Amplitech Group Inc (AMPG) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to AmpliTech Group's quarterly investor update call, where the company will discuss its second-quarter 2025 financial results.

女士們、先生們，大家好。歡迎參加 AmpliTech Group 的季度投資者更新電話會議，公司將在會上討論其 2025 年第二季的財務表現。

(Operator Instructions) As a reminder, today's conference is being recorded.

（操作員指示）提醒一下，今天的會議正在錄製中。

I would now like to turn the call over to AmpliTech's COO, Jorge Flores.

現在我想將電話轉給 AmpliTech 的營運長 Jorge Flores。

Good afternoon. Thank you for joining today's call to review the progress of AmpliTech's growth initiatives and to answer investor questions.

午安.感謝您參加今天的電話會議，回顧 AmpliTech 成長計畫的進展並回答投資者的問題。

On the call today are AmpliTech's Founder and CEO, Fawad Maqbool; the company's CFO, Louisa Sanfratello; and the company's COO, Jorge Flores.

參加今天電話會議的有 AmpliTech 的創辦人兼執行長 Fawad Maqbool、公司財務長 Louisa Sanfratello 和公司營運長 Jorge Flores。

Following initial management comments, we will open the call to investor questions.

在管理層發表初步評論後，我們將開始回答投資者的問題。

An archived replay of today's call will be posted on the Investor Relations section of AmpliTech's corporate website. This call is taking place today on Thursday, August 14, 2025.

今天電話會議的存檔重播將發佈在 AmpliTech 公司網站的投資者關係部分。本次電話會議將於今天（2025 年 8 月 14 日星期四）舉行。

Remarks that follow and answers to questions may include statements that the company believes to be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as anticipate, believe, expect, or words of similar importance. Likewise, statements that describe future plans, objectives, or goals are also forward-looking.

以下評論和對問題的回答可能包括公司認為符合 1995 年《私人證券訴訟改革法案》含義的前瞻性陳述。這些前瞻性陳述通常包括預期、相信、期望等字詞或類似重要的字詞。同樣，描述未來計劃、目的或目標的陳述也是前瞻性的。

These forward-looking statements are subject to various risks that could cause actual results to be materially different than expected. Such risks include, among others, matters that the company has described in its press releases and in its filings with the Securities and Exchange Commission.

這些前瞻性陳述受到各種風險的影響，可能導致實際結果與預期有重大差異。這些風險包括公司在新聞稿和提交給美國證券交易委員會的文件中所述的事項等。

Except as described in these filings, the company disclaims any obligation to update forward-looking statements, which are made as of today's date.

除這些文件中所述外，該公司不承擔更新截至今日所作前瞻性陳述的任何義務。

With that, let me turn the call over to our CEO, Mr. Fawad Maqbool.

說完這些，請容許我將電話轉給我們的執行長 Fawad Maqbool 先生。

Ladies and gentlemen, thank you for joining our Q2 2025 review call.

女士們、先生們，感謝您參加我們的 2025 年第二季回顧電話會議。

Today, we will reflect on our performance in the second quarter of 2025 and six-month period ending June 30, 2025. We will take the opportunity to discuss the company's growth outlook, market opportunities, and provide additional financial guidance.

今天，我們將回顧 2025 年第二季以及截至 2025 年 6 月 30 日的六個月期間的表現。我們將藉此機會討論公司的成長前景、市場機會，並提供額外的財務指導。

I will now go over on our Q2 fiscal year 2025 highlights and strategic progress.

現在我將介紹我們 2025 財年第二季的亮點和策略進展。

The company achieved record sales in excess of $11 million, which is the highest sales in company's quarterly history. This Q2 sales number surpasses the total sales number for the entire 2024 fiscal year.

該公司實現了超過 1,100 萬美元的創紀錄銷售額，這是該公司季度歷史上的最高銷售額。第二季的銷售數字超過了整個2024財年的總銷售數字。

While lower-than-normal gross profit margins were achieved during Q2 2025, the sudden decrease is mainly due to the front-loading of our investment to open doors and get access to the lucrative 5G MNO business.

