AMPG

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

FOR

IMMEDIATE RELEASE

AmpliTech Group Reports Q2 2026 Revenue of $8.07 Million, Up 50.9% Sequentially,

and Gross Profit Growth of 161.2% Year-over-Year

Gross margin expands to 27.9% from 7.8% in Q2 2025

Hauppauge, NY, August 13, 2026, AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGZ), a designer, developer, and manufacturer of advanced radio frequency (RF) microwave components, 5G communication systems, semiconductor solutions and quantum computing LNAs, today announced financial results for the quarter ended June 30, 2026.

Second Quarter 2026 Highlights

● Revenue was $8.07 million, an increase of approximately 50.9% sequentially from $5.35 million in the first quarter of 2026.

● Gross profit increased 161.2% year-over-year to $2.25 million from $0.86 million in the prior-year quarter.

● Gross margin was 27.9%, compared with 7.8% in the second quarter of 2025.

● Sales in the amplifier and related passive microwave components and subsystems business increased 42.7% year-over-year.

● Research and development expense was $1.37 million, compared with $0.66 million in the prior-year quarter, reflecting continued investment in 5G product development, prototype and testing activity, consulting support and MMIC design. Q2 R&D included approximately $1.08 million of 5G expenses and $0.30 million of MMIC design expenses.

● Net loss was $(3.09) million, compared with $(1.77) million in the prior-year quarter, reflecting higher research and development investment as well as increased selling, general and administrative expenses, including amortization, legal fees, stock-based compensation, marketing and business development activity.

● Working capital was approximately $22.93 million as of June 30, 2026, compared with approximately $10.16 million at December 31, 2025. The current ratio was approximately 3.76. (working capital figure does not include rights offering proceedings which came in July 2026).

● Cash, cash equivalents and marketable securities totaled approximately $12.95 million as of June 30, 2026.

● Accounts receivable at $6.25 million

Operational and Strategic Progress

The second quarter demonstrated continued monetization across AmpliTech’s operating platform. The Company continues to develop and commercialize technologies serving four principal end markets:

● 5G / telecommunications infrastructure, including O-RAN radio systems and next-generation wireless infrastructure solutions

● SATCOM and space applications utilizing advanced RF and microwave technologies

● Defense and aerospace communications applications

● Semiconductor and quantum computing applications, including Spectrum Semiconductor Materials, MMIC technologies and cryogenic low-noise amplifier solutions

Management views the Company’s current stage as one of scaling commercialization and monetization rather than beginning it. The sequential revenue growth achieved in Q2, new ORAN 5G product sales, the expansion of Spectrum’s distribution business and continued sales growth in amplifier and passive microwave products demonstrate revenue contribution from multiple parts of the platform. At the same time, the Company continued to invest ahead of anticipated larger opportunities, particularly in 5G and MMIC development.

Balance Sheet and Liquidity

As of June 30, 2026, AmpliTech reported:

●

Cash, cash equivalents and marketable securities of approximately $12.95 million

●

Total current assets of approximately $31.25 million

●

Working capital of approximately $22.93 million

●

Total assets of approximately $58.51 million

●

Total stockholders’ equity of approximately $46.75 million

Based on its existing cash and cash equivalents, working capital, current and forecasted level of operations and forecasted cash flows, the Company believes it will be able to meet obligations arising from normal business operations and provide for capital requirements for at least the next 12 months.

Subsequent Corporate Developments

● On July 7, 2026, the Company terminated its equity distribution agreement with Maxim Group LLC.

● On July 7, 2026, the Board of Directors authorized a stock repurchase program of up to $10 million of the Company’s outstanding common stock over the following 24 months, subject to market conditions, applicable law and other considerations.

● On July 22, 2026, following the July 18 expiration of the Series A Rights, the Company closed the Series A Rights exercise process and received approximately $21.92 million in gross proceeds and approximately $20.12 million in net proceeds after fees and expenses.

● Received more than $6 million in follow-on orders during July 2026 alone, including nearly $4 million in additional orders under its previously announced Letter of Intent (“LOI”) with a North American mobile network operator.

