AmpliTech Group, Inc.

Second-quarter 2026 revenue was approximately $8.1 million, versus approximately $5.35 million in Q1 2026, for sequential growth of approximately 51%. Gross profit was approximately $2.25 million, up from approximately $863,000 in Q2 2025, and gross margin increased to 27.9% from 7.8% year over year. For the first six months of 2026, gross profit increased approximately 135% to $4.82 million and gross margin improved to 35.9% from about 14% in the first half of 2025. Q2 operating loss was approximately $3.2 million and net loss was approximately $3.09 million. SG&A was approximately $4.08 million, R&D was approximately $1.37 million, and at June 30 the company reported approximately $13 million in cash and cash equivalents and marketable securities, approximately $6.3 million in accounts receivable, and approximately $22.9 million of working capital. Liabilities were approximately $11.75 million and stockholders' equity approximately $46.75 million. After quarter end, the Series A rights exercise generated approximately $21.92 million in gross proceeds and $20.12 million in net proceeds. Management did not reaffirm the previously discussed $50 million full-year 2026 revenue target, saying timing shifts in customer deployments made it premature to give a specific number, while still expecting meaningful year-over-year growth and a stronger second half.

Fawad Maqbool framed Q2 as a deliberate investment quarter, saying the company is building toward much larger opportunities in 5G, telecom infrastructure, satellite communications, semiconductors, and related markets. His message was that AmpliTech is adding the commercial, engineering, supply-chain, cybersecurity, and control infrastructure needed to serve larger customers and convert technical validation into production orders. He repeatedly emphasized long-term operating leverage, higher-margin mix, and building a larger, more valuable communications technology company, while acknowledging that this transformation requires near-term expense growth and patience.

Louisa Sanfratello focused on the mix-driven improvement in gross profit and margins, noting Q2 gross margin rose to 27.9% from 7.8% a year ago and first-half gross margin reached 35.9% versus 14% last year. She explained SG&A increased to approximately $4.08 million and R&D to approximately $1.37 million due to amortization, legal fees, stock compensation, marketing, business development, 5G prototype/testing, consulting, and infrastructure investments. She also highlighted balance-sheet strength: approximately $13 million in cash and marketable securities at June 30, approximately $22.9 million of working capital, and the post-quarter Series A proceeds of approximately $21.92 million gross and $20.12 million net. Her key financial message was that operating expenses should grow more efficiently than revenue over time as the company leverages the infrastructure it is building now.

Analysts and investors pressed management on why Q2 gross margin fell sequentially even as revenue jumped; management said the answer was product mix, with Spectrum's distribution business holding steadier margins while engineering-heavy divisions and 5G work compressed the mix. The biggest concern was guidance: both management and a retail investor acknowledged that the previously discussed $50 million 2026 revenue target was not being reaffirmed because customer deployment schedules, especially in an international 5G program, have slipped. Management said there were no cancellations, the LOIs remain active, and the issue is timing rather than a lost opportunity, but it would not give a new specific number until visibility improves. Other questions covered quantum computing demand, the AI RAN alliance, and the Titan acquisition amendment; management said quantum is still largely static, AI RAN gives AmpliTech visibility with major telecom and technology players, and the Titan-related delay is mainly pushing some productionized shipments toward year-end or early next year.