AmpliTech Group, Inc. Q1 FY2025 earnings call

• Q1 2025 revenue was $3.6 million, up 57% YOY, the strongest since Q4 fiscal year 2023.
• Gross profit was $1.1 million, with a record backlog of $19.6 million driven by strong bookings.
• Cash and receivables were $19.1 million, working capital $24.6 million, and zero debt.
• Secured CE, FCC, and REACH certifications for ORAN 5G radios enabling global deployments.
• Expanded proprietary LNB product line with next-generation satellite solutions, receiving three patents.
• Boosted visibility through trade shows like Mobile World Congress, IEEE, MILCOM, and LEAP 2026.
• Partnering with leading AI native wireless companies for spectrum sensing, network optimization, etc.
• Over $12 million of $118 million LOI pipeline will be delivered this year, with LOIs expected to continue into fiscal year 2026.
• Addressed tariff resilience via sourcing strategy and operational foresight, with ample inventory to avoid immediate effects of new tariff policies.

In Q1 2025, AmpliTech reported revenue of $3.6 million, a 57% year-over-year increase. Gross profit was $1.1 million. As of April 30th, there was a record backlog of $19.6 million. Cash and receivables stood at $19.1 million, working capital was $24.6 million, and there was zero debt. Inventory exceeded $7 million to support near-term deliveries and demand rebound in the LNA and semiconductor distribution divisions.

• Forecasted fiscal year 2025 revenue of nearly $21 million, almost double the prior fiscal year.
• 5G division has over $12 million in firm orders from $118 million LOI pipeline.
• Expect fiscal year 2026 to continue the growth trend.
• Bulk of the $12 million in orders to be delivered in 2026, with programs potentially extending through 2030.

Discussed that today's discussion contains forward-looking statements involving risks and uncertainties, referring to SEC filings for a full list of risk factors. No specific operational failures discussed in detail.

Q: Can you touch on the acquisition of assets related to the LOIs and how it connects to the received orders?

A: The LOIs were based on relationships with large MNOs. The acquisition of assets is closed, adding to IP and positioning the company as a viable supplier for ORAN technology. The deal allows MNOs flexibility and adds to the company's IP and continued development.

Q: Do you have line of sight into the remaining $100 million in LOIs and how they'll be scattered?

A: Received purchase orders for $12 million already in the backlog, with 2026 expected to be a great year for deliveries, scaling up with hundreds of radios to be delivered. Programs have legs and may extend through 2030.

Q: Are there other potential discussions with MNOs globally and is this bringing more MNOs to AmpliTech?

A: Were talking to several MNOs globally before the deal, and this achievement improves chances to close deals with other MNOs, with more MNOs approaching due to the working relationship and ability to deliver large orders.

Q: Can you provide color on margin forecast for the new 5G ORAN business and breakeven?

A: The 5G division is the largest growth area, with other divisions supporting it. The symbiotic relationship between divisions means as the 5G division grows, other divisions will too, with radios using own technology making them better than competitors. The other groups will feed the 5G division, leading to revenue growth and margin improvement.

Q: Do MNOs sign LOIs with other 5G ORAN radio providers and how is AmpliTech differentiating?

A: MNOs sign LOIs with other providers, but AmpliTech's radios are unique with ORAN technology, and as a U.S.-based company, there are no other U.S. companies making such radios, putting AmpliTech in a leading position in ORAN technology deployment.