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AmpliTech Reports Third Quarter 2023 Financial Results

-Q3 Sales of $3.4 Million, $1.5 Million Gross Profit-

-Multiple New LNA Products Now Available-

-Conference Call Tuesday, November 14th at 4:30 PM ET

HAUPPAUGE, NY / ACCESSWIRE / November 14, 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, including the design of complete 5G/6G systems, and a global distributor of packages and lids for integrated circuit assembly, today announced financial results for the third quarter of 2023, ended September 30, 2023. The company will host an investor call on Tuesday, November 14th, 2023, at 4:30 PM ET.

Investor Earnings Call Details

Date/Time: Tuesday, November 14th, 2023 at 4:30 PM ET
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 Investor Relations page when available.
Investor Questions: May be submitted to investors@amplitechgroup.com prior to or during the call

Third Quarter and Recent 2023 Highlights

  • Q3 2023 revenue of $3.4 million compared to $5.4 million in Q3 2022, primarily due to lower customer purchasing for inventory of Spectrum Semiconductor products compared to an inventory buildup in the prior period.
  • Gross profit of $1.5 million compared to $2.7 million in Q3 2022, primarily due to lower international sales from the semiconductor materials division.
  • Gross profit margin was 43.8% compared to 48.95% in Q3 2022, primarily due to the lower sales volumes.
  • Loss from operations was $887,700, primarily due to the lower sales volume and the Company's continuing investments in new product development.
  • At September 30, 2023, cash, cash equivalents, and liquid marketable securities totaled $8.6 million, ample capital to execute the Company's strategic growth initiatives.
  • AmpliTech recently made several announcements of new advanced communication products, including new Low Noise Amplifiers, Coaxial In-Line LNAs and Coaxial In-Line Band Pass Filters tailored for broadcasting applications, and PHEMT MMIC Technology designed to enable wider spread of their industry-leading noise suppression technology into a broader array of communications systems.
  • AmpliTech expects continued growth in demand for its core LNA and semiconductor products as it works through its $80M CRM opportunity funnel.

Management Commentary

Fawad Maqbool, CEO of AmpliTech, commented, "This quarter, we observed a dip in sales volumes, which mirrors the trends in the larger semiconductor landscape. The decline is largely attributable to the prior period's over-purchasing by clients adjusting to global supply chain challenges. Despite the short-term contraction, industry analysts are projecting a resurgence in semiconductor demand starting in 2024. In anticipation of this upturn, we remain committed to our strategic investments aimed at driving future growth. We are particularly enthusiastic about the recent launch of our groundbreaking MMIC-based LNAs, which deliver unparalleled performance, reliability, and cost-effectiveness. These products are designed to cater to the commonly utilized frequency spectrums, such as the 2.0 - 4 GHz, 4.0 - 8.00 GHz, and 2-18 GHz bands."

"We are also poised to roll out our innovative LNA 5G MMIC chips, which are fundamental for communication systems to meet the demands of future technologies. Our plan is to integrate these advanced LNAs into our new 5G MIMO radio units. Further, the versatility offered by these MMIC chips will allow us to adopt a commercial off-the-shelf (COTS) model, making them readily available for online purchase. This approach positions us well to serve a broader market segment than we have in the past."

"Despite the current economic uncertainties, we are forging ahead with our product development initiatives. Our aim is to empower our clients with the tools necessary for innovation, and ultimately contributing to the advancement of future technologies. We are moving forward with a balanced approach, tempered by a strategic vigilance in the face of macroeconomic challenges, and excited about the years ahead as we continue to roll out new products for the communications systems of tomorrow," concluded Mr. Maqbool.

For AmpliTech's complete financial results for the third quarter ended September 30, 2023, see the Company's Quarterly Form 10-Q to be filed with the Securities and Exchange Commission on November 14 2023.

About AmpliTech Group

AmpliTech Group, Inc. designs, develops, manufactures, and distributes state-of-the-art radio frequency (RF) microwave components for global satellite communications, telecom (5G & IoT), space, defense, and quantum computing markets as well as systems and component design consulting services. In December 2021, AmpliTech completed the purchase of the assets and operations of Spectrum Semiconductor Materials Inc., a global specialty distributor of semiconductor components based in San Jose, CA. AmpliTech has a 13+ year track record of developing high performance, custom solutions to meet the unique needs of some of the largest companies in the global industries we serve. We are proud of our focused team's unique skills, experience and dedication, which enables us to deliver superior solutions, faster time to market, competitive pricing, excellent customer satisfaction and repeat business. 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: (i) the Company's ability to execute its business plan as anticipated; (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 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. 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.

