AmpliTech Secures Follow-On Order for Low Noise Amplifier Technology from Fortune 500 Global Defense / Aerospace Company as End-Market Re-Openings Build Momentum
AmpliTech Group, Inc. (Nasdaq: AMPG) announced a follow-on order for its low noise amplifier (LNA) technology from a Fortune 500 global defense and aerospace customer, with products expected to ship in Q3 2021. CEO Fawad Maqbool highlighted positive business trends as the economy reopens, suggesting favorable revenue comparisons for Q2 2021. The company is ramping up product development and plans to leverage its strong financial position, including $30 million in net cash, to pursue aggressive growth initiatives in satellite, 5G, and other communications sectors.
- Secured a follow-on order for LNA technology from a Fortune 500 customer.
- Expected product shipments in Q3 2021 indicate ongoing demand.
- Anticipated favorable sequential and year-over-year revenue comparisons for Q2 2021.
- Strong financial position with approximately $30 million in net cash to support growth.
- None.
Bohemia, New York, June 24, 2021 (GLOBE NEWSWIRE) -- 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 it has secured a follow-on order for its low noise amplifier (LNA) technology from a Fortune 500 global defense and aerospace customer. The products are expected to ship in Q3’21.
Fawad Maqbool, CEO, commented, “We are pleased to report continued progress in our business the past few months [that should enable favorable sequential and year-over-year revenue comparisons for our second quarter ending June 30th]. As the economy reopens in the wake of COVID-19, our target industries and customers are returning to more normal business and procurement patterns, creating a growing range of revenue opportunities for our Company.
“We recently secured a follow-on order for our Low Noise Amplifier technology from a long-standing global defense and aerospace customer. We are proud that the performance, quality and return on investment of our solutions continues to earn repeat business from global leaders. We are ramping-up our product development and sales and marketing efforts to position AmpliTech to supply cutting edge technologies for the build-out of satellite, 5G/6G communications and other specialty applications that require high quality signal processing solutions.
“With our strong financial position, including approximately
About AmpliTech (www.amplitechinc.com)
AmpliTech Group, Inc. 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. 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.
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Company Contact:
Shan Sawant, Director of Communications
AmpliTech Group, Inc.
shan@amplitech.com
646-546-7128
Investor Contact:
David Collins, Investor Relations
Catalyst IR
AMPG@catalyst-ir.com
212-924-9800
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