Outlook

AmpliTech remains focused on scaling revenue, improving operating leverage and converting its technology and customer programs into in

EX-99.1

2 ex99-1.htm

EX-99.1

Exhibit 99.1

AmpliTech Group Reports Strong First Quarter 2026 Revenue Growth and Significant Q1 Gross Margin Expansion YoY

Hauppauge, NY, May 13, 2026, AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGR, AMPGZ), a designer, developer, and manufacturer of advanced radio frequency (RF) microwave components, 5G communication systems and Quantum computing LNAs, today announced financial results for the quarter ended March 31, 2026.

First Quarter 2026 Highlights

● Revenue increased 48.6% year-over-year to $5.35 million, compared to $3.60 million in the first quarter of 2025.

● Gross profit increased 116.1% year-over-year to $2.57 million from $1.19 million in the prior- year period.

● Gross margin improved significantly to 48.0%, compared to 33.0% in the prior-year period.

● Manufacturing and engineering segment revenue increased to $3.28 million from $0.99 million in the prior-year quarter.

● Net loss improved 17.3% year-over-year to $(1.52) million.

● Cash, cash equivalents and marketable securities increased to approximately $18.4 million as of March 31, 2026.

● Working capital improved to approximately $25.4 million from $10.2 million on December 31, 2025. Current ratio (defined as current assets/current liabilities) improved to 4.25 from 1.68 on December 31, 2025.

● Multiple 5G and MMIC development programs advanced further into commercialization stages.

● Total Assets to Total Liabilities improved approximately 47% to $48.36 million from $32.86 million on December 31, 2025. AmpliTech Group remains debt free.

Operational and Strategic Progress

During the quarter, the Company continued to advance commercialization initiatives related to:

● 5G ORAN radio systems

● Proprietary RF and microwave technologies

● 5G MMIC chip design programs

● Satellite and defense communications applications

● Next-generation wireless infrastructure solutions

The Company also reported lower research and development expenses year-over-year as several products transitioned from active development into commercialization and deployment phases.

Balance Sheet and Liquidity

As of March 31, 2026, AmpliTech reported:

● Cash, cash equivalents and marketable securities of $18.4 million

● Total current assets of approximately $33.2 million

● Total stockholders’ equity of approximately $48.4 million

During the quarter, the Company completed both a rights offering and a registered direct offering, generating aggregate net proceeds exceeding $16 million to support growth initiatives, working capital requirements, and operational expansion.

Outlook

Management believes the Company is positioned to continue benefiting from:

● Expanding global 5G infrastructure deployment activity

● Increasing demand for RF and microwave technologies

● Continued development of ORAN ecosystem opportunities

● Growth in satellite and defense communications markets

● Increasing adoption of compact high-performance MMIC-based solutions

The Company remains focused on:

● Expanding revenue scale

● Improving operational leverage

● Strengthening internal controls and infrastructure

● Increasing commercialization activity

● Supporting long-term sustainable growth

“The first quarter of 2026 reflects meaningful progress across several areas of our business,” said Fawad Maqbool, Chief Executive Officer of AmpliTech Group. “We achieved substantial revenue growth YoY, expanded gross margins significantly, strengthened our balance sheet, and continued transitioning key technologies from development into commercial deployment.”

Mr. Maqbool continued, “We believe our investments in 5G ORAN radio technologies, MMIC design capabilities, and advanced RF systems are beginning to contribute more meaningfully to operational performance. We are encouraged by the increasing demand environment for next-generation wireless infrastructure and remain focused on disciplined execution, operational scalability, and long-term shareholder value creation.” Mr. Maqbool concluded: “The Company continues to believe its full-year revenue guidance remains achievable; however, based on current customer delivery schedules, production timing, and anticipated order flow, the Company expects revenue recognition to be more heavily weighted toward the second half of the year”.

About AmpliTech Group, Inc.

AmpliTech Group, Inc. (NASDAQ: AMPG, AMPGR, AMPGZ) designs, develops, and manufactures advanced RF and microwave signal-processing components and systems for satellite, 5G/6G telecom, quantum computing, defense, and space applications. Its five divisions, AmpliTech Inc., Specialty Microwave, Spectrum Semiconductor Materials, AmpliTech Group Microwave Design Center, and AmpliTech Group 5G Divisions work symbiotically and serve customers worldwide. Through continuous innovation and U.S.-based manufacturing, AmpliTech is enabling the next generation of connectivity and communication systems. For further information, please visit www.amplitechgroup.com

EX-99.1

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EX-99.1

Exhibit 99.1

AmpliTech Group Reports Unaudited Record FY2025 Revenue And Reaffirms $50M+ FY2026 Revenue Outlook

Hauppauge, NY – January 5, 2026 - AmpliTech Group, Inc. (“AmpliTech” or the “Company”) today announced unaudited record full-year revenue of approximately $25 million for fiscal year 2025, up 163% YoY, exceeding analyst’s expectations given at the beginning of the year and meeting the Company’s publicly issued revenue guidance. Building on this momentum, AmpliTech reaffirmed revenue guidance of at least $50 million for fiscal year 2026, representing approximately 100% year-over-year growth.

