AmpliTech Group Q3 2025 Earnings Results & Report

AmpliTech Group EPS Results

• Actual EPS: -$0.01
• Consensus EPS: -$0.09
• Beat/Miss: Beat by +$0.08
• One Year Ago EPS: N/A
• EPS Beat Rate: 1 of last 8 quarters

AmpliTech Group Revenue Results

• Actual Revenue: $6.09 million
• Expected Revenue: $5 million
• Beat/Miss: Beat by +$1.09 million
• YoY Revenue Growth: N/A

AmpliTech Group (NASDAQ:AMPG) (NASDAQ: AMPG) designs and manufactures radio-frequency (RF) and microwave components, subsystems, and related technologies. Its product portfolio includes low-noise amplifiers, power amplifiers, filters, antennas, and integrated RF solutions used to support high-frequency communications and signal-processing applications.

The company serves markets including satellite communications, telecommunications, aerospace and defense, commercial wireless infrastructure, and emerging technologies such as 5G and quantum computing. Its solutions are intended for applications that require high performance across demanding frequency ranges, including communications, sensing, and other advanced electronic systems.

AmpliTech Group is headquartered in Bohemia, New York, and serves customers in the United States and other markets through its business operations and subsidiaries. The company is led by Fawad Maqbool, who serves as chief executive officer and has been associated with the company since its founding. AmpliTech became publicly traded on the Nasdaq exchange under the symbol AMPG in 2021.

AmpliTech Group Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Q3 results strong: Revenue was $6.09M (up 115% YoY), gross profit $2.96M (48.6% margin), EBITDA ~+$200k, net loss narrowed to $188k, and the company reports ~$12M in cash & receivables with zero long‑term debt.
• Positive Sentiment: Raised guidance and growth targets: Management increased FY2025 revenue guidance to at least $25M and projects at least $50M for FY2026, targeting 25–30% annual revenue growth through 2030.
• Neutral Sentiment: Rights offering to raise growth capital: An above‑market, transferable rights offering (up to 8M units at $4/unit) is planned to fund production scale, certifications, R&D, go‑to‑market expansion and strategic flexibility, with oversubscription mechanics for participating holders.
• Neutral Sentiment: ORAN pipeline visibility but non‑binding LOIs: Management cites POCs, forecasts and two customer LOIs underpinning tens‑of‑thousands of radios capacity plans and expected follow‑on orders, but those LOIs are not binding.
• Positive Sentiment: Heavy R&D focus for product differentiation: R&D spending is up ~60% to advance MIMO 64P64R ORAN radios, hardware‑based encryption, private 5G systems and cryogenic amplifiers for quantum applications aimed at higher margins and market differentiation.

Presentation

[Operator]

Ladies and gentlemen, and welcome to AmpliTech Group's quarterly investor update call, where the company will discuss its second quarter 2025 financial results. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. As a reminder, today's conference is being recorded. I would now like to turn the call over to AmpliTech's COO, Jorge Flores.

[Jorge Flores, COO at AmpliTech Group]

Thank you for joining today's call to review the progress of AmpliTech's growth initiatives and financial results and to answer investors' questions. On the call today are AmpliTech's Founder and CEO, CTO, Mr. Fawad Maqbool, the company's CFO, Louisa Sanfratello, and the company's COO, Jorge Flores. Following initial management comments, we will open the call to investors' questions. An archive replay of today's call will be posted to the Investors' Relations section of AmpliTech's corporate website. This call is taking place on Friday, November 14th, 2025. Remarks that follow and answers to questions may include statements that the company believes to be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as anticipate, believe, expect, or words of similar importance. Likewise, statements that describe future plans, objectives, or goals are also forward-looking.

