AmpliTech Secures $1.2M in New Orders for Low Noise Amplifier Technology for Defense/Aerospace and Defense/Commercial Customers, Yielding Record Order Backlog of $3.4M
October 28 2021 - 9:15AM
AmpliTech Group, Inc. (Nasdaq: AMPG), a designer, developer, and
manufacturer of state-of-the-art signal-processing components for
satellite and 5G communications networks, defense, space, and other
commercial applications, announced today that it has been awarded
$1.2M of new orders for Low Noise Amplifier (LNA) technology from a
Fortune 500 global defense and aerospace company and defense
aerospace, naval and commercial aerospace applications provider.
The orders, which increase AmpliTech’s order backlog to a record
$3.4M as of today’s date, are expected to ship in calendar 2022.
AmpliTech’s revenue for the past four quarters was $3.5M.
Fawad Maqbool, CEO, commented, “AmpliTech’s industry-leading LNA
technology increases the power of a radio signal while eliminating
the distortion or “noise” that can degrade or destroy digital
signals. Our LNA technology delivers substantial performance and
bandwidth improvements in satellite communications and can play an
instrumental role in achieving true gigabit data transmission
speeds for next generation 5G networks on a more cost-effective
basis.
“Our growing order backlog confirms the strength of our LNA
technology and reflects initial benefits of investments we are
making to expand our sales and marketing reach and production and
technical capabilities. We are proud that the performance, quality,
and return on investment of our solutions is being acknowledged
with growing demand from global leaders.
“Following our financial recapitalization earlier this year, we
have been making focused investments in advanced testing
capabilities, new product development, including our recently
announced MMIC Semiconductor Chip Design Center and the addition of
key management and operations, sales and marketing personnel. We
now have the financial and personnel resources to target major OEMs
as well as system integrators, to substantially expand AmpliTech’s
addressable market. Our financial strength is allowing AmpliTech to
engage, for the first time, with a range of very large customer
prospects that were previously out of our reach. These
opportunities range across satellite communications, the build out
of true 5G infrastructure, quantum computing, space exploration and
other areas.”
About AmpliTech Group, Inc. (www.AmpliTechinc.com)
AmpliTech designs, develops and manufactures state-of-the-art
radio frequency (RF) components for global satellite
communications, telecom (5G & IoT), space, defense, and quantum
computing markets as well as systems and component design
consulting services. 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 the unique skills, experience and dedication
of our focused team which enables us to deliver superior solutions,
faster time to market, competitive pricing and excellent customer
satisfaction and repeat business.
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 and (iv) the
ability to realize sales expected from backlog of orders. 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,
all of 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.
Non-GAAP Financial Information
This press release includes a statement relating to the
Company’s order backlog. Backlog represents the dollar amount of
net sales that we expect to recognize in the future from sales
orders that have been received from customers in the ordinary
course of business. The Company considers order backlog a relevant
and preferred supplemental measure for understanding the Company’s
financial and market position. However, such measure has inherent
limitations, is not required to be uniformly applied or audited and
other companies may use methodologies to calculate similar measures
that are not comparable. Readers should be aware of these
limitations and should be cautious as to their use of such
measures.
Company
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Company
Contact:
Shan Sawant, Director of
Communications
AmpliTech Group,
Inc.
shan@amplitech.com
646-546-7128
Investor ContactDavid Collins or William JonesCatalyst
IRampg@catalyst-ir.com212-924-9800
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