Technology Validation and Commercial Momentum

Fiscal year 2025 marked the strongest annual revenue performance in the Company’s history, reflecting accelerating customer demand, improved conversion of pipeline opportunities into purchase orders, and disciplined execution across AmpliTech’s Open RAN and RF product portfolio.

During FY2025, AmpliTech advanced its ORAN 5G Division from development and qualification, into commercial execution, achieving critical milestones required by network operators and ecosystem partners prior to scaled deployment. The Company demonstrated performance of its ORAN 5G radio products in multi-vendor interoperability environments, converting technical validation into recurring commercial activity. The Company is actively participating in additional ORAN Alliance Plugfests, with technical programs including network optimization using Artificial Intelligence with major participants in the ORAN 5G and AI ecosystem.

Operational Readiness and FY2026 Outlook

AmpliTech Group confirmed that production shipments under its previously announced $100 million letter of intent (LOI), officially started in December 2025, and that shipments under its $40 million LOI with a North American mobile network operator are expected to resume early in the 2026 first quarter. Importantly, the Company anticipates concurrent production shipments for both LOIs during Q1, underscoring that AmpliTech’s supply chain and manufacturing operations are fully engaged and execution-ready, fully capable of delivering multi-million-dollar orders across multiple O-RAN 5G configurations, simultaneously, for multiple customers.

Based on current backlog, active customer programs across all of its divisions, including signed letters of intent from which the Company is constantly receiving funded purchase orders, the Company reaffirmed its expectation to deliver at least $50 million in revenue during fiscal year 2026. AmpliTech remains focused on disciplined growth, execution certainty, and long-term shareholder value creation.

About AmpliTech Group

AmpliTech Group, Inc., comprising five divisions, AmpliTech Inc., Specialty Microwave, Spectrum Semiconductors Materials, AmpliTech Group Microwave Design Center, and AmpliTech Group True G Speed Services, is a leading designer, developer, manufacturer, and distributor of cutting-edge radio frequency (RF) microwave components and 5G network solutions. Serving global markets including satellite communications, telecommunications (5G & IoT), space exploration, defense, and quantum computing, AmpliTech Group is committed to advancing technology and innovation. For more information, please visit www.amplitechgroup.com or amplitech5G.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, that current backlog and LOI’s anticipated orders will be received or lead to further production orders and that the Company will achieve $25 million in revenue for 2025 and $50 million in revenue for 2026. The words “may” “would” “will” “expect” “estimate” “anticipate” “believe” “intend” for 5G orders 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 and with the SEC at sec.gov. 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.

Contacts:

Corporate Social Media

Company Contact:

X: @AmpliTechAMPG Jorge Flores

Instagram: @AmpliTechAMPG Tel: 631-521-7831

Facebook: AmpliTechInc Investors@amplitechgroup.com

Linke

EX-99.1

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EX-99.1

Exhibit 99.1

AmpliTech Group Advances Strategic Growth Plan with Tier 1 Customer Base Penetration in Multi-Billion Dollar 5G Markets with Record Q2 Revenues

Hauppauge, NY, August 14, 2025 – AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGW), a designer, developer, and manufacturer of state-of-the-art signal processing components for global communications infrastructure, including 5G/6G ORAN, satellite, and quantum computing systems, today announced its financial results for the second quarter ended June 30, 2025 and provided an update on its evolving growth strategy and financial performance for Fiscal Year 2025, emphasizing long-term positioning and foundational investments in high-growth sectors.

Q2 2025 Highlights

●The Company achieved record sales in excess of $11 Million, the highest sales in company’s quarterly history. This Q2 sales number surpasses the total sales number for the entire 2024 fiscal year.

●While lower than normal gross profit margins were achieved during Q2 2025, this sudden decrease is mainly due to the level of sales achieved by the company’s 5G Division.

