Hauppauge, New York, May 16, 2022 (GLOBE NEWSWIRE) — AmpliTech Group, Inc. ( AMPG), a designer, developer and manufacturer of advanced signal processing components for satellite, 5G and other communications networks and a global distributor of packages and covers for the assembly of integrated circuits, said a figure of business of $5,099,520 for its first quarter, which ended March 31, 2022, matching nearly all of the revenue earned in its fiscal year 2021. AmpliTech Group will host an investor call over the next month and announce these details once confirmed.
First Quarter 2022 Highlights
- Q1’22 revenue increased 978.2% to a record $5,099,520 in Q1’22 from $472,974 in Q1’21
- Q1’22 revenue of $5,099,520 almost matches full year 2021 revenue of $5,275,434
- Q1’22 gross profit improved to $2,323,598 (45.6% gross profit margin) from Q1’21 gross profit $54,981 (11.6% gross profit margin). Core LNA revenue doubled year-over-year from $472,000 in Q1 2021 to $1.07M in Q1 2022
- Positive EBITDA of $140,169 realized during Q1’22.
- Realized net profit in Q1 22 of $3,625 compared to a net loss of $879,931 in Q1 21
- Year-end cash and cash equivalents were $16.0 million, providing AmpliTech with sufficient capital to fund its long-term growth initiatives.
Q2 2022 Update
- AmpliTech currently expects revenue of at least $4.0 million in Q2’22 to Q2’22. This includes expected quarter-over-quarter base LNA sales growth
- AmpliTech’s current backlog is $10.2 million, representing contract materials and engineering services expected to be delivered in approximately eight months
- AmpliTech will continue R&D to design antennas and subsystems to increase throughput and connectivity in 5G systems
- Selection of a comprehensive Enterprise Resource Planning (ERP) system, to be implemented in the second quarter of 2022, to maximize production efficiency and support increased new orders
- Implementation of Customer Relationship Management (CRM) in Q1 22, which will help drive new sales activity
- Company reiterates goal of achieving profitability for fiscal 2022
Fawad Maqbool, CEO, commented, “AmpliTech’s progress since our NASDAQ listing in February 2021 to date is nothing short of spectacular and none of this would have been possible without the brilliant execution of the team. AmplifierTech. The Spectrum, AGMDC, Specialty Microwave and AmpliTech Inc divisions work in perfect synergy with remarkable synergy.
“Since our inception, we have focused on observing the challenges facing high-tech industries and developing products that bridge the technology gap. We are proud to fulfill our mission to enable wireless connectivity like never before. “
“Our LNA technology enables lower noise with lower power dissipation, making next-generation communication networks more efficient and reliable. Our Spectrum division has supplied semiconductor packaging to customers in various automotive, scientific research and IT industries. The AmpliTech MMIC Design Center (AGMDC) team is up and running developing MMIC chips that capture AmpliTech’s industry-leading efficiency, enabling more power-efficient communications systems, without sacrificing performance. “
“We are proud of the progress we have made this quarter. Although we recorded one-time expenditures during this quarter on R&D, including enterprise expenditures, we delivered a profitable quarter and reiterate our objective to have a profitable 2022 financial year. Additionally, Mr. Maqbool said, “We remain very active in building and strengthening customer relationships, researching new products, expanding production, implementing new ERP systems and CRM and the recording of an almost tenfold growth of our revenues. There are many gaps in the performance of communications systems today, and we are determined to overcome them with the introduction of new product offerings. We look forward to continuing our transformative 2022 fiscal year. »
About AmpliTech Group
AmpliTech Group, Inc. designs, develops, manufactures and distributes state-of-the-art radio frequency (RF) microwave components for the global satellite communications, telecommunications (5G and IoT), space, defense and quantum computing, as well as system and component design consulting services. In December 2021, AmpliTech completed the purchase of the assets and business of Spectrum Semiconductor Materials Inc., a San Jose, California-based specialty global distributor of semiconductor components. AmpliTech has over 13 years of experience developing high performance custom solutions to meet the unique needs of some of the largest companies in the global industries we serve. We offer superior solutions, faster time to market, competitive pricing and excellent customer satisfaction for recurring business.
Safe Harbor Statement
This press release contains statements that constitute forward-looking statements. These statements appear at several places in this press release and include all statements that are not statements of historical fact regarding the current intention, belief or expectations of the Company, its directors or its officers regarding, among other things: (i) the ability to execute its business plan as planned; (ii) trends affecting the financial condition or results of operations of the Company; (iii) the Company’s growth strategy and operational strategy. The words “could” “would” “will” “expect” “estimate” “anticipate” “believe” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control, and that actual results may differ materially from those projected in the statements. prospective because of various factors. Other risks are identiﬁed and described in more detail in the “Risk Factors” section of the Company’s filings with the SEC, which are available on our website. We undertake no obligation to update, and we do not have a policy of, updating or revising these forward-looking statements, except as required by applicable law.
Non-GAAP financial information
This press release includes a statement regarding the Company’s backlog. Backlog represents the dollar amount of net sales we expect to accrue in the future from customer orders received from customers in the normal course of business. The Company considers order backlog as a relevant and preferred additional measure to understand the Company’s financial and market condition. However, these measures have inherent limitations, should not necessarily be applied or audited uniformly, and other companies may use methodologies to calculate similar measures that are not comparable. Readers should be aware of these limitations and should exercise caution in their use of such measures.
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Shan Sawant, Director of Communications
AmpliTech Group, Inc.