[Jorge Flores, COO at AmpliTech Group]

These forward-looking statements are subject to various risks that could cause actual results to be materially different than expected. Such risks include, among others, matters that the company has described in its press releases and its filings with the Securities and Exchange Commission. Except as described in these filings, the company disclaims any obligation to update forward-looking statements, which are made as of today's date. With that, let me turn the call over to our CEO, CTO, Mr. Fawad Maqbool.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Ladies and gentlemen, good morning. Thank you for joining our Q3 2025 review call. Today, we'll reflect on our record performance in the third quarter of 2025 and the nine-month period ending September 30th, 2025. We'll take the opportunity to discuss the company's growth outlook, market opportunities, and provide additional financial guidance. We'll start with the Q3 2025 highlights and strategic progress. Quarterly revenue was $6.09 million, a 115% increase compared to $2.83 million in Q3 2024. Gross profit more than doubled to $2.96 million, representing a 48.6% gross margin, up from 47.5% in the prior year period, up about 40% from Q2 2025 gross margin. EBITDA positive of nearly $200,000, reflecting substantial improvement in operating performance and margin expansion. Net loss significantly narrowed to $188,000 compared to a net loss of $1.19 million in Q3 2024.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Cash, cash equivalents, and accounts receivable of nearly $12 million, with zero long-term debt and working capital of $14 million as of September 30th, 2025. Now, the nine-month highlights, year-to-date 2025. Overall, nine-month company's record revenue surged 171% year-to-date to $20.7 million compared to $7.7 million in the same period last year. Net loss reduced by nearly 50%, improving from $7.4 million in 2024 to $3.8 million in 2025. The growth driven by the successful integration of AmpliTech's 5G ORAN technology and strong momentum in low-noise amplifiers, low-noise blocks, and 5G infrastructure systems. This is not just 5G ORAN; it's true 5G, and we are 5G. Continued investment in R&D, up 60%, supporting the new product development in MIMO 64P64R ORAN radios, private 5G network systems, and cryogenic amplifier platforms for quantum applications.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Now, this isn't just random R&D; it's strategically focused on what the world needs: billion and trillion dollar markets. Now, operational and financial highlights. Integration of ORAN IP portfolio positions AmpliTech as a U.S.-based vertically integrated supplier for next-generation open RAN 5G radios and private network deployments. Our third quarter shows to be an EBITDA positive quarter, achieved through disciplined expense control, operational efficiency, and growth in high-margin segments. This is a clear signal we are turning the corner and getting close to achieving profitability. Rights offering announced earlier. It's an above-market priced, shareholder-friendly rights offering priced at $4 per unit, providing growth capital for scaling ORAN product lines and expanding domestic production. We're going to go deeper into that a little bit later. Now, I'll give some outlook and forward guidance.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

The company increased revenue guidance to at least $25 million for fiscal year 2025, representing a 160% year-over-year increase over fiscal year 2024, beating discrete estimates. We anticipate double-digit gross margins in Q4 2025 and 2026. As production costs normalize, one-time costs are reduced, and higher margin follow-on business ramps up. We project positive cash flow from operations and profitability to be achieved in fiscal year 2026, assuming continuation of current order pace and margin recovery. The company expects to receive follow-on orders from both publicly announced LOIs imminently, as well as orders from new customers in 2026. Assuming continuation of the current order pace and based on forecast information received by the company, fiscal year 2026 revenue will be at least $50 million, effectively doubling that of projected record fiscal year 2025 of at least $25 million.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

With the above said, I'd like to focus on our current rights offering efforts, because I'm sure many people are confused. AmpliTech has an effective Form S-3 based prospectus from which it attempts to offer these securities registered with the Securities and Exchange Commission for a proposed rights offering in which it plans to distribute to A, stockholders, and B, certain warrant holders, two transferable unit rights to purchase up to the maximum of 8 million units at $4 per unit. Each unit will consist of one share of common stock, the common shares, and two short-term rights to purchase additional common shares. These are rights, short-term rights, not warrants.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Under the rights offering, each stockholder and certain warrant holders, as of the record date, will receive as a dividend at no charge two unit rights for each common share, each common share subject to a warrant owned on the record date. The distribution of the unit rights will occur on or around the record date. The record date for the distribution of the unit rights, the expiration dates for the unit rights, and related short-term rights and related pricing information will be included in the final prospectus. Holders who fully exercise their unit rights will be entitled to oversubscribe for additional units, if available, that are not purchased by other rights holders, subject to potential pro-rata allocation of those oversubscription units for which they subscribe in proportion to the total number of oversubscription units.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Now, that sounds very complicated, but you can get the FWP that has been published publicly to get all the details. The company is aiming for a 25%-30% annual revenue growth through 2030. This target is mainly driven and based on our ORAN 5G LOIs with two different customers. These LOIs, while not binding, are the result of months of technical meetings and our involvement as what is known in the industry as POCs, or proof of concept. With this said, there's a predetermined price set up with these minimum quantities and specific delivery requirements set in place already, which have been supported by receiving forecasts from both customers. We're executing on a visible pipeline, early repeat orders, and capacity plans to support tens of thousands of radios over time.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

