AmpliTech Group, Inc. (NASDAQ: AMPG) reported financial results for the fiscal year ended December 31, 2025, highlighting a 165% increase in revenue to $25.2 million, up from $9.5 million in fiscal 2024. The growth was fueled by higher sales of low noise amplifier (LNA) and low noise block (LNB) products, expanded 5G product lines, and robust demand from telecommunications and satellite communications customers. The Spectrum division also benefited from a rebound in Asian markets.
Gross profit grew to $6.0 million from $3.5 million, though gross margin compressed to 23.9% from 36.7% in the prior year. The company attributed the margin decline to strategic investments in building long-term relationships with global Tier 1 network operators by offering competitively priced, carrier-grade O-RAN compliant 5G radios. Management expects margins to improve as the company transitions from initial market penetration to recurring, high-volume business.
Operating expenses increased to $10.7 million from $7.9 million, reflecting growth in personnel, professional fees, amortization, insurance, and trade show activity. Research and development expenses decreased to $2.7 million from $3.6 million due to the completion of the flagship Massive MIMO 64T64R O-RAN CAT B Radio Network development program. Net loss improved to $7.0 million from $11.2 million, a reduction of 38%, supported by higher gross profit and the elimination of non-recurring charges recorded in 2024. Operating loss improved to $7.3 million from $8.4 million.
The company continues to advance its portfolio of O-RAN compliant radio systems, including its flagship Massive MIMO 64T64R product, which has received an O-RAN compliance certificate. In March 2025, AmpliTech entered into a non-binding letter of intent for the purchase of up to $78 million of its O-RAN radios, representing a significant multi-year opportunity. As of March 23, 2026, the company has received approximately $5 million in funded purchase orders, demonstrating early commercial momentum.
As of December 31, 2025, AmpliTech held cash and cash equivalents of $5.0 million, subscription proceeds held in escrow of $6.7 million, and working capital of $10.2 million. The company raised additional capital through a rights offering and a registered direct offering during fiscal 2025. Management believes its cash position is sufficient to fund operations for at least the next twelve months.
"Our fiscal 2025 results reflect significant progress in scaling our business and expanding into the 5G infrastructure market," said Fawad Maqbool, Chairman, President, and CEO. "The 165% increase in revenue demonstrates the strength of our product portfolio and accelerating demand for open, standards-based 5G solutions. While we made deliberate investments in market penetration that compressed near-term margins, we believe these relationships with Tier 1 operators, combined with our $78 million letter of intent and initial funded purchase orders, position AmpliTech for sustained, high-margin revenue growth."
