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Amplitech Group Inc. (AMPG-1.67%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in revenue from $15,584,577 in 2023 to $9,508,372 in 2024, attributed to reduced global demand and recessionary market dynamics affecting customers across all divisions.
Cost of goods sold decreased to $6,023,265 in 2024 from $8,308,949 in 2023, resulting in a gross profit of $3,485,107, down from $7,275,628 the previous year.
Selling, general, and administrative expenses increased slightly to $7,856,471 from $7,511,319, primarily due to higher professional fees and stock compensation.
The company reported a net loss of $11,242,404 for 2024, compared to a net loss of $2,465,439 in 2023. This includes a $3,248,911 loss on investment in digital assets.
Research and development expenses rose to $3,590,695 from $2,341,845, reflecting increased investment in 5G and MMIC design projects.
During 2024, Amplitech repaid a $1,300,000 loan in full, which was used for working capital and 5G licensing fees.
The company completed several financing rounds, raising approximately $21 million through the issuance of common stock.
Amplitech entered into an asset purchase agreement with Titan Crest, LLC, to acquire assets related to 5G ORAN radio products, contingent on specific conditions.
A revolving line of credit for up to $750,000 was established with Dime Community Bank for general working purposes.
The company entered a non-binding letter of intent for a potential $78 million order of Oran radios, with deliveries expected to start in FY2025.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.