MeritValue

Guerrilla RF, Inc.

GUERdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Guerrilla RF, Inc. earns about -271% on equity, and has bought back 11% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$10.5M1$11.6M2$15.1M3$20.1M4$22.7M4
Net income−$2.84M5−$12M6−$16M7−$10.8M8−$6.99M8
Operating cash flow−$4.82M9−$9.25M10−$13.5M11−$6.65M12−$1.39M12
Capital expenditure$393,35913$549,85014$101,71415$380,88016$1.38M16
Free cash flow (derived)−$5.21M9−$9.8M10−$13.6M11−$7.03M12−$2.77M12
Total debt$144,78317————
Cash & equivalents—————
Diluted shares11.7M5.6M7.1M9.6M10.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$17.4
your share of equity
Profit it earned you last year
−$6.68
Free cash flow it threw off
−$2.65
Debt you’d be carrying
—

10 shares is a claim on −$17.4 of net worth that earned you −$6.68 and generated −$2.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-271% avg · 5y
FY21 -32%FY22 -511%FY23 —FY24 —FY25 —

It earned an average -271% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-005378 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010107 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009538 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009848 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-005378 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010107 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009538 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009848 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-005378 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010107 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009538 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009848 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-005378 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010107 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009538 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-009848 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-22-007905 (LongTermDebtNoncurrent)