Hauppauge, NY, September 19, 2024 - PRISM MediaWire - AmpliTech Group, Inc. (Nasdaq: AMPG, AMPGW), a leader in the design, development, and manufacturing of advanced signal processing components for satellite communications, public and private 5G networks, and other communications technologies, announced a major financial milestone in September 2024. The company received a cash payment exceeding $700,000 from a single product sale within its Spectrum Semiconductor Materials Division at the end of August. This significant sale marks a continued trend of growth for the division, which specializes in packaging and lids for integrated circuit assembly.
In addition to the cash inflow, AmpliTech reported that its September bookings have surpassed the $1 million mark, driven by an uptick in quoting activity that began at the start of Q3 2024. This surge in demand highlights the increasing interest in AmpliTech’s product offerings, particularly as the company continues to expand its presence in the fast-growing 5G and 6G markets.
The company also reported an initial contribution to sales from its AGTGSS Division, which secured a hardware-only sale from its private 5G portfolio of products. This division plays a critical role in AmpliTech’s strategy to participate in full end-to-end 5G deployment opportunities, positioning the company to capitalize on the global shift toward more advanced communications infrastructure.
CEO and CTO Fawad Maqbool expressed his enthusiasm about the recent developments, noting, "We are thrilled to report that our September bookings have exceeded $1 million, further supported by the substantial cash payment of over $700,000 from our Spectrum Division. These achievements are positive indicators of the effectiveness of our marketing efforts and enhance our company’s cash position." He added that AmpliTech anticipates additional exciting projects in the pipeline, with announcements expected before the year’s end.
Overall, these milestones reflect AmpliTech’s ongoing success in executing its growth strategy, expanding its market presence, and meeting the increasing demand for cutting-edge communications technologies. The company remains focused on driving future sales and seizing new opportunities in the rapidly evolving telecommunications landscape.
About AmpliTech Group
AmpliTech Group, Inc., comprising five divisions—AmpliTech Inc., Specialty Microwave, Spectrum Semiconductors Materials, AmpliTech Group Microwave Design Center, and AmpliTech Group True G Speed Services—is a leading designer, developer, manufacturer, and distributor of cutting-edge radio frequency (RF) microwave components and 5G network solutions. Serving global markets including satellite communications, telecommunications (5G & IoT), space exploration, defense, and quantum computing, AmpliTech Group is committed to advancing technology and innovation. For more information, please visit www.amplitechgroup.com
Company Contact:
Jorge Flores
Tel. 631-521-7831
Email: Investors@amplitechgroup.com
Source: AmpliTech Group, Inc.