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
Hauppauge, NY, May 16, 2022 (GLOBE NEWSWIRE) -- 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
Fawad 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 Group
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 deliver superior solutions, faster time to market, competitive pricing, and excellent customer satisfaction for repeat business.
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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 Information
This 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.
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