AmpliTech (AMPG)
Market Price (7/30/2026): $4.52 | Market Cap: $109.7 MilSector: Information Technology | Industry: Communications Equipment
AmpliTech (AMPG)
Market Price (7/30/2026): $4.52Market Cap: $109.7 MilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 149% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Quantum Technologies. Themes include Telecom Infrastructure, Network Equipment, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -7.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -26% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 136% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% High stock price volatilityVol 12M is 112% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 27% Key risksAMPG key risks include [1] persistent net losses and a limited cash runway, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 149% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Quantum Technologies. Themes include Telecom Infrastructure, Network Equipment, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -7.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -26% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 136% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% |
| High stock price volatilityVol 12M is 112% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 27% |
| Key risksAMPG key risks include [1] persistent net losses and a limited cash runway, Show more. |
Qualitative Assessment
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Updated on 7/29/2026
AmpliTech (AMPG) stock has gained about 145% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance Drove Investor Confidence. AmpliTech Group reported its fiscal first quarter 2026 results on May 13, 2026, showing significant improvements. The company's revenue increased by 48.6% year-over-year to $5.35 million, with gross profit more than doubling and gross margin expanding significantly to 48% from 33% in the prior year period. Furthermore, the net loss improved by 17.3% year-over-year. The balance sheet was strengthened with approximately $18.4 million in cash and marketable securities as of March 31, 2026, and the company remained debt-free. Following this announcement, AMPG shares gained 15.7% the day after the earnings release and drifted 88.3% higher over the subsequent 74 days.
2. Accelerated Commercialization and Backlog Growth in 5G/O-RAN Solutions. AmpliTech experienced a pivotal shift of its multiple 5G, MMIC, satellite, and defense RF programs from research and development into commercialization phases. In April, shipments resumed under a previously announced $40 million Letter of Intent with a North American mobile network operator. The company also holds over $20 million in backlog orders, signaling robust demand. AmpliTech highlighted its unique position as the world's only provider of an O-RAN-certified 64T64R massive MIMO 5G radio, with ongoing commercialization across various applications.
Show more
AmpliTech (AMPG) stock has gained about 145% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance Drove Investor Confidence. AmpliTech Group reported its fiscal first quarter 2026 results on May 13, 2026, showing significant improvements. The company's revenue increased by 48.6% year-over-year to $5.35 million, with gross profit more than doubling and gross margin expanding significantly to 48% from 33% in the prior year period. Furthermore, the net loss improved by 17.3% year-over-year. The balance sheet was strengthened with approximately $18.4 million in cash and marketable securities as of March 31, 2026, and the company remained debt-free. Following this announcement, AMPG shares gained 15.7% the day after the earnings release and drifted 88.3% higher over the subsequent 74 days.
2. Accelerated Commercialization and Backlog Growth in 5G/O-RAN Solutions. AmpliTech experienced a pivotal shift of its multiple 5G, MMIC, satellite, and defense RF programs from research and development into commercialization phases. In April, shipments resumed under a previously announced $40 million Letter of Intent with a North American mobile network operator. The company also holds over $20 million in backlog orders, signaling robust demand. AmpliTech highlighted its unique position as the world's only provider of an O-RAN-certified 64T64R massive MIMO 5G radio, with ongoing commercialization across various applications.
Show more
Updated on 7/29/2026
AmpliTech (AMPG) stock has gained about 145% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance Drove Investor Confidence. AmpliTech Group reported its fiscal first quarter 2026 results on May 13, 2026, showing significant improvements. The company's revenue increased by 48.6% year-over-year to $5.35 million, with gross profit more than doubling and gross margin expanding significantly to 48% from 33% in the prior year period. Furthermore, the net loss improved by 17.3% year-over-year. The balance sheet was strengthened with approximately $18.4 million in cash and marketable securities as of March 31, 2026, and the company remained debt-free. Following this announcement, AMPG shares gained 15.7% the day after the earnings release and drifted 88.3% higher over the subsequent 74 days.
