AmpliTech Group, Inc. designs, engineers, and assembles micro-wave component based amplifiers. The company's products include radio frequency amplifiers and related subsystems, such as low noise amplifiers for use in receivers of various communication systems comprise Wi-Fi, radar, satellite, base station, cell phone, radio, etc.; medium power amplifiers to provide increased output power and gain in transceiver chains; oscillators that consist of phase locked oscillators and dielectric resonator oscillators for transceiver applications; and filters that discriminate or block out frequencies in communication systems. It also provides custom assembly designs and non-recurring engineering services on a project-by-project basis. The company serves aerospace, government, defense, and commercial satellite industries. It sells its products through sales representatives or distributors in North America, Europe, and Asia. AmpliTech Group, Inc. was founded in 2002 and is based in Bohemia, New York.
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The Qorvo of specialized, high-performance RF and microwave components.
Like a precision Analog Devices focusing on ultra-low noise and high-frequency RF components.
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Low Noise Amplifiers (LNAs): Specialized RF amplifiers that enhance weak radio signals while minimizing added noise, crucial for sensitive receivers.
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RF Amplifiers: Devices designed to boost the power of radio frequency signals across various applications, including communications and radar.
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Monolithic Microwave Integrated Circuits (MMICs): Integrated circuits that combine multiple RF components onto a single semiconductor chip, often custom-designed for specific applications.
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Passive RF Components: A range of devices such as filters, attenuators, and couplers that process radio frequency signals without requiring external power.
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Cryogenic Components: RF devices, particularly amplifiers, engineered to operate at extremely low temperatures to achieve superior noise performance for applications like quantum computing and radio astronomy.
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AmpliTech (symbol: AMPG) primarily sells its advanced radio frequency (RF) components and integrated microwave assemblies to other companies (B2B).
While AmpliTech's public filings indicate a significant concentration of revenue from a limited number of customers (e.g., their top three customers represented 71% of revenue for the year ended December 31, 2022), the company does not publicly disclose the specific names of these major customer companies due to confidentiality agreements or competitive reasons. Therefore, specific company names and their symbols cannot be provided.
However, based on AmpliTech's stated target markets and product applications, their major customers would typically fall into the following categories of companies:
- Telecommunications Equipment Manufacturers: Companies that design and build 5G infrastructure, next-generation wireless communication systems, and satellite communication ground stations and payloads. These customers integrate AmpliTech's low-noise and power amplifiers into their network equipment and satellite systems.
- Defense Contractors and Government Agencies: Entities involved in military applications such as radar systems, electronic warfare, secure communications, missile guidance, and space exploration. AmpliTech's high-performance RF components are crucial for these demanding environments.
- High-Tech Research and Development Firms (including Quantum Computing): Companies and research institutions engaged in cutting-edge technology development, particularly in areas like quantum computing, where extremely low-noise and precise RF signal processing is critical.
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Fawad Maqbool, President and CEO (Founder) / CTO
Mr. Maqbool founded AmpliTech in 2002. He has been in the microwave business for 30 years, holding a BSEE in microwave engineering and a BSEE in Bio-Medical Engineering from CUNY, and an MSEE from Polytechnic University of New York. Before AmpliTech, he founded AmpliComm, which was acquired by Aeroflex, Inc. in 2000, where he developed custom cryogenic and fiber optic amplifiers and components. He also served as Department Head for almost 14 years at MITEQ Inc., designing and developing state-of-the-art amplifiers and components.
Louisa Sanfratello, Chief Financial Officer
Ms. Sanfratello is a Certified Public Accountant (CPA) with a professional career that began in 1987 at the public accounting firm Holtz, Rubinstein & CO., where she gained two years of experience before earning her CPA. She has worked in various organizations across different industries since 1998, focusing on preparing official financial documents and day-to-day financial management, as well as cash flow projection.
Jorge Flores, Chief Operating Officer
Mr. Flores joined AmpliTech at the end of March 2021, bringing over 30 years of combined Operations and Program Management experience to the company.
Dan Mazziota, Technical / Business Advisor
Mr. Mazziota founded Microwave Power Devices, Inc. in 1967 and subsequently sold it to M/A-COM in 1981. M/A-COM is a leading telecommunications and defense electronics company.
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AmpliTech Group (AMPG) primarily operates in the markets of 5G/Open RAN (ORAN) infrastructure, satellite communications, quantum computing, and the Internet of Things (IoT), providing advanced radio frequency (RF) and microwave components and systems, including low noise amplifiers (LNAs) and complete 5G/6G solutions. The addressable markets for these main products and services are substantial and are projected to grow significantly in the coming years.
5G/Open RAN (ORAN) Infrastructure
- The global 5G Technology Market was estimated at USD 78.45 billion in 2022 and is expected to reach approximately USD 11,948.72 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 65.4% from 2023 to 2032. Other estimates place the global 5G technology market at USD 195.43 billion in 2025, reaching USD 457.95 billion by 2030 with a CAGR of 18.57%, or USD 243.20 billion in 2024, projected to grow to USD 10,020.32 billion by 2035 at a CAGR of 40.22%.
- The global Open RAN (ORAN) market was valued at USD 3.4 billion in 2025 and is projected to reach USD 29 billion by 2030. Another projection suggests a CAGR of 33.4%, with the market exceeding USD 42 billion globally by 2030.
- The global private 5G network market was estimated at USD 2 billion in 2023 and is expected to grow at a CAGR of 54.1% from 2024 to 2030.
- The global massive MIMO market was valued at USD 4.8 billion in 2024 and is anticipated to grow at a CAGR of 37.9% between 2025 and 2034.
