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Amplitech Group, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in sales to $2,834,512 from $3,387,169 in the same quarter the previous year. This decrease is attributed to reduced demand due to global economic uncertainty.
Cost of goods sold for the quarter was $1,486,583, representing 52.45% of sales, compared to 56.22% in the same quarter of the previous year.
The company reported a gross profit of $1,347,929 for the quarter, compared to $1,482,781 in the previous year.
Selling, general, and administrative expenses decreased to $1,864,245 from $1,984,452, primarily due to reductions in salaries and office expenses.
Research and development expenses increased to $572,422 from $425,573, attributed to higher rent and software licensing costs.
Net loss for the quarter was $1,189,683, up from $887,709 in the previous year, primarily due to a loss on investment in digital assets.
Cash used in operating activities was $4,128,869, while cash used in investing and financing activities was $3,275,342 and $1,754,735, respectively.
Amplitech had cash and cash equivalents of $1,076,537 as of September 30, 2024, with a working capital of $10,072,061.
The company reported a complete loss of $3,248,911 from an investment in digital assets due to a fraudulent transaction.
Amplitech continues to focus on expanding its product lines and has entered into a licensing agreement to enhance its 5G telecom offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amplitech Group Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.