Operational liquidity is under pressure as evidenced by a deeply negative free cash flow margin of -58.7% in 2026Q1, driven largely by persistent working capital requirements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | -9.82M | -8.68M | -5.3M | -3.47M | -3.43M | -2.2M | -521.49K | -20.02K | 352.3K | -166.83K | 346.66K | 29.81K | -53.81K | -188.52K | 62.82K | -4.92K | -117 |
| Operating CF Margin % | - | -34.46% | -55.7% | -22.27% | -17.66% | -41.69% | -15.08% | -0.64% | 14.7% | -12.08% | 17.03% | 2.01% | -4.22% | -15.41% | 6.3% | -0.54% | - |
| Operating CF Growth % | -413.4% | -63.98% | -52.58% | -1.33% | -55.76% | -321.68% | -2505.47% | -105.68% | 311.18% | -148.12% | 1062.95% | 155.4% | 71.46% | -400.11% | 1375.47% | -4109.4% | - |
| Net Income | -6.69M | -7.01M | -11.24M | -2.47M | -677.11K | -4.76M | -1.03M | 5.95K | 328.99K | -97.05K | 415.2K | 50.05K | -770.07K | -144.49K | -193K | -5.61K | -3.12K |
| Depreciation & Amortization | 1.7M | 1.29M | 538.76K | 531.16K | 957.25K | 236.7K | 226.91K | 129.44K | 38.82K | 26.86K | 28.86K | 29.6K | 38.2K | 63.31K | 53.79K | 0 | 0 |
| Stock-Based Compensation | 419.1K | 544.19K | 517.78K | 389.66K | 399.13K | 785.98K | 128.93K | 118.02K | 0 | 0 | 0 | 0 | 501.2K | 60K | 3.5K | 0 | 0 |
| Deferred Taxes | 0 | 13K | 15K | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 117.49K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.23M | 683.28K | 4.42M | 571.01K | 978.01K | 34.85K | 67.23K | 90.11K | 37.6K | 149.37K | 150.05K | 89.7K | 7.8K | 131.99K | 75.24K | 0 | 1K |
| Working Capital Changes | -6.48M | -4.21M | 450.25K | -2.52M | -5.08M | 1.5M | 81K | -363.52K | -53.12K | -96.64K | -97.39K | -49.84K | 51.56K | -239.32K | 126.78K | 680 | 2K |
| Change in Receivables | -1.6M | -2.09M | 1.29M | -740.94K | 59.32K | -261.76K | 262.14K | -357.19K | -124.54K | 8.77K | 29.63K | -42.48K | 45.42K | -141.41K | 75.9K | 0 | 0 |
| Change in Inventory | -3.17M | -1.48M | -967.19K | 76.54K | -2.44M | 500.71K | 40.37K | 135.23K | -55.52K | -68.73K | -121.12K | 18.05K | -35.79K | -15.26K | 15.31K | 0 | 0 |
| Change in Payables | 341.52K | 2.21M | 0 | 0 | 0 | 0 | 0 | 23.43K | -31.88K | -35.69K | 49.62K | -12.31K | -3.79K | -26.35K | 4.96K | 680 | 0 |
| Cash from Investing | -11.97M | -5.76M | -3.29M | -725.9K | -1.08M | -10.61M | -71.62K | -681.29K | -10.58K | -5.37K | -14.34K | -1.57K | 0 | 0 | -5K | 0 | 0 |
| Capital Expenditures | -1.89M | -1.02M | -42.92K | -973.35K | -735.76K | -1.06M | -71.62K | -12.65K | -10.58K | -5.37K | -14.34K | -1.57K | 0 | 0 | -5K | 0 | 0 |
| CapEx % of Revenue | 7.03% | 4.03% | 0.45% | 6.25% | 3.79% | 20.16% | 2.07% | 0.41% | 0.44% | 0.39% | 0.7% | 0.11% | - | - | 0.5% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -9.2M | 0 | -668.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.5M | -4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 16.66M | 6.81M | 21.18M | -2.37M | -224.22K | 30.63M | 217.93K | 833.91K | -17.61K | 6.53K | -97.7K | 1.64K | 62.35K | 171.43K | -84.14K | 5K | 117 |
| Debt Issued (Net) | -20.36K | -19.84K | -358.18K | -186.59K | -224.22K | -1.27M | 209.69K | 833.91K | -14.07K | 0 | 0 | 1.64K | -80.1K | 105.1K | -31.58K | 151.52K | 0 |
| Equity Issued (Net) | 9.97M | 6.83M | 21.54M | 0 | 0 | 30.43M | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 | 2.1K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 6.7M | 0 | 0 | -2.18M | 0 | 1.47M | 8.24K | 0 | -3.54K | 6.53K | -97.7K | 0 | -57.55K | 66.33K | -54.66K | -146.52K | 117 |
| Net Change in Cash | -5.13M | -7.63M | 12.59M | -6.56M | -4.73M | 17.82M | -375.18K | 132.61K | 324.11K | -165.67K | 234.63K | 29.87K | 8.54K | -17.09K | -26.32K | 75 | 0 |
| Free Cash Flow | -10.47M | -9.7M | -5.34M | -4.44M | -4.16M | -3.26M | -593.1K | -32.67K | 341.72K | -172.2K | 332.33K | 28.23K | -53.81K | -188.52K | 57.82K | -4.92K | -117 |
