Bohemia, NY, May 15, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- AmpliTech Group, Inc. (OTCQB: AMPG):
AMPG today reported increased revenue for the first quarter of 2020, notwithstanding the negative impact that the closure of its two facilities in New York, due to COVID-19 had on its business:
- Revenue for the quarter ended March 31, 2020 was $756 thousand, an increase of 11.5% over the same quarter in 2019 of $678 thousand;
- Gross profit for the quarter was $239 thousand vs. $324 thousand in the same quarter last year, due to the mix of business between in-house and outsourced, as well as the increase in engineering head count in-house;
- Adjusted EBITDA for the most recent quarter was $(200,832) vs. $119,506 for the same quarter last year, which was impacted by the closure of the facilities during March, as well as the disruption to the Company’s supply chain during the months of February and March;
- Net loss after tax for the quarter ended March 31, 2020 was $323 thousand vs. $79 thousand net profit in same quarter in 2019, due to the effects of COVID-19, exacerbated by the increased overhead incurred at the end of 2019 with the acquisition of Specialty Microwave Corporation, and the expansion of the sales and engineering teams;
- Cash and cash equivalents and undrawn credit facilities were $946 thousand at March 31, 2020 vs. $1M at March 31, 2019;
- The Company’s order book stood at $1.3 million, as of May 14, 2020, which has been negatively impacted by the disruption to the Company’s business brought about by COVID-19.
“Although our short term day to day business has been affected by the disruptions caused by COVID-19, we have taken this opportunity to accelerate our work regarding our IP; specifically, as it relates to patent applications,” stated Fawad Maqbool. “We have completed our first three provisional filings, which were filed today, covering the following areas:
- ULTRA-LOW NOISE MMIC AMPLIFIER TECHNIQUES AND DEVELOPMENT FOR ALL WIRELESS, SATCOM, AND SPACE APPLICATIONS, which covers our basic Low Noise Amplifier technology;
- ULTRA-LOW NOISE AMPLIFIERS/MMICS OPTIMIZED FOR CRYOGENIC TEMPERATURES FOR QUANTUM COMPUTING, NANOPHYSICS, AND DEEP SPACE ASTRONOMY APPLICATIONS.
- LOW NOISE AMPLIFIERS/FRONT-ENDS OPTIMIZED FOR USE IN 5G NETWORKS, and all the wireless technologies enabling the 5G infrastructure
The provisional patents illustrate the Company’s competitive design/performance advantages in certain of its LNA products, specifically as to how its products are designed for minimum noise and maximum performance, utilizing a wide range of frequencies. The provisional applications also cover the method for producing monolithic microwave integrated circuits (MMICs) within the foundry environment, as well as the specific applicability of these LNA products to the 5G infrastructure industry (i.e. base stations, small cells, and multiple input/multiple output (MIMO) antennas and IoT devices).
“We look forward to advancing our ideas under patent and to making them available to both new and existing customers in the end markets of 4/5G wireless communications, quantum computing, satellite communications and defense industries.
“Although COVID-19, has had a profound impact on our personal lives as well as our business, we remain optimistic about our future and look forward to getting our business fully re-opened soon,” said Fawad Maqbool, CEO. “We expect that our business will be resuming normal operations by the end of May, with limited operations during the month of May. Throughout this process, we have retained all of our staff, including the new key hires that were made late last year, and successfully received a PPP loan from our bank, BNB, in April 2020, which will be used to help cover our employment and rent costs over the current quarter.”
Although the COVID-19 crisis has affected our near-term growth, our RFQ activity remains strong and we believe we are headed in the direction of higher bookings in the coming months due to this activity, coupled with our customers and supply chains also coming back to full functionality in the same time frame.
About AmpliTech Group, Inc.
AmpliTech Group, Inc. designs, develops, and manufactures custom and standard state-of-the-art RF components for the Domestic and International, SATCOM, Space, Defense and Military markets. These designs cover the frequency range from 50 kHz to 40 GHz - eventually, offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or systems design problems. Our steady growth over the past 13+ years has come about because we can provide complex, custom solutions for nearly ANY custom requirements that are presented to us. In addition, we have the best assemblers, wires, and technicians in the industry and can provide contract assembly of customers' own designs. Click here to view AmpliTech video.
This release contains statements that constitute forward-looking statements. These statements appear in a number of 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 financing plans; (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 as a result of various factors.
CONTACT: Fawad Maqbool, CEO
AmpliTech Group, Inc. (631) 521-7831