NetworkNewsBreaks – AmpliTech Group Inc. (NASDAQ
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Posted On: 08/17/2021 4:53:44 PM
NetworkNewsBreaks – AmpliTech Group Inc. (NASDAQ: AMPG) Releases Q2 Revenue Report, Notes Key Numbers
AmpliTech Group (NASDAQ: AMPG), a designer, developer and manufacturer of state-of-the-art communications components for satellite communications, space, telecom (5G and 6G) and defense markets, today announced its financial numbers for the second quarter as well as the first six months of 2021; the company also provided a growth outlook. Second-quarter highlights included an increase of revenue from $660,699 in Q2 2020 to $1,024,410, an increase of 55% over Q2 last year and a 117% increase over last quarter; an order backlog of $2.45 million in contractual hardware and engineering services anticipated for delivery over the next three to six months; and a secured follow-on Low Noise Amplifier (“LNA”) order from a Fortune 500 global defense and aerospace company with shipment expected next quarter and secured $500,000 in orders in July for custom LNAs; those shipments are also expected to go out in the third quarter. Highlights for the year to date include an uplisting to the Nasdaq market, the payment of $1 million in debt, design wins for AmpliTech’s LNA product suite, and the development, product testing and design integration of LNA chipsets. The company also noted that it has expanded its sales and marketing team and is targeting major OEMs as well as system integrators to substantially expand its addressable market. In addition, AMPG established an on-site testing laboratory to accelerate new product development, decrease research and development costs, and ensure quality control. “Our Q2 results reflect initial benefits of our significantly enhanced financial position and the gradual return of customer prospects to more normal planning and procurement activity for projects where our low noise amplifier solutions can deliver game-changing performance and ROI,” said AmpliTech Group president, CTO and CEO Fawad Maqbool in the press release. “Importantly, our financial recapitalization is allowing AmpliTech to engage for the first time with a range of very large customer prospects that were previously out of our reach. We are making strategic investments in product development, sales and marketing, and personnel and infrastructure to better position AmpliTech for hypergrowth opportunities we see across several markets, including satellite communications, the build out of true 5G infrastructure, quantum computing and space exploration. . . . AmpliTech is positioning itself to be a key infrastructure provider to support satellite, 5G and other radio frequency communications infrastructure that will be scaling rapidly to address these growing needs. Given our substantially strengthened financial, product and industry position and the very favorable industry backdrop, we anticipate significant growth potential for our company in the coming years.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
AmpliTech Group (NASDAQ: AMPG), a designer, developer and manufacturer of state-of-the-art communications components for satellite communications, space, telecom (5G and 6G) and defense markets, today announced its financial numbers for the second quarter as well as the first six months of 2021; the company also provided a growth outlook. Second-quarter highlights included an increase of revenue from $660,699 in Q2 2020 to $1,024,410, an increase of 55% over Q2 last year and a 117% increase over last quarter; an order backlog of $2.45 million in contractual hardware and engineering services anticipated for delivery over the next three to six months; and a secured follow-on Low Noise Amplifier (“LNA”) order from a Fortune 500 global defense and aerospace company with shipment expected next quarter and secured $500,000 in orders in July for custom LNAs; those shipments are also expected to go out in the third quarter. Highlights for the year to date include an uplisting to the Nasdaq market, the payment of $1 million in debt, design wins for AmpliTech’s LNA product suite, and the development, product testing and design integration of LNA chipsets. The company also noted that it has expanded its sales and marketing team and is targeting major OEMs as well as system integrators to substantially expand its addressable market. In addition, AMPG established an on-site testing laboratory to accelerate new product development, decrease research and development costs, and ensure quality control. “Our Q2 results reflect initial benefits of our significantly enhanced financial position and the gradual return of customer prospects to more normal planning and procurement activity for projects where our low noise amplifier solutions can deliver game-changing performance and ROI,” said AmpliTech Group president, CTO and CEO Fawad Maqbool in the press release. “Importantly, our financial recapitalization is allowing AmpliTech to engage for the first time with a range of very large customer prospects that were previously out of our reach. We are making strategic investments in product development, sales and marketing, and personnel and infrastructure to better position AmpliTech for hypergrowth opportunities we see across several markets, including satellite communications, the build out of true 5G infrastructure, quantum computing and space exploration. . . . AmpliTech is positioning itself to be a key infrastructure provider to support satellite, 5G and other radio frequency communications infrastructure that will be scaling rapidly to address these growing needs. Given our substantially strengthened financial, product and industry position and the very favorable industry backdrop, we anticipate significant growth potential for our company in the coming years.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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