HAUPPAUGE, N.Y., April 01, 2025 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (NASDAQ:AMPG), a leading designer, developer, and manufacturer of advanced signal-processing components for satellite, 5G, and other communication networks, including complete 5G/6G system design, and a global distributor of packaging and lid solutions for integrated circuit assembly, today announced its financial results for the fiscal year ended December 31, 2024.
FY 2024 Profit and Loss:
- Total Revenue and Other Income: $10.25 million, a decline from FY2023
- Net Loss: $11 million, which includes a $3.2 million loss due to Company being a victim of a cryptocurrency fraud incident. An increased investment in 5G ORAN technology, coupled with sales decline due to unfavorable market dynamics contributed considerably to the loss.
Strong Liquidity and Financial Strength:
- Total current assets of $28.3 million compared to just $1.5 million in current liabilities
- Working capital of $27 million
- Cash reserves exceeding $19 million
- Zero debt on the balance sheet
Operational Highlights for FY 2024:
Despite market headwinds in its distribution segment, driven by demand softness in Asia, AmpliTech achieved several milestones in FY 2024:
- Secured $21 million in capital to strengthen balance sheet and execute growth strategies
- Secured key multi-year contracts:
- A 5-year supplier agreement with Fujitsu for 5G ORAN radio products
- A 5-year Blanket Order Agreement with a U.S. Fortune 1000 company, with over $1.8 million in initial orders for AmpliTech's new LNB product line
- An initial order over $500,000 for 5G ORAN radio configurations from a leading industry player
Momentum Heading into FY 2025:
With its 5G division now entering a phase of commercial scaling, AmpliTech is well-positioned to benefit from increasing industry demand for ORAN and private 5G solutions. Key developments include:
- Completion and successful lab testing of the company's CAT B ORAN Massive MIMO 64T64R radio, achieving speeds exceeding 1 Gbps
- FCC certification is expected imminently, following full compliance with all required testing procedures
- Execution of a transformative $78M Letter of Intent (LOI), the largest single-customer agreement in AmpliTech's history, to support phased deployments through FY 2027. We have already received $1M P.O. on this LOI.
- Strategic acquisition of ORAN-related IP, enabling the company to serve new markets, including a major Canadian Mobile Network Operator
- Secured three new U.S. patents in 5G front-end modules, cryogenic quantum computing, and satellite connectivity
In FY 2024, the AmpliTech Inc. and Spectrum divisions were the primary revenue contributors. In FY 2025, the 5G division is expected to become the company's flagship division. AmpliTech is establishing partnerships and alliances with 5G industry participants to enhance its market share.
The company's ORAN Massive MIMO 64T64R radio has completed lab testing, achieving speeds exceeding 1 Gbps. FCC certification is expected soon.
The $78 million LOI is the largest single-customer agreement in AmpliTech's history and will span FY 2025 through FY 2027.
The recent acquisition of ORAN-related IP allows AmpliTech to expand its 5G offerings and serve a major Canadian Mobile Network Operator. Purchase orders are anticipated shortly.
Management Commentary:
Fawad Maqbool, Founder and CEO of AmpliTech stated, "While our FY 2024 sales were significantly impacted by geopolitical factors, we are now poised to capitalize on the strategic milestones achieved throughout the year. Our recent successes across the AmpliTech Inc. and 5G divisions, coupled with over $2.5 million in Q1 bookings for our Spectrum division, and current company's backlog nearing $5M mark a strong start to FY 2025. We are entering the new fiscal year with a solid balance sheet, robust working capital, no debt, and enhanced visibility in the 5G space. With over $100 million in potential multi-year revenue based on the current signed and agreed to Letter of Intents the company has on hand, including a transformative IP acquisition that allows us to work directly with Canada's second-largest MNO, we're executing against our 5-Year Strategic Plan. Our continued investment in R&D reflects our unwavering commitment to innovation and value creation for our shareholders."
Mr. Maqbool added, "At AmpliTech, our mission is to empower companies to build the communication infrastructure of the future, enabling breakthroughs in AR/VR, high-performance quantum computing, and global 5G/6G networks. There remains significant work ahead across key sectors including satellite communications, telecom, computing, defense, and aerospace. We are deeply focused on developing solutions to meet the growing demands for speed, efficiency, and connectivity, and we are proud to play a pivotal role in shaping the technologies that will drive tomorrow's world."
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. For more information, visit: www.amplitechgroup.com.
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; (iv) that letters of intent will result in purchase orders; (v) that certain of the Company's products will receive FCC certification; and (vi) that there will be increasing demand for ORAN and private 5G solutions. 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, including its Form 10-K for the year ended December 31, 2024, 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.
Contacts:
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Investor Social Media
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Company Contact:
Jorge Flores
Tel: 631-521-7831
[email protected]
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