AmpliTech Group, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting revenue of $2.834 million and gross profits of $1.347 million, representing a gross profit margin of 47.6%. This marks an approximate 5% increase in gross profit margin from the previous quarter, despite inflationary pressures and softer global demand affecting sales.
The company reported a net loss of $1.1 million for Q3 2024, which is a reduction compared to the $1.57 million loss in Q2 2024. This loss was primarily attributed to lower global and domestic sales, increased corporate expenses, and ongoing R&D efforts and licensing expenses for new product development.
AmpliTech highlighted its strong liquidity, with cash and cash equivalents and accounts receivables totaling $2,352,468 and working capital of $10,072,061 as of September 30, 2024. The company also noted securing two strategically significant five-year agreements: one with Fujitsu Spain for Private 5G network products and another with a Fortune 1000 US-based company for Low-Noise Breakdown (LNB) converter units, both expected to generate initial purchase orders imminently.
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