HAUPPAUGE, N.Y., Aug. 14, 2024 (GLOBE NEWSWIRE) -- AmpliTech Group, Inc. (NASDAQ:AMPG, AMPGW)), a designer, developer, and manufacturer of state-of-the-art signal processing components for satellite, Public and Private 5G, and other communications networks, including the design of complete 5G/6G systems and a global distributor of packages and lids for integrated circuits assembly, today announced its financial results for the second quarter ended June 30, 2024. The company plans to host an investor call within two weeks after today. Q2 2024 Highlights Revenue of $2.5 million, with gross profits of $1.05M (42%). The company maintained a healthy gross profit margin of approximately 42% amidst inflationary pressures. Significant decrease in global demand and recessionary market dynamics continued to be a factor affecting the majority of our customers across all products lines. Semiconductor distribution sales also decreased due to softer international demand, mainly from Hong Kong, which is controlled by China now. The company reported a loss of $1.57M for Q2 2024, attributable largely to a combination of unexpected lower global and domestic sales, increased corporate expenses and our continuing R&D efforts to obtain licensing and certifications required for the development and market release of the new 5G products. As of June 30, 2024, we had cash and cash equivalents of $1,014,204, and working capital of $9,995,731. Our inventory position remains healthy with over $7M of raw materials and finished goods available to support immediate customer needs. The company is ready to serve its customers as normal demand for our products is expected to resume in the upcoming quarters due to an increased stream of RFQ activity in the beginning of the third quarter. The company is securing alternative financing such as advance payments from customers and non-dilutive financing in order to supplement its cash flow and working capital. Forward-Looking Update Key Highlights to provide revenue guidance for upcoming quarters: Massive MIMO ORAN 5G 64T/64R cellular radio designed for towers and base stations is in its 3rd month of testing at the OTIC center at Northeastern University, which is powered by AT&T and Verizon. It is the most advanced radio of its kind to replace current 4G LTE and other obsolete equipment and is moving flawlessly towards completion in 2 to 3 months. It is planned for full deployment in public 5G networks by public MNOs (Mobile Network Operators) to fulfill the mandates to provide open, flexible architecture developed mainly by US companies. Amplitech Group is the ONLY US based 5G radio and network equipment provider. This positions the company to replace existing equipment from foreign and Chinese vendors due to security and economic concerns. Furthermore, the company has now positioned itself with a full, end to end, Private 5G products solution. This offering integrates ...