Business
AmpliTech Reports Second Quarter 2023 Financial Results
Reports Sales of $4.1 million, $1.9 million Gross Profit, and Record Gross Margin of 47%Company Continues to Invest for GrowthHAUPPAUGE, NY / ACCESSWIRE /
About this update from Amplitech Group, Inc.
[{"type":"text","content":"Reports Sales of $4.1 million, $1.9 million Gross Profit, and Record Gross Margin of 47%Company Continues to Invest for GrowthHAUPPAUGE, NY / ACCESSWIRE / August 14, 2023 / 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 the second quarter of 2023, ended June 30, 2023. The company will host an investor call on Tuesday, August 15th, 2023 at 4:00 PM ET.Investor Earnings Call DetailsDate/Time: Tuesday, August 15th, 2023 at 4:00 PM ETDial-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 callSecond Quarter 2023 HighlightsQ2 2023 revenue was $4.1 million compared to $4.6 million in Q2 2022.Gross profit of $1.9 million compared to $2.0 million in Q2 2022 despite lower international sales from the semiconductor materials division.Gross profit margin reached a record 47.2% compared to 44.5% in Q2 2022, an increase of 270 basis points despite inflationary pressures.Core LNA revenue grew 23% to $1.8 million from $1.4 million in Q2 2022.Spectrum sales were $2.3 million, a year-over-year decline of 27%, primarily due to lower international sales and softer semiconductor industry-wide demand.Loss from operations was $508,110 primarily due to the Company's ongoing investments in new product development, including new 5G and wireless infrastructure products and MMIC designs as well as a wide-ranging automated CRM system.At June 30, 2023, cash, cash equivalents, and liquid marketable securities totaled $9.3 million, ample capital to execute the Company's strategic growth initiatives.AmpliTech expects continued growth in demand for its core LNA and semiconductor products as it works through its $66M CRM opportunity funnel.Management CommentaryFawad Maqbool, CEO of AmpliTech, said, \"In the second quarter our core LNA business remained strong offset by weaker semiconductor sales, especially internationally. Gross profit was modestly low...