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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): August 14, 2024
AmpliTech
Group, Inc.
(Exact
name of registrant as specified in our charter)
Nevada |
|
001-40069 |
|
27-4566352 |
(State
or Other Jurisdiction
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 since 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
August 14, 2024, AmpliTech Group, Inc. (the “Company”) issued a press release setting forth certain financial and operational
information for its second quarter ended June 30, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K.
Item
7.01 Regulation FD Disclosure.
The
information under Item 2.02 above is incorporated herein by reference.
The
information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, is being “furnished”
and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item
9.01 Financial Statement and Exhibits.
(d)
Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by
the undersigned hereunto duly authorized.
|
AmpliTech
Group, Inc. |
|
|
|
By: |
/s/
Fawad Maqbool |
|
|
Fawad
Maqbool
|
|
|
Chief
Executive Officer |
Dated:
August 14, 2024 |
|
|
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 temperatures, with AmpliTech being the ONLYUS
domestic manufacturer. |
|
| |
|
● | Over
100 high-performance Chips for Wireless Industry released- Our AGMDC division has released
over 100 SKUs since its inception. All of these configurations are readily available for
sale at our online store, https://shop.amplitechinc.com/. Our global distribution
partner, CDI which distributes globally and provides local customer service and application
support across the Americas, is actively marketing our products which includes obsolete replacement
parts, taking advantage of our AGMDC center capability of creating custom parts. Most recently
our AGMDC division received and performed custom design for a well-funded space company startup,
which the company believes will win their program, which in turn will require hundreds of
thousands of MMIC parts to be supplied over the next two years. |
|
| |
|
● | Key
Global Trade Show Participation to promote 5G Suite of products and new disruptive technology-
The company will participate in key trade shows to promote and demonstrate its entire
product line, from its core LNA product line, to LNB’s, passive components, MMIC related
products and its complete end to end solution for Public and Private 5G products which the
company believes will drive the company revenues into $40M range within the next two years. |
CEO
Fawad Maqbool provided his insights on AmpliTech’s financial results and future outlook:
“Despite
current economic challenges, our commitment to innovation and quality remains resolute as we continue working to achieve our mission
to develop full systems and subsystems for rapidly emerging technology sectors, utilizing AmpliTech’s unique core technology.
Our
team has been working relentlessly to develop the lowest noise, lowest power-dissipating amplifiers on the market and these are included
in our new 5G and wireless infrastructure products and MMIC designs for the satellite, wireless and 5G markets, including the advanced
military and commercial markets. We have also expanded into the design of full-service, true 5G Open Radio Access Network (O-RAN) public
and private 5G network deployments. These offerings are cutting-edge, end-to-end solutions.
We’re
excited to be bringing these products to market at a time that the 5G infrastructure market is projected to reach $99 billion by 2030,
a CAGR of 37% from current levels, according to Industry Research. This tremendous growth outlook reaffirms our belief in the significant
potential of our product line to serve this market. Despite the weakening economic trends experienced during this initial six-month period,
we remain optimistic about our sales prospects. We anticipate that global demand will bounce back as market conditions improve”.
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
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,
with respect to, among other things, that this technology, including AGTGSS Division’s complete Private 5G End-to-End Solution,
will provide seamless deployment and operation delivering True G Speed Services exceeding 1 gigabit per second performance and will lead
to further development and work for customers, that the company will be able to achieve revenues within the $40M range within the next
two years and that there will be growth in the 5G infrastructure market. 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.
Contacts: |
|
|
|
|
|
Corporate
Social Media |
|
Company
Contact: |
|
|
|
Twitter:
@AmpliTechAMPG |
|
Jorge
Flores |
Instagram:
@AmpliTechAMPG |
|
Tel:
631-521-7831 |
Facebook:
AmpliTechInc |
|
Investors@amplitechgroup.com |
Linked
In: Amplitech Group Inc |
|
|
|
|
|
Investor
Social Media |
|
|
|
|
|
Twitter:
@AMPG_IR |
|
|
StockTwits:
@AMPG_IR |
|
|
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