●Several one-time costs were incurred by the company to facilitate shipments and activate its supply chain according to customer required delivery demands.

●Among these one-time costs are license fees, initial production line fees, molding fees, overtime etc., which led to the lower gross margins achieved this quarter. The Company believes regular gross margins will be achieavable over the next six months, including the shipments by its 5G division.

●As of June 30, 2025, we had cash and cash equivalents and accounts receivables of $16,423,238 and working capital of $ 16,163,710 with $0 Long Term debt in our balance sheet.

●Our inventory position remains healthy with over $7M in raw materials and finished goods available to support immediate customer needs. The company is ready to serve its customers.

●During these initial six months of the year, the company has seen multiple purchase orders partially funding the previously announced LOIs with prominent ORAN 5G players in the industry. Additional orders are expected to continue funding these LOIs.

●The Company’s ORAN 5G product shipments for this quarter, effectively positions it as a global leader in delivered ORAN 5G products.

“It would be nearly impossible for a company of our size to break into customer bases of this caliber without a deliberate front-loaded investment approach,” said Fawad Maqbool, CEO of AmpliTech Group. “We’re building foundational trust with industry giants and positioning our high-performance technology to become the go-to standard in some of the most rapidly expanding communications verticals in the world. The compression in short-term gross margin experienced in Q2, is the result of AmpliTech’s intentional and calculated investment strategy: by aggressively pursuing the quickest deliveries of products to Tier 1 multi-national operators, to secure long-term positions within their critical next-generation infrastructure rollouts”.

Industry Context and Strategic Outlook

Based on AmpliTech’s core focus areas, Open RAN (ORAN) 5G networks, quantum computing, and satellite/terrestrial high-speed connectivity are each expected to see high growth in the coming years:

●ORAN

5G Infrastructure: Projected CAGR of 33.4%, reaching over $42 billion globally by 2030.

●Quantum Computing Hardware: Market expected to grow at 37.3% CAGR, exceeding $9 billion by 2032.

●Satellite and High-Speed Connectivity Equipment: Estimated 12% CAGR through 2030, driven by LEO networks and rural broadband demand.

AmpliTech’s advanced technologies, particularly its true ORAN radios and cryogenic low-noise amplifiers (LNAs), are uniquely suited to these high-performance applications. Management believes this strategy of accelerated penetration, combined with recurring follow-on orders, will establish AmpliTech’s products as embedded solutions within next-generation infrastructure platforms.

In addition, increasing demand for secure, domestically manufactured communications equipment is expected to further accelerate AmpliTech’s growth trajectory. AmpliTech is currently the only U.S.-based company providing complete, vertically integrated, end-to-end commercial and defense-grade networking and connectivity solutions. In contrast to other firms that rely heavily on third-party foreign suppliers, AmpliTech’s tightly controlled supply chain offers a trusted alternative for both private and public sector clients focused on national security, data integrity, and supply chain resilience.

Management believes the Company is also well-positioned to benefit from major U.S. government initiatives, including rural broadband funding, USTDA-led global efforts to replace untrusted foreign 5G equipment with secure U.S.-based alternatives, and CHIPS Act incentives to bolster American semiconductor production. These programs are expected to significantly scale operatio

EX-99.1

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EX-99.1

Exhibit 99.1

AmpliTech Group Reports Preliminary Q2 2025 Revenue of Nearly $11 Million;

5G ORAN Division Drives 75% of Sales

Hauppauge, NY – July 17, 2025 – AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGW), a designer, developer, and manufacturer of advanced signal processing components and systems for satellite communications, 5G/6G wireless networks, quantum computing, and defense applications, today announced that it has recognized preliminary, unaudited revenue of approximately $11 million for the second quarter of fiscal year 2025 ended June 30, 2025.

Approximately 75% of this revenue is attributed to the continued expansion and execution of its 5G Open Radio Access Network (ORAN) product line through its AGTGSS division. This milestone marks another strong revenue quarter in AmpliTech’s ongoing 5G growth strategy and underscores the Company’s increasing market share in the ORAN infrastructure space.

“Our second quarter unaudited revenue results demonstrate solid momentum in our 5G ORAN systems business and reinforce our ability to convert strategic opportunities into meaningful revenue,” said Fawad Maqbool, Founder and CEO of AmpliTech Group. “These results are in line with the multi-million-dollar Letters of Intent (LOIs) announced earlier this year, and we expect this positive trajectory to continue through the remainder of 2025 and into 2026.”

