AmpliTech Q2 Loss Widens to $3.1M, Revenue Drops 26%
AMPG has more than doubled off its 52-week low of $1.64.
Summary
AmpliTech reported a Q2 loss of $3.1M, up from $1.8M a year ago, on revenue that fell to $8.1M from $11M. The company blamed higher R&D spending on 5G and MMIC development plus marketing costs. Working capital of $22.9M covers obligations for at least 12 months. Shares dropped 27% premarket to $4.38. This follows the $3.2M digital currency fraud loss disclosed in June and the recent $10M buyback announcement.
Updates
· Benzinga — Q2 revenue was $8.07M, up 50.9% sequentially and above the $8M estimate; loss per share was $0.12 vs $0.02 expected; R&D spending more than doubled to $1.37M, including $1.08M for 5G; gross margin improved to 27.9% from 7.8%; cash was $12.95M.
At the time of this announcement, AMPG was trading at $4.42 on NASDAQ in the Technology sector, with a market capitalization of approximately $151.8M. The 52-week trading range was $1.64 to $10.11. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.