Second Quarter 2026
Filed Aug 13, 2026AmpliTech Group Reports Q2 2026 Revenue of $8.07 Million, Up 50.9% Sequentially, and Gross Profit Growth of 161.2% Year-over-Year
Revenue rose approximately 50.9% sequentially and gross profit increased 161.2% year-over-year, but gross margin declined from 48.0% in Q1 and net loss widened to $(3.09) million as research and development and selling, general and administrative expenses increased.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $8.07 million | approximately 50.9% | – |
| Gross profitother | $2.25 million | – | 161.2% |
| Gross marginother | 27.9% | – | – |
| Research and development expenseother | $1.37 million | – | – |
| 5G expenses included in Q2 R&Dother | approximately $1.08 million | – | – |
| MMIC design expenses included in Q2 R&Dother | $0.30 million | – | – |
| Net lossother | $(3.09) million | – | – |
| Working capitalother | approximately $22.93 million | – | – |
| Current ratioother | approximately 3.76 | – | – |
| Cash, cash equivalents and marketable securitiesother | approximately $12.95 million | – | – |
| Accounts receivableother | $6.25 million | – | – |
| Total current assetsother | approximately $31.25 million | – | – |
| Total assetsother | approximately $58.51 million | – | – |
| Total stockholders’ equityother | approximately $46.75 million | – | – |
Outlook outlook
- NoteScaling commercialization and recurring production revenue
- NoteAdvancing 5G O-RAN radio and MMIC programs
- NoteGrowing Spectrum’s semiconductor distribution business
- NoteImproving operational efficiency and margin performance as product and shipment mix evolves
- NoteMaintaining disciplined investment in engineering, testing, manufacturing capacity and business development
- NoteSupporting long-term sustainable growth and shareholder value creation
Capital returns
- On July 7, 2026, the Board of Directors authorized a stock repurchase program of up to $10 million of the Company’s outstanding common stock over the following 24 months, subject to market conditions, applicable law and other considerations.
What drove it
- Revenue increased approximately 50.9% sequentially from $5.35 million in the first quarter of 2026 to $8.07 million.
- Sales in the amplifier and related passive microwave components and subsystems business increased 42.7% year-over-year.
- The Company cited new ORAN 5G product sales, expansion of Spectrum’s distribution business and continued sales growth in amplifier and passive microwave products as contributors to revenue.
- The Company received more than $6 million in follow-on orders during July 2026 alone, including nearly $4 million in additional orders under its previously announced Letter of Intent with a North American mobile network operator.
- Gross margin was materially above the 7.8% reported in the second quarter of 2025.
Concerns
- Gross margin was 27.9% in Q2, below the 48.0% achieved in Q1, with management attributing quarter-to-quarter performance to product and shipment mix.
- Net loss was $(3.09) million, compared with $(1.77) million in the prior-year quarter.
- Research and development expense increased to $1.37 million from $0.66 million in the prior-year quarter.
- The Company cited higher selling, general and administrative expenses, including amortization, legal fees, stock-based compensation, marketing and business development activity, as contributors to the net loss.
- The release did not provide quantitative forward revenue, margin, operating-expense, tax-rate or earnings guidance.
What to watch
- Conversion of more than $6 million in follow-on orders received during July 2026 into reported revenue.
- Additional orders under the previously announced Letter of Intent with a North American mobile network operator.
- Gross-margin performance as product and shipment mix evolves.
- Commercial progress in 5G O-RAN radio, MMIC and Spectrum semiconductor distribution programs.
- The pace of research and development, marketing and business development investment relative to operating leverage.
- Execution of the stock repurchase program of up to $10 million over the following 24 months.
Balance sheet and cash flow
- Cash, cash equivalents and marketable securities totaled approximately $12.95 million as of June 30, 2026.
- Working capital was approximately $22.93 million as of June 30, 2026, compared with approximately $10.16 million at December 31, 2025.
- The current ratio was approximately 3.76.
- Total current assets were approximately $31.25 million as of June 30, 2026.
- Total assets were approximately $58.51 million as of June 30, 2026.
