AmpliTech Group, Inc. (AMPG) Earnings
AmpliTech Group, Inc. is expected to report next earnings on August 17, 2026 (in NaN days), with a consensus EPS estimate of $-0.02. AMPG has beaten EPS estimates in 4 of its last 12 reported quarters (average surprise -23.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.05 | $-0.06 | -20.0% | $5M | +7.0% |
| Mar 26, 2026 | $-0.07 | $-0.15 | -114.3% | $4M | +4.1% |
| Nov 14, 2025 | $-0.09 | $-0.01 | +88.9% | $6M | +21.9% |
| Aug 14, 2025 | $-0.06 | $-0.09 | -50.0% | $11M | +120.5% |
| May 15, 2025 | $-0.08 | $-0.09 | -12.5% | $4M | +2.8% |
| Mar 31, 2025 | $-0.12 | $-0.32 | -166.7% | $2M | -38.2% |
| Nov 14, 2024 | $-0.16 | $-0.12 | +25.0% | $3M | -19.0% |
| Aug 14, 2024 | $-0.12 | $-0.16 | -33.3% | $3M | -57.9% |
| May 28, 2024 | $-0.10 | $-0.48 | -380.0% | $2M | -44.1% |
| Nov 14, 2023 | $-0.01 | $-0.09 | -800.0% | $3M | -20.8% |
| Aug 14, 2023 | $-0.13 | $-0.05 | +61.5% | $4M | +35.8% |
| May 15, 2023 | $-0.13 | $-0.06 | +53.8% | $4M | +37.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 14, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Financial Performance Overview - Achieved substantial year-over-year revenue growth and significant gross margin expansion, on track to reduce net losses as previously guided - Maintained a debt-free balance sheet, with cash, cash equivalents and marketable securities totaling $18.4 million as of March 31, 2026, after generating over $16 million in net proceeds from a rights offering and registered direct offering to support growth and expansion - Working capital improved to $25.4 million from $10.2 million at the end of 2025, and the current ratio improved to 4.25 from 1.68 over the same period ### Commercialization & Product Milestones - Continued transitioning key 5G O-RAN radio technologies, MMIC design capabilities, and advanced RF systems from development to commercial deployment; research and development expenses declined year-over-year as more products enter commercial phases - Earned additional third-party certifications for its flagship O-RAN 64T64R Massive MIMO radio unit, which validates compliance with open O-RAN standards for multi-vendor network environments, reducing adoption risk for mobile network operator (MNO) customers - Participated in MWC Barcelona, a major global connectivity industry event, that increased brand visibility and generated high-quality business development conversations with global MNOs, OEMs, infrastructure providers, and technology partners ### Operational & Strategic Priorities - Core strategic focus remains on disciplined execution, operational scalability, and long-term shareholder value creation, aligned with growing demand for next-generation wireless infrastructure - Management prioritizes ongoing gross margin improvement, expecting expansion as production volumes rise, processes mature, and operational efficiencies are realized with contract manufacturing partners - Investments in R&D will continue to maintain technological differentiation from competitors; priorities also include strengthening internal controls, expanding infrastructure, and scaling commercialization activity to support sustainable long-term growth
Guidance
- Management reaffirms the full-year 2026 revenue guidance of $50 million, which remains achievable based on current order visibility, funded purchase orders, and active customer pipeline - No change to full-year revenue guidance, but management expects 2026 revenue to be more heavily weighted to the second half of the year, driven by timing of customer deployments, supplier lead times, and production scheduling - Management projects that Q2 2026 revenue will be meaningfully higher than Q1 2026's $5.35 million - Additional new customer orders or LOIs are expected to be announced within the next one to two quarters, with new opportunities likely coming as direct purchase orders rather than LOIs - The $70+ million larger LOI is expected to convert to substantial recognized revenue later in 2026, with no change to the long-term expectation for this opportunity - Management expects gross margins to continue expanding as 5G revenue scales, even though quarter-to-quarter improvement may not be perfectly linear during the current ramp-up phase
Segment performance
AmpliTech Group reports two core operating segments. The Manufacturing and Engineering segment generated Q1 2026 revenue of $3.28 million, representing a 231% year-over-year increase from $0.99 million in Q1 2025. This segment accounted for approximately 61.3% of total company revenue in Q1 2026. The 5G product segment, which includes the $40 million LOI with the North American MNO, contributed over 60% of total Q1 2026 revenue, with revenue from this LOI exceeding $3 million for the quarter. Total company Q1 2026 revenue was $5.35 million, a 48.6% year-over-year increase from $3.6 million in Q1 2025. Gross profit grew 116.1% year-over-year to $2.57 million, bringing gross margin to 48% compared to 33% in the prior year period. Net loss for the quarter improved 17.3% year-over-year to $1.52 million.
