AmpliTech Group Reports Record Revenues for Q3 2022 Of $5.4M, With $577K Net Income, 415% Y0Y Quarterly Revenue Increase; Company Increases FY 2022 Revenue Guidance for the Second Consecutive Quarter To At Least $18M
14 Noviembre 2022 - 8:00AM
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 financial
results for the third quarter of 2022, ended September 30,
2022. The company will host an investor call today, Monday,
November 14th at 1:00 PM EST.
Investor Earnings Call Details
Date/Time:
Monday, November 14th at 1:00 pm ESTDial-in Number:
1-833-630-0019 (domestic) or
1-412-317-1807 (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
Third Quarter 2022 Highlights
- Revenue increased 414.5% year-over-year to $5,435,654 in Q3’22
vs. $1,056,596 in Q3’21.
- Q3’ 22 gross profit grew to $2,660,915, an over 7-fold increase
from Q3’ 21 gross profit of $313,613. The gross profit margin
expanded 193 basis points to 49.0% compared to 29.7% for the same
period last year.
- Q3’22 net income reached $576,916 from a Q3’21 net loss of
$592,845, a positive swing of approximately $1.2 million.
- AmpliTech had a successful showing at the annual AOC electronic
defense show, achieving positive customer engagement and setting a
company record for the number of meetings with new and existing
customers.
- MMIC chips are now available to customers for sampling purposes
in small quantities.
- TGSS, AmpliTech’s fully managed 5G system integrator company is
now operational, with a revenue contribution expected to begin in
Q3 2023
- On September 30, 2022, cash and equivalents totaled $13,054,956
and working capital was $20,170,386, giving AmpliTech ample capital
to fund all of its strategic growth initiatives.
Forward-Looking Update
- Product demand and new orders remain strong and as a result,
management is increasing revenue guidance provided last quarter
from at least $17M to at least $18M for the twelve months of 2022.
This is the second time that management has increased revenue
guidance in 2022. The original expectation for 2022 revenue,
announced with Q1 earnings, was $15M for the 2022 year.
- Order backlog on September 30th is $5.3M, representing
contractual hardware and engineering services projected for
delivery over the next 9 months
- MMIC chip developments are on track and are planned to be
available on a COTS (commercial off-the-shelf) basis by Q2
2023.
Management Commentary
Fawad Maqbool, Founder, and CEO of AmpliTech commented, “2022
has been a fantastic year for AmpliTech both operationally and
financially. In 2021 we were entirely focused on building and
delivering the highest performance analog low noise amplifiers
(LNAs) on the market, while also providing waveguide products for
the RF subsystem through Specialty Microwave. We achieved
industry-leading noise figures, and signal-to-noise ratio, and even
implemented cryogenic versions of our amplifiers that powered
quantum computing research systems at 4 Kelvin (-452℉)! Since then,
we have leveraged our operating divisions and implemented these
industry designs in our MMIC form factor through AGMDC, begun
offering Semiconductor Integrated Circuits packaging through
Spectrum, and extended the build-out of our 5G system integrator
business through TGSS.”
“Yet even today the communications infrastructure is not even
remotely at the level it needs to be. Ookla’s latest 5G networks
speed test report shows 57-116 MB/S downstream speeds and 8-11 MB/S
upstream speeds from the 3 major carriers. This is far from the 1-2
GB/S speeds that denote true 5G, including the 2-5 GB/S speeds
required by AR/VR technologies like Metaverse. We at AmpliTech see
this disconnect as a massive opportunity. As we build out our
product suite, our goal is to improve the overall infrastructure
performance closer to enabling true 5G.”
“Looking ahead, as the year goes on, we plan to continue
to build and grow the AmpliTech brand. As of yet, we have not
experienced any slowdown in demand. We continue to generate
attractive margins despite increasing material costs as evidenced
by the expansion of gross profit margins from 29.7% in Q3 21 vs
49.0% in Q3 22, due to our team’s commendable resource planning as
well as our company’s shift to higher margin products, like LNAs
and the upcoming MMIC products. Currently, sustained demand gives
us the confidence to increase revenue guidance to $18M for the
year, up from the $17M we guided to in our Q2 earnings report.
AmpliTech is well capitalized with solid cash reserves and healthy
working capital of $20.2 million, which, in combination with our
low cash burn rate, is expected to be ample to fund the execution
of our strategic plans. With our strong financial performance and
exciting product and service pipeline, I believe that AmpliTech is
well positioned to provide the communications infrastructure of
tomorrow, today,” concluded Mr. Maqbool.
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, please
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. 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, and 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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Investor Social MediaTwitter:
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Company
Contact:
Company
Contact:
Shan Sawant, Director of
Communications AmpliTech
Group, Inc. Investors@amplitechgroup.com
Investor Relations Contact:Kirin Smith,
PresidentPCG Advisory,
Inc.ksmith@pcgadvisory.comwww.pcgadvisory.com
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