Business
Amplitech Reports 2Q Results; Emerges from Covid-19 Ready for Growth
BOHEMIA, NY, Aug. 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group, Inc. (OTCQB:AMPG): filed its 10Q for the quarter ended June 30, 2020
About this update from Amplitech Group, Inc.
[{"type":"text","content":"BOHEMIA, NY, Aug. 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group, Inc. (OTCQB:AMPG): filed its 10Q for the quarter ended June 30, 2020 (“2Q”) on Friday, August 14th, 2020 with the following key metrics:\n Revenue for 2Q was $660,699 up $29,491 or 4.67% from the same quarter in 2019;Revenue in 2Q was significantly affected by the Covid-19 induced shutdown, where both the company was forced to close its facilities for approximately 8 weeks, and its customers and its customer’s supply chains were disrupted;Gross Profit and Gross Margin were negatively impacted in 2Q vs 2Q 2019, with the company reporting Gross Profit and margin of $225,988 and 34.2% in 2Q vs $360,766 and 57.2% in same quarter 2019;Adjusted 2Q EBITDA was $(144,394) as compared to $147,054 in the same quarter in 2019;Both Gross Margin and EBITDA were negatively impacted by the reduction in orders processed during the period, as a result of the Covid-19 shutdown;In addition, the company made significant investment in the business during the period, which resulted in higher wages and opex in 2Q vs 2Q 2019, which is expected to begin to pay dividends to the company in the second half of 2020, 2021 and beyond, as we emerge from the pandemic;Mr. Wayne Homschek agreed to step down from the Board in order for the company to save on operating expenses, until such time as the company’s performance has fully recovered, or when the company completes a financing. Mr. Homschek, in his capacity as Managing Director of Bentley Associates L.P., an adviser to the company, will continue to advise the company as it readies itself for a future financing;On a positive note, Maxim Group, who is also an adviser to the company, will begin to organize an investor roadshow for the company to tell its story to Maxim’s clients;Cash and cash equivalents and undrawn credit facilities at June 30, 2020 was $932,546 as compared to $960,067 at June 30, 2019; andOpen orders as of August 14, 2020 stood at approximately $1.8 million, up significantly from the first quarter 2020, as the company’s pipeline begins to rebuild. In commenting on the performance of the company to date, and on its future prospects, Fawad Maqbool, the CEO, said, “I am very proud of the job our team has done under these extreme circumstances; we have gotten through a very difficult time and I can see the light a...