Risks & headwinds
- Geopolitical tensions, volatility in fuel and logistics costs, potential disruptions to international shipping lanes, and broader global supply chain constraints for electronics and semiconductors may impact component availability, extend lead times, increase freight costs, and disrupt production scheduling - AI-driven high demand for memory and related semiconductor components for data centers and high-performance computing has created additional industry-wide pressure on component supply - Revenue recognition timing for 2026 is dependent on customer deployment schedules, which can be delayed by broader macro and industry conditions outside of AmpliTech's direct control - The $70+ million overseas LOI has experienced timing delays due to supply chain constraints affecting the customer's location, pushing expected revenue recognition from this opportunity to later in 2026 - While SG&A expense is expected to remain at reasonable levels as the business scales, it may tick up incrementally to support increased sales outreach, marketing activity, and growth initiatives
Analyst Q&A
Q: What share of Q1 2026 revenue came from the $40 million North American MNO LOI, and is the Q1 SG&A uptick sustainable going forward?
A: A high percentage of 5G division revenue (and total quarterly revenue) came from this LOI, with the total amount slightly above the $2 million to $3 million range estimated by the analyst. The Q1 SG&A increase is partially driven by typical recurring first-quarter expenses including annual audit fees, D&O insurance premiums, and NASDAQ listing fees, plus one-time Q1 costs including $180,000 for MWC Barcelona and fees for a new marketing firm; some incremental SG&A growth is expected as revenue expands but the elevated Q1 level is not a sustained baseline.
Q: Is the full-year $50 million revenue guidance still achievable, and how is Q2 2026 tracking so far? Are new customer deals expected in the near term?
A: Management confirms the full-year guidance remains achievable, with revenue only shifted in timing to the back half of the year rather than reduced. Q2 2026 is tracking well, with shipments on the $40 million LOI resumed in April, and Q2 revenue is projected to be meaningfully higher than Q1's $5.35 million. Productive discussions with additional major MNOs are ongoing, and new deals are expected to be announced in the next quarter or so, most as direct purchase orders rather than LOIs, driven by growing demand for AmpliTech's O-RAN Massive MIMO products from commercial and military customers.
Q: How sustainable is the 1500 basis point year-over-year gross margin expansion, and can margins continue to grow as revenue scales?
A: Management expects gross margins to expand even further going forward. The higher early margins reflect that the large upfront investments to gain initial market entry and prove AmpliTech's O-RAN radios with major MNOs are now largely complete. The company has established credibility as a valid provider of high-configuration O-RAN radios, so the incremental investments that previously pressured margins are no longer required at the same scale, supporting further margin improvement as volume grows.
Q: Can you update on university O-RAN testing and accreditation partnerships, and will these lead to new orders?
A: AmpliTech is the only company in the world with an OTIC-certified 64T O-RAN 5G Massive MIMO radio, achieved through testing with Northeastern University's wireless IoT program. This certification has given AmpliTech unique market leverage to expand into lower-configuration radios for private 5G deployments. Multiple universities, starting with Northeastern, are planning full campus-wide deployments of AmpliTech's private 5G systems, which will drive additional orders from other universities and enterprise customers for Industry 4.0 and fixed wireless access applications.