AmpliTech’s AGTGSS division has been focused on delivering fully interoperable ORAN solutions for Tier 1 Mobile Network Operators (MNOs) and private 5G networks. The Company’s unique vertically integrated model allows it to deliver both high-performance components and complete system-level solutions for the evolving wireless infrastructure market.

The Company continues to pursue its strategic growth plan with a strong emphasis on 5G, positioning itself as a competitive and scalable provider of next-generation communication solutions.

AmpliTech’s current strategy is focused on top-line revenue growth. The Company has made significant investments in scaling its operations and developing its ORAN product portfolio to meet market demand. While near-term efforts are concentrated on expanding its revenue base and building a strong, diversified customer footprint, AmpliTech anticipates transitioning toward sustained profitability once consistent revenue levels are established and operational efficiencies are fully realized.

About AmpliTech Group

AmpliTech Group, Inc., comprising five divisions, AmpliTech Inc., Specialty Microwave, Spectrum Semiconductors Materials, AmpliTech Group Microwave Design Center, and AmpliTech Group True G Speed Services, is a leading designer, developer, manufacturer, and distributor of cutting-edge radio frequency (RF) microwave components and ORAN 5G network solutions. Serving global markets including satellite communications, telecommunications (5G & IoT), space exploration, defense, and quantum computing, AmpliTech Group is committed to advancing technology and innovation. 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, that the proliferation of Quantum Computing, the company’s capability to design and manufacture quantum computing amplifier products, and customer relationships, will lead to further production orders, growth and profitability. The words “may” “would” “will” “expect” “estimate” “anticipate” “believe” “intend” for 5G orders and profitably 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 and with the SEC at sec.gov. 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.

Contacts:

Corporate Social Media

Company Contact:

X: @AmpliTechAMPG

Jorge Flores

Instagram: @AmpliTechAMPG

Tel: 631-521-7831

Facebook: AmpliTechInc

Investors@amplitechgroup.com

Linked In: AmpliTech Group Inc

ADDITIONAL

COVERAGE

Maxim Group LLC’s research department currently covers AmpliTech Group and certain research reports may be available to current AmpliTech Group shareholders. Please email: rep@max

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 21, 2025

AmpliTech Group, Inc.

(Exact Name of Registrant as Specified in its Charter)

Nevada

001-40069

27-4566352

(State of

incorporation)

(Commission

File Number)

(IRS

Employer

Identification No.)

155 Plant Avenue,

Hauppauge, NY

11788

(Address of Principal Executive Offices)

(Zip Code)

(631)-521-7831

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or former address if changed from last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

AMPG

The Nasdaq Stock Market LLC

Warrants to Purchase Common Stock

AMPGW

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

“At-the-Market” Equity Offering Program

On March 21, 2025, AmpliTech Group, Inc., a Nevada corporation (the “Company”) entered into an Equity Distribution Agreement (the “Sales Agreement”) with Maxim Group LLC (“Maxim”), to sell shares of its common stock, par value $0.001 per share (the “Common Stock”) for an aggregate offering price of up to $25 million (the “Shares”) from time to time, through an “at the market offering” program (the “ATM Offering”) under which Maxim will act as an exclusive sales agent.

On March 21, 2025, the Company filed a prospectus supplement (the “Prospectus Supplement”) with the Securities and Exchange Commission (the “SEC”) relating to the Company’s shelf registration statement on Form S-3 (File No. 333-278657), originally filed with the SEC on April 12, 2024, and declared effective on April 24, 2024, under which the Company may offer and sell Common Stock having an aggregate offering price of up to $25 million through Maxim pursuant to the Sales Agreement.

Sales of the Shares under the Sales Agreement may be made by any method that is deemed to be an “at the market” offering as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended (“Securities Act”), or by any other method permitted by law. Maxim will make all sales using commercially reasonable efforts consistent with its normal trading and sales practices. The compensation payable to the Maxim for sales of Shares pursuant to the Sales Agreement will be up to 3.0% of the gross proceeds for any shares of Common Stock sold to or through Maxim. In addition, the Company has agreed to reimburse Maxim for certain expenses it incurs in the performance of its obligations up to a maximum of $30,000, and $3,000 per quarter thereafter, under the Sales Agreement. The Sales Agreement may be terminated by the Company or Maxim in accordance with the terms therein. The Company made certain customary representations, warranties and covenants concerning the Company and the Shares in the Sales Agreement and agreed to indemnify Maxim against certain liabilities, including liabilities under the Securities Act.

