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,
today reported [record revenue] for its fourth quarter and year
ended December 31, 2021 (Q4’21 and FY’21) and provided an update on
its Q1’22 revenue expectations. AmpliTech will host an investor
call in the next two weeks and will announce those details when
confirmed.
“AmpliTech solutions enable customers to move data with greater
efficiency, reliability and lower cost. These benefits are
essential for bandwidth-intensive services from 5G communications
to quantum computing - and from AI and the Metaverse to autonomous
vehicles. We are committed to building the cutting-edge
infrastructure these opportunities require.” – Fawad Maqbool,
AmpliTech Founder & CEO
Q4 & 2021 Highlights
- Q4’21 revenue rose 206% to a record $2,721,452 vs. $890,702 in
Q4’20.
- 2021 revenue rose 53% to a record $5,275,434 vs. $3,458,081 in
2020.
- Year-end cash and equivalents were $18.0M ($1.87 per share),
providing financial strength to support long-term growth and to
engage with large global customers.
- Launched its AmpliTech Group MMIC chip Design Center (AGMDC) in
Plano, TX, led by a team of highly experienced radio frequency (RF)
chip design engineers. Completed production of initial MMICs for
customer sampling in Q1’21. The Company expects production units to
be available for commercial sale by the end of Q2’22.
Q1 2022 Update
- AmpliTech currently expects Q1’22 revenue of about $4.8M versus
$0.5M in Q1’21. The increase reflects a full quarter’s benefit of
the Spectrum Semiconductor operations acquired late in Q4’21, as
well as growth in Low Noise amplifier (LNA) deliveries. AmpliTech
expects an operating loss in Q1’22 as it continues to invest in its
MMIC and 5G solutions and completes its move into the Company’s new
headquarters and production facility.
- Giving effect to Q1’22 product shipments to date, AmpliTech’s
current order backlog is $9.3M, representing contractual hardware
and engineering services anticipated for delivery over
approximately six months.
AmpliTech is a world-leading developer and U.S. manufacturer of
Low Noise Amplifier (LNA) components that increase the power of a
radio signal while eliminating the distortion or “noise” that can
degrade or destroy digital signals. AmpliTech believes its LNA
technology can play a vital role in enabling substantial
performance, bandwidth and cost improvements in satellite
communications and in achieving gigabit data transmission speeds in
next-generation 5G networks. AmpliTech is also translating its LNA
technology into smaller, more flexible and lower-cost MMIC
semiconductor chip form factor designs. MMICs, or monolithic
microwave integrated circuits, are used in high-frequency
communications applications such as signal amplifiers and filters
for mobile phones or satellites.
CEO CommentaryFawad Maqbool, CEO, commented, “AmpliTech
made substantial strides in 2021 positioning our company and
industry leading technologies for significant growth. It is
exciting to see our efforts being realized in solid Q4’21 revenue
growth and further momentum in Q1’22.
“During the year we recapitalized the company; acquired Spectrum
Semiconductor; built-out our sales, marketing and management team
and infrastructure; invested in state-of-the-art testing and
production equipment; secured a new, expanded Long Island
headquarters, production and testing facility where we are
combining our existing facilities. We also expanded our sales and
marketing outreach and engagement to pursue large market
opportunities in satellite communications, 5G connectivity, quantum
computing and other areas.
“Our Q4 and full year results reflect our progress in building
customer demand, as well as the range of investments we have made
to position AmpliTech for growth, including one-time costs for our
recapitalization and Nasdaq up-listing. Much of our investment in
repositioning the business is now behind us, and we will be
completing the move to our new HQ in early April. We can now turn
our full focus on executing across the business and bringing our
MMIC chips and 5G system solution to the market. Given our strong
order backlog, the industry leading performance of our solutions,
and the rapidly growing need for increased signal performance in
our target markets, we believe AmpliTech is very well positioned
for growth. While our business will likely remain variable on a
quarter-to-quarter basis, due to the timing of large customer
orders, we are confident in our outlook.”
Q4’21 ResultsQ4’21 revenue rose 206% to $2,721,452 vs.
$890,702 in Q4’20, principally reflecting the benefit of an initial
contribution of $1.8M in revenue from Spectrum.
Gross profit increased to $579,419 in Q4’21 compared to $268,689
in Q4’20, principally due to higher revenue, offset by increased
personnel expense and other expenses as the Company builds out its
infrastructure and team to support growth. Reflecting an increase
in overhead including higher depreciation of production equipment,
combined with the lower margin profile of Spectrum revenues,
AmpliTech’s Q4’21 gross margin declined to 21.3% from 30.2% in
Q4’20.