雖然 2025 年第二季的毛利率低於正常水平，但突然下降主要是因為我們前期投入了大量資金來開拓和進入利潤豐厚的 5G MNO 業務。

Several one-time costs were incurred by the company that contributed to the increase in COGS to facilitate these shipments and activate its supply chain according to customer-required delivery demands. Among these one-time costs are license fees, initial production line fees, molding fees, overtime, et cetera, which led to the lower gross margin achieved this quarter.

為了促進這些運輸並根據客戶要求的交付需求啟動其供應鏈，該公司產生了幾項一次性成本，導致 COGS 增加。這些一次性成本包括許可證費、初始生產線費、模具費、加班費等，導致本季毛利率較低。

However, let me emphasize that the company believes higher gross margins will be achievable over the next six months.

不過，我要強調的是，公司相信未來六個月內可以達到更高的毛利率。

As of June 30, 2025, we had cash and cash equivalents and accounts receivables of $16.423 million and working capital of $16.163 million, with $0 of long-term debt on our balance sheet. The company's intangible assets, including IP, increased by $8 million on the balance sheet. Our inventory position remains healthy, with over $7 million on hand; and current backlog hovering around $15 million.

截至 2025 年 6 月 30 日，我們的現金及現金等價物及應收帳款為 1,642.3 萬美元，營運資金為 1,616.3 萬美元，資產負債表上的長期債務為 0 美元。該公司的無形資產（包括智慧財產權）在資產負債表上增加了 800 萬美元。我們的庫存狀況依然良好，庫存超過 700 萬美元；目前積壓訂單徘徊在 1500 萬美元左右。

During these initial six months of the year, the company has seen multiple purchase orders partially funding the previously announced LOIs with prominent ORAN 5G players in the industry. Additional orders are expected to continue funding these LOIs.

今年前六個月，該公司已收到多份採購訂單，部分資助了先前與業內知名 ORAN 5G 廠商簽署的意向書。預計會有更多訂單繼續為這些意向書提供資金。

Now, let's take a look at the industry context and the strategic outlook.

現在，我們來看看產業背景和策略前景。

We realized it would be nearly impossible for a company of our size to break into customer bases at the MNO level without a deliberate front-loaded investment approach. Our strategy is to show that we can deliver and be a viable source for stringent requirements of these MNOs.

我們意識到，對於我們這種規模的公司來說，如果不採取深思熟慮的前期投資方式，幾乎不可能打入 MNO 級別的客戶群。我們的策略是證明我們能夠滿足這些 MNO 的嚴格要求，並成為可行的來源。

These are multibillion-dollar companies that require precise product development. This builds foundational trust with industry giants and positions our high-performance technology to become the go-to standard in some of the most rapidly expanding communications verticals in the world.

這些價值數十億美元的公司需要精確的產品開發。這為與行業巨頭建立了基礎信任，並使我們的高效能技術成為世界上一些發展最快的通訊垂直領域的首選標準。

We have achieved traction and revenues that can be sustained at the expense of the compression in short-term gross margins for Q2, only. This is part of AmpliTech's intentional and calculated investment strategy: by aggressively pursuing the quickest deliveries of products to Tier 1 multinational operators to secure long-term positions within their critical next-generation infrastructure rollouts.

我們實現了成長動力和可持續的收入，但代價是第二季的短期毛利率受到壓縮。這是 AmpliTech 有意且精心策劃的投資策略的一部分：積極尋求以最快的速度向一級跨國營運商交付產品，以確保在其關鍵的下一代基礎設施部署中佔據長期地位。

AmpliTech's core focus areas Open RAN, ORAN, 5G networks. quantum computing, and satellite/terrestrial high-speed connectivity are each expected to see high growth in the coming years.

