AmpliTech Reports FY 2024 Financial Results
HAUPPAUGE, N.Y., April 01, 2025 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (NASDAQ:AMPG), a leading designer, developer, and manufacturer of advanced signal-processing components for satellite, 5G, and other communication networks, including complete 5G/6G system design, and a global distributor of packaging and lid solutions for integrated circuit assembly, today announced its financial results for the fiscal year ended December 31, 2024.
FY 2024 Profit and Loss:
Total Revenue and Other Income: $10.25 million, a decline from FY2023
Net Loss: $11 million, which includes a $3.2 million loss due to Company being a victim of a cryptocurrency fraud incident. An increased investment in 5G ORAN technology, coupled with sales decline due to unfavorable market dynamics contributed considerably to the loss.
Strong Liquidity and Financial Strength:
Total current assets of $28.3 million compared to just $1.5 million in current liabilities
Working capital of $27 million
Cash reserves exceeding $19 million
Zero debt on the balance sheet
Operational Highlights for FY 2024:
Despite market headwinds in its distribution segment, driven by demand softness in Asia, AmpliTech achieved several milestones in FY 2024:
Secured $21 million in capital to strengthen balance sheet and execute growth strategies
Secured key multi-year contracts:
A 5-year supplier agreement with Fujitsu for 5G ORAN radio products
A 5-year Blanket Order Agreement with a U.S. Fortune 1000 company, with over $1.8 million in initial orders for AmpliTech's new LNB product line
An initial order over $500,000 for 5G ORAN radio configurations from a leading industry player
Momentum Heading into FY 2025:
With its 5G division now entering a phase of commercial scaling, AmpliTech is well-positioned to benefit from increasing industry demand for ORAN and private 5G solutions. Key developments include:
Completion and successful lab testing of the company's CAT B ORAN Massive MIMO 64T64R radio, achieving speeds exceeding 1 Gbps
FCC certification is expected imminently, following full compliance with all required testing procedures
Execution of a transformative $78M Letter of Intent (LOI), the largest single-customer agreement in AmpliTech's history, to support phased deployments through FY 2027. We have already received $1M P.O. on this LOI.
Strategic acquisition of ...
https://www.benzinga.com/pressreleases/25/04/g44581408/amplitech-reports-fy-2024-financial-results