include confirmation of Automotive recovery, sustained Infrastructure/Catalog momentum, and margin durability; risk centers on operating losses without non-operating boosts .
Medium-term thesis: diversified end-markets (Automotive, Infrastructure, SatCom, wireless audio) and expanding product portfolio (including GaN) position GUER for growth as mix shifts toward higher-margin segments .

Guerrilla RF, Inc. (GUER)·Q4 2024 Earnings Summary