AmpliTech Group, Inc (NASDAQ:AMPG), a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite, 5G, and other communications networks, including the design of complete 5G/6G systems, and a global distributor of packages and lids for integrated circuit assembly, today announced financial results for year ended December 31, 2023.
Total Yearly Revenues were $15.6 Million.
Despite lower sales from its distribution business, FY23 gross profit margins grew to nearly 47% (from 46% in FY22). Core low noise amplifier business sales grew while semiconductor materials distribution business had a notable decrease in sales this fiscal year. FY23 net loss was $2.4M which includes $2.3M of Research and Development expenses and nearly $800K in compliance costs required for being a public company. It is important to note that without these costs, the Company would've been profitable.
FY23 was a record-breaking year for new products introduction at AmpliTech Group, with over 100 new SKUs (Stock Keeping Units) released to the market in the latter portion of the fiscal year. Among these products, two major new product lines were introduced, which the company believes will be the flagship products and major revenue sources for the organization. These products are the 5G CAT B ORAN (Open Radio Access Network) Massive MIMO (Multiple Input-Multiple Output) 64T64R radios along with the Private NIB 5G suite solution (Network in a Box).
AMPG shares squeezed up a penny to $1.86.
