AmpliTech reports FY 2024 financial results with total revenue of $10.25 million and $11 million net loss due to fraud

From GlobeNewswire: 2025-04-01 07:00:00

AmpliTech Group, Inc. (Nasdaq: AMPG) reported FY 2024 financial results, including $10.25 million in total revenue and a net loss of $11 million due to factors like cryptocurrency fraud. The company has strong liquidity with $28.3 million in current assets, $27 million in working capital, and zero debt.

Despite market challenges, AmpliTech secured $21 million in capital and key multi-year contracts in FY 2024. The company is now focused on commercial scaling in its 5G division, with developments like lab testing of a CAT B ORAN Massive MIMO radio achieving speeds exceeding 1 Gbps.

AmpliTech recently signed a transformative $78M Letter of Intent (LOI) and acquired ORAN-related IP to expand its 5G offerings. With over $100 million in potential revenue from current agreements, the company is well-positioned to capitalize on increasing industry demand for 5G/6G solutions.

CEO Fawad Maqbool highlighted the company’s commitment to innovation and value creation, focusing on empowering companies to build future communication infrastructures. AmpliTech designs state-of-the-art RF microwave components for global markets and has a strong track record of delivering custom solutions.



Read more at GlobeNewswire:: AmpliTech Reports FY 2024 Financial Results