2. Accelerated Commercialization and Backlog Growth in 5G/O-RAN Solutions. AmpliTech experienced a pivotal shift of its multiple 5G, MMIC, satellite, and defense RF programs from research and development into commercialization phases. In April, shipments resumed under a previously announced $40 million Letter of Intent with a North American mobile network operator. The company also holds over $20 million in backlog orders, signaling robust demand. AmpliTech highlighted its unique position as the world's only provider of an O-RAN-certified 64T64R massive MIMO 5G radio, with ongoing commercialization across various applications.
3. Significant Follow-On Orders Reinforced Market Demand. During July 2026, AmpliTech Group secured more than $6 million in follow-on orders. Notably, nearly $4 million of these orders represented additional purchases under the existing Letter of Intent with the North American mobile network operator, indicating incremental demand beyond original quantities and continued customer confidence in AmpliTech's technology and execution capabilities. These orders included recently introduced products that have completed required ISED and FCC certifications, expanding the company's portfolio available for commercial deployment.
4. Successful Capital Raise to Fuel Growth Initiatives. The company successfully completed a Series A rights offering in July 2026, securing approximately $21.9 million in subscriptions. This capital infusion is expected to result in the issuance of about 4,384,163 new common shares, providing substantial funding to support AmpliTech's continued growth initiatives and strategic expansion, particularly within its rapidly advancing 5G infrastructure and quantum computing segments.
Show less
AmpliTech (AMPG) stock has gained about 145% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance Drove Investor Confidence. AmpliTech Group reported its fiscal first quarter 2026 results on May 13, 2026, showing significant improvements. The company's revenue increased by 48.6% year-over-year to $5.35 million, with gross profit more than doubling and gross margin expanding significantly to 48% from 33% in the prior year period. Furthermore, the net loss improved by 17.3% year-over-year. The balance sheet was strengthened with approximately $18.4 million in cash and marketable securities as of March 31, 2026, and the company remained debt-free. Following this announcement, AMPG shares gained 15.7% the day after the earnings release and drifted 88.3% higher over the subsequent 74 days.
2. Accelerated Commercialization and Backlog Growth in 5G/O-RAN Solutions. AmpliTech experienced a pivotal shift of its multiple 5G, MMIC, satellite, and defense RF programs from research and development into commercialization phases. In April, shipments resumed under a previously announced $40 million Letter of Intent with a North American mobile network operator. The company also holds over $20 million in backlog orders, signaling robust demand. AmpliTech highlighted its unique position as the world's only provider of an O-RAN-certified 64T64R massive MIMO 5G radio, with ongoing commercialization across various applications.
3. Significant Follow-On Orders Reinforced Market Demand. During July 2026, AmpliTech Group secured more than $6 million in follow-on orders. Notably, nearly $4 million of these orders represented additional purchases under the existing Letter of Intent with the North American mobile network operator, indicating incremental demand beyond original quantities and continued customer confidence in AmpliTech's technology and execution capabilities. These orders included recently introduced products that have completed required ISED and FCC certifications, expanding the company's portfolio available for commercial deployment.