Corporate Social Media Investor Social Media
Twitter: @AmpliTechAMPG Twitter: @AMPG_IR
Instagram: @AmpliTechAMPG StockTwits: @AMPG_IR
Facebook: AmpliTechInc
Company Contact: Investor Relations Contact:
Shan Sawant, Director of Communications Kirin Smith, President
AmpliTech Group, Inc. PCG Advisory, Inc.
Investors@amplitechgroup.com ksmith@pcgadvisory.com
www.pcgadvisory.com
AmpliTech Group, Inc.
Condensed Consolidated Balance Sheets
September 30, December 31,
2023 2022
(Unaudited)
Assets
Current Assets
Cash and cash equivalents
$ 5,457,706 $ 13,290,222
Accounts receivable
1,839,648 1,801,769
Inventories, net
6,607,842 6,632,121
Marketable securities
3,097,172 247,450
Prepaid expenses
1,078,249 194,635
Total Current Assets
18,080,617 22,166,197

Property and equipment, net
2,708,360 2,023,687
Operating lease right of use assets
3,672,388 4,197,324
Intangible assets, net
3,021,711 3,134,108
Goodwill
4,696,883 4,696,883
Cost method investment
348,250 348,250
Security deposits
91,481 113,185

Total Assets
$ 32,619,690 $ 36,679,634

Liabilities and Stockholders' Equity

Current Liabilities
Accounts payable and accrued expenses
1,446,399 $ 860,366
Customer deposits
67,530 210,848
Current portion of financing lease obligations
16,598 33,480
Current portion of operating lease obligations
530,990 586,379
Current portion of notes payable
117,473 144,358
Revenue earnout
- 2,180,826
Total Current Liabilities
2,178,990 4,016,257

Long-term Liabilities
Financing lease obligations, net of current portion
36,814 49,336
Operating lease obligations, net of current portion
3,310,211 3,768,932
Notes payable, net of current portion
- 89,597
Total Liabilities
5,526,015 7,924,122

Commitments and Contingencies
- -

Stockholders' Equity
Series A convertible preferred stock, par
value $0.001, 1,000,000 shares authorized,
0 shares issued and outstanding
- -
Common stock, par value $0.001,
500,000,000 shares authorized, 9,687,113 and 9,634,613
shares issued and outstanding, respectively
9,687 9,635
Additional paid-in capital
36,330,708 36,050,161
Accumulated deficit
(9,246,720 ) (7,304,284 )

Total Stockholders' Equity
27,093,675 28,755,512

Total Liabilities and Stockholders' Equity
$ 32,619,690 $ 36,679,634
AmpliTech Group, Inc.
Condensed Consolidated Statements of Operations
For the Three Months Ended For the Nine Months Ended
September September September September
2023 2022 2023 2022

Revenues
$ 3,387,169 $ 5,435,654 $ 11,572,699 15,119,216

Cost of Goods Sold
1,904,388 2,774,739 6,305,928 8,096,984

Gross Profit
1,482,781 2,660,915 5,266,771 7,022,232

Operating Expenses
Selling, general and administrative
1,984,452 1,852,345 5,677,778 5,975,440
Research and development
425,573 222,549 1,643,458 811,688
Total Operating Expenses
2,410,025 2,074,894 7,321,236 6,787,128

Income (Loss) From Operations
(927,244 ) 586,021 (2,054,465 ) 235,104

Other Income (Expenses)
Unrealized gain on investments
4,098 213 41,700 213
Realized gain on investments
36,187 - 49,994 -
Interest Income (expense), net
(750 ) (9,318 ) 20,335 (24,316 )
Total Other Income (Expenses)
39,535 (9,105 ) 112,029 (24,103 )

Net Income (Loss) Before Income Taxes
(887,709 ) 576,916 (1,942,436 ) 211,001

Provision For Income Taxes
- - - -

Net Income (Loss)
$ (887,709 ) $ 576,916 $ (1,942,436 ) $ 211,001


Net Income (Loss) Per Share;
Basic and diluted
$ (0.09 ) $ 0.06 $ (0.20 ) $ 0.02

Weighted Average Shares Outstanding;
Basic
9,662,003 9,630,739 9,645,367 9,601,084
Diluted
9,662,003 9,712,756 9,645,367 9,716,868
AmpliTech Group, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the Nine Months Ended
September 30, September 30,
Cash Flows from Operating Activities:
2023 2022
Net income (loss)
$ (1,942,436 ) $ 211,001
Adjustments to reconcile net income (loss) to
net cash used in operating activities:
Depreciation and amortization
359,416 293,460
Amortization of prepaid consulting
- 40,389
Operating lease costs
411,475 381,921
Stock based compensation
280,599 346,692
Gain on termination of right-of-use operating lease
(8,461 ) -
Loss on disposal of property and equipment
- 1,606
Change in fair value of marketable securities
(41,700 ) (213 )
Changes in Operating Assets and Liabilities:
Accounts receivable
(37,879 ) (1,007,555 )
Other receivable
- 194,616
Inventories
24,279 (2,061,139 )
Prepaid expenses
(883,614 ) (28,036 )
Security deposits
21,704 1,187
Accounts payable and accrued expenses
586,033 (1,451,678 )
Operating lease obligations
(392,188 ) (305,597 )
Customer deposits
(143,318 ) (125,474 )
Net cash used in operating activities
(1,766,090 ) (3,508,820 )