Satellite Communication
- The global satellite communication market size was estimated at USD 16.9 billion in 2024 and is projected to reach USD 33.2 billion by 2029, with a CAGR of 14.5% from 2024 to 2029. Other reports indicate the global market was USD 31.22 billion in 2023 and is projected to grow to USD 70.89 billion by 2032 at a CAGR of 9.6%. Another estimate pegs the market at USD 92.3 billion in 2024, climbing to USD 214.6 billion by 2034 with an 8.8% CAGR.
- For North America, the satellite communication market is projected to grow from USD 6.5 billion in 2024 to USD 11.5 billion by 2029, at a CAGR of 12.1%. The U.S. SATCOM market alone is projected to reach an estimated value of USD 25.15 billion by 2032.
- The global satellite ground station market was valued at USD 53.8 billion in 2024 and is projected to grow at a CAGR of 12.8% from 2025 to 2034.
Quantum Computing
- The cryogenic low noise amplifier market, essential for quantum computing, was valued at USD 20.46 billion in 2023 and is projected to reach USD 42.83 billion by 2031, growing at a CAGR of 11.25%.
- The global quantum computing hardware market is expected to grow at a 37.3% CAGR, exceeding USD 9 billion globally by 2032.
Internet of Things (IoT)
- The global Internet of Things (IoT) market size was valued at USD 1.18 trillion in 2023 and is projected to reach USD 2.65 trillion by 2030, with a CAGR of 11.4% from 2024 to 2030. Other estimations show the global IoT market size as USD 714.48 billion in 2024, projected to grow to USD 4,062.34 billion by 2032, exhibiting a CAGR of 24.30%, or USD 3,454.2 billion by 2033 from USD 492.7 billion in 2023, growing at a CAGR of 21.5%.
- North America held the largest IoT market revenue share of 36.1% in 2023. The North America IoT market was valued at USD 195.48 billion in 2023 and USD 232.86 billion in 2024. The U.S. IoT market is foreseen to reach USD 151.68 billion in 2025.
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AmpliTech (AMPG) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
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Expansion in 5G Open Radio Access Network (ORAN) Solutions: AmpliTech's AGTGSS division is focused on delivering end-to-end ORAN 5G network solutions for mobile network operators and enterprises. The company views the significant expansion of the global ORAN market, projected to reach $29 billion by 2030, as its primary revenue catalyst. AmpliTech has secured Letters of Intent (LOIs) totaling over $118 million from major Asian and North American mobile network operators for its 5G ORAN products, with portions already converted into funded purchase orders. The company has also developed advanced 5G Open RAN solutions, including a provisional pending patent for a Massive MIMO 64T64R radio platform designed for urban and military applications.
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Growth in Quantum Computing and Cryogenic Amplifiers: AmpliTech is actively involved in the quantum technology sector through its development and deployment of proprietary low-noise cryogenic High Electron Mobility Transistor (HEMT) amplifiers. These specialized amplifiers are crucial for enabling quantum computers to operate efficiently at ultra-low temperatures. The company has delivered these advanced amplifiers to Fortune 50 quantum computing leaders, universities, and research institutions, establishing itself as a key U.S.-based manufacturer in this high-growth emerging market.
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Launch of New RF, Microwave, and Satellite Products: AmpliTech consistently introduces new product lines to enhance its offerings in the RF industry. Recent launches include passive components like Directional Couplers, Power Dividers, and Quadrature Hybrids, which complement its existing active Low Noise Amplifier (LNA) product line. Additionally, the company has introduced new MMIC-based Low Noise Amplifiers, Coaxial In-Line LNAs, and Coaxial In-Line Band Pass Filters, catering to diverse applications including satellite communications, 5G, and defense.
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Penetration of Tier 1 Customer Bases and New Market Verticals: The company is strategically focused on expanding its customer base by penetrating Tier 1 telecom operators and OEM partnerships in multi-billion dollar 5G markets. AmpliTech aims to expand its quantum and cryogenic amplifier commercialization into global research sectors. Furthermore, the company is positioned to benefit from the increasing demand for secure, domestically manufactured networking equipment and government incentives, being one of the few U.S.-based end-to-end ORAN 5G solution providers.
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Leveraging Strategic Investments and Operational Efficiency for Profitability: While not a direct revenue driver, AmpliTech's strategic investments in 5G ORAN technology and ongoing R&D efforts are intended to translate into sustained revenue growth through higher-margin products and repeat orders. The company anticipates gross margins will recover to double digits in the second half of 2025 as one-time costs diminish and more profitable follow-on orders materialize, aiming for positive operating cash flow and profitability in fiscal year 2026. This operational improvement is expected to support the realization of significant revenue from its backlog and LOIs.
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Share Issuance
- In December 2024, AmpliTech conducted a registered direct offering of 2,173,920 shares of common stock at $4.60 per share, generating gross proceeds of approximately $10,000,032.
- As of October 2025, AmpliTech announced a transferable rights offering to issue up to 8,000,000 Units at $4.00 per Unit, with each Unit comprising one share of common stock and rights to purchase additional shares, potentially leading to a maximum issuance of 24,000,000 shares if all rights are exercised.
- On December 15, 2021, the company issued 188,442 unregistered shares of common stock, valued at $665,200, as part of the acquisition cost for an asset purchase.
Outbound Investments
- On November 19, 2021, AmpliTech Group acquired substantially all the assets of Spectrum Semiconductor Materials (SSM), a global authorized distributor of IC packaging and lids, for an aggregate purchase price of $10,123,276.
Capital Expenditures
- For the 12 months leading up to February 2021, capital expenditures amounted to approximately $516,732.
- In 2021, the company opened a Monolithic Microwave Integrated Circuit (MMIC) chip design center in Texas to implement proprietary amplifier designs into MMIC components.
