- AmpliTech posted $1,024,410 in total revenue for Q2’21, a 55% increase from the same period in 2020
- It also announced having paid off $1 million in debt while securing $0.2 million in SBA loan forgiveness
- The company also purchased $0.4 million worth of scientific equipment to enhance product development and testing
- The first half of 2021 also saw AmpliTech complete its financial recapitalization and Nasdaq up-listing, thereby realizing a working capital of $29.8 million
- All these achievements are positioning AmpliTech as the key infrastructure provider that supports 5G, satellite and other radio frequency communications infrastructure globally
On August 16, 2021, AmpliTech Group (NASDAQ: AMPG) announced its financial results for the second quarter of 2021 along with the first six months of the 2021 fiscal year (“Q2’21 and 6M’21”). Additionally, the company reviewed its growth outlook, its strides thus far, and some of the key milestones it achieved in the first half of 2021 (https://ibn.fm/7BCnP).
Most notably, the company posted a 55% Q2’21 revenue growth compared to Q2’20. Total revenue stood at $1,024,410, up from $660,669 during the same period in 2020. This also represented a 117% growth from Q1’21. AmpliTech also reported that its order backlog as of the date of the announcement was $2.45 million, all in contractual hardware and engineering services, anticipated for delivery over the next three to six months, as opposed to $2.4 million at the close of Q1’21 (https://ibn.fm/7BCnP).
The first six months of 2021 were significant for AmpliTech. For starters, the company completed its financial recapitalization and Nasdaq up-listing. This move allowed it to raise working capital of $29.8 million as of June 30 (https://ibn.fm/588HQ). This capital would go into product development, sales and marketing infrastructure investments while also offering the financial strength needed to engage with global customer prospects that were previously out of the company’s reach.
As of the close of the first half of the year, the company had paid $1 million in debt and secured $0.2 million in SBA loan forgiveness. AmpliTech also reported having purchased $0.4 million worth of scientific equipment that was meant to enhance product development and testing (https://ibn.fm/7BCnP). It also made a significant strategic investment in its secure LNA chip development joint venture partner SN2N.
AmpliTech is an enterprise that designs, develops and manufactures customer radio frequency (“RF”) components for the commercial, SATCOM, space and military markets. Its product line ranges from new offerings for the 5G/6G wireless ecosystem and infrastructure, along with quantum computing supporting the United States’ efforts to reach the coveted position of quantum supremacy. Since it was founded back in 2002, AmpliTech has remained committed to research and development (“R&D”), allowing it to remain at the forefront of emerging technologies globally.
So far, 2021 has been a great year for AmpliTech, and its management is confident that the trajectory will carry on for the remainder of the year. While making the announcement, Fawad Maqbool, the president, CTO and CEO of AmpliTech, noted:
“Our Q2 results reflect initial benefits of our significantly enhanced 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.”
He further added:
“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 (https://ibn.fm/7BCnP).”
AmpliTech has attributed the impressive 6M’21 performance on expanding sales force efforts and the growing demand for its low noise signal amplifiers. It hopes to further capitalize on this to achieve even faster and additional growth as time progresses.
“We are making strategic investments in product development, sales and marketing, and personnel and infrastructure to better position AmpliTech for hyper-growth opportunities we see across several markets, including satellite communications, the build out of true 5G infrastructure, quantum computing and space exploration,” noted Mr. Maqbool (https://ibn.fm/588HQ).
The company projects that there will be an unprecedented growth in the demand for wireless connectivity given the proliferation of smart devices, cloud computing, autonomous vehicles and content streaming in the next several years. Its investments so far position it to take advantage of this growth and assert its position as a key infrastructure provider to support 5G, satellite and other radio frequency communications infrastructure. So far, AmpliTech’s investments are bearing fruit, all while laying the foundation for the company’s further growth in the future.
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://ibn.fm/AMPG
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