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olivLaw · US equity research

AmpliTech Group, Inc. AMPG

Communications Equipment, NEC · SIC 3669 · Vertical: Communications Equipment, NEC (SIC 3669)

2.48USD−1.59% · 1 dayClose 04 Nov 2026

AmpliTech Group designs RF and microwave amplifiers and components for satellite communications, 5G, defense and quantum computing. Sales rose sharply in 2025, mainly due to the 5G ORAN asset acquisition, and in the second quarter of 2026 revenue reached 8.07 million USD.

At the close of 04 Nov 2026, AmpliTech Group, Inc. (AMPG) stock was 2.48 USD (−1.59% on the day), with market capitalisation 74.5 m USD, beta 2.18, 52-week range 1.76–9.70 USD. Latest reported quarter (Q2 2026): revenue of 8.1 m USD (−26.8% YoY), net income of -3.1 m USD, diluted EPS -0.12 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
74.5 m USD
shares as of 11 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.33 · TTM to 30 Jun 2026
E/P (TTM)
-13.20%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.18
Volatility (1y) 113%
52-week range
1.769.70

Price history

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Technical reading

RSI (14)
36.0
weak (30–45)
Bollinger (20, 2)
2.36 – 2.91
in the lower half of the band · %B 0.21 · band width 20.9%
SMA 50 / 200
3.05 / 3.80
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.16 / -0.19
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−16.5%−1.1%−15.4 pp—
3 months−53.9%−0.5%−53.5 pp—
6 months+7.8%+4.4%+3.4 pp—
Year to date−17.1%+12.3%−29.4 pp—
1 year−20.5%+13.5%−34.1 pp−42.9%
3 years+40.9%+76.4%−35.5 pp+22.4%
5 years−44.6%+63.7%−108.3 pp—
Max drawdown (1y)
−75.7%
17 Jun 2026 → 19 Oct 2026
Max drawdown (5y)
−85.8%
09 Nov 2021 → 29 Aug 2024
Compound annual growth (5y)
−11.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
8.1 m USD
−26.8% YoY
Net income
-3.1 m USD
unavailable YoY
Diluted EPS
-0.12
unavailable YoY
net / operating
-38.3% / -39.6%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue2.8 m1.9 m3.6 m11.0 m6.1 m4.5 m5.3 m8.1 m
Cost of revenue1.5 m1.7 m2.4 m10.2 m3.1 m3.5 m2.8 m5.8 m
Gross profit1.3 m197.5 k1.2 m862.9 k3.0 m1.0 m2.6 m2.3 m
Research & development572.4 k2.3 m739.7 k658.8 k699.3 k589.4 k503.0 k1.4 m
SG&A1.9 m1.8 m2.3 m2.1 m2.5 m3.7 m3.7 m4.1 m
Operating income-1.1 m-4.3 m-1.9 m-1.9 m-221.3 k-3.3 m-1.6 m-3.2 m
Depreciation & amortisation130.1 k150.2 k122.1 k256.2 k381.1 k533.2 k532.4 k541.5 k
Pre-tax income-1.2 m-3.8 m-1.8 m-1.8 m-188.4 k-3.2 m-1.5 m-3.1 m
Net income-1.2 m-3.8 m-1.8 m-1.8 m-188.4 k-3.2 m-1.5 m-3.1 m
Diluted EPS-0.12-0.28 ≈-0.09-0.08-0.01-0.14 ≈-0.06-0.12
Operating cash flow-1.7 m ≈-1.2 m-2.0 m-2.3 m ≈-999.4 k ≈-3.4 m-3.1 m-5.5 m ≈
Capex12.8 k ≈16.5 k361.0 k126.4 k ≈442.6 k ≈85.6 k——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue2.4 m3.1 m3.5 m5.3 m19.4 m15.6 m9.5 m25.2 m
Revenue YoY+73.6%+30.2%+10.7%+52.6%+267.6%−19.6%−39.0%+165.0%
Net income329.0 k5.9 k-1.0 m-4.8 m-677.1 k-2.5 m-11.2 m-7.0 m
Net income YoYunavailable−98.2%−17,350.8%unavailableunavailableunavailableunavailableunavailable
Diluted EPS0.000.00-0.37-0.53-0.07-0.26-1.04-0.33
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %13.7%0.2%-29.7%-90.2%-3.5%-15.8%-118.2%-27.8%
Free cash flow341.7 k-32.7 k-593.1 k-3.3 m-4.2 m-4.4 m-5.3 m-9.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
5.0 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
32.9 m USD
Total assets
51.5 m USD
Debt / equity
unavailable
Current ratio
1.68x
ROE
-19.9%
ROA
-14.8%
FCF margin
-38.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
15.6 m
2024
9.5 m
2025
25.2 m

