Revenue growth remains highly volatile, with a 141.6% surge in 2025Q4 contrasting with a -30.3% operating margin in 2026Q1, reflecting structural margin compression from the firm's distribution activities.
| 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 |
|---|
| Sales/Revenue | 26.95M | 25.2M | 9.51M | 15.58M | 19.39M | 5.28M | 3.46M | 3.12M | 2.4M | 1.38M | 2.04M | 1.48M | 1.28M | 1.22M | 997K | 906.83K | 0 |
| Revenue Growth % | 149.17% | 165% | -38.99% | -19.64% | 267.67% | 52.54% | 10.74% | 30.27% | 73.57% | -32.17% | 37.12% | 16.36% | 4.33% | 22.67% | 9.94% | - | - |
| Cost of Goods Sold | 20.27M | 20.05M | 6.02M | 8.43M | 10.47M | 3.98M | 2.2M | 1.56M | 1.02M | 652.44K | 827.6K | 751.71K | 663.06K | 579.1K | 597.09K | 348.19K | 0 |
| COGS % of Revenue | - | 79.57% | 63.35% | 54.12% | 53.98% | 75.51% | 63.74% | 49.85% | 42.39% | 47.24% | 40.65% | 50.63% | 51.96% | 47.35% | 59.89% | 38.4% | - |
| Gross Profit | 6.68M | 5.15M | 3.48M | 7.15M | 8.92M | 1.29M | 1.25M | 1.57M | 1.38M | 728.3K | 1.21M | 733.09K | 613.05K | 643.41K | 399.9K | 558.63K | 0 |
| Gross Margin % | 24.77% | 20.43% | 36.65% | 45.88% | 46.02% | 24.51% | 36.26% | 50.15% | 57.61% | 52.74% | 59.38% | 49.37% | 48.05% | 52.61% | 40.11% | 61.6% | - |
| Gross Profit Growth % | - | 47.73% | -51.26% | -19.88% | 590.24% | 3.11% | -19.92% | 13.39% | 89.62% | -39.76% | 64.92% | 19.58% | -4.72% | 60.89% | -28.41% | - | - |
| Operating Expenses | 13.72M | 12.47M | 11.91M | 9.73M | 8.77M | 6.4M | 2.17M | 1.41M | 1.04M | 818.39K | 736.93K | 646.51K | 683.88K | 655.04K | 516.33K | 479.76K | 3.12K |
| OpEx % of Revenue | - | 49.49% | 125.32% | 62.42% | 45.24% | 121.29% | 62.75% | 45.06% | 43.39% | 59.26% | 36.19% | 43.54% | 53.6% | 53.56% | 51.79% | 52.91% | - |
| Selling, General & Admin | 11.27M | 9.78M | 7.86M | 7.39M | 7.63M | 4.57M | 2.11M | 1.35M | 1.04M | 818.39K | 736.93K | 646.51K | 683.88K | 655.04K | 516.33K | 5.61K | 3.12K |
| SG&A % of Revenue | - | 38.82% | 82.63% | 47.4% | 39.34% | 86.54% | 60.96% | 43.25% | 43.39% | 59.26% | 36.19% | 43.54% | 53.6% | 53.56% | 51.79% | 0.62% | - |
| Research & Development | 2.45M | 2.69M | 3.59M | 2.34M | 1.02M | 1.83M | 61.95K | 56.51K | 42.94K | 68.45K | 35.37K | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 10.67% | 37.77% | 15.03% | 5.28% | 34.75% | 1.79% | 1.81% | 1.79% | 4.96% | 1.74% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 468K | 0 | 120.14K | 0 | 0 | 0 | 0 | 0 | -35.37K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.05M | -7.32M | -8.43M | -2.58M | 150.96K | -5.11M | -916K | 159K | 341.42K | -90.1K | 471.92K | 86.58K | -70.83K | -11.63K | -116K | 78.88K | -3.12K |
| Operating Margin % | -26.16% | -29.05% | -88.66% | -16.54% | 0.78% | -96.78% | -26.49% | 5.09% | 14.24% | -6.52% | 23.18% | 5.83% | -5.55% | -0.95% | -11.63% | 8.7% | - |
| Operating Income Growth % | - | 13.17% | -227.06% | -1807.46% | 102.96% | -457.31% | -676.11% | -53.43% | 478.96% | -119.09% | 445.06% | 222.24% | -509.08% | 89.98% | -247.06% | 2630.54% | - |
| EBITDA | -5.88M | -6.03M | -7.89M | -2.05M | 1.11M | -4.87M | -689.09K | 288.43K | 380.25K | -63.23K | 500.77K | 116.18K | -32.63K | 51.68K | -62.21K | 121.89K | -3.12K |
| EBITDA Margin % | -21.82% | -23.92% | -83% | -13.13% | 5.71% | -92.29% | -19.93% | 9.24% | 15.86% | -4.58% | 24.6% | 7.82% | -2.56% | 4.23% | -6.24% | 13.44% | - |
| EBITDA Growth % | 29.69% | 23.62% | -285.62% | -284.66% | 122.76% | -606.49% | -338.91% | -24.15% | 701.34% | -112.63% | 331.02% | 456.09% | -163.13% | 183.08% | -151.03% | 4010.62% | - |
