AmpliTech Group, Inc. (NASDAQ: AMPG) reported financial results for the fiscal year ended December 31, 2025, showcasing a 165% year-over-year revenue increase to $25.2 million, compared to $9.5 million in fiscal 2024. The growth was primarily 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 expanded to $6.0 million from $3.5 million, though gross margin compressed to 23.9% from 36.7%. This compression reflects the Company’s strategic investment in building long-term relationships with global Tier 1 network operators by offering competitively priced, carrier-grade O-RAN compliant 5G radios. Management expects gross margins to improve significantly as the Company transitions from initial market penetration into recurring, high-volume business with established operators.
Operating expenses increased to $10.7 million in SG&A, up from $7.9 million, due to growth in personnel, professional fees, amortization, insurance, 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 to $7.0 million from $11.2 million in fiscal 2024, a reduction of approximately 38%, supported by higher gross profit and the elimination of significant non-recurring charges. Operating loss improved to $7.3 million from $8.4 million.
Strategically, the Company continues to advance its O-RAN compliant radio portfolio, with its Massive MIMO 64T64R product receiving an O-RAN compliance certificate. In March 2025, AmpliTech entered a non-binding letter of intent for the purchase of up to $78 million of its O-RAN radios. 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. Management believes its cash position and anticipated cash from operations are sufficient 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."
For more information, visit the company's newsroom at https://tinyurl.com/ampgnewsroom.
