Guerrilla RF, Inc. filed its Form 10-Q with the SEC on November 2, 2026, covering the quarterly period ended September 30, 2026, disclosing materially higher product revenue alongside a widened net loss driven by a large non-cash change in the fair value of warrant liabilities.

Key Highlights

  • Product revenue of $10,096,200 for the three months ended September 30, 2026, compared with $6,173,905 in the same period of 2025, according to the filing.
  • Total revenue for the nine months ended September 30, 2026 was $24,569,564, up from $16,030,361 in the prior-year nine-month period.
  • Net loss of $3,731,159 for Q3 2026, or $(0.35) per basic and diluted share, compared with a net loss of $644,972, or $(0.06) per share, in Q3 2025.
  • Change in fair value of warrant liabilities was a loss of $5,991,315 for the three months ended September 30, 2026, and a loss of $8,060,446 for the nine-month period, the filing reported.
  • Cash of $6,321,292 as of September 30, 2026, compared with $4,158,723 as of December 31, 2025.
  • Accumulated deficit of $65,621,221 as of September 30, 2026, up from $60,778,806 at December 31, 2025.
  • 10,915,344 shares of common stock outstanding as of October 30, 2026, per the cover page of the filing.

Guerrilla RF's Q3 2026 Results: Revenue Growth and Warrant Liability Impact

Guerrilla RF, Inc. (OTC:GUER) is a fabless semiconductor company, as defined in the filing's glossary, that designs monolithic microwave integrated circuits (MMICs) integrating multiple radio frequency functions onto a single chip. The company serves end-user customers in wireless infrastructure, satellite digital audio radio service, and related RF markets. According to the quarterly report, the company's revenue model is based primarily on product sales, with a smaller component from royalties and non-recurring engineering fees.

For the three months ended September 30, 2026, the filing reported total revenue of $10,096,200, all from product sales, producing gross profit of $7,235,225 after direct product costs of $2,860,975. Operating expenses for the quarter totaled $4,806,968, yielding operating income of $2,428,257. However, a non-cash loss of $5,991,315 from the change in fair value of warrant liabilities pushed the company to a net loss of $3,731,159 for the quarter. The warrant liabilities balance on the balance sheet stood at $11,064,862 as of September 30, 2026, compared with $3,004,416 at December 31, 2025, reflecting significant movement in that liability over the nine-month period.

For the nine months ended September 30, 2026, the filing disclosed total revenue of $24,569,564, gross profit of $17,432,873, and operating income of $3,345,547. After total other expenses of $8,187,962 net, which included the $8,060,446 non-cash warrant fair-value loss, the nine-month net loss was $4,842,415, or $(0.45) per share. Total assets were reported at $23,327,718 as of September 30, 2026, against total liabilities of $25,742,723, resulting in total stockholders' deficit of $(22,448,560). The company described itself as a smaller reporting company and emerging growth company in the filing.

What Was Disclosed

Guerrilla RF, Inc. disclosed unaudited condensed consolidated financial results for the quarter and nine months ended September 30, 2026, showing increased product revenue and gross profit year-over-year, offset by non-cash losses from warrant liability revaluation that produced a net loss for both periods.