4. Successful Capital Raise to Fuel Growth Initiatives. The company successfully completed a Series A rights offering in July 2026, securing approximately $21.9 million in subscriptions. This capital infusion is expected to result in the issuance of about 4,384,163 new common shares, providing substantial funding to support AmpliTech's continued growth initiatives and strategic expansion, particularly within its rapidly advancing 5G infrastructure and quantum computing segments.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 142.6% change in AMPG stock from 3/31/2026 to 7/29/2026 was primarily driven by a 135.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.90 | 4.61 | 142.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 27 | 6.9% |
| P/S Multiple | 1.8 | 4.2 | 135.7% |
| Shares Outstanding (Mil) | 23 | 24 | -3.8% |
| Cumulative Contribution | 142.6% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| AMPG | 142.6% | |
| Market (SPY) | 12.2% | 11.9% |
| Sector (XLK) | 25.3% | 21.5% |
Fundamental Drivers
The 54.2% change in AMPG stock from 12/31/2025 to 7/29/2026 was primarily driven by a 52.3% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.99 | 4.61 | 54.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23 | 27 | 19.4% |
| P/S Multiple | 2.7 | 4.2 | 52.3% |
| Shares Outstanding (Mil) | 21 | 24 | -15.2% |
| Cumulative Contribution | 54.2% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| AMPG | 54.2% | |
| Market (SPY) | 7.3% | 27.5% |
| Sector (XLK) | 15.8% | 30.1% |
Fundamental Drivers
The 117.5% change in AMPG stock from 6/30/2025 to 7/29/2026 was primarily driven by a 149.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.12 | 4.61 | 117.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 27 | 149.2% |
| P/S Multiple | 4.0 | 4.2 | 4.3% |
| Shares Outstanding (Mil) | 20 | 24 | -16.3% |
| Cumulative Contribution | 117.5% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| AMPG | 117.5% | |
| Market (SPY) | 19.1% | 29.3% |
| Sector (XLK) | 32.1% | 31.2% |
Fundamental Drivers
The 99.6% change in AMPG stock from 6/30/2023 to 7/29/2026 was primarily driven by a 243.4% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.31 | 4.61 | 99.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 27 | 46.4% |
| P/S Multiple | 1.2 | 4.2 | 243.4% |
| Shares Outstanding (Mil) | 10 | 24 | -60.3% |
| Cumulative Contribution | 99.6% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| AMPG | 99.6% | |
| Market (SPY) | 70.4% | 20.8% |
| Sector (XLK) | 95.2% | 21.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AMPG Return | 11803% | -46% | -11% | 173% | -42% | 64% | 14704% |
| Peers Return | 21% | -27% | 34% | -3% | 13% | 23% | 58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| AMPG Win Rate | 42% | 25% | 50% | 42% | 42% | 57% | |
| Peers Win Rate | 60% | 30% | 62% | 47% | 50% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| AMPG Max Drawdown | -74% | -59% | -55% | -73% | -76% | -57% | |
| Peers Max Drawdown | -22% | -42% | -25% | -29% | -40% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MTSI, QRVO, SWKS, ADI, NXPI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)
How Low Can It Go
| Event | AMPG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.4% | -18.8% |
| % Gain to Breakeven | 62.3% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.0% | -7.8% |
| % Gain to Breakeven | 25.0% | 8.5% |
| Time to Breakeven | 65 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.6% | -9.5% |
| % Gain to Breakeven | 46.2% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -58.8% | -24.5% |
| % Gain to Breakeven | 142.5% | 32.4% |
| Time to Breakeven | 927 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.2% | -33.7% |
| % Gain to Breakeven | 96.7% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
In The Past
AmpliTech's stock fell -38.4% during the 2025 US Tariff Shock. Such a loss loss requires a 62.3% gain to breakeven.
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Asset Allocation
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| Event | AMPG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.4% | -18.8% |
| % Gain to Breakeven | 62.3% | 23.1% |
| Time to Breakeven | 37 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.6% | -9.5% |
| % Gain to Breakeven | 46.2% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -58.8% | -24.5% |
| % Gain to Breakeven | 142.5% | 32.4% |
| Time to Breakeven | 927 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.2% | -33.7% |
| % Gain to Breakeven | 96.7% | 50.9% |
| Time to Breakeven | 338 days | 140 days |
In The Past
AmpliTech's stock fell -38.4% during the 2025 US Tariff Shock. Such a loss loss requires a 62.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About AmpliTech (AMPG)
AmpliTech Group, Inc. (AMPG) specializes in the design, engineering, and assembly of advanced microwave component-based amplifiers and related subsystems. The company develops crucial radio frequency (RF) technology that is integral to a wide array of communication and sensing systems. Essentially, AmpliTech manufactures the specialized electronic components that enable signals to be clearly received, processed, and transmitted in various high-tech applications.
The company's core product portfolio includes several types of amplifiers: low noise amplifiers (LNAs) for enhancing signal reception in systems like Wi-Fi, radar, satellite, and cell phone communications, and medium power amplifiers (MPAs) which boost signal output and gain in transceiver chains. Beyond amplifiers, AmpliTech also produces oscillators, such as phase locked and dielectric resonator oscillators, vital for frequency generation and control in transceivers, and filters that precisely manage and block unwanted frequencies within communication systems. Additionally, AmpliTech offers custom assembly designs and non-recurring engineering services, providing tailored solutions on a project-by-project basis.