| FCF Margin % | -38.86% | -38.5% | -56.15% | -28.52% | -21.45% | -61.85% | -17.15% | -1.05% | 14.26% | -12.47% | 16.32% | 1.9% | -4.22% | -15.41% | 5.8% | -0.54% | - |
| FCF Growth % | -401.04% | -81.68% | -20.12% | -6.81% | -27.53% | -450.1% | -1715.55% | -109.56% | 298.44% | -151.82% | 1077.05% | 152.47% | 71.46% | -426.06% | 1273.95% | -4109.4% | - |
| FCF per Share | -0.43 | -0.46 | -0.51 | -0.46 | -0.43 | -0.37 | -0.21 | -0.01 | 0.08 | -0.07 | 0.08 | 0.01 | -0.03 | -0.19 | 0.07 | -0.05 | -0.02 |
| FCF Conversion (FCF/Net Income) | 1.57x | 1.24x | 0.47x | 1.41x | 5.06x | 0.46x | 0.51x | -3.37x | 1.07x | 1.72x | 0.76x | 0.60x | 0.07x | 1.31x | -0.33x | -0.50x | 0.04x |
| Interest Paid | 6.59K | 0 | 298.81K | 27.26K | 42.45K | 52.7K | 107.01K | 51.89K | 8.71K | 7.1K | 15.7K | 0 | 6.86K | 70.37K | 77.24K | 41.13K | 0 |
| Taxes Paid | 5K | 0 | 8.63K | 10.2K | 4.29K | 0 | 200 | 50 | 50 | 53 | 750 | 0 | 649 | 671 | 585 | 510 | 0 |
Persistent operating cash burn
According to recent financial disclosures, AmpliTech Group exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently exceeding 1.0, suggesting that reported losses are consistently exacerbated by cash-consuming accruals rather than being mitigated by non-cash accounting adjustments or operational efficiency.
The consistent divergence between net income and operating cash flow suggests that the company's accounting earnings are not capturing the full extent of its cash-based operational requirements. Investors should monitor this trend, as the inability to align cash generation with income statement performance may indicate structural inefficiencies in the underlying business model.
As reported in quarterly filings, AmpliTech Group's free cash flow trajectory remains deeply negative, with FCF margins reaching as low as -188.7% in 2024Q1, indicating that the company is currently unable to fund its operational and capital requirements through internal cash generation alone.
The persistent negative free cash flow suggests that the company is in a capital-intensive growth phase that is not yet self-sustaining. This trajectory warrants further investigation into how long the current cash runway can support operations before external financing becomes a necessity.
Based on the provided cash flow statements, AmpliTech Group has experienced significant working capital outflows, including a $2.8 million drain in 2026Q1, which appears to be a primary driver of the company's ongoing cash burn and liquidity pressure in recent reporting periods.
The recurring negative changes in working capital suggest that the company is struggling to manage its cash conversion cycle effectively, likely due to inventory build-up or delayed collections. This pattern may indicate that the distribution segment is placing an outsized burden on the firm's limited cash reserves.
As indicated by historical data, the company's cash flow statement reveals that stock-based compensation and depreciation adjustments are insufficient to offset the underlying cash burn, suggesting that the reported figures may mask the true extent of the company's reliance on external capital to sustain operations.
The reliance on non-cash adjustments to bridge the gap between net income and operating cash flow appears to be a recurring theme that warrants caution. Investors should monitor whether these adjustments are merely delaying the recognition of operational costs that will eventually require significant cash outlays.
Quick answers to the most common questions about buying AMPG stock.
AmpliTech Group, Inc. (AMPG) generated $-8.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AmpliTech Group, Inc. (AMPG) reported negative free cash flow of $9.7M in 2025, indicating capital requirements exceeded cash from operations.
AmpliTech Group, Inc. (AMPG) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.