Business
Amplitech (AMPG) Reports First Quarter 2020 Results
Bohemia, NY, May 15, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group, Inc. (OTCQB: AMPG): AMPG today reported increased revenue for the first
About this update from Amplitech Group, Inc.
[{"type":"text","content":"Bohemia, NY, May 15, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group, Inc. (OTCQB: AMPG):\n AMPG today reported increased revenue for the first quarter of 2020, notwithstanding the negative impact that the closure of its two facilities in New York, due to COVID-19 had on its business: Revenue for the quarter ended March 31, 2020 was $756 thousand, an increase of 11.5% over the same quarter in 2019 of $678 thousand;Gross profit for the quarter was $239 thousand vs. $324 thousand in the same quarter last year, due to the mix of business between in-house and outsourced, as well as the increase in engineering head count in-house;Adjusted EBITDA for the most recent quarter was $(200,832) vs. $119,506 for the same quarter last year, which was impacted by the closure of the facilities during March, as well as the disruption to the Company’s supply chain during the months of February and March;Net loss after tax for the quarter ended March 31, 2020 was $323 thousand vs. $79 thousand net profit in same quarter in 2019, due to the effects of COVID-19, exacerbated by the increased overhead incurred at the end of 2019 with the acquisition of Specialty Microwave Corporation, and the expansion of the sales and engineering teams;Cash and cash equivalents and undrawn credit facilities were $946 thousand at March 31, 2020 vs. $1M at March 31, 2019;The Company’s order book stood at $1.3 million, as of May 14, 2020, which has been negatively impacted by the disruption to the Company’s business brought about by COVID-19. “Although our short term day to day business has been affected by the disruptions caused by COVID-19, we have taken this opportunity to accelerate our work regarding our IP; specifically, as it relates to patent applications,” stated Fawad Maqbool. “We have completed our first three provisional filings, which were filed today, covering the following areas: ULTRA-LOW NOISE MMIC AMPLIFIER TECHNIQUES AND DEVELOPMENT FOR ALL WIRELESS, SATCOM, AND SPACE APPLICATIONS, which covers our basic Low Noise Amplifier technology; ULTRA-LOW NOISE AMPLIFIERS/MMICS OPTIMIZED FOR CRYOGENIC TEMPERATURES FOR QUANTUM COMPUTING, NANOPHYSICS, AND DEEP SPACE ASTRONOMY APPLICATIONS. LOW NOISE AMPLIFIERS/FRONT-ENDS OPTIMIZED FOR USE IN 5G NETWORKS, and all the wireless technologies enabling the 5G infrastructure The provisional patents illustra...