AmpliTech serves critical, high-reliability markets, with its primary customers found in the aerospace, government, defense, and commercial satellite industries. Its specialized components are essential for the performance of advanced communication, navigation, and surveillance systems in these sectors. The company distributes its products globally, reaching customers through sales representatives and distributors across North America, Europe, and Asia.
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Here are a few analogies for AmpliTech (AMPG):
They're like a specialized Analog Devices or Qorvo, providing critical high-performance microwave components for aerospace, defense, and satellite communication.
Imagine them as the Skyworks Solutions for demanding applications like radar and satellite systems, focusing on essential microwave amplifiers and filters.
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- Low Noise Amplifiers (LNAs): Amplifiers designed for receivers in various communication systems to amplify weak signals with minimal added noise.
- Medium Power Amplifiers (MPAs): Amplifiers that provide increased output power and gain within transceiver chains.
- Oscillators: Components, such as phase locked and dielectric resonator oscillators, used for transceiver applications.
- Filters: Devices utilized in communication systems to discriminate or block out specific frequencies.
- Custom Assembly Designs: Engineering services for creating bespoke product designs tailored to specific project requirements.
- Non-Recurring Engineering (NRE) Services: Project-based engineering and development services for specialized design and implementation.
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AmpliTech (AMPG) sells its products and services primarily to other companies and organizations, rather than individuals.
Based on the company's public disclosures and description, AmpliTech's customers are found across several key industries and sectors:
- Aerospace Industry
- Government Sector (including defense agencies and contractors)
- Defense Industry
- Commercial Satellite Industry
AmpliTech has stated in its public filings that no single customer accounted for 10% or more of its revenue, indicating a diversified customer base across these sectors. Therefore, specific names of major customer companies are not publicly disclosed by AmpliTech.
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Fawad Maqbool, Chief Executive Officer, President, CTO, Chairman, and Treasurer
Mr. Maqbool founded AmpliTech in 2002. He has over 30 years of experience in the microwave business. Prior to AmpliTech, he spent nearly 14 years as a Department Head at MITEQ Inc., where he was responsible for the design and development of state-of-the-art amplifiers and components. He also founded AmpliComm, a company focused on custom cryogenic and fiber optic amplifiers and components, which was acquired by Aeroflex, Inc. (ARXX) in 2000. He holds a B.S.E.E. in microwave engineering and Bio-Medical Engineering from CUNY and an M.S.E.E from Polytechnic University of New York.
Louisa Sanfratello, Chief Financial Officer, Principal Accounting Officer, Director, and Secretary
Ms. Sanfratello is a Certified Public Accountant (CPA) with certification since 1998. Her professional career started in 1987 at the public accounting firm of Holtz, Rubinstein & CO. Her experience includes the preparation of official financial documents, day-to-day financial management, and cash flow projections for various organizations.
Jorge Flores, Chief Operating Officer
Mr. Flores joined AmpliTech at the end of March 2021.
Tom Wright, Vice President of Sales & Business Development
Mr. Wright possesses over 40 years of experience in designing and selling satellite networks across 70 countries. He has also founded international satellite companies.
Daniel Richard Mazziota, Technical / Business Advisor and Independent Director
Mr. Mazziota serves as a Technical / Business Advisor to AmpliTech Group and is also an Independent Director on the Board.
Mr. Maqbool founded AmpliTech in 2002. He has over 30 years of experience in the microwave business. Prior to AmpliTech, he spent nearly 14 years as a Department Head at MITEQ Inc., where he was responsible for the design and development of state-of-the-art amplifiers and components. He also founded AmpliComm, a company focused on custom cryogenic and fiber optic amplifiers and components, which was acquired by Aeroflex, Inc. (ARXX) in 2000. He holds a B.S.E.E. in microwave engineering and Bio-Medical Engineering from CUNY and an M.S.E.E from Polytechnic University of New York.