As we scale, we expect operating leverage, better purchasing, tighter manufacturing cycles, which will contribute to lift gross margins. Put simply, 25-30% isn't a moonshot. It's what happens when a validated product line meets a secular upgrade cycle with a differentiated ORAN 5G supplier. The company's rights offering provides our loyal investors choice, fairness, and alignment. In choice, a rights offering lets every existing shareholder decide if they want to maintain or increase their ownership on similar terms. No one's boxed out by a selective private deal. Everyone has access. Fairness, it's pro-rata by design. If you participate, you can offset dilution. If you don't, you're making conscious portfolio decisions, not suffering because we raised capital with a small group. Please take note, the rights are transferable.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Holders can also choose to sell their rights in the market, as we do expect market makers will create a market for them to be traded. Again, not just fairness, but flexibility. Alignment. We picked this structure to strengthen the balance sheet without loading the company with expensive debt or entering into toxic financing transactions. It supports growth while respecting our valued long-term shareholders. It also sends a clear signal. We're raising capital to fund concrete opportunities: production, inventory turns, certifications, and go-to-market. We are not raising capital to plug holes. Bottom line, the rights deal gives us our shareholders' agency and keeps us aligned as we step into larger orders and programs. We're inviting our owners to come with us on the next leg of our growth on the same terms. The company will use the proceeds as a high-return, near-term growth lever. There are five levers.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Number one, scale production and working capital. Fund inventory for committed and forecasted orders. Shorten lead times and secure long lead components. The goal is faster, order to cash, and capacity to fulfill multi-site rollouts without bottlenecks. Number two, certification and market access. Complete and extend, complete these certifications and will extend certifications like CE and ISED, some are operator-specific. The field trials and interoperability testing. Each certification stamp expands our addressable market and removes friction for large buyers. Number three, product roadmap. Encryption and software. Advanced next-gen radios and RF front-ends add AI RIC adjacent features, improve manageability, and harden security. We also have a proprietary encryption for our networks. It's hardware-based, not firmware-based. Big difference, which we want to incorporate across our entire ORAN 5G product line. These additional products and features will lift performance and margin and create upsell paths across our installed base.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

These are valuable differentiators for us. We are not a me-too company. We have never been. Number four, go-to-market expansion. The strategy is to add sales, engineering, carrier enterprise channel partners, and targeted international presence where trusted, highly secured ORAN 5G has become a mandate. We all know how important security is, and we are going to the next step, incorporating this into our networks. This accelerates deal velocity and conversion. Number five, strategic flexibility. It keeps the balance sheet strong so we can pursue select tuck-ins, joint ventures, or capacity investments when they are clearly accretive. We are disciplined about ROI. Dollars go where they unlock revenue, improve gross margin, and reduce cycle times. That is how this raise translates into 25%-30% growth trajectory. More importantly, durable value creation.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

In concluding, valued shareholders, we are firmly looking ahead with our company having a record fiscal year 2025, in which we expect to nearly triple the sales achieved in fiscal year 2024. It's a major milestone for the company. We have expectations of receiving additional orders to continue funding our LOIs with a healthy balance sheet, zero long-term debt, and an expanding portfolio of proprietary 5G and satellite technologies. We also have special cryogenic amplifiers to serve the growing needs of the quantum computing market, along with ORAN technology to support artificial intelligence and global 5G product certifications now in place. AmpliTech is now positioned to deliver successive quarters of growth, enhanced shareholder value, and a significantly stronger IP valuation in 2026 and beyond. Thank you for continued support. We'll now open the call for questions. Operator, please proceed.

