Q1 Report Shows Signs of Rising, Record-level Contracts for AmpliTech Group Inc.’s (NASDAQ: AMPG) Radio Frequency Technologies
- AmpliTech Group, a designer and developer of technology that enhances radio frequency (“RF”) transmissions for satellites, 5G, IoT and other applications recently reported record order bookings and orders in progress under deadline
- Thaw in COVID pandemic’s business impact is very encouraging for future business opportunities
- Products serve satellite communications, space, telecommunications (5G/6G) and military defense markets
- Recapitalized and listed on Nasdaq to support variety of growth opportunities
- Cash position of approximately $30M – with no debt
Radio Frequency component designer and manufacturer AmpliTech Group (NASDAQ: AMPG) recently reported record bookings and a record backlog (defined as contractually obligated purchase orders with a deadline for delivery) of $2.4M in conjunction with Q1 results.
The New York-based company has delivered industry standard quality products for leaders in satellite communications, space, telecommunications (5G/6G) and military defense markets for nearly 20 years. The company netted ~$30M in cash and began trading on the Nasdaq capital market earlier this year.
CEO & CTO Fawad Maqbool expects growing business activity and customer demand from mass reopening of its market segments with steady decline in COVID-19 pandemic impact on customer activity and ramping of company’s business development efforts.
“We expect the reopening to benefit AmpliTech going forward, along with potential pent-up demand for solutions in 5G, satellite, cyber security, quantum computing and other markets that have developed over the past year,” Maqbool stated in the Q1 release (https://nnw.fm/v7mbq). “To support the substantial opportunities we have identified, we completed a recapitalization of our company over the first four months of 2021, providing over $30M in current funding to support our growth and demonstrate financial strength to our customers and partners. Additionally, we also up-listed our common stock to Nasdaq to position our company for greater visibility, liquidity and access to a much broader pool of potential investors.”
AmpliTech’s Q1 release reports that it achieved design wins reflecting its low noise amplifier (“LNA”) products’ performance, durability, and heat dissipation. It also established a premier on-site testing laboratory enabling it to test its products under extreme temperatures and other conditions to ensure product quality and reduce variable testing costs.
Additionally, to address ever increasing security concerns in the communications space, AmpliTech has begun development of an enhanced solution incorporating hardware encryption into its signal amplifiers. These efforts aim to provide secure hardware chip-based encryption to secure 5G network transfer without negatively impacting data speeds and to support increasing IoT (Internet of Things) device adoption.
While the LNA products provide significant value and return on investment for satellite network applications in space, AmpliTech sees other exciting applications. Recently, AmpliTech received a developmental order for a special cryogenic-cooled probe head used to facilitate studies on materials, molecules and drugs to treat diseases (https://nnw.fm/DyHt6). The company is well-positioned to expand its market reach given the industry leading quality and performance of its amplifiers. AmpliTech believes the market need for its solutions should grow as the demand for higher fidelity wireless communication systems increases at an exponential rate.
The overall market for RF components was valued at $23.79 billion last year and is expected to grow at a compound annual growth rate of 14% through 2025, according to market analysts at Grand View Research (https://nnw.fm/asjoN).
For more information, visit the company’s website at www.AmpliTechInc.com.
NOTE TO INVESTORS: The latest news and updates relating to AMPG are available in the company’s newsroom at https://nnw.fm/AMPG
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