Selling, administrative and research and development expenses
increased to $3,595,623 in Q4’21 from $713,917 in Q4’20 due to
investments in expanded sales, marketing, R&D, management,
administrative and public company-related expenses, as well as
other initiatives intended to support long term growth. Q4’21
included $1.8M in expense related to the company’s development
efforts at its MMIC design center as well as costs for the
development of the company’s 5G system.
Reflecting these factors, AmpliTech reported a Q4’21 net loss of
($2,813,334), or ($0.30) per share, compared to a net loss of
($476,340), or ($0.13) per share, in Q4’20. Weighted average
diluted shares outstanding increased to 9,407,995 in Q4’21 from
3,679,393 in Q4’20, reflecting the impact of shares issued in the
Company’s recapitalization in the first half of 2022.
Balance Sheet and InvestmentsAmpliTech was in a solid
financial position at year-end 2021, with working capital of
$20.5M, including cash and cash equivalents of $18.0M, reflecting
proceeds from the Company’s recapitalization and Nasdaq up-listing.
During 2021 AmpliTech invested $1.0M in new scientific and
production equipment, $250K in its joint venture with SN2N, $370K
in non-recurring expenses related to its recapitalization and its
Nasdaq up-listing, $350K in Spectrum acquisition expenses, the
elimination of over 90% of outstanding debt (approximately $1.2M),
and $1.8M in R&D investments.
About AmpliTech Group (www.amplitechinc.com) AmpliTech
Group, Inc. designs, develops, manufactures and distributes
state-of-the-art radio frequency (RF) microwave components for
global satellite communications, telecom (5G & IoT), space,
defense, and quantum computing markets, as well as systems and
component design consulting services. In December 2021, AmpliTech
completed the purchase of the assets and operations of Spectrum
Semiconductor Materials Inc., a global specialty distributor of
semiconductor components based in San Jose, CA. AmpliTech has a 13+
year track record of developing high performance, custom solutions
to meet the unique needs of some of the largest companies in the
global industries we serve. We are proud of the unique skills,
experience and dedication of our focused team, which enables us to
deliver superior solutions, faster time to market, competitive
pricing and excellent customer satisfaction for repeat
business.
Safe Harbor Statement
This release contains statements that constitute
forward-looking statements. These statements appear in several
places in this release and include all statements that are not
statements of historical fact regarding the intent, belief or
current expectations of the Company, its directors or its officers
with respect to, among other things: (i) the Company's ability to
execute its business plan as anticipated; (ii) trends affecting the
Company's financial condition or results of operations; (iii) the
Company's growth strategy and operating strategy. The words "may"
"would" "will" "expect" "estimate" "anticipate" "believe" "intend"
and similar expressions and variations thereof are intended to
identify forward-looking statements. Investors are cautioned that
any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, many of which are
beyond the Company's ability to control, and that actual results
may differ materially from those projected in the forward-looking
statements because of various factors. Other risks are identified
and described in more detail in the “Risk Factors” section of the
Company’s filings with the SEC, which are available on our website.
We undertake no obligation to update, and we do not have a policy
of updating or revising, these forward-looking statements, except
as required by applicable law.
Non-GAAP Financial InformationThis press release includes
a statement relating to the Company’s and Spectrum’s order backlog.
Backlog represents the dollar amount of net sales that we expect to
recognize in the future from sales orders that have been received
from customers in the ordinary course of business. The Company
considers order backlog a relevant and preferred supplemental
measure for understanding the Company’s financial and market
position. However, such measure has inherent limitations, is not
required to be uniformly applied or audited and other companies may
use methodologies to calculate similar measures that are not
comparable. Readers should be aware of these limitations and should
be cautious as to their use of such measure.
Company
Twitter: AmpliTechAMPG
Instagram: AmpliTechAMPG
Facebook: AmpliTechInc
Investor Relations
Twitter: AmpliTechIR
StockTwits: AMPG_IR
Company
Contact:
Shan Sawant, Director of Communications AmpliTech Group, Inc.
shan@amplitech.com 646-546-7128
Investor Contact David Collins or William Jones
Catalyst IR ampg@catalyst-ir.com 212-924-9800
- Communications Components Provider AmpliTech’s 2021 Revenue
Rose 53% to [a Record] $5.28M, Driven by Growth Investments and
Ends Year with $18M (or $1.87 per share) in Cash
- Communications Components Provider AmpliTech’s 2021 Revenue
Rose 53% to [a Record] $5.28M, Driven by Growth Investments and
Ends Year with $18M (or $1.87 per share) in Cash
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