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Bohemia, New York--(Newsfile Corp. - November 17, 2020) - AmpliTech Group, Inc. (OTCQB: AMPG) announced filing of their 3Q 2020 results today. The Company is continuing its R&D for new products in addition to boosting its focus on growing sales for its core product line of industry-leading low noise amplifiers. Some highlights appear below:
Key Highlights for 3Q 2020:
AMPG was profitable with a net income of $17,010 for the 3 months ended September 30, 2020. This shows improvement and a trend back to profitability after losses incurred in first half of this year, mainly attributed to the Covid-19 pandemic impact
Sales for the 3 months ended September 30, 2020 were $1,150,732, up 62% from same period last year
YTD sales of $2,567,379 are up by $548,957, up 27.2% from same period last year
Cash on hand + access to cash of $1.65 million for working capital.
Our order book stands at ~$1.7 million and is expected to grow due to pent-up demand towards the end of the year and into next year.
About AmpliTech Group, Inc.:
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Domestic and International, SATCOM, Space, Defense and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz - eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 13+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Website: http://www.AmpliTechinc.com
This release contains statements that constitute forward-looking statements. These statements appear in a number of 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 financing plans; (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 as a result of various factors.
CONTACT: Fawad Maqbool, CEO, AmpliTech Group, Inc. (631) 521-7831
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68321