AmpliTech 的核心重點領域 Open RAN、ORAN、5G 網路、量子運算以及衛星/地面高速連接預計在未來幾年都將實現高速成長。

ORAN 5G infrastructure, projected growth of 33.4%, reaching over $42 billion globally by 2030. Quantum computing hardware sees market expected to grow at 37.3% combined AGR, exceeding $9 billion by 2032. Satellite and high-speed connectivity equipment estimated to grow 12% CAGR through 2030, driven by LEO networks and the rural broadband demand.

ORAN 5G基礎設施預計成長33.4%，到2030年全球規模將超過420億美元。量子運算硬體市場預計將以 37.3% 的年增長率成長，到 2032 年將超過 90 億美元。在低地球軌道網路和農村寬頻需求的推動下，衛星和高速連接設備預計到 2030 年將實現 12% 的複合年增長率。

AmpliTech's advanced technologies, particularly its true ORAN 5G radios and cryogenic low-noise amplifiers, are uniquely suited to these high-performance applications. We believe this strategy of accelerated penetration, combined with recurring follow-on orders, will establish AmpliTech's products as embedded solutions within next-generation infrastructure platforms.

AmpliTech 的先進技術，尤其是其真正的 ORAN 5G 無線電和低溫低雜訊放大器，非常適合這些高性能應用。我們相信，這種加速滲透的策略，加上持續的後續訂單，將使 AmpliTech 的產品成為下一代基礎設施平台中的嵌入式解決方案。

In addition, increasing demand for secure, domestically manufactured communications equipment is expected to further accelerate AmpliTech's growth trajectory. AmpliTech is currently the only US-based company providing complete, vertically integrated, end-to-end commercial and defense-grade networking and connectivity solutions.

此外，對安全、國產通訊設備的需求不斷增加預計將進一步加速 AmpliTech 的成長軌跡。AmpliTech 目前是唯一一家提供完整、垂直整合、端到端商業和國防級網路和連接解決方案的美國公司。

In contrast to other firms that rely heavily on third-party foreign suppliers, AmpliTech's tightly controlled supply chain offers a trusted alternative for both private and public sector clients focused on national security, data integrity, and supply chain resilience. These are key advantages that AmpliTech possesses.

與其他嚴重依賴第三方外國供應商的公司相比，AmpliTech 嚴格控制的供應鏈為專注於國家安全、資料完整性和供應鏈彈性的私營和公共部門客戶提供了值得信賴的替代方案。這些都是 AmpliTech 擁有的關鍵優勢。

We believe the company is also well positioned to benefit from major US government initiatives, including rural broadband funding, USTDA-led global efforts to replace untrusted foreign 5G equipment with secure US-based alternatives, and CHIPS Act incentives to bolster American semiconductor production. These programs are expected to significantly scale operations across AmpliTech's three divisions.

我們相信，該公司也將受益於美國政府的重大舉措，包括農村寬頻資金、美國貿易發展署牽頭的全球努力，以安全的美國替代品取代不受信任的外國 5G 設備，以及《晶片法案》激勵措施，以支持美國半導體生產。這些項目預計將顯著擴大 AmpliTech 三個部門的營運規模。

The AGTGSS division's 5G radios serve as the growth engine, addressing urgent needs for open, interoperable, and high-performance ORAN 5G systems. Currently, AmpliTech's ORAN 5G radio deployment is the largest of its kind in the world, making AMPG a leader in ORAN radio products delivered in this industry.

AGTGSSS 部門的 5G 無線電作為成長引擎，滿足了對開放、可互通和高效能 ORAN 5G 系統的迫切需求。目前，AmpliTech 的 ORAN 5G 無線電部署是全球同類部署中規模最大的，這使得 AMPG 成為該行業 ORAN 無線電產品的領導者。

AmpliTech's 5G ORAN radios will integrate MMIC LNA chips, developed in-house by the AGMDC division, ensuring superior signal fidelity and noise performance. The chips are then packaged and produced at scale by AmpliTech's Spectrum Semiconductor division in Silicon Valley, enabling full control over quality, cost, and delivery timelines. There is a symbiotic relationship between each of these divisions, as I have mentioned in many of my previous calls, and each division can essentially be an independent business unit by design.

