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Bohemia, NY – 
(NewMediaWire) – August 19, 2020 – AmpliTech Group, Inc. (OTCQB:AMPG): filed its 10Q for the
quarter ended June 30, 2020 (“2Q”) on Friday, August 14th, 2020 with the
following key metrics:
·
Revenue for 2Q was
$660,699 up $29,491 or 4.67% from the same quarter in 2019;
·
Revenue in 2Q was
significantly affected by the Covid-19 induced shutdown, where both the company
was forced to close its facilities for approximately 8 weeks, and its
customers and its customer’s supply chains were disrupted;
·
Gross Profit and Gross
Margin were negatively impacted in 2Q vs 2Q 2019, with the company reporting
Gross Profit and margin of $225,988 and 34.2% in 2Q vs $360,766 and 57.2% in
same quarter 2019;
·
Adjusted 2Q EBITDA was
$(144,394) as compared to $147,054 in the same quarter in 2019;
·
Both Gross Margin and
EBITDA were negatively impacted by the reduction in orders processed during the
period, as a result of the Covid-19 shutdown;
·
In addition, the
company made significant investment in the business during the period, which resulted
in higher wages and opex in 2Q vs 2Q 2019, which is expected to begin to pay
dividends to the company in the second half of 2020, 2021 and beyond, as we
emerge from the pandemic;
·
Mr. Wayne Homschek
agreed to step down from the Board in order for the company to save on
operating expenses, until such time as the company’s performance has fully
recovered, or when the company completes a financing. Mr. Homschek,
in his capacity as Managing Director of Bentley Associates L.P., an adviser to
the company, will continue to advise the company as it readies itself for a
future financing;
·
On a positive note,
Maxim Group, who is also an adviser to the company, will begin to organize an
investor roadshow for the company to tell its story to Maxim’s clients;
·
Cash and cash
equivalents and undrawn credit facilities at June 30, 2020 was $932,546 as
compared to $960,067 at June 30, 2019; and
·
Open orders as of
August 14, 2020 stood at approximately $1.8 million, up significantly from the
first quarter 2020, as the company’s pipeline begins to rebuild.
In commenting on the
performance of the company to date, and on its future prospects, Fawad Maqbool,
the CEO, said, “I am very proud of the job our team has done under these
extreme circumstances; we have gotten through a very difficult time and I can
see the light at the end of the tunnel. We are not exactly sure how long
that tunnel is, but we are confident in our ability to generate significant
growth for our stakeholders as we emerge from this pandemic. I say this
because I have confidence in our team and our existing products, but, even more
so, I am very excited about the future products and markets that we are working
on in the areas of 5G and quantum computing, where we have made significant
progress on our IP and our designs. We have had new and existing customer
requests for custom cryogenic products in both Satcom and Nanophysics markets,
indicating support for our new products. We have recently updated
shareholders on some of these developments and we look forward to updating
shareholders further as these we make progress. Lastly, given the
interest by the stock market in the industries in which we currently operate
and are targeting (Satcom, Wireless, 5G, Quantum Computing etc), we are hopeful
that we will be able to complete a financing and uplift to Nasdaq in the near
future. Obviously, there is no guarantee that this will happen given the
unknowns in the market, the business and the pandemic, but is our goal to push
forward this year with a Nasdaq financing as our priority.”
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 us. In addition, we have the best assemblers, wires, and
technicians in the industry and can provide contract assembly of customers’ own
designs. Click here to view AmpliTech video. Website: http://www.AmpliTechinc.com
Forward-looking
Statements
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
Twitter: https://twitter.com/AmpliTechAMPG
Instagram: https://www.instagram.com/amplitechampg/
Facebook: https://www.facebook.com/AmpliTechInc
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