AmpliTech Q2 Loss Widens to $3.1M, Stock Plunges 26% Premarket
AMPG has more than doubled off its 52-week low of $1.64.
Summary
AmpliTech reported Q2 revenue of $8.07M, up 50.9% sequentially and slightly above the $8M analyst estimate, but the net loss widened to $3.09M from $1.77M a year ago. The loss per share of $0.12 was far worse than the $0.02 expected, driven by R&D spending that more than doubled to $1.37M, including $1.08M for 5G development. Gross margin improved sharply to 27.9% from 7.8%, and cash stood at $12.95M. The stock fell 26.38% to $4.41 in premarket trading Friday, reflecting disappointment over the wider loss despite revenue growth. This follows the 10-Q filed yesterday that flagged material weaknesses in financial controls, adding to investor concerns.
At the time of this announcement, AMPG was trading at $4.30 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: Benzinga.