| D&A (Non-Cash Add-back) | 1.17M | 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 | 43.02K | 0 |
| EBIT | -7.05M | -7.32M | -7.96M | -2.44M | 271.09K | -4.72M | -916K | 82K | 341.42K | -90.1K | 471.92K | 86.58K | -570K | -58.73K | -116K | 68.19K | 0 |
| Net Interest Income | 110.82K | 160.31K | -292K | 19.28K | -13.01K | -42.81K | -110K | -76.05K | -12.43K | -6.95K | -15.63K | -36.53K | -200K | -85.77K | -76.57K | -58.34K | 0 |
| Interest Income | 110.82K | 160.31K | 0 | 19.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 292.19K | 0 | 13.01K | 42.81K | 109.61K | 76.05K | 12.43K | 6.95K | 15.63K | 36.53K | 200.12K | 85.77K | 76.57K | 58.34K | 0 |
| Other Income/Expense | 373.65K | 325.75K | -2.8M | 136.1K | -828.06K | 346.62K | -110K | -153.05K | -12.43K | -6.95K | -15.63K | -36.53K | -198K | -133K | -76.57K | 0 | 0 |
| Pretax Income | -6.68M | -6.99M | -11.23M | -2.44M | -677.11K | -4.76M | -1.03M | 5.95K | 328.99K | -97.05K | 456.29K | 50.05K | -770K | -144K | -193K | 9.85K | -3.12K |
| Pretax Margin % | -24.77% | -27.76% | -118.08% | -15.67% | -3.49% | -90.22% | -29.67% | 0.19% | 13.73% | -7.03% | 22.41% | 3.37% | -60.34% | -11.77% | -19.36% | 1.09% | - |
| Income Tax | 13K | 13K | 15K | 24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200.12K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.19% | -0.19% | -0.13% | -0.98% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -25.99% | 0% | 0% | 0% | 0% |
| Net Income | -6.69M | -7.01M | -11.24M | -2.47M | -677.11K | -4.76M | -1.03M | 5.95K | 328.99K | -97.05K | 456.29K | 50.05K | -770K | -144K | -193K | 9.85K | -3.12K |
| Net Margin % | -24.82% | -27.81% | -118.24% | -15.82% | -3.49% | -90.22% | -29.67% | 0.19% | 13.73% | -7.03% | 22.41% | 3.37% | -60.34% | -11.77% | -19.36% | 1.09% | - |
| Net Income Growth % | 20.64% | 37.67% | -355.98% | -264.11% | 85.77% | -363.84% | -17358.2% | -98.19% | 439% | -121.27% | 811.66% | 106.5% | -434.72% | 25.39% | -2058.79% | 416.11% | - |
| Net Income (Continuing) | -6.69M | -7.01M | -11.24M | -2.47M | -677.11K | -4.76M | -1.03M | 5.95K | 328.99K | -97.05K | 456.29K | 50.05K | -770K | -144K | -193K | 9.85K | -3.12K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.28 | -0.33 | -1.08 | -0.26 | -0.07 | -0.53 | -0.37 | 0.00 | 0.08 | -0.04 | 0.20 | 0.01 | -0.48 | -0.15 | -0.22 | -0.01 | -0.62 |
| EPS Growth % | 55.84% | 69.44% | -315.38% | -271.43% | 86.79% | -43.24% | - | -98.27% | 278.15% | -121.05% | 1609.4% | 102.44% | -220% | 31.82% | - | 98.97% | - |
| EPS (Basic) | - | -0.33 | -1.08 | -0.26 | -0.07 | -0.53 | -0.37 | 0.00 | 0.14 | -0.04 | 0.20 | 0.02 | -0.48 | -0.15 | -0.22 | 0.02 | -0.62 |
| Diluted Shares Outstanding | 24.27M | 20.99M | 10.43M | 9.66M | 9.61M | 8.9M | 2.78M | 4.5M | 4.38M | 2.31M | 4.29M | 4.29M | 1.6M | 994.01K | 887.16K | 100K | 5K |
| Basic Shares Outstanding | 24.27M | 20.99M | 10.43M | 9.66M | 9.61M | 8.9M | 2.78M | 2.43M | 2.39M | 2.31M | 2.31M | 2.31M | 1.6M | 994.01K | 887.16K | 440.42K | 5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
As reported in recent financial filings, AmpliTech Group experienced significant revenue fluctuations, including a notable 141.6% year-over-year growth in 2025Q4, yet the inconsistent quarterly performance suggests that the company's top-line trajectory remains heavily dependent on lumpy, project-based contracts rather than a stable, recurring revenue base.
