AmpliTech, a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite, 5G, and other communications networks and a global distributor of packages and lids for integrated circuit assembly, reported revenue of $5 Million for its first quarter, which ended March 31, 2022, nearly matching the entire revenue achieved during its fiscal year 2021.
Q1 2022 Highlights
- Q1 2022 revenue rose 978.2% to a record $5,099,520 in Q1 2022 vs. $472,974 in Q1 2021
- Q1 2022 revenue of $5,099,520 nearly matched full year 2021 revenue of $5,275,434
- Q1 2022 gross profit improved to $2,323,598 (45.6% gross profit margin) from Q1 2021 gross profit $54,981 (11.6% gross profit margin). Core LNA revenue doubled year over year from $472K in Q1 2021 to $1.07M in Q1 2022
- Positive EBITDA of $140,169 was achieved during Q1 2022.
- Achieved net income in Q1 2022 of $3,625 vs. Q1 2021 net loss of $879,931
- Year-end cash and equivalents were $16 Million, giving AmpliTech ample capital to finance its long-term growth initiatives.
Q2 2022 Update
- AmpliTech currently expects Q2 2022 revenue of at least $4.0M in Q2 2022. This includes expected growth in core LNA sales quarter to quarter
- AmpliTech’s current order backlog is $10.2M, representing contractual hardware and engineering services anticipated for delivery over approximately eight months
- AmpliTech will continue R&D to design antennas and subsystems aimed at increasing throughput and connectivity in 5G systems
- Selected a full Enterprise Resource Planning (ERP) system, to be implemented over Q2 2022, to maximize production efficiency and support increases in new orders
- Implemented Customer Relationship Management (CRM) during Q1’22 which will help drive new sales activity
- The company reiterates its goal to achieve profitability for fiscal year 2022
Fawad Maqbool, CEO, commented, “The progress AmpliTech has made from our NASDAQ uplisting in February 2021, to the present, is nothing short of spectacular and none of this would have been possible without the brilliant execution of the AmpliTech team. Spectrum, AGMDC, Specialty Microwave, and AmpliTech Inc divisions are working seamlessly together with remarkable synergy.”
“Since our inception, we have focused on observing the challenges high-tech industries face and developing products that close the technology gap. We are proud to execute our mission of enabling wireless connectivity like never before. “
“Our LNA technology allows for lower noise with lower power dissipation, making next-generation communication networks more efficient and reliable. Our Spectrum division provided semiconductor packaging to customers across diverse automotive, scientific research, and computing industries. The AmpliTech MMIC Design Center (AGMDC) team is up and running, developing MMIC chips that capture AmpliTech’s industry-leading efficiency, by enabling more power-efficient communication systems, without sacrificing performance. “
“We are proud of the progress we have made this quarter. Although we recorded one-time expenses during this quarter in R&D including corporate expenses, we achieved a profitable quarter and reiterate our target to have a profitable fiscal year 2022.” Furthermore, Mr. Maqbool stated “We remain very active in forging and fortifying customer relationships, researching new products, expanding production, implementing new ERP and CRM systems, and recording a near ten-fold growth in revenue. There are many shortcomings in the performance of today’s communication systems, and we are determined to overcome them with the introduction of new product offerings. We are looking forward to continuing our transformative fiscal 2022 year.”