AmpliTech Group Reports Quarterly Results for Q2’22: Records a YoY 347% Quarterly Revenue Increase, 491% Increase in Total Gross Profit, Gross Profit Margin YoY Increases from 33.6% to 44.5%, and Increases Revenue Guidance for FY 2022
15 Agosto 2022 - 3:00PM
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 worldwide
distributor of packages and lids for integrated circuit assembly,
and designer of complete 5G/6G systems today announced earnings.
The company will host an investor call Thursday (8/18) at 4:00 PM
EST
Investor Call Details
Date/Time:
Thursday, August 18th at 4:00 pm ETDial-in Number:
1-888-222-5806 (domestic) or
1-412-902-6516 (international)Online Replay/Transcript:
Audio file and call
transcript will be posted to AmpliTech’s news page when
available.Investor Questions:
May be
submitted to investors@amplitechgroup.com prior to or during the
call
Q2 2022 Highlights
- Revenue rose 347.5% year-over-year to $4,584,042 in Q2’22 vs.
$1,024,410 in Q2’21
- Q2’ 22 gross profit improved to $2,037,719 (44.5% gross profit
margin) from Q2’ 21 gross profit $344,623 (33.6% gross profit
margin)
- Net loss decreased by 21.8% in Q2’22 to $369,540 vs. Q2’21 net
loss of $472,695
- Completed move of AmpliTech Inc and Specialty Microwave
engineering facilities into a single facility in Hauppauge NY to
increase operational efficiency and R&D collaboration. Full
operational capabilities were re-gained within four weeks after the
move took place.
- First AGMDC MMIC chip designs were produced showcasing
AmpliTech’s advanced LNA designs in a more flexible form factor.
They were debuted along with other products at the International
Microwave Symposium and garnered extensive interest across a wide
spectrum of customers.
- Year-end cash and equivalents were $14,361,554 with working
capital at $20,189,661, giving AmpliTech ample capital to finance
its medium to long-term growth initiatives and stocking inventory
on an unimpeded basis
Forward-Looking Update
- Management expects a profitable Q3 2022 and increases revenue
outlook of at least $17M for FY2022, representing a $2M revenue
increase from previous guidance of $15M for FY2022, representing a
projected 220.8% YoY annual revenue increase over 2021 FY Revenue
of $5.3M
- New AmpliTech TGSS service division is expected to be fully
functional during Q4 2022, to help telco customers design,
implement, deploy, and manage complete 5G front-end infrastructure
in 5G base stations and 5G O-RAN radios
- AmpliTech’s current order backlog is $8.2M, representing
contractual hardware and engineering services anticipated for
delivery over the next 9 months
- AmpliTech MMIC chips to continue customer testing and
evaluation in Q3 2022 and the company expects to stock an
assortment of new MMIC chips for COTS availability by Q1 2023
CEO Commentary
Fawad Maqbool, Founder & CEO, commented, “I am very pleased
with our financial results this quarter, which included a one-time
major event, as we successfully consolidated our two manufacturing
and engineering facilities into one building during this quarter.
We now have a fully operational expanded facility located in the
Hauppauge Industrial Park, Long Island NY with excess capacity for
growth. We regained full operational capabilities within four weeks
after the move took place. During this quarter, we also welcomed
some long-awaited new developments, including our new MMIC designs,
and newly expanded product line, while also building the foundation
for our new 5G system group, TGSS. Our AmpliTech Inc division,
which designs and manufactures our low noise amplifier designs,
delivering highly performant and reliable signal processing
components, was complemented by our Satcom Systems division,
Specialty Microwave. We recently debuted our new MMIC semiconductor
designs, from our AGMDC division in Plano Texas, as well as our
Spectrum Semiconductor Materials division in Silicon Valley. The
two symbiotic groups will help us with the integrated circuit
packaging for MMIC chips.
“Additionally, we plan to offer systems complete innovative true
5G O-RAN radios as well as the planning and optimization services
necessary to complete all new 5G installations globally through
TGSS, our recently created division. We believe these developments
are expected to be incredibly accretive to our business since they
provide a more extensive product suite as well as a larger
distribution presence. I applaud our whole team’s ability to work
cohesively to make this incremental progress and transform the
Company from just an amplifier component supplier to a full-service
organization with cutting-edge components, systems, and services.
This is a big step towards industry recognition and sustained
profitability.
Maqbool continued, “Having more comprehensive solutions in our
AmpliTech Group product ecosystem, allows us to capture more of the
market as evidenced by a 347% increase in revenue. Against this
revenue, we also incurred higher costs this quarter due to rising
material costs, R&D expenses related to MMIC design and
testing, and marketing expenses related to roadshows. We also
incurred one-time expenses due to our recent facility move and a
one-time accounting reserve expense against an increase in
inventory for our Spectrum division. We expect the rest of 2022 to
pose some challenges given macroeconomic conditions. However, given
our team’s excellent preparedness, we were able to foresee certain
conditions and stock inventory in larger quantities, giving us a
lower cost basis. Additionally, the domestic production of
AmpliTech products allows us to manage our supply chain more
efficiently. Backed by our growing product suite, ongoing product
research, and improving financials as evident by our growing
revenues and increasing profitability, we look forward to
continuing to build the AmpliTech brand and keep on developing
world-class solutions to solve challenging problems”.
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 are
proud of our focused team's unique skills, experience and
dedication, which enables us to deliver superior solutions, faster
time to market, competitive pricing, excellent customer
satisfaction and 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.
Company
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Company
Contact:
Shan Sawant, Director of
Communications
AmpliTech Group, Inc. shan@amplitechgroup.com
646-546-7128
- AmpliTech Group Reports Quarterly Results for Q2’22
- AmpliTech Group Reports Quarterly Results for Q2’22
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