AmpliTech Secures $1.2M in New Orders for Low Noise Amplifier Technology for Defense/Aerospace and Defense/Commercial Customers, Yielding Record Order Backlog of $3.4M
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Bohemia, NY, Oct. 28, 2021 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (Nasdaq: AMPG), a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite and 5G communications networks, defense, space, and other commercial applications, announced today that it has been awarded $1.2M of new orders for Low Noise Amplifier (LNA) technology from a Fortune 500 global defense and aerospace company and defense aerospace, naval and commercial aerospace applications provider. The orders, which increase AmpliTech’s order backlog to a record $3.4M as of today’s date, are expected to ship in calendar 2022. AmpliTech’s revenue for the past four quarters was $3.5M.
Fawad Maqbool, CEO, commented, “AmpliTech’s industry-leading LNA technology increases the power of a radio signal while eliminating the distortion or “noise” that can degrade or destroy digital signals. Our LNA technology delivers substantial performance and bandwidth improvements in satellite communications and can play an instrumental role in achieving true gigabit data transmission speeds for next generation 5G networks on a more cost-effective basis.
“Our growing order backlog confirms the strength of our LNA technology and reflects initial benefits of investments we are making to expand our sales and marketing reach and production and technical capabilities. We are proud that the performance, quality, and return on investment of our solutions is being acknowledged with growing demand from global leaders.
“Following our financial recapitalization earlier this year, we have been making focused investments in advanced testing capabilities, new product development, including our recently announced MMIC Semiconductor Chip Design Center and the addition of key management and operations, sales and marketing personnel. We now have the financial and personnel resources to target major OEMs as well as system integrators, to substantially expand AmpliTech’s addressable market. Our financial strength is allowing AmpliTech to engage, for the first time, with a range of very large customer prospects that were previously out of our reach. These opportunities range across satellite communications, the build out of true 5G infrastructure, quantum computing, space exploration and other areas.”
About AmpliTech Group, Inc. (www.AmpliTechinc.com)
AmpliTech designs, develops and manufactures state-of-the-art radio frequency (RF) components for global satellite communications, telecom (5G & IoT), space, defense, and quantum computing markets as well as systems and component design consulting services. AmpliTech has a 13+ year track record of developing high performance, custom solutions to meet the unique needs of some of the largest companies in the global industries we serve. We are proud of the unique skills, experience and dedication of our focused team which enables us to deliver superior solutions, faster time to market, competitive pricing and excellent customer satisfaction and repeat business.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements. These statements appear in several 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 ability to execute its business plan as anticipated; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy and (iv) the ability to realize sales expected from backlog of orders. 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 because of various factors. Other risks are identified and described in more detail in the “Risk Factors” section of the Company’s filings with the SEC, all of which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising, these forward-looking statements, except as required by applicable law.
Non-GAAP Financial Information
This press release includes a statement relating to the Company’s order backlog. Backlog represents the dollar amount of net sales that we expect to recognize in the future from sales orders that have been received from customers in the ordinary course of business. The Company considers order backlog a relevant and preferred supplemental measure for understanding the Company’s financial and market position. However, such measure has inherent limitations, is not required to be uniformly applied or audited and other companies may use methodologies to calculate similar measures that are not comparable. Readers should be aware of these limitations and should be cautious as to their use of such measures.
Company
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Company Contact:
Shan Sawant, Director of Communications
AmpliTech Group, Inc.
[email protected]
646-546-7128
Investor Contact
David Collins or William Jones
Catalyst IR
[email protected]
212-924-9800
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