Business
AmpliTech Reports FY 2023 Results; Core Business Sales Increased YoY, 5G ORAN Radio Products And Over 100 New SKU’s Released During FY2023, All Available For Sale Now
Gross Margin Expands to nearly 47% in FY2023 In Comparison to FY2022 Gross Margin of 46.0%HAUPPAUGE, NY / ACCESSWIRE / April 1, 2024 / AmpliTech Group, Inc
About this update from Amplitech Group, Inc.
[{"type":"text","content":"Gross Margin Expands to nearly 47% in FY2023 In Comparison to FY2022 Gross Margin of 46.0%HAUPPAUGE, NY / ACCESSWIRE / April 1, 2024 / 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, including the design of complete 5G/6G systems, and a global distributor of packages and lids for integrated circuit assembly, today announced financial results for year ended December 31, 2023.Full Year 2023 HighlightsTotal Yearly Revenues of $15.6MDespite lower sales from our distribution business, FY23 gross profit margins grew to nearly 47% (from 46% in FY22). Core low noise amplifier business sales grew while semiconductor materials distribution business had a notable decrease in sales this fiscal year.FY23 net loss was $2.4M which includes $2.3M of Research and Development expenses and nearly $800K in compliance costs required for being a public company. It is important to note that without these costs, the Company would've been profitable.FY23 was a record-breaking year for new products introduction at AmpliTech Group, with over 100 new SKUs (Stock Keeping Units) released to the market in the latter portion of the fiscal year. Among these products, two major new product lines were introduced, which the company believes will be the flagship products and major revenue sources for the organization. These products are the 5G CAT B ORAN (Open Radio Access Network) Massive MIMO (Multiple Input-Multiple Output) 64T64R radios along with the Private NIB 5G suite solution (Network in a Box). These products are being marketed through our AGTGSS Division. For the core AmpliTech Inc Division, in addition to a major release of a passive product line (over 60 new SKU's), the company has made an incursion into the profitable LNB (Low Noise Block Converter) market, the company has now product offerings in the X and Ka Bands which the company expects, at the very least, to match the revenue size of the LNA business in 2024. The company keeps on leveraging on its proprietary low noise technology with these LNB releases, as each LNB has AmpliTech Inc's leading low noise technology amplifiers in them.As of December 31, 2023, Total Current Assets totaled $17.1M while Total Current Liabilities totaled $1.5M indicating strong liquidity a...