Business
AmpliTech Group Reports Quarterly Results for Q1’22: 978% YoY Revenue Growth with Q1’22 Revenues of $5,099,520. Company Ends Quarter with Profit and Strong Cash Position of $16.0M
Hauppauge, NY, May 16, 2022 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (Nasdaq: AMPG), a designer, developer, and manufacturer of state-of-the-art
About this update from Amplitech Group, Inc.
[{"type":"text","content":"Hauppauge, NY, May 16, 2022 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (Nasdaq: AMPG), a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite, 5G, and other communications networks and a global distributor of packages and lids for integrated circuit assembly, reported revenue of $5,099,520 for its first quarter, which ended March 31, 2022, nearly matching the entire revenue achieved during its fiscal year 2021. AmpliTech Group will host an investor call within the next month and will announce those details when confirmed. Q1 2022 Highlights Q1’22 revenue rose 978.2% to a record $5,099,520 in Q1’22 vs. $472,974 in Q1’21Q1’22 revenue of $5,099,520 nearly matched full year 2021 revenue of $5,275,434Q1’ 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 $472K in Q1’21 to $1.07M in Q1’22Positive EBITDA of $140,169 achieved during Q1’22.Achieved net income in Q1’22 of $3,625 vs. Q1’21 net loss of $879,931Year-end cash and equivalents were $16.0M, giving AmpliTech ample capital to finance its long-term growth initiatives. Q2 2022 Update AmpliTech currently expects Q2’22 revenue of at least $4.0M in Q2’22. This includes expected growth in core LNA sales quarter to quarterAmpliTech’s current order backlog is $10.2M, representing contractual hardware and engineering services anticipated for delivery over approximately eight monthsAmpliTech will continue R&D to design antennas and subsystems aimed at increasing throughput and connectivity in 5G systemsSelected a full Enterprise Resource Planning (ERP) system, to be implemented over Q2’22, to maximize production efficiency and support increases in new ordersImplemented Customer Relationship Management (CRM) during Q1’22 which will help drive new sales activityThe company reiterates its goal to achieve profitability for fiscal year 2022 CEO CommentaryFawad Maqbool, CEO, commented, “The progress AmpliTech has made from our NASDAQ uplisting in February 2021, to the present, is nothing short of spectacular and none of this would have been possible without the brilliant execution of the AmpliTech team. Spectrum, AGMDC, Specialty Microwave, and AmpliTech Inc divisions are working seamlessly together with remarkable synergy.” “Sin...