AmpliTech Group, Inc. (NASDAQ: AMPG) announced its financial results for the fiscal year ended December 31, 2025, highlighting a 165% revenue surge to $25.2 million from $9.5 million in the prior year. The growth was fueled by strong demand for low noise amplifiers (LNA) and low noise block (LNB) products, expanded 5G product lines, and increased sales to telecommunications and satellite communications customers. The company's Spectrum division also benefited from a rebound in Asian markets.
Gross profit rose to $6.0 million from $3.5 million, though gross margin contracted to 23.9% from 36.7%. This compression reflects 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 market penetration to recurring, high-volume business.
Operating expenses increased, with sales, general, and administrative costs rising to $10.7 million from $7.9 million, driven by growth in personnel, professional fees, and trade show activity. Research and development expenses decreased to $2.7 million from $3.6 million, attributed to the completion of the flagship Massive MIMO 64T64R O-RAN CAT B Radio Network development program.
Net loss improved significantly to $7.0 million from $11.2 million, a reduction of 38%, supported by higher gross profit and the elimination of non-recurring charges. Operating loss also improved to $7.3 million from $8.4 million. The company continues to advance its O-RAN compliant radio portfolio, with the Massive MIMO 64T64R product receiving an O-RAN compliance certificate, delivering true 5G speeds with enhanced coverage and capacity.
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 $5.0 million in cash, $6.7 million in subscription proceeds held in escrow, and working capital of $10.2 million. The company raised additional capital through a rights offering and a registered direct offering to support growth initiatives. Management believes its cash on hand and anticipated cash from operations is sufficient to fund operations for at least the next twelve months.
Fawad Maqbool, Chairman, President, and CEO of AmpliTech Group, stated, 'Our fiscal 2025 results reflect significant progress in scaling our business and expanding into the 5G infrastructure market. The 165% increase in revenue demonstrates the strength of our product portfolio and the 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 in the years ahead.'
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