- Total stockholders’ equity was approximately $46.75 million as of June 30, 2026.
- On July 22, 2026, the Company received approximately $21.92 million in gross proceeds and approximately $20.12 million in net proceeds after fees and expenses from the Series A Rights exercise process.
- The Company believes it will be able to meet obligations arising from normal business operations and provide for capital requirements for at least the next 12 months.
Analysis
AmpliTech reported $8.07 million of second-quarter revenue, up approximately 50.9% sequentially from $5.35 million in the first quarter of 2026. Management identified new ORAN 5G product sales, Spectrum distribution expansion, and continued amplifier and passive microwave product sales as contributors. Sales in the amplifier and related passive microwave components and subsystems business increased 42.7% year-over-year. The company also disclosed more than $6 million in follow-on orders during July 2026 alone, including nearly $4 million under its previously announced Letter of Intent with a North American mobile network operator.
Gross profit rose 161.2% year-over-year to $2.25 million from $0.86 million, and gross margin improved to 27.9% from 7.8% in the second quarter of 2025. However, margin declined from the 48.0% achieved in Q1. Management said quarter-to-quarter margin can vary with product and shipment mix, making the sustainability of margin performance a central operating issue as commercialization expands.
Profitability remained under pressure from investment. Research and development expense increased to $1.37 million from $0.66 million in the prior-year quarter, including approximately $1.08 million of 5G expenses and $0.30 million of MMIC design expenses. The net loss widened to $(3.09) million from $(1.77) million. Management also cited increased selling, general and administrative expenses, including amortization, legal fees, stock-based compensation, marketing and business development activity.
Liquidity strengthened during and after the reported quarter. At June 30, 2026, cash, cash equivalents and marketable securities were approximately $12.95 million, working capital was approximately $22.93 million, and the current ratio was approximately 3.76. In July, the Series A Rights exercise process generated approximately $21.92 million in gross proceeds and approximately $20.12 million in net proceeds after fees and expenses. The board also authorized a stock repurchase program of up to $10 million over the following 24 months.
The outlook is qualitative rather than quantified. Management is focused on scaling commercialization and recurring production revenue, advancing 5G O-RAN radio and MMIC programs, growing Spectrum’s semiconductor distribution business, and improving operational efficiency and margin performance. The principal evidence to monitor is the conversion of July follow-on orders and additional mobile-network-operator activity into revenue, alongside whether revenue growth supports improved operating leverage without further pressure on margins or losses.
Management, verbatim
The second quarter showed strong sequential revenue momentum, with revenue increasing approximately 51% from Q1 to $8.07 million and gross profit increasing more than 160% year-over-year,
Fawad Maqbool, Chief Executive Officer of AmpliTech Group
Gross margin was 27.9% in Q2, below the 48.0% achieved in Q1 but materially above the 7.8% reported in Q2 2025. Quarter-to-quarter margin performance can vary based on product and shipment mix, and we remain focused on improving operating leverage as our business scales.
Fawad Maqbool, Chief Executive Officer of AmpliTech Group
During Q2, we increased investment in R&D, particularly in 5G and MMIC development, and expanded marketing and business development activities. These investments affected the near-term bottom line, but they are intended to support broader commercialization and future operating scale.
Fawad Maqbool, Chief Executive Officer of AmpliTech Group
Not in the filing
stated, not guessed- Total revenue prior-year comparison and year-over-year change
- Segment revenue amounts for amplifier and related passive microwave components and subsystems, 5G/telecommunications, SATCOM and space, defense and aerospace, and semiconductor and quantum computing
- Operating income or loss
- GAAP and non-GAAP earnings per share
- Non-GAAP revenue, gross profit, gross margin, operating income or loss, net income or loss, and earnings per share
- Operating cash flow
- Free cash flow
- Debt or total liabilities
- Dividend declaration or payment
- Quantitative forward revenue guidance
- Quantitative forward gross-margin guidance
- Quantitative forward operating-expense guidance
- Quantitative forward tax-rate guidance
- Previous-quarter outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.