Louisa Sanfratello, Chief Financial Officer, Principal Accounting Officer, Director, and Secretary
Ms. Sanfratello is a Certified Public Accountant (CPA) with certification since 1998. Her professional career started in 1987 at the public accounting firm of Holtz, Rubinstein & CO. Her experience includes the preparation of official financial documents, day-to-day financial management, and cash flow projections for various organizations.
Jorge Flores, Chief Operating Officer
Mr. Flores joined AmpliTech at the end of March 2021.
Tom Wright, Vice President of Sales & Business Development
Mr. Wright possesses over 40 years of experience in designing and selling satellite networks across 70 countries. He has also founded international satellite companies.
Daniel Richard Mazziota, Technical / Business Advisor and Independent Director
Mr. Mazziota serves as a Technical / Business Advisor to AmpliTech Group and is also an Independent Director on the Board.
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The key risks to AmpliTech's business include intense competition and rapid technological advancements, dependence on global supply chains and exposure to geopolitical risks, and challenges in achieving consistent profitability and converting non-binding orders into definitive revenue.
1. Intense Competition and Rapid Technological Advancements
AmpliTech Group Inc. operates in a highly competitive amplifier industry, facing challenges from both established and emerging players, which could significantly impact its market share and overall profitability. As a technology company, AmpliTech is exposed to risks associated with rapid technological advancements and the continuous competitive pressures that necessitate ongoing innovation and product development.
2. Global Supply Chain Dependence and Geopolitical Risks
The company's operations are heavily reliant on the global supply chain, which has historically experienced constraints and increased costs. These factors can adversely affect production capabilities and the recognition of revenue. Furthermore, AmpliTech is exposed to geopolitical risks, including potential changes in international trade relationships and various global conflicts, which could lead to disruptions in its operations and supply chains.
3. Challenges in Achieving Consistent Profitability and Revenue Recognition
Despite experiencing revenue growth, AmpliTech has faced significant challenges in achieving consistent profitability, reporting negative net margins and operating margins. The company has incurred substantial losses from operations and net losses, reflecting increased operating expenses and decreased sales. A significant portion of AmpliTech's projected revenue is dependent on converting non-binding letters of intent for large purchase orders into definitive agreements, which may not always materialize as expected.
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AmpliTech Group, Inc. operates in several addressable markets for its specialized microwave components and engineering services. The market sizes for their main products and services are as follows:
- Low Noise Amplifiers (LNAs): The global Low Noise Amplifier market was valued at USD 4.6 billion in 2025 and is projected to reach USD 17.5 billion by the end of 2035, growing at a Compound Annual Growth Rate (CAGR) of 14.1% from 2026 to 2035. North America is identified as the fastest-growing region for LNAs. The U.S. Low Noise Amplifier Market was estimated at USD 0.85 Billion in 2023 and is projected to grow at a CAGR of 9.06%. This market growth is driven by demand from defense, space, telecommunications infrastructure, and radar applications.
- RF Power Amplifiers (including Medium Power Amplifiers): The global RF Power Amplifier Market is projected to be valued at US$12.7 billion in 2026 and is expected to reach US$26.7 billion by 2033, expanding at a CAGR of 11.2%. This growth is significantly influenced by defense upgrades, telecommunications growth (especially 5G), and satellite communication expansion. North America led the RF power amplifier market in 2023 with a 37% market share.
- Phase-Locked Oscillators: The global Phase-Locked Crystal Oscillator (PLXO) market size was valued at approximately USD 1.8 billion in 2023 and is projected to reach around USD 3.2 billion by 2032, exhibiting a CAGR of 6.5%. The broader Phase-Locked Loops (PLL) Market, which includes oscillators, was valued at USD 2.45 Billion in 2025 and is projected to reach USD 4.41 Billion by 2033, at a 6.81% CAGR from 2026-2033. Key applications include telecommunications, aerospace and defense, and consumer electronics. North America dominated the Phase-Locked Loops Market with approximately 40.25% revenue share in 2025.
