AmpliTech Group, Inc. Q3 FY2023 earnings call

• Reported revenue of $3.4 million and gross profit of $1.5 million in Q3 2023, with a gross profit margin of 43.8%. • Anticipate an uptick in semiconductor material sales starting in 2024. • Spectrum and Specialty divisions each booked nearly $1 million over the last three months. • Introduced new product lines including Low Noise Amplifiers, Coaxial In-Line LNAs, Coaxial In-Line Band Pass Filters, and over 70 SKUs of new patch product lines. • Soon to release Ka band LNBs, which along with X-Band LNBs are essential for satellite systems. • Continues with five-year strategic plan, with cash and liquid marketable securities totaling $8.6 million as of September 30th.

In the third quarter, AmpliTech reported revenue of $3.4 million and gross profit of $1.5 million, with a gross profit margin of 43.8%. The lower margin was due to lower sales volumes in semiconductor package distribution. The Spectrum and Specialty divisions each booked nearly $1 million over the last three months.

• Expect revenue in 2024 to be transformative, potentially doubling current year's revenue. • Aim to bring in at least $4 million in revenue for Q4 2023. • Anticipate MMIC contribution from CDI to start materializing in Q1 2024.

Q: Could you update on the scope of the pipeline and how long it takes to actualize given industry weakness?

A: Pipeline is around $80 million, and next year revenue should be at least double current year's. Goals are to complete R&D efforts by year end and book key contracts before year end that convert to sales next year.

Q: Color on new MIMIC chips, impact on Q3 results and revenue mix going forward?

A: Made a deal with CDI for MMICs, expect CDI to move MMICs well, with contribution starting to materialize in Q1 2024 for released MMIC SKUs.