AmpliTech Group Reports Quarterly Results for Q1’22: 978% YoY Revenue Growth with Q1’22 Revenues of $5,099,520. Company Ends Quarter with Profit and Strong Cash Position of $16.0M
16 Maio 2022 - 10:00AM
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, reported revenue
of $5,099,520 for its first quarter, which ended March 31,
2022, nearly matching the entire revenue achieved during its fiscal
year 2021. AmpliTech Group will host an investor call within the
next month and will announce those details when confirmed.
Q1 2022 Highlights
- Q1’22 revenue rose 978.2% to a record $5,099,520 in Q1’22 vs.
$472,974 in Q1’21
- Q1’22 revenue of $5,099,520 nearly matched full year 2021
revenue of $5,275,434
- Q1’ 22 gross profit improved to $2,323,598 (45.6% gross profit
margin) from Q1’ 21 gross profit $54,981 (11.6% gross profit
margin). Core LNA revenue doubled year over year from $472K in
Q1’21 to $1.07M in Q1’22
- Positive EBITDA of $140,169 achieved during Q1’22.
- Achieved net income in Q1’22 of $3,625 vs. Q1’21 net loss of
$879,931
- Year-end cash and equivalents were $16.0M, giving AmpliTech
ample capital to finance its long-term growth initiatives.
Q2 2022 Update
- AmpliTech currently expects Q2’22 revenue of at least $4.0M in
Q2’22. This includes expected growth in core LNA sales quarter to
quarter
- AmpliTech’s current order backlog is $10.2M, representing
contractual hardware and engineering services anticipated for
delivery over approximately eight months
- AmpliTech will continue R&D to design antennas and
subsystems aimed at increasing throughput and connectivity in 5G
systems
- Selected a full Enterprise Resource Planning (ERP) system, to
be implemented over Q2’22, to maximize production efficiency and
support increases in new orders
- Implemented Customer Relationship Management (CRM) during Q1’22
which will help drive new sales activity
- The company reiterates its goal to achieve profitability for
fiscal year 2022
CEO CommentaryFawad Maqbool, CEO, commented,
“The progress AmpliTech has made from our NASDAQ uplisting in
February 2021, to the present, is nothing short of spectacular and
none of this would have been possible without the brilliant
execution of the AmpliTech team. Spectrum, AGMDC, Specialty
Microwave, and AmpliTech Inc divisions are working seamlessly
together with remarkable synergy.”
“Since our inception, we have focused on observing the
challenges high-tech industries face and developing products that
close the technology gap. We are proud to execute our mission of
enabling wireless connectivity like never before. “
“Our LNA technology allows for lower noise with lower power
dissipation, making next-generation communication networks more
efficient and reliable. Our Spectrum division provided
semiconductor packaging to customers across diverse automotive,
scientific research, and computing industries. The AmpliTech MMIC
Design Center (AGMDC) team is up and running, developing MMIC chips
that capture AmpliTech’s industry-leading efficiency, by enabling
more power-efficient communication systems, without sacrificing
performance. “
“We are proud of the progress we have made this quarter.
Although we recorded one-time expenses during this quarter in
R&D including corporate expenses, we achieved a profitable
quarter and reiterate our target to have a profitable fiscal year
2022.” Furthermore, Mr. Maqbool stated “We remain very active in
forging and fortifying customer relationships, researching new
products, expanding production, implementing new ERP and CRM
systems, and recording a near ten-fold growth in revenue. There are
many shortcomings in the performance of today’s communication
systems, and we are determined to overcome them with the
introduction of new product offerings. We are looking forward to
continuing our transformative fiscal 2022 year.”
About AmpliTech GroupAmpliTech 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 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 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 measures have inherent limitations,
are 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 measures.
Corporate Social
Media
Twitter: @AmpliTechAMPG
Instagram:
@AmpliTechampg
Facebook: AmpliTechInc
Investor Social MediaTwitter:
@AMPG_IRStockTwits: @AMPG_IR
Company
Contact:
Shan Sawant, Director of
Communications
AmpliTech Group,
Inc.
shan@AmpliTech.com
646-546-7128
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