- Dielectric Resonator Oscillators: While specific market size for Dielectric Resonator Oscillators is not distinctly separated in all reports, they are a component of the broader global Resonator and Oscillator Market, which was USD 3.80 Billion in 2025 and is expected to grow to USD 5.82 Billion by 2032, at a CAGR of 5.46%. Dielectric Resonator Oscillators are noted for their use in radar, point-to-point links, and mmWave equipment. The global high Q value dielectric resonator market, which includes resonators used in oscillators, is projected to reach an estimated value of USD 1.2 billion by 2028 with a CAGR of approximately 7.5%.
- Filters (Radio Frequency Filters and Dielectric Resonator Filters): The global RF filter market was valued at USD 14.3 billion in 2024 and is projected to reach USD 56.4 billion by 2034, driven by a CAGR of 14.8%. North America is a significant market, with the U.S. accounting for 87.4% of the North American market in 2024. The global dielectric resonator filter market is valued at approximately USD 1.8 billion in 2024 and is anticipated to reach around USD 3.5 billion by 2033, reflecting a CAGR of 8.2%. These filters are crucial in telecommunications, aerospace & defense (radar systems, satellite communication), and wireless communication.
- Custom Assembly Designs and Non-Recurring Engineering Services: This falls under the broader Aerospace Engineering Services Outsourcing Market. This global market was valued at USD 173.68 Billion in 2025 and is expected to reach USD 1628.78 Billion by 2035, growing at a CAGR of 25.09%. This growth is fueled by increasing reliance on external expertise for complex design, validation, manufacturing, and maintenance processes in the aerospace sector. North America commands an estimated 37% share of this market in 2025.
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Here are 3-5 expected drivers of future revenue growth for AmpliTech (symbol: AMPG) over the next 2-3 years:
- 5G ORAN Technology and Infrastructure Systems: AmpliTech's strategic focus on, and successful integration of, 5G Open Radio Access Network (ORAN) technology is a significant driver of future revenue. The company positions itself as a vertically integrated supplier for next-generation open-RAN 5G radios and private network deployments in the U.S. Management projects substantial annual revenue growth, particularly through its AmpliTech Group True G Speed Services (AGTGSS) division, which is seen as a primary catalyst due to the expanding global ORAN market.
- Quantum Computing Market Expansion: The development and commercialization of ultra-low-noise cryogenic amplifiers serve as critical enablers for the growing quantum computing market. AmpliTech's expansion into global research sectors with these advanced amplifier platforms is expected to drive significant revenue growth in the coming years.
- Growth in Low-Noise Amplifiers (LNA) and Low-Noise Blocks (LNB): AmpliTech continues to experience strong momentum in its core products, including low-noise amplifiers and low-noise blocks. These components are essential for signal processing across various communication systems, including 5G infrastructure, and are expected to contribute to sustained revenue growth.
- New Product Development and R&D Investment: Increased investment in research and development (R&D), specifically targeting areas like MIMO, P64 ORAN radios, and private 5G network systems, is anticipated to lead to the launch of new products. This ongoing innovation and the acquisition of new product certifications are expected to enhance AmpliTech's global market reach and revenue potential.
- Expansion of Customer Base and Follow-on Orders: AmpliTech anticipates securing follow-on orders from existing publicly announced Letters of Intent (LOIs) and expects to acquire new customers in 2026 and beyond. This expansion of its customer base and the conversion of existing agreements into recurring business are key contributors to projected revenue growth.
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Share Repurchases
- AmpliTech Group, Inc. has shown a consistently negative average 3-year buyback yield, indicating net share dilution rather than share repurchases over the last several years.
Share Issuance
- The company frequently utilized equity offerings to raise capital, including a $9 million unit offering announced in January 2026.
- In December 2024, AmpliTech closed multiple registered direct offerings, raising aggregate gross proceeds of approximately $21.1 million.
- AmpliTech issued 188,442 restricted shares of common stock, valued at $665,200, as part of the Spectrum Semiconductor Materials Inc. acquisition in December 2021. Additionally, $5 million in restricted common stock was issued for the acquisition of Titan Crest, LLC in March 2025.
Outbound Investments
- In December 2021, AmpliTech acquired Spectrum Semiconductor Materials Inc. for approximately $10.12 million, comprising cash and restricted common stock.
