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, up from $9.5 million in fiscal 2024. The growth was 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 company's Spectrum division also benefited from a rebound in Asian markets.
Gross profit grew to $6.0 million from $3.5 million in the prior year, though gross margin compressed to 23.9% from 36.7%. Management attributed the margin compression to strategic investments in building long-term relationships with global Tier 1 network operators by offering competitively priced, carrier-grade O-RAN compliant 5G radios. The company expects gross margins to improve as it transitions from initial market penetration to recurring, high-volume business with established operators.
Operating expenses increased, with sales, general, and administrative costs rising to $10.7 million from $7.9 million, reflecting growth in personnel, professional fees, amortization, insurance, and trade show activity. Research and development expenses declined to $2.7 million from $3.6 million in 2024, due to the completion of the company's 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 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.
AmpliTech continues to advance its portfolio of O-RAN compliant radio systems, including its Massive MIMO 64T64R product, which has received an O-RAN compliance certificate. This product delivers true 5G speeds with enhanced signal strength, improved coverage, and increased user capacity. In March 2025, the company entered into a non-binding letter of intent for the purchase of up to $78 million of its O-RAN radios, representing a significant potential multi-year opportunity. As of March 23, 2026, AmpliTech has received approximately $5 million in funded purchase orders from customers, demonstrating early commercial momentum.
As of December 31, 2025, AmpliTech held cash and cash equivalents of approximately $5.0 million, subscription proceeds held in escrow of $6.7 million, and working capital of $10.2 million. During fiscal 2025, the company raised additional capital through a rights offering and a registered direct offering to support growth initiatives. Management believes its cash on hand and anticipated cash from operations is sufficient to fund operations for at least the next twelve months.
Chairman, President, and CEO Fawad Maqbool commented, “Our fiscal 2025 results reflect significant progress in scaling our business and expanding into the 5G infrastructure market. The 165% increase in revenue demonstrates the strength of our product portfolio and the accelerating demand we are seeing 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 in the years ahead.”
