AmpliTech Group (NASDAQ: AMPG), a designer, developer and manufacturer of state-of-the-art communications components for satellite communications, space, telecom and defense markets, today released financial results for the first quarter of 2021 (“Q1’21”) and reviewed its outlook for Q2’21 and beyond. Among the recent highlights, the company reported record Q1 bookings and a record backlog of $2.4M at close of Q1’21. “Our Q1 results continued to be negatively affected by the COVID-19 pandemic’s impact on the planning and procurement process of high-tech research and corporate organizations, resulting in a temporary reduction in demand for our products and services. Fortunately, we are already beginning to see a reopening of our markets and expect this to progress gradually as the year unfolds. We expect this trend to benefit AmpliTech going forward, along with potential pent-up demand for solutions in 5G, satellite, cyber security, quantum computing and other markets that have developed over the past year,” said AMPG president, CTO and CEO Fawad Maqbool. “AmpliTech has a track record of developing and launching industry benchmark products on accelerated timelines and at more attractive pricing than is possible by our competitors, many of which are very large and diversified. During the past year of COVID-19 related constraints across the industries we serve, we focused our strategy and team on new product development and positioning our company to participate in hyper-growth opportunities presented in satellite communications, the build out of true 5G infrastructure, as well as quantum computing and deep space exploration.”
To view the full press release, visit https://ibn.fm/Atyha
About AmpliTech Group Inc.
AmpliTech Group designs, develops and manufactures custom and standard state-of-the-art RF components for the domestic and international, SATCOM, space, defense and military markets. These designs cover the frequency range from 50 kHz to 40 GHz — eventually offering designs up to 100 GHz. AmpliTech also provides consulting services to help with any microwave components or system design problems. The company’s steady growth over the past 13-plus years is driven based on its ability to provide complex, custom solutions for nearly any requirements. In addition, AmpliTech has the best assemblers, wires and technicians in the industry and can provide contract assembly of customers’ own designs. For more information about the company, visit www.AmpliTechinc.com.
NOTE TO INVESTORS: The latest news and updates relating to AMPG are available in the company’s newsroom at https://ibn.fm/AMPG
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