Guerrilla RF Posts Record Revenue, Wider Loss
The Greensboro chipmaker's third-quarter loss widened on a non-cash warrant liability charge despite a 61% jump in revenue.
Updated on Nov. 2, 2026 in Public Companies
Guerrilla RF, a Greensboro wireless semiconductor company, reported record third-quarter revenue of $10.1 million, up 61%, but posted a loss of $3.7 million. The loss was primarily driven by a non-cash charge tied to changes in the fair value of certain warrant liabilities.
Why it matters
The results show revenue growth outpacing operating costs, while accounting charges from warrant liabilities pushed the company into a larger reported loss than analysts expected. Investors and local employers in Greensboro are watching whether top-line gains can translate into profitability.
Third-quarter revenue rose 61% to a record $10.1 million, with aerospace and defense contributing $4.1 million, while operating expenses climbed 8% to $4.8 million. A $6 million non-cash warrant liability loss in the quarter, up from $3 million in the second quarter, drove the overall $3.7 million net loss.
The players
Guerrilla RF
A Greensboro-based wireless semiconductor company that designs monolithic microwave integrated circuits for automotive, 5G infrastructure and cellular booster applications, currently traded on the Over-the-Counter Market.
The details
Guerrilla RF, which makes monolithic microwave integrated circuits for automotive, 5G infrastructure and cellular booster markets, said record revenue marked its second consecutive record quarter. The company's workforce has shrunk from 66 local and 71 total employees in April 2025 to 47 at last count.
Timeline
April 2025: Workforce stood at 66 local and 71 overall employees.
Third quarter of fiscal 2025: Company reported a $600,000 loss.
April 2026: Company announced in a regulatory filing that it had halted an IPO attempt.
November 2, 2026: Company reported third-quarter results and the $3.7 million loss.
Market Landscape
Guerrilla RF continues to pursue a Nasdaq listing after halting an IPO attempt in April 2026, with any uplisting subject to Nasdaq approval and market conditions. The quarter's record revenue strengthens its case for a higher-profile listing, though the company has not said when or whether it will complete that move.
For shareholders, the widened loss and pending warrant accounting mean reported earnings may not reflect operating performance in the near term. Customers and job seekers in the Greensboro area should note the workforce reduction from 71 to 47 employees since April 2025.
The takeaway
Record revenue is a meaningful signal, but investors should separate operating results from non-cash warrant charges when judging Guerrilla RF's progress. Watch future filings for whether the Nasdaq listing effort resumes.
Further reading
For more on how local firms like this one move between markets, see Public Companies coverage.
Source note: This article includes information reported by Greensboro News and Record.
