Amplitech Reports Record Revenue for 2019
Bohemia, NY - ( NewMediaWire ) - March 25, 2020 - AmpliTech Group, Inc. (OTCQB: AMPG):
Amplitech Group Inc. (AMPG) today announced its results for the full year ended December 31, 2019. Key highlights include:
· Full Year Revenue of $3,122,630 vs. $2,397,418 in 2018, an increase of 30.2%;
· Full Year Proforma Revenue of $4,041,837 vs. $3,085,889 in 2018, an increase of 31.0% (this incorporates the acquisition of the assets of Specialty Microwave Corporation (SMW) on September 12, 2019, as if SMW had been part of AMPG since January 1, 2018);
· Full Year Adjusted EBITDA of $506,231 vs. $414,849 in 2018, an increase of 22.0%;
· Cash and undrawn Credit Facilities as of December 31, 2019 of $1,074,712 ($574,712 cash+$500,000 LOC) vs. $619,201 ($442,098 cash+$177,103 LOC) as of December 31, 2018;
· 4Q Revenue of $1,104,208 vs. $819,977 in 4Q 2018, an increase of 34.7%;
· 4Q Adjusted EBITDA of $129,121 vs. $236,214 in same quarter 2018;
· Order Book as of March 19, 2020 stands at $1,361,778.
“2019 was a milestone year for our Company,” said Fawad Maqbool, CEO of AMPG. “We invested heavily in our business through the acquisition of the assets of SMW, the hiring of key executives in sales and engineering, the development of our IP strategy/story with the help of IP Capital Group and the formation of a growth/capital strategy. AMPG accomplished this while remaining profitable. We hope to see these investments begin to bear fruit in 2020 and beyond. The integration of SMW into our group has been seamless and we are beginning to see synergies in the way we market to our customer base. Our focus on low noise and cryogenic amplifiers in such industries as quantum computing, nano-physics and astronomy, has gained momentum and we expect to see additional orders coming in 2020. We have also begun the process of patenting our IP and have a number of active patent applications underway in the areas of wireless base stations, WI-FI and the SATCOM arena. Our patent strategy revolves around the concept of taking our over 800 models for various low noise amplifiers and integrating them into strategic products, which can then be mass produced and marketed to customers in the industries, such as wireless base stations, wireless communications for airlines, quantum computing, LEO broadband satellite networks, and the defense industry.
“As a result of the investments that we have made in 2019, our net profit margins and EBITDA margins will be affected in the short term, but we believe that, in the longer term, this will result in accelerated top line growth and expanded operating margins. With the acquisition of SMW’s assets and prudent use of its now shared resources and IP, AMPG is building its base of new higher margin products, as well as lowering the costs of its existing ‘bread and butter’ products. The goal is to increase both revenue and profitability in the coming quarters. However, for 2020, we are seeing some unexpected slow down in orders due to key contracts being held up and the uncertainty created by the coronavirus, and, as such, we are not able to provide any guidance for the first half of 2020.”
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. Website: http://www.AmpliTechinc.com
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