AmpliTech Group, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsAmpliTech Group, Inc. is a designer and manufacturer of RF microwave components, 5G systems, semiconductor materials, and cryogenic amplifiers for satellite, defense, telecom, and quantum computing markets.
What they do
AmpliTech designs and assembles custom RF amplifiers (50kHz to 44GHz) including low noise, medium power, and cryogenic amplifiers, plus related subsystems. Through Specialty Microwave it makes SATCOM components and waveguides; Spectrum Semiconductor Materials distributes IC packaging and lids; AGMDC designs MMIC chips; and AGTGSS plans and configures 5G O-RAN radio systems. The company also acquired 5G ORAN radio IP from Titan Crest in March 2025.
Revenue drivers
- Amplifier and passive microwave components/subsystems — Sales increased 42.7% year-over-year in Q2 2026; core LNA product line is a key revenue generator.
- Spectrum Semiconductor Materials distribution — Globally authorized distributor of IC packaging and lids; contributes through distribution of semiconductor materials.
- 5G O-RAN radio products — Newly acquired IP from Titan Crest; management cites new ORAN 5G product sales as a sequential revenue growth contributor.
- Specialty Microwave — Manufactures precision SATCOM microwave components and subsystems for military and commercial markets, including flexible/rugged waveguides and adapters.
Recent performance
In Q2 2026, revenue was $8.07 million, up 50.9% sequentially from $5.35 million in Q1 2026. Gross profit rose 161.2% year-over-year to $2.25 million, with gross margin expanding to 27.9% from 7.8% in Q2 2025. Net loss widened to $(3.09) million from $(1.77) million in the prior-year quarter due to higher R&D and SG&A. As of June 30, 2026, cash and marketable securities were $12.95 million, working capital $22.93 million, and total stockholders' equity $46.75 million. Fiscal 2025 revenue was $25.2 million with a net loss of $7.0 million; annual revenue was $9.5 million in 2024.
Strategy
AmpliTech is scaling commercialization across 5G/telecom, SATCOM/space, defense/aerospace, and semiconductor/quantum computing. Management plans to invest in 5G product development, prototyping, and MMIC design, with Q2 2026 R&D including $1.08 million for 5G and $0.30 million for MMIC. The company is leveraging the Titan APA assets for O-RAN radio products and expanding Spectrum's distribution business. They also terminated the Maxim ATM agreement in July 2026 and authorized a $10 million stock repurchase program. Rights offering proceeds of $21.92 million gross were received in July 2026, bolstering liquidity.
Risks
- Revenue volatility — Annual revenue swung from $19.4M in 2022 to $9.5M in 2024 to $25.2M in 2025, showing significant fluctuation.
- Accumulated losses — Accumulated deficit reached $28.0 million as of December 31, 2025, with net losses continuing in 2025 and 2026.
- Titan APA milestone uncertainty — There is no assurance the Second Milestone of the Titan asset purchase will be achieved, which could impact expected benefits.
- Operating cash flow negative — Operating cash flow has been negative every year from 2021 to 2025, deepening to -$8.7M in 2025.
Outlook
Management believes existing cash and working capital will cover normal obligations and capital needs for at least the next 12 months. They expect continued monetization across the platform, with new ORAN 5G product sales and Spectrum expansion driving growth. The company is investing ahead of anticipated larger opportunities in 5G and MMIC. The Series A Rights exercise closed in July 2026, providing $20.12 million net proceeds.