SEC (XBRL)· 26 Mar 2026verified

Cost of revenue
2023
8.3 m
2024
6.0 m
2025
19.2 m

SEC (XBRL)· 26 Mar 2026verified

Gross profit
2023
7.3 m
2024
3.5 m
2025
6.0 m

SEC (XBRL)· 26 Mar 2026verified

Research & development
2023
2.3 m
2024
3.6 m
2025
2.7 m

SEC (XBRL)· 26 Mar 2026verified

SG&A
2023
7.5 m
2024
7.9 m
2025
10.7 m

SEC (XBRL)· 26 Mar 2026verified

Operating income
2023
-2.6 m
2024
-8.4 m
2025
-7.3 m

SEC (XBRL)· 26 Mar 2026verified

Depreciation & amortisation
2023
531.2 k
2024
538.8 k
2025
1.3 m

SEC (XBRL)· 26 Mar 2026verified

EBITDA
2023
-2.0 m ≈
2024
-7.9 m ≈
2025
-6.0 m ≈

SEC (XBRL)· 26 Mar 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 31 Mar 2023verified

Pre-tax income
2023
-2.4 m
2024
-11.2 m
2025
-7.0 m

SEC (XBRL)· 26 Mar 2026verified

Income tax
2023
24.0 k
2024
15.0 k
2025
13.0 k

SEC (XBRL)· 26 Mar 2026verified

Net income
2023
-2.5 m
2024
-11.2 m
2025
-7.0 m

SEC (XBRL)· 26 Mar 2026verified

Diluted EPS
2023
-0.26
2024
-1.04
2025
-0.33

SEC (XBRL)· 26 Mar 2026verified

Weighted average diluted shares
2023
9.7 m
2024
10.8 m
2025
21.0 m

SEC (XBRL)· 26 Mar 2026verified

Balance sheet · USD

Cash
2023
6.7 m
2024
19.3 m
2025
5.0 m

SEC (XBRL)· 26 Mar 2026verified

Receivables
2023
2.5 m
2024
1.3 m
2025
3.3 m

SEC (XBRL)· 26 Mar 2026verified

Inventories
2023
6.5 m
2024
7.6 m
2025
8.9 m

SEC (XBRL)· 26 Mar 2026verified

Current assets
2023
17.1 m
2024
28.3 m
2025
25.1 m

SEC (XBRL)· 26 Mar 2026verified

Property, plant & equipment, net
2023
2.6 m
2024
2.3 m
2025
2.9 m

SEC (XBRL)· 26 Mar 2026verified

Goodwill
2023
4.7 m
2024
4.7 m
2025
4.7 m

SEC (XBRL)· 26 Mar 2026verified

Intangibles (excl. goodwill)
2023
3.0 m
2024
2.4 m
2025
13.1 m

SEC (XBRL)· 26 Mar 2026verified

Total assets
2023
31.4 m
2024
43.2 m
2025
51.5 m

SEC (XBRL)· 26 Mar 2026verified

Accounts payable
2023
846.2 k
2024
941.4 k
2025
4.7 m

SEC (XBRL)· 26 Mar 2026verified

Long-term debt
2023
80.8 k
2024
—
2025
—

SEC (XBRL)· 01 Apr 2024verified

Current liabilities
2023
1.5 m
2024
1.5 m
2025
14.9 m

SEC (XBRL)· 26 Mar 2026verified

Total liabilities
2023
4.7 m
2024
5.7 m
2025
18.6 m

SEC (XBRL)· 26 Mar 2026verified

Equity
2023
26.7 m †
2024
37.5 m †
2025
32.9 m †

SEC (XBRL)· 26 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-3.5 m
2024
-5.3 m
2025
-8.7 m

SEC (XBRL)· 26 Mar 2026verified

Capex
2023
973.3 k
2024
42.9 k
2025
1.0 m

SEC (XBRL)· 26 Mar 2026verified

Free cash flow
2023
-4.4 m ≈
2024
-5.3 m ≈
2025
-9.7 m ≈

SEC (XBRL)· 26 Mar 2026derived

Investing cash flow
2023
-725.9 k
2024
-3.3 m
2025
-5.8 m

SEC (XBRL)· 26 Mar 2026verified

Financing cash flow
2023
-2.4 m
2024
21.2 m
2025
6.8 m

SEC (XBRL)· 26 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
165.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
9.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
48.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
36.7%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-26.4%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-34.7%
computed by olivLawTTM to 30 Jun 2026
Net margin
-33.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-59.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-19.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-14.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-16.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
3.8x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
1.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-13.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.1 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-14.2 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
88 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
117 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
74.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-13.2%
computed by olivLawTTM to 30 Jun 2026
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
3.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-19.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.48 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 74.5 m USD