AmpliTech 的 5G ORAN 無線電將整合由 AGMDC 部門內部開發的 MMIC LNA 晶片，確保卓越的訊號保真度和雜訊性能。然後，這些晶片由位於矽谷的 AmpliTech 的 Spectrum Semiconductor 部門進行封裝和大規模生產，從而實現對品質、成本和交付時間的全面控制。正如我在之前的許多電話會議中提到的那樣，每個部門之間存在共生關係，並且每個部門本質上都可以設計為獨立的業務部門。

Beyond internal deployment, AmpliTech's MMIC LNA modules and LNBs, recognized as among the best in the industry, are expected to see growing demand from other radio and telecom manufacturers in the US and allied nations transitioning away from foreign component suppliers. This horizontal market adoption represents a significant additional revenue stream, with strong margin potential.

除了內部部署之外，AmpliTech 的 MMIC LNA 模組和 LNB 被公認為業內最佳產品之一，預計美國和盟國其他無線電和電信製造商對它們的需求將不斷增長，這些製造商正在擺脫對外國零件供應商的依賴。這種橫向市場採用代表顯著的額外收入來源，具有強大的利潤潛力。

Now, some forward-looking financial guidance. As AmpliTech transitions from initial deployments to scale adoption and repeat orders, the company expects gross margins to improve beginning in Q3 and Q4 of 2025, this year.

現在，有一些前瞻性的財務指導。隨著 AmpliTech 從初始部署過渡到規模採用和重複訂單，該公司預計今年毛利率將從 2025 年第三季和第四季開始提高。

Based on executed LOIs and customer feedback, management anticipates the following:

根據已執行的意向書和客戶回饋，管理層預計以下內容：

Revenue growth already exceeding over 100% year over year in fiscal year 2025. Driven by public and private 5G orders, the company increases revenue guidance to at least $24 million for fiscal year 2025, representing 140% year-over-year increase.

2025財年營收成長率已超過100%。在公共和私人 5G 訂單的推動下，該公司將 2025 財年的營收預期提高至至少 2,400 萬美元，年增 140%。

Gross margins getting back to double digits in the last six months of fiscal year 2025. As production costs normalize, one-time costs are reduced and higher-margin follow-on business ramps.

2025財年的最後六個月，毛利率將回升至兩位數。隨著生產成本正常化，一次性成本降低，利潤更高的後續業務也會隨之成長。

Positive cash flow from operations and projected profitability to be achieved in fiscal year 2026, assuming continuation of current order pace and margin recovery. The company maintains a strong cash management discipline and does not anticipate raising capital under unfavorable market and pricing conditions. Any capital deployment will be strategic, measured, and aligned with shareholder value creation.

假設訂單速度和利潤率繼續保持當前水準並恢復，預計 2026 財年將實現營運現金流為正，並實現盈利。該公司保持著嚴格的現金管理紀律，並不打算在不利的市場和定價條件下籌集資金。任何資本部署都將具有策略性、可衡量性並與股東價值創造保持一致。

Valued shareholders, we are looking ahead with our company having a good backlog in hand of about $15 million, with the expectations of receiving additional orders to continue funding our LOIs; a healthy balance sheet; zero long-term debt; and an expanding portfolio of proprietary 5G and satellite technologies.

尊敬的股東們，我們展望未來，公司手頭上有大約 1500 萬美元的積壓訂單，並期望收到更多訂單以繼續為我們的意向書提供資金；健康的資產負債表；零長期債務；以及不斷擴大的專有 5G 和衛星技術組合。

Having cryogenic amplifiers to serve the growing needs of the quantum computing market; having ORAN technology on hand to support this artificial intelligence leading pioneer; having global 5G product certifications now in place, AmpliTech is positioned to deliver successive quarters of growth, enhanced shareholder value, and significant stronger IP valuation in 2025 and beyond.