Cash Flows from Investing Activities:
Purchase of property and equipment
(931,692 ) (696,253 )
Net investment in marketable securities
(2,808,022 ) (493,110 )
Purchase of cost method investment
- (98,250 )
Net cash used in investing activities
(3,739,714 ) (1,287,613 )

Cash Flows from Financing Activities:
Repayment on financing lease liabilities
(29,404 ) (32,734 )
Proceeds of notes payable
- 441,139
Repayment of notes payable
(116,482 ) (575,890 )
Payment of revenue earnout
(2,180,826 ) -
Net cash used in financing activities
(2,326,712 ) (167,485 )

Net change in cash and cash equivalents
(7,832,516 ) (4,963,918 )

Cash and Cash Equivalents, Beginning of the Period
13,290,222 18,018,874

Cash and Cash Equivalents, End of the Period
$ 5,457,706 $ 13,054,956

Supplemental disclosures:
Cash paid for interest expense
$ 23,359 $ 33,836
Cash paid for income taxes
$ 10,200 $ -

Non-Cash Investing and Financing Activities:
Common Stock issued on vesting of RSUs
$ 52 $ 50
Gain on termination of right-of-use operating lease
$ 8,461 $ -
Equipment received for prepaid assets
$ - $ 50,644
Financed purchases of property and equipment
$ - $ 145,630
Loss on disposal of property and equipment
$ - $ 1,606
AmpliTech Group, Inc.
Condensed Consolidated Statements of Stockholders' Equity
(Unaudited)
For the Three Months Ended September 30, 2023
Common Stock Additional Total
Number of Par Paid-In Accumulated Stockholders'
Shares Value Capital Deficit Equity
Balance, June 30, 2023
9,639,613 $ 9,640 $ 36,181,131 $ (8,359,011 ) $ 27,831,760

Stock based compensation
- - 149,624 - 149,624

Common stock issued for vesting of RSU's
47,500 47 (47 ) - -

Net loss for the three months ended September 30, 2023
- - - (887,709 ) $ (887,709 )

Balance, September 30, 2023
9,687,113 $ 9,687 $ 36,330,708 $ (9,246,720 ) $ 27,093,675
For the Nine Months Ended September 30, 2023
Balance, December 31, 2022
9,634,613 $ 9,635 $ 36,050,161 $ (7,304,284 ) $ 28,755,512

Stock based compensation
- - 280,599 - 280,599

Common stock issued for vesting of RSU's
52,500 52 (52 ) - -

Net loss for the nine months ended September 30, 2023
- - - (1,942,436 ) (1,942,436 )

Balance, September 30, 2023
9,687,113 $ 9,687 $ 36,330,708 $ (9,246,720 ) $ 27,093,675
For the Three Months Ended September 30, 2022
Common Stock
Additional
Total
Number of Par Paid-In Accumulated Stockholders'
Shares Value Capital Deficit Equity
Balance, June 30, 2022
9,629,613 $ 9,630 $ 35,933,313 $ (6,993,092 ) $ 28,949,851

Stock based compensation
- - 64,419 - 64,419

Common stock issued for vesting of RSU's
2,500 2 (2 ) - -

Net income for the three months ended September 30, 2022
- - - 576,916 $ 576,916

Balance, September 30, 2022
9,632,113 $ 9,632 $ 35,997,730 $ (6,416,176 ) $ 29,591,186
For the Nine Months Ended September 30, 2022
Balance, December 31, 2021
9,582,113 $ 9,582 $ 35,651,088 $ (6,627,177 ) $ 29,033,493

Stock based compensation
- - 346,692 - 346,692

Common stock issued for vesting of RSU's
50,000 50 (50 ) - -

Net income for the nine months ended September 30, 2022
- - - 211,001 211,001

Balance, September 30, 2022
9,632,113 $ 9,632 $ 35,997,730 $ (6,416,176 ) $ 29,591,186

SOURCE: AmpliTech Group, Inc.
via PRISM Mediawire, LLC



View source version on accesswire.com:
https://www.accesswire.com/803277/amplitech-reports-third-quarter-2023-financial-results

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