Key indicators

Market capitalisation
74.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-19.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-33.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
165.0%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 11 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 2050derived 176

Score by group

72% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Communications Equipment, NEC (SIC 3669)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality36.7%0 (on a fixed band)15%
EBIT margin · Quality-34.7%36 (vs peers)12%
FCF margin · Quality-59.1%0 (on a fixed band)12%
Revenue CAGR 3Y · Growth9.1%36 (on a fixed band)24%
Revenue growth (YoY) · Growth165.0%100 (vs peers)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet3.8x100 (on a fixed band)9%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation-19.0%0 (on a fixed band)18%
Shareholder yield (distributions) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/2 factors with a value
  • Growth58/100 · 2/2 factors with a value
  • Quality11/100 · 3/3 factors with a value
  • Returns· partialunavailable · 0/1 factors with a value
  • Valuation· partial0/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AMPLITECH GROUP, INC. (AMPG). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 25.2 m USD in 2025; YoY growth 165.0%; net margin -33.4%; ROE -19.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue growth (YoY): 165.0%
  • Current ratio: 3.8x

What contradicts it

  • Gross margin: 36.7%
  • FCF margin: -59.1%
  • FCF yield: -19.0%

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).

Versus the vertical median

Communications Equipment, NEC (SIC 3669) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 22.6x
EV/EBITDA
—
vertical median 21.7x
P/S
3.1x
vertical median 1.6x
above median (+98.4%)
P/B
1.6x
vertical median 2.5x
below median (−35.4%)
ROE
-19.4%
vertical median -11.7%
below median
Net margin
-33.4%
vertical median -6.4%
below median
EBIT margin
-34.7%
vertical median 3.1%
below median (−1,222.6%)
Revenue YoY
165.0%
vertical median 4.9%
above median (+3,263.6%)
Net debt/EBITDA
—
vertical median 3.9x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LITELumentum Holdings Inc.56.8 bn—-245.8%-175.8%+83.2%+93% / +1,364%
ESEEsco Technologies Inc.6.2 bn19.821.4%24.4%+19.2%+13% / +128%
NSSCNapco Security Technologies, Inc1.1 bn25.923.4%21.6%+11.4%−21% / +4%
AIOTPowerfleet, Inc.381.2 m—-4.0%-4.2%+22.4%−43% / +22%
TBCHTurtle Beach Corporation303.7 m—-3.2%-1.1%−14.2%+22% / +50%
INSGInseego Corp.79.3 m25.3—-6.4%−13.1%−56% / +120%
AMPGAmplitech Group, Inc.74.5 m—-19.4%-33.4%+165.0%−21% / +41%
REKRRekor Systems, Inc.49.3 m—-62.8%-43.8%+5.3%−80% / −87%
KSCPKnightscope, Inc.34.7 m—-201.3%-217.3%+4.9%−91% / −98%
SNTSenstar Technologies Corporation33.7 m10.38.0%8.8%+1.7%−63% / +28%
UTSIUTStarcom Holdings Corp.19.2 m—-19.5%-88.5%−17.5%−16% / −42%
MTEKMaris-Tech Ltd.2.1 m—-168.6%-403.3%−77.9%−81% / −75%

1- and 3-year price returns: for AMPG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    AmpliTech Group designs RF and microwave amplifiers and components for satellite communications, 5G, defense and quantum computing. Sales rose sharply in 2025, mainly due to the 5G ORAN asset acquisition, and in the second quarter of 2026 revenue reached 8.07 million USD 2.

    SWOT

    Strengths

    • The company offers a broad range of RF amplifiers and components across many frequencies, with custom design capability for customers 1.
    • Gross margin rose markedly in the second quarter of 2026, indicating product profitability is recovering 3.

    Weaknesses

    • The company has reported net losses and an accumulated deficit in recent years, and research spending is rising 13.
    • Dependence on one major customer is high, and if that customer reduces orders, revenue could fall sharply 1.
    • Gross margin varies widely from quarter to quarter depending on product mix and shipments 23.

    Opportunities

    • If letters of intent convert into firm orders, the 5G ORAN products could become a major revenue source 13.
    • Growth in Spectrum's distribution business and expansion into quantum computing could diversify the revenue base 23.
    • Demand for satellite networks and defense systems could support new long-term orders 3.