The erratic revenue growth profile indicates that the company's expansion is currently driven by transactional business rather than a predictable pipeline. Investors should monitor whether the recent revenue spikes represent sustainable market penetration or merely the timing of specific aerospace and defense deliveries.
Based on the provided income statement data, the company's gross margin has experienced extreme volatility, dropping as low as 7.8% in 2025Q2, which reflects the dilutive impact of the Spectrum semiconductor distribution business on the firm's historically higher-margin proprietary amplifier design and manufacturing operations.
The shift toward a distribution-heavy model appears to have fundamentally altered the company's cost structure, making it difficult to maintain the margins typical of a specialized technology firm. This compression suggests that the company may struggle to achieve profitability until the higher-margin MMIC design segment accounts for a larger share of total revenue.
According to the historical income statement, AmpliTech Group has failed to demonstrate positive operating leverage, as SG&A expenses frequently exceed gross profit, resulting in persistent operating losses that reached a peak of -$4.3 million in 2024Q4 despite varying levels of top-line revenue generation.
The inability to scale operating income faster than gross profit suggests that the company's overhead is currently misaligned with its revenue capacity. This lack of efficiency implies that significant cost rationalization or a massive increase in high-margin sales is required to reach a break-even point.
As indicated by the quarterly financial data, the company's cost structure is burdened by substantial SG&A and R&D expenditures, which consistently outpace the gross profit generated, leading to a negative operating margin of -29.05% and highlighting a lack of expense discipline relative to current revenue levels.
The high R&D spend relative to revenue suggests that the company is prioritizing long-term technical positioning over near-term operational efficiency. However, without a clear path to revenue scale, this cost structure appears unsustainable and may necessitate further capital raises to fund ongoing operations.
While management emphasizes high-growth potential in quantum and 5G sectors, the financial reality, as evidenced by the 20.43% gross margin, suggests that the company is increasingly functioning as a low-margin distributor, which may lead to a valuation de-rating if the proprietary design business fails to scale.
Short-term growth figures may be masking a structural deterioration in the quality of earnings as the company pivots toward lower-margin distribution. Investors should be wary that the current growth narrative may not be supported by the underlying profitability metrics, potentially exposing shareholders to significant downside risk.
Quick answers to the most common questions about buying AMPG stock.
For fiscal year 2025, AmpliTech Group, Inc. (AMPG) reported total revenue of $25.2M.
AmpliTech Group, Inc. (AMPG) reported a net loss of $7.0M for the fiscal year ending 2025.
AmpliTech Group, Inc. (AMPG) reported an operating income of $-7.3M, resulting in an operating profit margin of -29.1%. This margin reflects the operational efficiency of the business before interest and taxes.
AmpliTech Group, Inc. (AMPG) generated $5.1M in gross profit for the year, representing a gross profit margin of 20.4%. This demonstrates the company's core pricing power and production efficiency.