The description of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to the Sales Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated herein by reference.

The legal opinion of Lewis Brisbois Bisgaard & Smith LLP relating to the Shares is being filed as Exhibit 5.1 to this Current Report on Form 8-K and incorporated herein by reference.

This Current Report on For

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Company Reports Q2 Revenue of $2.5M with 1.05M Gross profits, and 42% Gross Margins

Hauppauge, NY, August 14, 2024 – AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGW), a designer, developer, and manufacturer of state-of-the-art signal processing components for satellite, Public and Private 5G, and other communications networks, including the design of complete 5G/6G systems and a global distributor of packages and lids for integrated circuits assembly, today announced its financial results for the second quarter ended June 30, 2024. The company plans to host an investor call within two weeks after today.

Q2 2024 Highlights

Revenue of $2.5 million, with gross profits of $1.05M (42%).

The company maintained a healthy gross profit margin of approximately 42% amidst inflationary pressures.

Significant decrease in global demand and recessionary market dynamics continued to be a factor affecting the majority of our customers across all products lines. Semiconductor distribution sales also decreased due to softer international demand, mainly from Hong Kong, which is controlled by China now.

The company reported a loss of $1.57M for Q2 2024, attributable largely to a combination of unexpected lower global and domestic sales, increased corporate expenses and our continuing R&D efforts to obtain licensing and certifications required for the development and market release of the new 5G products.

As of June 30, 2024, we had cash and cash equivalents of $1,014,204, and working capital of $9,995,731.

Our inventory position remains healthy with over $7M of raw materials and finished goods available to support immediate customer needs. The company is ready to serve its customers as normal demand for our products is expected to resume in the upcoming quarters due to an increased stream of RFQ activity in the beginning of the third quarter. The company is securing alternative financing such as advance payments from customers and non-dilutive financing in order to supplement its cash flow and working capital.

Forward-Looking

Update

Key Highlights to provide revenue guidance for upcoming quarters:

●Massive MIMO ORAN 5G 64T/64R cellular radio designed for towers and base stations is in its 3rd month of testing at the OTIC center at Northeastern University, which is powered by AT&T and Verizon. It is the most advanced radio of its kind to replace current 4G LTE and other obsolete equipment and is moving flawlessly towards completion in 2 to 3 months. It is planned for full deployment in public 5G networks by public MNOs (Mobile Network Operators) to fulfill the mandates to provide open, flexible architecture developed mainly by US companies. Amplitech Group is the ONLY US based 5G radio and network equipment provider. This positions the company to replace existing equipment from foreign and Chinese vendors due to security and economic concerns. Furthermore, the company has now positioned itself with a full, end to end, Private 5G products solution. This offering integrates advanced ORAN radios, Central and Distribution Units, Antennas, Core Servers, and a versatile range of FWA (Fixed Wireless Access) devices tailored for diverse deployment scenarios including buildings and residential homes. FWA replaces cable and fiber to the home or business and makes high-speed connectivity virtually cable-free.

AGTGSS’s Private 5G End-to-End Solution is designed to meet the burgeoning demand for reliable and high-performance 5G networks outside traditional cellular infrastructure. By combining state-of-the-art hardware components with expert planning and optimization services, AGTGSS ensures seamless deployment and operation of Private 5G networks, delivering True G Speed Services exceeding 1 gigabit per second performance. The company expects to announce, within the Q3 timeframe, key relationships and initial P5G deployment contracts domestically and abroad.

●High-performance Satellite Ground station LNBs-_ The company’s core division, AmpliTech Inc, has also made strides with driving demand for its new LNB product lines. Taking advantage of its low noise proprietary technology, these LNB’s provide satellite companies with unparalleled performance. The company has been actively quoting these solutions and expects sales for this product line will match all regular LNA product sales within a year.

