Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Guerrilla RF, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.09
10.5
11.6
15.1
20.1
22.7
Cost of revenue
2.91
4.34
4.84
6.47
7.3
7.88
Gross profit
5.18
6.14
6.77
8.6
12.8
14.9
Research and development
3.59
4.59
8.11
10.3
9.71
8.55
Selling and marketing
2.13
2.75
4.63
5.68
6.25
6.43
General and administrative
1
2.46
5.14
5.57
5.62
4.53
Operating expenses
6.72
9.81
17.9
21.5
21.6
19.5
Operating income
-1.54
-3.67
-11.1
-12.9
-8.76
-4.66
Interest expense
2.9
3.27
0.99
Other non-operating income
0
0.83
-0.91
-3.04
-1.99
-2.31
Pre-tax income
-10.8
-6.97
Income tax
0
0
0
0.01
Net income
-2.01
-2.84
-12
-16
-10.8
-6.99
EBITDA
-1.28
-3.3
-9.76
-11.3
-7.25
-3.44
EPS, basic
-0.30
-0.24
-2.17
-2.25
-1.12
-0.67
EPS, diluted
-0.30
-0.24
-2.17
-2.25
-1.12
-0.67
Shares, basic (weighted)
11.7
5.55
7.11
9.6
10.5
Shares, diluted (weighted)
11.7
5.55
7.11
9.6
10.5
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.01
5.31
4.34
0.78
7.97
4.16
Receivables
1.65
1.67
1.12
2.08
2.23
1.81
Inventory
0.99
1.44
1.67
1.53
1.84
1.64
Other current assets
0.1
1.19
0.64
0.46
0.45
0.51
Total current assets
3.18
9.61
7.78
4.85
12.5
8.11
Property, plant and equipment
0.79
1.03
5.1
3.66
2.49
2.73
Lease right-of-use assets
0
0.21
10.5
9.47
8.34
Intangible assets
0
0.35
0.31
Total assets
3.96
10.6
16.7
19
24.9
19.5
Accounts payable
0
1.19
4.43
2.1
2.04
2.39
Deferred revenue
0
Short-term debt
0.85
0
Total current liabilities
2.14
1.31
6.6
17.3
6.2
7.81
Long-term debt
4.69
0.14
4.6
0
4
4.3
Lease liabilities
0
0.07
6.18
5.64
5.1
Total liabilities
7.09
1.72
14.3
25.8
17.1
17.7
Total debt
4.69
0.14
Paid-in capital
9.08
24
29.4
36.2
41.6
42.6
Retained earnings
-12.2
-15
-27.1
-43
-53.8
-60.8
Shareholders' equity
-3.13
8.92
2.35
-6.8
-12.2
-18.2
Minority interests
-0.02
Total equity
-3.14
8.92
2.35
-6.8
-12.2
-18.2
Total liabilities and equity
3.96
10.6
16.7
19
24.9
19.5
Shares outstanding
2.27
33.2
6.21
7.89
10.2
10.6
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-2.01
-2.84
-12
-16
-10.8
-6.99
Depreciation and amortization
0.27
0.37
1.36
1.59
1.51
1.22
Stock-based compensation
0.02
0.18
0.64
1.28
1.69
1.01
Deferred income tax
0
0
Change in receivables
-0.47
-0.01
0.54
-0.95
-0.15
0.42
Change in inventory
-0.3
-0.46
-0.23
0.13
-0.3
0.2
Change in payables
0.5
0.35
0.72
-2.37
-0.03
0.28
Cash from operations
-1.95
-4.82
-9.25
-13.5
-6.65
-1.39
Capital expenditures
-0.31
-0.39
-0.55
-0.1
-0.38
-1.38
Cash from investing
-0.31
-0.39
-0.55
-0.1
-0.75
-1.38
Stock issued
0
8.38
0
0
0.01
0
Cash from financing
1.79
10.1
8.82
10
14.6
-1.05
Net change in cash
-0.48
4.89
-0.97
-3.56
7.19
-3.82
Free cash flow
-2.26
-5.21
-9.8
-13.6
-7.03
-2.77
Interest paid
1.66
0.98
Income taxes paid
0
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.20 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
68.8%
Gross profit / revenue.
Operating margin
2.8%
Operating income / revenue.
EBITDA margin
7.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-14.9%
Net income / revenue.
FCF margin
7.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
11.6%
Cash from operations / revenue.
Return on assets (ROA)
-19.6%
Net income / average total assets.
R&D / revenue
28.9%
Research and development expense / revenue.
Stock-based pay / revenue
2.7%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
3.8%
Capital expenditures / revenue.
D&A / revenue
4.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
13.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
25.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
23.0%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
15.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
30.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
23.5%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-21.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
5.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
37.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
8.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
23.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.00x
Current assets / current liabilities.
Quick ratio
0.74x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.45x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
32.9%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.38
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.58
Revenue / diluted weighted shares.
FCF per share
$0.20
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.30
Cash from operations / diluted weighted shares.
Book value per share
-$1.76
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.64x
Market cap / revenue.
P/FCF
21.1x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
14.2x
Market cap / cash from operations, when positive.
EV/Sales
1.47x
Enterprise value / revenue.
EV/EBIT
52.2x
Enterprise value / operating income, when both are positive.
EV/EBITDA
19.5x
Enterprise value / EBITDA, when both are positive.
EV/FCF
19.0x
Enterprise value / free cash flow, when both are positive.
FCF yield
4.7%
Free cash flow / market cap.
Earnings yield
-9.1%
Net income / market cap (the inverse of P/E).
What was Guerrilla RF, Inc.'s revenue in fiscal 2025?
Guerrilla RF, Inc. reported revenue of $22.7M for fiscal 2025, 13% higher than the year before.
Was Guerrilla RF, Inc. profitable in fiscal 2025?
No. It reported a net loss of $7.0M.
How much free cash flow did Guerrilla RF, Inc. generate in fiscal 2025?
Cash from operations of $1.4M minus capital expenditures of $1.4M left free cash flow of -$2.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.