- AmpliTech entered into an agreement in March 2025 to acquire assets, including intellectual property, of Titan Crest, LLC for $8 million, paid with $3 million in cash and $5 million in restricted shares of common stock.
Capital Expenditures
- AmpliTech Group, Inc.'s trailing twelve months (TTM) capital expenditures were $946.62K.
- The company's highest capital expenditure over the past five years was $1.26 million, recorded on June 30, 2023.
- In Q3 2025, capital expenditures totaled $443K, allocated to funding long-term assets and infrastructure. The company also established an MMIC chip design center in Texas in 2021 to advance its vertical integration strategy.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| AmpliTech Earnings Notes | 12/16/2025 | |
| Would You Still Hold AmpliTech Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 159.11 |
| Mkt Cap | 13.2 |
| Rev LTM | 3,829 |
| Op Inc LTM | 455 |
| FCF LTM | 529 |
| FCF 3Y Avg | 876 |
| CFO LTM | 741 |
| CFO 3Y Avg | 1,061 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.9% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 21.0% |
| QoQ Delta Rev Chg LTM | 4.9% |
| Op Inc Chg LTM | 44.2% |
| Op Inc Chg 3Y Avg | 4.4% |
| Op Mgn LTM | 15.7% |
| Op Mgn 3Y Avg | 13.4% |
| QoQ Delta Op Mgn LTM | 1.9% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 24.2% |
| FCF/Rev LTM | 16.3% |
| FCF/Rev 3Y Avg | 18.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing and Engineering | 17 | 4 | 6 | ||
| Distribution | 8 | 6 | 9 | ||
| Corporate | 0 | 0 | 0 | ||
| AmpliTech Inc. | 6 | 3 | |||
| Spectrum | 14 | 2 | |||
| Total | 25 | 10 | 16 | 19 | 5 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 1 | 1 | 2 | ||
| Corporate | -2 | -5 | -1 | -1 | -2 |
| Manufacturing and Engineering | -6 | -7 | -4 | ||
| AmpliTech Inc. | -2 | -3 | |||
| Spectrum | 3 | 0 | |||
| Total | -7 | -11 | -2 | -1 | -5 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing and Engineering | 18 | 27 | 11 | ||
| Corporate | 17 | 0 | 3 | 2 | 5 |
| Distribution | 17 | 16 | 17 | ||
| AmpliTech Inc. | 18 | 15 | |||
| Spectrum | 17 | 15 | |||
| Total | 51 | 43 | 31 | 37 | 35 |
Price Behavior
Price Behavior
| Market Price | $4.61 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 06/03/2013 | |
| Distance from 52W High | -52.5% | |
| 50 Days | 200 Days | |
| DMA Price | $6.26 | $3.73 |
| DMA Trend | up | up |
| Distance from DMA | -26.3% | 23.6% |
| 3M | 1YR | |
| Volatility | 149.5% | 112.4% |
| Downside Capture | -90.15 | 279.43 |
| Upside Capture | 349.46 | 279.90 |
| Correlation (SPY) | 9.2% | 29.6% |
AMPG Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.15 | 0.91 | 1.06 | 2.53 | 2.69 | 1.70 |
| Up Beta | -3.76 | -3.44 | 0.23 | 0.52 | 0.88 | 1.88 |
| Down Beta | 2.08 | 3.09 | 1.76 | 3.08 | 3.57 | 1.37 |
| Up Capture | 605% | 861% | 586% | 821% | 1284% | 688% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 23 | 35 | 62 | 128 | 348 |
| Down Capture | -36% | -352% | -201% | 184% | 171% | 109% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 18 | 27 | 62 | 121 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMPG | |
|---|---|---|---|---|
| AMPG | 44.7% | 112.2% | 0.85 | - |
| Sector ETF (XLK) | 26.8% | 25.0% | 0.90 | 31.1% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 30.0% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | 1.2% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | 5.8% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | -3.8% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 28.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMPG | |
|---|---|---|---|---|
| AMPG | 2.7% | 106.4% | 0.48 | - |