●Cryogenic Power Supplies- The company also recently announced the release of its line of cryogenic power supplies for the Quantum Computing Industry. These new units complement its line of cryogenic amplifiers and are being quoted as a set to interested customers. Our AmpliTech Inc division also obtained orders for its cryogenic amplifiers during this quarter, marking a milestone for the company, as this first order was awarded from a major, leading Quantum Computing company within the US. Currently there are only two manufacturers capable of supplying the required low noise performance under subzero tem

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 16, 2024

AmpliTech Group, Inc.

(Exact Name of Registrant as Specified in its Charter)

Nevada

001-40069

27-4566352

(State of incorporation)

(Commission File Number)

(IRS

Employer Identification No.)

155 Plant Avenue

Hauppauge,

NY 11788

(Address of principal executive offices)

(631)-521-7831

(Registrant’s telephone number, including area code)

(Former Name or former address if changed from last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

AMPG

The Nasdaq Stock Market LLC

Warrants to Purchase Common Stock

AMPGW

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 16, 2024, AmpliTech Group, Inc. (the “Company”) disclosed in a Form 12b-25 filed with the Securities and Exchange Commission that it will be unable to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Quarterly Report”) within the prescribed time period without unreasonable effort or expense. During the quarter ended March 31, 2024, the Company made several transactions in digital currency in the total amount of approximately $3.25 million. The Company believes that it was fraudulently induced to hold its digital currency with a custodian who no longer exists. The Company is taking steps in an attempt to seek recovery of the funds including discussions with local, federal, and international law enforcement agencies and private consultants and is currently conducting a review of its processes and procedures related to this investment. At the present time, the Company is not aware of, and does not expect any additional losses arising out or relating to the above described investment. In addition, the Company does not believe that the Company’s systems, records, or other assets were otherwise affected or compromised in connection with these investments. The Company hopes to file the Quarterly Report within the time period provided by Rule 12b-25 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or as soon as practicable.

The Company anticipates that for the three months ended March 31, 2024, it will incur a net loss of approximately $4.7 million as compared to a net loss of approximately $582,000 for the three months ended March 31, 2023. Included in the loss for March 31, 2024 is a loss in the amount of approximately $3.25 million attributed to an investment in digital currency.

The information furnished in this Item 2.02 on this Current Report on Form 8-K shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by words or phrases written in the future tense and/

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EXHIBIT 99.1

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

-Gross Profit Increases nearly 7-fold, Gross Margin Expands 2,150 basis points to 46.0%-

Hauppauge, NY, March 31, 2023 – 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 year ended December 31, 2022. The company will host an investor call on Monday, April 10th 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) 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

Full Year 2022 Highlights

·

Revenue increased 267% to $19,394,000 in FY’22 compared to $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 to 46.0% 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 positive swing of approximately $4.1 million. The net loss includes a one-time revenue earnout of approximately $816,000 as a result of Spectrum’s beating sales expectations for the years 2021 and 2022. It is important to note that without this earnout payment, the Company would have been profitable.

·

As of December 31, 2022, cash and equivalents totaled $13,290,000 and working capital was $20,331,000, which is sufficient capital for AmpliTech to fund all of its strategic growth initiatives.

·

AmpliTech experienced great success at trade shows such as Satellite 2022, IMS 2022, the AOC 2022, and the APS March Meeting 2022 , achieving positive customer engagement and setting company records at each event for the number of meetings with new and existing customers.

· Customers have begun to sample AGMDC’s new MMIC chip products which have received very positive praise and feedback.

1

Forward-Looking Update

· MMIC chips, or ICs, have been released to customers for testing and are expected to begin generating revenue in Q2 2023.

· Management expects sustained profitability going into 2023.

· Team is increasing sales exposure through enhanced strategic partnerships with sales representatives and distributors globally.

Management Commentary

Fawad Maqbool, Founder and CEO of AmpliTech, commented, “We are pleased to announce AmpliTech's annual results, with a remarkable 267% year-over-year increase in revenue. Our seamless integration of Spectrum Semiconductor and the successful launch of new initiatives, such as AGMDC’s industry leading LNAs in MMIC form and TGSS’s managed 5G system integration consulting service, demonstrate our unwavering commitment to innovation and growth. This is a continuation of our strategy to focus on increasing top-line revenue with high-margin products, which we are projecting will lead to increased bottom-line income later this year.

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

While we closely monitor the current economic situation, we are pleased to report that, at this time, we continue to have strong demand for our industry leading products. The gross profit margin’s impressive increase from 24.5% to 46.0% reflects our team’s efficiency and long-term planning strategy.

