AmpliTech Sees 2026 Revenue of at Least $28 Million, Ends Guidance From 2027
Key Facts
AmpliTech expects revenue of at least $28 million in fiscal 2026, after withdrawing its previous $50 million target in August, according to a company disclosure published via GlobeNewswire on November 12. The company said the new estimate is based on customer deployment schedules, production plans and expected shipments. It also plans to stop providing formal full-year revenue guidance starting in 2027, according to the earnings call transcript. The update puts the conversion of orders into shipments and revenue at the forefront of investor attention. Third-quarter results also showed a mixed picture, with year-over-year revenue growth and improvement in some profitability measures, alongside a wide miss against analysts’ estimate.
Third-quarter revenue was $6.58 million, up 8.0% from $6.09 million in the same period of 2025, the company said. But revenue fell short of analysts’ consensus of $16 million, according to Investing.com. Revenue at Spectrum Semiconductor Materials, the company’s distribution business, rose 36.4% year over year to $2.89 million. AmpliTech attributed that increase to higher sales volumes through distribution channels and expanded activity. The performance highlights the divergence between growth in one of the company’s businesses and total revenue for the quarter.
Gross margin improved to 34.2% in the third quarter, compared with 27.9% in the second quarter of 2026, while gross profit was $2.25 million. The net loss narrowed sequentially to $1.89 million, or $0.07 per share, from about $3.09 million in the second quarter. For the first nine months of 2026, gross profit rose 41.1% year over year to $7.07 million, and the margin increased to 35.3% from 24.2% in the comparable period of 2025. Revenue for the nine months ended September 30 was $20 million. The net loss for the period was $6.5 million, compared with $3.8 million a year earlier.
The company said its lower forecast reflects supply-chain constraints and delays in customers’ deployment of orders, particularly among some international 5G network operators. Revenue recognition timing was also affected by technology-transfer delays, lengthy customer evaluations and geopolitical developments. AmpliTech withdrew its previous $50 million forecast in August before setting a minimum of $28 million for fiscal 2026. These factors underscore the importance of execution timing in converting booked orders into shipments and revenue. Management says investment in engineering, manufacturing readiness and supply chains is expected to support that conversion during 2027 and 2028, subject to order timing and execution.
On October 20, the company announced a record $21.7 million follow-on order for 5G O-RAN devices, bringing cumulative orders under the program to about $34 million. On October 21, reported backlog exceeded $52 million. Meanwhile, cash, cash equivalents and marketable securities totaled about $30.27 million on September 30, and working capital was $42.14 million. Management said it expects current resources to cover ordinary operating commitments and planned capital needs over the next eighteen months. The order value provides operational context, while its conversion into revenue depends on shipment and execution schedules.
AmpliTech shares closed at $2.35 on November 12, compared with $2.55 at the previous session’s close, according to EL7 data. After the end of the third quarter, the company completed a dedicated production line and made it production-ready. It expects initial shipments to begin during the fourth quarter of 2026, according to the disclosure. The company said the timing of 5G network deployments remains tied to obtaining licenses and permits and to site arrangements. Management also expects investment in engineering, manufacturing readiness and supply chains to help convert orders into shipments and revenue more efficiently during 2027 and 2028, subject to order timing and execution.