AmpliTech 擁有低溫放大器來滿足量子計算市場日益增長的需求；擁有 ORAN 技術來支持這家人工智慧領域的先驅企業；目前已獲得全球 5G 產品認證，AmpliTech 有望在 2025 年及以後實現連續幾個季度的增長、股東價值的提升以及 IP 估值的顯著提升。

This trajectory is anticipated because of all the previous investment and development in unique technology that is focused and targeted for these growing technology demands.

這一發展軌跡是可以預見的，因為先前所有的投資和開發都集中在針對這些日益增長的技術需求的獨特技術。

As such, I thank you for your continued support. We'll now open the call for questions. Operator, please proceed.

因此，我感謝您一直以來的支持。我們現在開始提問。接線員，請繼續。

(Operator Instructions)

（操作員指示）

John Henderson, Inflections.

約翰‧亨德森，《語調變化》。

Congratulations on your forward progress. I wanted to ask a couple of questions.

祝賀你取得進步。我想問幾個問題。

Number one, you got the first Tier 1 that's ordering nicely from you guys. Can you give any more granularity on what you're looking at with the second Tier 1 and when you're expecting some feedback and additional orders from them overseas?

首先，您獲得了第一個 Tier 1，並且很好地向您訂購了產品。您能否更詳細地說明您對第二級一級供應商的關注情況，以及您何時預計會收到來自海外的回饋和額外訂單？

Well, we've already received orders on the second Tier 1. We've already announced those, as well. They continue to come through.

嗯，我們已經收到了第二層一級的訂單。我們也已經宣布了這些。他們繼續前進。

Jorge, what's the timeframe on those?

豪爾赫，這些的時間框架是怎麼樣的？

Well, right now, though, we have 2 main LOIs right now. One is $78 million. The other one is $40 million. So we actively shipped against this $40 million LOI during quarter two. And we already received the additional orders, which are mainly the backlog that we have, for additional production quantities for this year and the start of next year.

嗯，不過現在我們有 2 份主要意向書。一個是7800萬美元。另一個是4000萬美元。因此，我們在第二季度積極地按照這 4000 萬美元的意向書進行發貨。我們已經收到了額外的訂單，主要是我們積壓的訂單，用於今年和明年年初的額外生產數量。

When it comes to the $78 million LOI, we already received about $2.5 million worth of orders. All of those are shippable within 2025.

至於 7,800 萬美元的意向書，我們已經收到了價值約 250 萬美元的訂單。所有這些都將在 2025 年內交付。

The bulk of the $78 million LOI is going to be spreading between 2026 and 2027. So we are definitely looking forward for really good years ahead.

7,800 萬美元的意向書大部分將在 2026 年至 2027 年期間支付。因此，我們絕對期待未來幾年會非常美好。

Do you think you're going to have visibility on 2026, like, well ahead of time with both these guys so you can even production out? Would that be possible?

您是否認為您可以提前了解 2026 年的情況，以便可以順利生產？這可能嗎？

Absolutely. We do have periodic meetings with both organizations. They are already working with us. They are providing their forecast to us as well. So we are able to energize the supply chain with these numbers.

絕對地。我們確實與這兩個組織定期舉行會議。他們已經在與我們合作了。他們也向我們提供了預測。因此，我們能夠利用這些數字來激發供應鏈活力。

And then, the way that it has been working, though, is that the customers, they supply the forecast; then we start activating the supply chain; and then, they start funding the orders. That's how we are moving ahead with the shipments.

然後，它的工作方式是，客戶提供預測；然後我們開始啟動供應鏈；然後，他們開始為訂單提供資金。這就是我們推進貨運的方式。

What's the pipeline looking like? Congrats on securing these two. We're relatively new to the story so we're just digging in here.

管道是什麼樣子的？恭喜您獲得這兩項。我們對這個故事還比較陌生，所以我們只是在這裡深入探討。

It would seem as though that's going to open some other doors. Can you provide any update, in terms of what the pipeline might be looking like with other operators around the world in terms of, like, the amount of engagements potentially, just even if it's in a broad stroke?