As we celebrate these financial and operational milestones, we remain cognizant of the challenges posed by the lack of performant communication infrastructures. At AmpliTech, our mission is to empower companies to build the communications infrastructure that will fuel the future of technology – from AR/VR platforms and high-performance Quantum computing to 5G/6G networks providing satellite internet and beyond.

Although there is still much work to be done across various industries - including satcom, telecom (5G), high-performance computing, defense, and aerospace - to achieve the connectivity speeds required by emerging technologies, we recognize the immense potential for innovation and are dedicated to developing solutions that address these challenges, enabling faster and more efficient communication systems. By continuously pushing the boundaries of communications technology, we aim to pla

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EXHIBIT 99.1

AmpliTech Q2 Revenue Rose 55% to $1.0M Driven by Expanding Sales Efforts

and Growing Demand for its Low Noise Signal Amplifiers That Enhance Satellite,

Telecom (5G) and Other Communications; Quarter-End Cash & Securities of $28.7M

BOHEMIA, NY, August 16, 2021 - AmpliTech Group, Inc. (Nasdaq: AMPG), a designer, developer and manufacturer of state-of-the-art communications components for satellite communications, space, telecom (5G/6G) and defense markets, today reported financial results for its second quarter and first six months of 2021 (Q2’21 and 6M’21) and reviewed its growth outlook.

AmpliTech is a world leading developer of Low Noise Amplifier (LNA) components which increase the power of a radio signal while eliminating the distortion or “noise” that can degrade or destroy digital signals. AmpliTech believes its LNA technology can play a vital role enabling substantial performance and bandwidth improvements in satellite communications and in achieving gigabit data transmission speeds in next generation 5G networks.

Highlights

·

Q2’21 revenue rose 55% to $1,024,410 vs. $660,699 in Q2’20 and increased 117% vs. Q1’21.

·

AmpliTech’s order backlog as of August 16th was $2.45M in contractual hardware and engineering services anticipated for delivery over the next three-to-six months, versus $2.4M at the close of Q1’21.

·

Secured Follow-On LNA Order from Fortune 500 global defense and aerospace company with expected shipment in Q3’21.

·

Secured $0.5M in orders in July for custom LNAs to be used in ground stations for geosynchronous equatorial orbit (GEO), low earth orbit (LEO) and medium earth orbit (MEO) satellite systems. Shipments also anticipated in Q3’21.

First Six Months Highlights

·

Completed a financial recapitalization and Nasdaq up-listing in the first half of 2021, yielding working capital of $29.8M as of June 30th. The capital is supporting expanded product development, sales and marketing and infrastructure investments while also providing the financial strength required to engage with global customer prospects previously outside AmpliTech’s reach.

·

Paid off $1M in debt, secured $0.2M in SBA loan forgiveness, purchased $0.4M in scientific equipment to enhance product development and testing and made a strategic investment in its secure LNA chip development joint venture partner SN2N.

·

Achieved design wins for AmpliTech’s LNA product suite which reaffirm its industry leading performance, extreme durability, and low power (and heat) dissipation. AMPG LNA components power satellite constellations and cellular/IoT devices, and its super-cooled cryogenic LNA components deliver signal amplification performance required for quantum computing systems and deep space research.

·

Began development, product testing and design integration for LNA chipsets with hardware encryption to power un-hackable 5G networks that deliver increased data flow and security to enable expanded content and data distribution as well as IoT device adoption

·

Built out expanded sales and marketing team and structure targeting major OEMs as well as system integrators to substantially expand the Company’s addressable market.

·

Established an on-site testing laboratory to expedite new product development while reducing variable R&D costs and increasing quality control.

Fawad Maqbool, President, CTO, and CEO, said, “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. 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 & 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.

“To address this very large and diversified base of long-term opportunities, we are transferring our decades of experience and industry-leading signal amplification technology into semiconductor chip-based solutions targeted for launch mid-next year. We have had excellent customer interest in these next-generation LNA solutions which will offer performance enhancements, built in hardware security, a far smaller footprint and a lower price point – for a very compelling ROI for customers.

“The next several years are expected to see unprecedented growth in the demand for wireless connectivity to power the proliferation of devices and rapid expansion in bandwidth requirements from cloud computing, content streaming, Internet of Things (IoT) applications, aut