AmpliTech Group Reports Q2 Revenue of $2.5M with 1.05M Gross Profits and 42% Gross Margins
2024年8月15日 - 5:15AM
AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGW), a designer, developer,
and manufacturer of state-of-the-art signal processing components
for satellite, Public and Private 5G, and other communications
networks, including the design of complete 5G/6G systems and a
global distributor of packages and lids for integrated circuits
assembly, today announced its financial results for the second
quarter ended June 30, 2024. The company plans to host an investor
call within two weeks after today.
Q2 2024 Highlights
Revenue of $2.5 million, with gross profits of
$1.05M (42%).
The company maintained a healthy gross profit
margin of approximately 42% amidst inflationary pressures.
Significant decrease in global demand and
recessionary market dynamics continued to be a factor affecting the
majority of our customers across all products lines. Semiconductor
distribution sales also decreased due to softer international
demand, mainly from Hong Kong, which is controlled by China
now.
The company reported a loss of $1.57M for Q2
2024, attributable largely to a combination of unexpected lower
global and domestic sales, increased corporate expenses and our
continuing R&D efforts to obtain licensing and certifications
required for the development and market release of the new 5G
products.
As of June 30, 2024, we had cash and cash
equivalents of $1,014,204, and working capital of $9,995,731.
Our inventory position remains healthy with over
$7M of raw materials and finished goods available to support
immediate customer needs. The company is ready to serve its
customers as normal demand for our products is expected to resume
in the upcoming quarters due to an increased stream of RFQ activity
in the beginning of the third quarter. The company is securing
alternative financing such as advance payments from customers and
non-dilutive financing in order to supplement its cash flow and
working capital.
Forward-Looking Update
Key Highlights to provide revenue
guidance for upcoming quarters:
- Massive MIMO
ORAN 5G 64T/64R cellular radio designed for towers and base
stations is in its 3rd month of testing at the OTIC center at
Northeastern University, which is powered by AT&T and Verizon.
It is the most advanced radio of its kind to replace current 4G LTE
and other obsolete equipment and is moving flawlessly towards
completion in 2 to 3 months. It is planned for full deployment in
public 5G networks by public MNOs (Mobile Network Operators) to
fulfill the mandates to provide open, flexible architecture
developed mainly by US companies. Amplitech Group is the ONLY US
based 5G radio and network equipment provider. This positions the
company to replace existing equipment from foreign and Chinese
vendors due to security and economic concerns. Furthermore, the
company has now positioned itself with a full, end to end, Private
5G products solution. This offering integrates advanced ORAN
radios, Central and Distribution Units, Antennas, Core Servers, and
a versatile range of FWA (Fixed Wireless Access) devices tailored
for diverse deployment scenarios including buildings and
residential homes. FWA replaces cable and fiber to the home or
business and makes high-speed connectivity virtually
cable-free.AGTGSS's Private 5G End-to-End Solution
is designed to meet the burgeoning demand for reliable and
high-performance 5G networks outside traditional cellular
infrastructure. By combining state-of-the-art hardware components
with expert planning and optimization services, AGTGSS ensures
seamless deployment and operation of Private 5G networks,
delivering True G Speed Services exceeding 1 gigabit per second
performance. The company expects to announce, within the Q3
timeframe, of key relationships and initial P5G deployment
contracts domestically and abroad.
-
High-performance Satellite Ground station LNBs-
The company’s core division, AmpliTech Inc, has also made strides
with driving demand for its new LNB product lines. Taking advantage
of its low noise proprietary technology, these LNB’s provide
satellite companies with unparalleled performance. The company has
been actively quoting these solutions and expects sales for this
product line will match all regular LNA product sales within a
year.
