AMPG - AmpliTech Reports FY 2022 Results; Beats Revenue Guidance and Reports Record 267% YoY Annual Revenue Increase to $19.4 Million

March, 31 2023 09:00 AM Amplitech Group Inc.

(NewsDirect)

McapMediaWire - AmpliTech Group, Inc . (NASDAQ: AMPG ) a designer, developer, and manufacturer ofstate-of-the-art signal-processing components for satellite, 5G, andother communications networks and a worldwide distributor of packagesand lids for integrated circuit assembly, and designer of complete5G/6G systems, today announced financial results for year endedDecember 31, 2022. The company will host an investor call on Monday,April 10 ^th at 4:00 PM EST.

Investor Earnings Call Details

Date/Time: Monday,April 10th at 4:00 pm EST

Dial-in Number: 1-833-630-0019 (domestic) or1-412-317-1807 (international)

Online Replay/Transcript: Audio file and calltranscript will be posted to AmpliTech’s news page whenavailable.

Investor Questions: May be submitted to investors @amplitechgroup.com prior to or during thecall

Full Year2022 Highlights

Revenue increased 267% to $19,394,000 in FY’22 comparedto $5,275,000 in FY’21.
FY’ 22 gross profit grew to$8,925,000, an almost 7-fold increase from FY’ 21 gross profit of$1,293,000. The gross profit margin increased by 2150 basis points to46.0% compared to 24.5% a year ago.
FY’22 net loss was$677,000 compared to a FY’21 net loss of $4,759,000, a positiveswing of approximately $4.1 million. The net loss includes a one-timerevenue earnout of approximately $816,000 as a result of Spectrum’sbeating sales expectations for the years 2021 and 2022. It isimportant to note that without this earnout payment, the Company wouldhave been profitable.
As of December 31, 2022, cash andequivalents totaled $13,290,000 and working capital was $20,331,000,which is sufficient capital for AmpliTech to fund all of its strategicgrowth initiatives.
AmpliTech experienced great success attrade shows such as Satellite 2022, IMS 2022, the AOC 2022, and theAPS March Meeting 2022 , achieving positive customer engagement andsetting company records at each event for the number of meetings withnew and existing customers.
Customers have begun to sampleAGMDC’s new MMIC chip products which have received very positivepraise and feedback.

Forward-Looking Update

MMIC chips, or ICs,have been released to customers for testing and are expected to begingenerating revenue in Q2 2023.
Management expects sustainedprofitability going into 2023.
Team is increasing salesexposure through enhanced strategic partnerships with salesrepresentatives and distributors globally.

ManagementCommentary

Fawad Maqbool, Founder and CEO of AmpliTech, commented, “Weare pleased to announce AmpliTech's annual results, with aremarkable 267% year-over-year increase in revenue. Our seamlessintegration of Spectrum Semiconductor and the successful launch of newinitiatives, such as AGMDC’s industry leading LNAs in MMIC form andTGSS’s managed 5G system integration consulting service, demonstrateour unwavering commitment to innovation and growth. This is acontinuation of our strategy to focus on increasing top-line revenuewith high-margin products, which we are projecting will lead toincreased bottom-line income later this year.

Additionally, ourindustry-leading low noise amplifiers, now available in MMIC form,boast unparalleled signal-to-noise ratios, the central metric thatdefines the quality of an amplifier as well as the entire receiver.Our team’s relentless drive to solve engineering challengesunderscores our dedication to providing cutting-edge technology to ourclients.

While weclosely monitor the current economic situation, we are pleased toreport that, at this time, we continue to have strong demand for ourindustry leading products. The gross profit margin’s impressiveincrease from 24.5% to 46.0% reflects our team’s efficiency andlong-term planning strategy.

As we celebrate these financial and operationalmilestones, we remain cognizant of the challenges posed by the lack ofperformant communication infrastructures. At AmpliTech, our mission isto empower companies to build the communications infrastructure thatwill fuel the future of technology – from AR/VR platforms andhigh-performance Quantum computing to 5G/6G networks providingsatellite internet and beyond.

Although there is still much work to be done acrossvarious industries - including satcom, telecom (5G), high-performancecomputing, defense, and aerospace - to achieve the connectivity speedsrequired by emerging technologies, we recognize the immense potentialfor innovation and are dedicated to developing solutions that addressthese challenges, enabling faster and more efficient communicationsystems. By continuously pushing the boundaries of communicationstechnology, we aim to play a pivotal role in shaping the future ofthese industries and facilitating the realization of their fullpotential,” concluded Mr. Maqbool.

About AmpliTech Group

AmpliTech Group, Inc.designs, develops, manufactures, and distributes state-of-the-artradio frequency (RF) microwave components for global satellitecommunications, telecom (5G & IoT), space, defense, and quantumcomputing markets as well as systems and component design consultingservices. In December 2021, AmpliTech completed the purchase of theassets and operations of Spectrum Semiconductor Materials Inc. aglobal specialty distributor of semiconductor components based in SanJose, CA. AmpliTech has a 13+ year track record of developing highperformance, custom solutions to meet the unique needs of some of thelargest companies in the global industries we serve. We are proud ofour focused team's unique skills, experience and dedication, whichenables us to deliver superior solutions, faster time to market,competitive pricing, excellent customer satisfaction and repeatbusiness. For more information, please visit www.amplitechgroup.com .

Safe HarborStatement:

This release contains statements that constituteforward-looking statements. These statements appear in several placesin this release and include all statements that are not statements ofhistorical fact regarding the intent, belief or current expectationsof the Company, its directors or its officers with respect to, amongother things: the lingering impact of the COVID-19 pandemic on theCompany’s supply chain, revenues and overall results of operations,the Company's ability to execute its business plan as anticipated;trends affecting the Company's financial condition or results ofoperations; and the Company's growth strategy and operatingstrategy. The words "may" "would" "will""expect" "estimate" "anticipate""believe" "intend" and similar expressions andvariations thereof are intended to identify forward-lookingstatements. Investors are cautioned that any such forward-lookingstatements are not guarantees of future performance and involve risksand uncertainties, many of which are beyond the Company's abilityto control, and that actual results may differ materially from thoseprojected in the forward-looking statements because of variousfactors. Other risks are identified and described in more detail inthe “Risk Factors” section of the Company’s filings with theSEC, all of which are available on our website. We undertake noobligation to update, and we do not have a policy of updating orrevising, these forward-looking statements, except as required byapplicable law.

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Company Contact:

Shan Sawant,Director of Communications

AmpliTech Group, Inc.

Investors@amplitechgroup.com

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