[Operator]

Okay, thank you. We will now move on to Q&A. If you'd like to ask a question at this time, you may press Star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press Star two if you'd like to withdraw your question from the queue. For participants that are using speaker equipment, it may be necessary to pick up the handset before pressing the Star keys. Once again, that's Star one to ask a question. We'll pause a moment to assemble the queue. Thank you. Thank you. Our first question comes from the line of Vishal Mishra with Bard Associates. Please proceed with your question.

[Vishal Mishra, Analyst at Bard Associates]

Hi, good morning Fawad.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Good morning.

[Vishal Mishra, Analyst at Bard Associates]

Just want to hear I heard you right, which is that you do expect these rights to be traded when they're distributed, correct?

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Correct.

[Vishal Mishra, Analyst at Bard Associates]

That's great. Thanks. Second question, this is great momentum. Congratulations. Do we, I know I see double-digit gross margins. Do we have any more as you scale? You also said that the gross, the margins, the quantities have been sort of solidified in the contract as you've been working on the POC. Do we know more, do we have more color on that? Is it like those margins which have been agreed upon are like in the gross margin in the 20s, 30s, 40s, or that's not something you can disclose?

[Jorge Flores, COO at AmpliTech Group]

Hello, this is Jorge, COO for AmpliTech Group. I'm going to be taking on that answer. We do have a mixed, we have a mixed list of ORAN 5G products, and every single one of them carries a different gross margin.

[Jorge Flores, COO at AmpliTech Group]

All we can say right now, though, and also due to competitive nature, right, that we are not going to be able to disclose specific gross margin information on our products due to competitive nature, of course. That is why we are saying that at least we're going to be able to achieve double-digit gross margins on every of our products right now.

[Vishal Mishra, Analyst at Bard Associates]

Okay, thank you. I know historically you've been close to 30-40%. Is that something historically will be, or because these are new products, it'll be lower, higher, or too difficult to say?

[Jorge Flores, COO at AmpliTech Group]

As you could see, though, from our resulting Q2, in which we had a lot of one-time cost drivers, we have recovered very handsomely in Q3 with over 40% gross margins. We are, of course, going to keep allocating capital, right, to improve on our margins.

[Jorge Flores, COO at AmpliTech Group]

Sometimes, we might elect to go into a higher configuration of molding equipment and fixturing to be able to drive the cost down on every single item used in our radios. We do expect, though, that we're going to have, as I said before, at least gross margins in the double digits.

[Vishal Mishra, Analyst at Bard Associates]

Okay, thank you, Jorge. That's it for me.

[Jorge Flores, COO at AmpliTech Group]

Thank you.

[Operator]

As a reminder, if you'd like to ask a question, you may press Star one from your telephone keypad. Thank you. This concludes the Q&A session. I'll turn the call back to Fawad Maqbool for closing remarks. Thank you. Fawad, please, you may proceed with the closing remarks.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

Okay, Operator, thank you. Operator, thank you, everyone who enjoyed today's call to hear about progress. We made the plan. We have to further our company's mission of providing the communication systems of tomorrow today.

[Fawad Maqbool, Founder, CEO, and CTO at AmpliTech Group]

We look forward to updating you further on our full-year financial results call next year. Until then, please contact us directly should you have any questions or wish to schedule a call with management. Our investor relations team can be reached at the contact information listed at the bottom of our press releases. Thank you and be well.

[Operator]

Today's conference call is now concluded. Thank you, and you may now disconnect your lines.

Participants

Executives

• Fawad Maqbool, Founder, CEO, and CTO
• Jorge Flores, COO

Analysts

• Vishal Mishra, Analyst at Bard Associates