AmpliTech Group reports Q2 EPS (5c) vs. (4c) last year

Reports Q2 revenue $4.1M vs. $4.6M last year. Fawad Maqbool, CEO of AmpliTech, said, “In the second quarter our core LNA business remained strong offset by weaker semiconductor sales, especially internationally. Gross profit was modestly lower, while the gross profit margin reached a record level. We have continued to invest for future growth and are excited to share that our ongoing R&D projects centered around our 5G ORAN massive MIMO radio units are progressing well and are on track with our expectations. Through the utilization of Massive MIMO antennas coupled with beam forming technology, we are enabling a precise and efficient allocation of spectrum resources. This breakthrough approach is addressing existing performance limitations, facilitating support for a larger user base within each cell, and enhancing the overall end-user experience in densely populated regions. Our cutting-edge 5G ORAN radios are also set to showcase our proprietary LNA 5G MMIC chips. This technology, characterized by an exceptionally low noise figure, will help differentiate our products from competitors, as it will enable an increased coverage range. As a result, this innovation reduces the requisite number of radios in a 5G network, leading to an opportunity to enhance the return on investment for every deployment site. We anticipate the receipt of initial prototype units by our AGTGSS division in the fourth quarter of this year. The robust investments made by AmpliTech in these new technology endeavors are paving the way for the introduction of novel product solutions with inherently higher gross margins that should in turn yield higher net income. We believe that these solutions are poised to elevate the company to new heights when they are introduced and available to the market, which we expect will be in 2024,” concluded Mr. Maqbool