    Threats

    • Tariffs and trade restrictions could raise component costs and delay deliveries 1.
    • Competitors with greater resources could cut prices or win away the company's customers 1.
    • Supplier delays and supply chain problems could disrupt production schedules 12.

    Risks

    • Customer concentrationhigh

      One customer generated most of the 2025 sales, and losing it would seriously affect results 1.

    • Titan agreement deliverieshigh

      Supplier Titan delayed deliveries and the company amended the agreement, which could delay 5G product development 2.

    • Non-binding ordersmedium

      The letter of intent for ORAN products does not guarantee firm orders, and orders could be delayed or cancelled 1.

    • Net losses and high spendingmedium

      The company has reported net losses across several years while research and sales spending grows, which could weigh on profitability 13.

    • Trade policy and tariffsmedium

      Changes in tariffs and trade measures could raise costs and affect customer demand 1.

    Investment thesis

    What would need to be true (bull case)

    • If revenue keeps growing from 5G orders and semiconductor distribution, the company could show a more diversified business model 23.
    • A recovering gross margin and a strengthened capital base after the rights exercise could fund development without major further dilution 23.
    • Positioning in satellites, defense and quantum computing could open long-term contracts with institutional customers 13.

    What would break the thesis

    • Dependence on one major customer and on Titan-related orders could make revenue highly volatile 12.
    • Gross margin has swung widely between quarters and net losses continue, which could prolong a period of weak profitability 23.
    • Larger competitors could cut prices or win the company's customers if it does not sustain its technology edge 1.

    What to watch

    • Conversion of the 5G ORAN letter of intent into firm orders and completed deliveriesQ2 2026 / 2027
    • Trend in customer concentration and quarterly gross marginQ3 2026
    • Fulfilment of conditions under Amendment No. 2 to the Titan agreementnext 10-Q
    • Execution of the stock repurchase program of up to 10 million USD2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The 2025 increase was driven mainly by the Titan asset acquisition, which brought 5G ORAN radio products for a major telecom provider; this customer accounted for 42.86% of total 2025 sales 1. The company has also developed MMIC and cryogenic amplifier lines for satellites, 5G networks and quantum computing 1.

    Segments

    RF amplifiers and passive components (AmpliTech Inc. and Specialty Microwave)

    This line includes low noise amplifiers, medium power amplifiers, cryogenic amplifiers and passive microwave components for aerospace, government, defense and satellite customers 1. Sales in this category rose 42.7% year over year in the second quarter of 2026 3.

    5G ORAN and MMIC products (AGMDC and AGTGSS)

    AGMDC designs monolithic microwave integrated circuits, while AGTGSS develops ORAN-compliant radio systems for telecom operators 1. The Titan asset purchase was amended by Amendment No. 2, which reduced the total purchase price and deferred part of the payment until delivery of the design package 2.

    Market context

    The company operates in satellite communications, 5G and 6G, defense, space and quantum computing markets, which show growing demand for high-frequency RF components 13. Management estimates these segments are in the billions of dollars, but does not disclose its own market share 3.

    Customers are concentrated in the United States, Europe and South Asia, and reliance on one major customer remains high 1. If semiconductor supply chains and tariffs keep fluctuating, costs and delivery timing could be affected 1.

    Trends

    • 5G and O-RAN network rollouttailwind

      Telecom operators are seeking O-RAN compatible radio equipment, which has opened demand for the company's 5G products, including orders from a major operator 13.

    • Satellite and space growthtailwind

      Demand for low noise amplifiers in satellite communications and space applications remains strong, and the microwave division grew sales in 2026 3.

    • Trade policy and tariffsheadwind

      Some US tariffs were invalidated, but others remain in force and new measures could raise costs and affect customer demand 1.

    Competitive position

    The company says it faces competition from established and emerging amplifier makers such as Lucix, Erzia and Narda-Miteq 1. Many competitors have longer operating histories and far greater financial and R&D resources 1.

    Large customers may diversify their suppliers, which could limit the company's market share gains unless it keeps its technology and pricing edge 1. Protecting intellectual property remains an important factor in competitiveness 1.

    • Lucix

      Amplifier industry competitor named in the company's risk factors; US listing not confirmed.

    • Erzia

      Emerging amplifier competitor identified in the source; listing status not specified.

    • Narda-Miteq

      Established microwave amplifier competitor named in the risk factors; US ticker not confirmed.

    • Large RF component suppliers to operators

      Companies supplying 5G equipment to operators may compete for the same contracts, per the source's competitive discussion.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AmpliTech Group, Inc. · 26 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AmpliTech Group, Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / AmpliTech Group, Inc. · 13 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.