Benzinga | Jun 24, 2021 09:44AM EDT

AmpliTech Group Reports Follow-On Order For Low Noise Amplifier Technology From Fortune 500 Global Defense/Aerospace Co., No Terms Disclosed

AmpliTech Group, Inc. (NASDAQ:AMPG), a designer, developer, and manufacturer of state-of-the-art signal-processing components for satellite and 5G communications networks, defense, space, and other commercial applications, announced today it has secured a follow-on order for its low noise amplifier (LNA) technology from a Fortune 500 global defense and aerospace customer. The products are expected to ship in Q3'21.

Fawad Maqbool, CEO, commented, "We are pleased to report continued progress in our business the past few months [that should enable favorable sequential and year-over-year revenue comparisons for our second quarter ending June 30th]. As the economy reopens in the wake of COVID-19, our target industries and customers are returning to more normal business and procurement patterns, creating a growing range of revenue opportunities for our Company.

"We recently secured a follow-on order for our Low Noise Amplifier technology from a long-standing global defense and aerospace customer. We are proud that the performance, quality and return on investment of our solutions continues to earn repeat business from global leaders. We are ramping-up our product development and sales and marketing efforts to position AmpliTech to supply cutting edge technologies for the build-out of satellite, 5G/6G communications and other specialty applications that require high quality signal processing solutions.

"With our strong financial position, including approximately $30M in net cash raised earlier this year, AmpliTech is very well positioned to execute our aggressive growth plans with existing resources."