It’s been one year since we first launched Triad Inno’s Startups to Watch. The feature is a key component of the Triad Inno platform, highlighting local startups that will help move this region forward. Now, we’re checking in with each of the inaugural members to see how they delivered in 2022.
Guerrilla RF
Year founded: 2013
Top executive: Ryan Pratt, CEO and founder
No. of employees: 71
Address: 1196 Pleasant Ridge Road, Greensboro 27409
Phone: 336-510-7840
Website: guerrilla-rf.com
In 2022, Guerrilla RF has been delivering on its ambitious growth promises that it made almost a year ago when it was named one of TBJ’s Startups to Watch.
First and foremost, the Greensboro-based semiconductor company – which went public in October 2021 in a reverse merger transaction – began trading its stock on the Over-The-Counter (OTC) Market’s QX tier in July under the GUER ticker symbol.
OTCQX operates regulated markets for 12,000 U.S. and international securities and is the highest tier within the OTC Markets group. Ryan Pratt, CEO and founder, previously confirmed his intent to apply for a bigger exchange, such as Nasdaq or NYSE.
After going public, Guerrilla RF said it would create over 50 jobs at an average salary of $100,000 – although Pratt told TBJ he intended to create “far more” than 50 jobs.
So far, he has been well on his way towards that goal, leading an aggressive hiring streak at Guerrilla RF. In less than a year, the company has grown from 54 to 71 employees. This includes the addition of key executive members, such as former Qorvo executive Kellie Chong in the role of chief business officer and Nussbaum Center for Entrepreneurship CEO Sam Funchess in the role of vice president of investor relations.
A look at the future home of Guerrilla RF - new building with Ryan Pratt
TBJ named Guerrilla RF as the Best Place to Work among midsize employers in May for the company’s commitment to community and competitive benefits.
As the company has been transitioning from a licensing model to a proprietary product model, Guerrilla RF has reported record sales and revenue for much of 2022.
Guerrilla RF reported $3.1 million in total sales representing a 10.4% year-over-year increase in Q2 and $3.9 million in sales representing a 39% increase in Q1. It also increased its revenue 24.6% year-to-date, with $7 million in the first two quarters of 2022.
On Tuesday, the company announced the initial closing of $5 million in private placement equity financing. Guerrilla RF had also closed an $8 million loan in August 2022.
During the third quarter of 2022, Guerrilla RF reported that its lead time between taking and fulfilling orders returned to pre-pandemic levels of 10.5 weeks.
Guerrilla RF also reached – and surpassed – another important milestone: 150 million units deployed for RFIC/MMIC, an increase of 50% in lifetime shipments in just 15 months.
With a total of 108 available products as of August, the company has been expanding its product portfolio and technology platforms. One important addition is Guerrilla RF’s new GRF6402 digital step attenuator (DSA), which represents the company’s first silicon-on-insulator product.
The company has also been working on upgrades to the building at 2000 Pisgah Church Road. The four-story, 58,970-square-foot building will accommodate Guerrilla RF’s fast growth as it five times the size of the company’s current headquarters.
The Pisgah Church Road building will become Guerrilla RF’s new home once renovations are completed in 2023.