| Sector ETF (XLK) | 17.9% | 25.6% | 0.63 | 23.1% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 22.6% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 4.9% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 7.0% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 12.0% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 16.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AMPG | |
|---|---|---|---|---|
| AMPG | -3.6% | 113.9% | 0.45 | - |
| Sector ETF (XLK) | 23.4% | 24.8% | 0.86 | 23.3% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 23.1% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 3.8% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 6.4% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 17.0% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 15.7% | 78.6% | 242.3% |
| 1/5/2026 | 11.3% | 0.0% | -5.8% |
| 8/14/2025 | -12.7% | -13.2% | 16.6% |
| 8/14/2024 | -2.5% | -18.7% | -16.8% |
| 3/31/2023 | 10.4% | 7.6% | 27.6% |
| 8/17/2021 | -8.5% | -6.5% | -3.9% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 3 | 3 | 3 |
| Median Positive | 11.3% | 7.6% | 27.6% |
| Median Negative | -8.5% | -13.2% | -5.8% |
| Max Positive | 15.7% | 78.6% | 242.3% |
| Max Negative | -12.7% | -18.7% | -16.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | 15.7% | 78.6% | 242.3% |
| 1/5/2026 | 11.3% | 0.0% | -5.8% |
| 8/14/2025 | -12.7% | -13.2% | 16.6% |
| 8/14/2024 | -2.5% | -18.7% | -16.8% |
| 3/31/2023 | 10.4% | 7.6% | 27.6% |
| 8/17/2021 | -8.5% | -6.5% | -3.9% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 3 | 3 | 3 |
| Median Positive | 11.3% | 7.6% | 27.6% |
| Median Negative | -8.5% | -13.2% | -5.8% |
| Max Positive | 15.7% | 78.6% | 242.3% |
| Max Negative | -12.7% | -18.7% | -16.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/28/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/28/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 03/25/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 07/19/2019 | 10-Q |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mazziota, Daniel Richard | Direct | Sell | 6242026 | 7.71 | 10,000 | 77,146 | 1,834,092 | Form | |
| 2 | Mazziota, Daniel Richard | Direct | Sell | 6242026 | 8.46 | 7,157 | 60,532 | 2,095,361 | Form | |
| 3 | Flores, Jorge Luis | Chief Operating Officer | Direct | Sell | 6022026 | 5.36 | 30,000 | 160,863 | 407,520 | Form |
| 4 | Sanfratello, Louisa | Chief Financial Officer | Direct | Sell | 5292026 | 4.80 | 50,000 | 240,140 | 288,168 | Form |
| 5 | Mazziota, Daniel Richard | Direct | Sell | 5262026 | 4.95 | 10,000 | 49,537 | 1,262,698 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mazziota, Daniel Richard | Direct | Sell | 6242026 | 7.71 | 10,000 | 77,146 | 1,834,092 | Form | |
| 2 | Mazziota, Daniel Richard | Direct | Sell | 6242026 | 8.46 | 7,157 | 60,532 | 2,095,361 | Form | |
| 3 | Flores, Jorge Luis | Chief Operating Officer | Direct | Sell | 6022026 | 5.36 | 30,000 | 160,863 | 407,520 | Form |
| 4 | Sanfratello, Louisa | Chief Financial Officer | Direct | Sell | 5292026 | 4.80 | 50,000 | 240,140 | 288,168 | Form |
| 5 | Mazziota, Daniel Richard | Direct | Sell | 5262026 | 4.95 | 10,000 | 49,537 | 1,262,698 | Form | |
| 6 | Modi, Shailesh | Direct | Buy | 1132026 | 2.90 | 2,000 | 5,800 | 49,300 | Form | |
| 7 | Maqbool, Fawad | CEO | Direct | Buy | 10262025 | 2.68 | 1,000 | 2,680 | 7,087,006 | Form |
| 8 | Maqbool, Fawad | CEO | Direct | Buy | 10262025 | 2.73 | 500 | 1,365 | 7,216,766 | Form |
| 9 | Maqbool, Fawad | CEO | Direct | Buy | 10262025 | 2.92 | 2,000 | 5,840 | 7,717,307 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Communications Equipment Resources |
| Light Reading |
| Fierce Network |
| Telecoms.com |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 7/29/2026