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AmpliTech Group Reports Record Revenues for Q3 2022 Of $5.4M, With $577K Net Income, 415% Y0Y Quarterly Revenue Increase; Company Increases FY 2022 Revenue Guidance for the Second Consecutive Quarter To At Least $18M
Gross Profit Increases over 7-fold, Gross Margin Expands from 28.7% to 49.0% Hauppauge, NY, Nov. 14, 2022 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc (Nasdaq:
About this update from Amplitech Group, Inc.
[{"type":"text","content":"Gross Profit Increases over 7-fold, Gross Margin Expands from 28.7% to 49.0%\nHauppauge, NY, Nov. 14, 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 worldwide distributor of packages and lids for integrated circuit assembly, and designer of complete 5G/6G systems today announced financial results for the third quarter of 2022, ended September 30, 2022. The company will host an investor call today, Monday, November 14th at 1:00 PM EST. Investor Earnings Call Details Date/Time: Monday, November 14th at 1:00 pm ESTDial-in Number: 1-833-630-0019 (domestic) or 1-412-317-1807 (international)Online Replay/Transcript: Audio file and call transcript will be posted to AmpliTech’s news page when available.Investor Questions: May be submitted to [email protected] prior to or during the call Third Quarter 2022 Highlights Revenue increased 414.5% year-over-year to $5,435,654 in Q3’22 vs. $1,056,596 in Q3’21.Q3’ 22 gross profit grew to $2,660,915, an over 7-fold increase from Q3’ 21 gross profit of $313,613. The gross profit margin expanded 193 basis points to 49.0% compared to 29.7% for the same period last year.Q3’22 net income reached $576,916 from a Q3’21 net loss of $592,845, a positive swing of approximately $1.2 million.AmpliTech had a successful showing at the annual AOC electronic defense show, achieving positive customer engagement and setting a company record for the number of meetings with new and existing customers.MMIC chips are now available to customers for sampling purposes in small quantities.TGSS, AmpliTech’s fully managed 5G system integrator company is now operational, with a revenue contribution expected to begin in Q3 2023On September 30, 2022, cash and equivalents totaled $13,054,956 and working capital was $20,170,386, giving AmpliTech ample capital to fund all of its strategic growth initiatives. Forward-Looking Update Product demand and new orders remain strong and as a result, management is increasing revenue guidance provided last quarter from at least $17M to at least $18M for the twelve months of 2022. This is the second time that management has increased revenue guidance in 2022. The original expectation for 2022 revenue, announced with Q1 e...