-
Cryogenic Power Supplies- The company also
recently announced the release of its line of cryogenic power
supplies for the Quantum Computing Industry. These new units
complement its line of cryogenic amplifiers and are being quoted as
a set to interested customers. Our AmpliTech Inc division also
obtained orders for its cryogenic amplifiers during this quarter,
marking a milestone for the company, as this first order was
awarded from a major, leading Quantum Computing company within the
US. Currently there are only two manufacturers capable of supplying
the required low noise performance under subzero temperatures, with
AmpliTech being the ONLYUS domestic manufacturer.
- Over 100
high-performance Chips for Wireless Industry released- Our
AGMDC division has released over 100 SKUs since its inception. All
of these configurations are readily available for sale at our
online store, https://shop.amplitechinc.com/. Our global
distribution partner, CDI which distributes globally and provides
local customer service and application support across the Americas,
is actively marketing our products which includes obsolete
replacement parts, taking advantage of our AGMDC center capability
of creating custom parts. Most recently our AGMDC division received
and performed custom design for a well-funded space company
startup, which the company believes will win their program, which
in turn will require hundreds of thousands of MMIC parts to be
supplied over the next two years.
- Key
Global Trade Show Participation to promote 5G Suite of products and
new disruptive technology- The company will participate in
key trade shows to promote and demonstrate its entire product line,
from its core LNA product line, to LNB’s, passive components, MMIC
related products and its complete end to end solution for Public
and Private 5G products which the company believes will drive the
company revenues into $40M range within the next two years.
CEO Fawad Maqbool provided his insights on
AmpliTech’s financial results and future outlook:
"Despite current economic challenges, our
commitment to innovation and quality remains resolute as we
continue working to achieve our mission to develop full systems and
subsystems for rapidly emerging technology sectors, utilizing
AmpliTech’s unique core technology.”
“Our team has been working relentlessly to
develop the lowest noise, lowest power-dissipating amplifiers on
the market and these are included in our new 5G and wireless
infrastructure products and MMIC designs for the satellite,
wireless and 5G markets, including the advanced military and
commercial markets. We have also expanded into the design of
full-service, true 5G Open Radio Access Network (O-RAN) public and
private 5G network deployments. These offerings are cutting-edge,
end-to-end solutions.”
“We’re excited to be bringing these products to
market at a time that the 5G infrastructure market is projected to
reach $99 billion by 2030, a CAGR of 37% from current levels,
according to Industry Research. This tremendous growth outlook
reaffirms our belief in the significant potential of our product
line to serve this market. Despite the weakening economic trends
experienced during this initial six-month period, we remain
optimistic about our sales prospects. We anticipate that global
demand will bounce back as market conditions improve”.
About AmpliTech GroupAmpliTech
Group, Inc., comprising five divisions—AmpliTech Inc., Specialty
Microwave, Spectrum Semiconductors Materials, AmpliTech Group
Microwave Design Center, and AmpliTech Group True G Speed
Services—is a leading designer, developer, manufacturer, and
distributor of cutting-edge radio frequency (RF) microwave
components and 5G network solutions. Serving global markets
including satellite communications, telecommunications (5G &
IoT), space exploration, defense, and quantum computing, AmpliTech
Group is committed to advancing technology and innovation. For more
information, please visit www.amplitechgroup.com
Safe Harbor StatementThis
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, with respect to, among other things,
that this technology, including AGTGSS Division's complete Private
5G End-to-End Solution, will provide seamless deployment and
operation delivering True G Speed Services exceeding 1 gigabit per
second performance and will lead to further development and work
for customers, that the company will be able to achieve revenues
within the $40M range within the next two years and that there will
be growth in the 5G infrastructure market. 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.
Contact:
Corporate Social
Media:
Twitter: @AmpliTechAMPGInstagram:
@AmpliTechAMPGFacebook: AmpliTechIncLinkedIn: Amplitech Group
Inc
Investor Social
Media:
Twitter: @AMPG_IRStockTwits:
@AMPG_IR
Company Contact:
Jorge FloresTel:
631-521-7831Investors@amplitechgroup.com
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