這似乎會打開一些其他的大門。您能否提供任何更新信息，說明與世界各地其他運營商的合作管道可能會是什麼樣子，例如潛在的合作數量，即使只是大致的情況？

Well, we can't give you any real numbers. But we can tell you that whatever we're doing here with these MNOs, which is transitioning to the 5G ORAN technology, is something that is imminent for many other MNOs.

嗯，我們不能給你任何真實的數字。但我們可以告訴您，無論我們與這些 MNO 一起做什麼，向 5G ORAN 技術過渡，對於許多其他 MNO 來說都是迫在眉睫的事情。

There are several large MNOs -- we're not going to name any, right now. But we all know them, those large MNOs are geared to do this transitioning.

有幾家大型 MNO——我們現在不打算透露任何名字。但我們都知道，那些大型 MNO 已經準備好要進行這種轉變。

Now that they see that there is a successful way of doing that and achieving it -- and especially with AmpliTech and also the other MNOs that we're working with -- now, it becomes more viable for them to pursue this opportunity. That's the main thing.

現在他們看到了一種成功的方法可以做到這一點並實現它——特別是與 AmpliTech 以及我們正在合作的其他 MNO 合作——現在，他們抓住這個機會變得更加可行。這才是最重要的。

Our whole goal was to show the world that it can be done and it can be implemented. It doesn't have to be waiting for many years.

我們的目標是向世界證明這是可以做到的，而且是可以實現的。不需要等待很多年。

We have provided this technology and capability now. So we expect next year to get a very good response from other MNOs waiting in line to do this.

我們現在已經提供了這種技術和能力。因此，我們預計明年將會得到其他排隊等待這樣做的 MNO 的積極回應。

Great. I noticed you guys had a press release, like, a month ago about quantum computing. How many companies in that space are you engaging with? It doesn't seem as though it's really revenue-producing yet. Do you think that will be revenue-producing soon? What are your expectations there, over time?

偉大的。我注意到你們大約一個月前發布了一份關於量子計算的新聞稿。您與該領域的多少家公司合作？它似乎還沒有真正產生收入。您認為這很快就會產生收入嗎？隨著時間的推移，您對此有何期望？

Quantum computing. The whole quantum computing business, right now, is not at a productionized phase right now. The R&D companies -- like these obscenely valuated companies, like IonQ and others -- do not have product and they do not have any revenues and stuff. They're just basically valued for what they may be able to produce in the next coming years.

量子計算。目前，整個量子計算業務尚未進入生產階段。研發公司——例如這些估值過高的公司，如 IonQ 等——沒有產品，也沒有任何收入和其他東西。它們的價值基本上取決於它們在未來幾年可能生產出的產品。

We already have a product that we have delivered to these large companies. It's shown performance. But it's not at a production phase, right now.

我們已經有產品並交付給這些大公司了。它表現出了性能。但目前它尚未進入生產階段。

These quantum computers, they basically are not something that you have thousands of. The quantum computers will be made to access business-to-business type applications. Nobody has it on their desktop.

這些量子電腦基本上不是你擁有數千台的東西。量子電腦將用於存取企業對企業類型的應用程式。沒有人的桌面上有它。

So the businesses will access it through the cloud and the cloud is really the quantum cloud. That cloud is basically replacing the AI applications, right now.

因此企業將透過雲端存取它，而雲端實際上是量子雲。目前，雲端基本上正在取代人工智慧應用程式。

Right now, the silicon applications is led by NVIDIA. But it's reached its limit. It's causing a lot of increase in power consumption in all these AI data servers. It also is causing a lot of speed degradation because silicon cannot provide the kind of speeds that the calculations and the demand is there for.

目前，矽片應用領域由 NVIDIA 主導。但已經到達極限了。這導致所有這些 AI 數據伺服器的功耗大幅增加。由於矽無法提供計算和需求所需的速度，因此這也導致了速度的大幅下降。

So there is a push now to jump into AI. AI is going to be powered by quantum in the future. But it's not here, right now. But it's inevitable. And it's around the corner.

因此，現在人們正在大力推動人工智慧的發展。未來人工智慧將由量子驅動。但它現在不在這裡。但這是不可避免的。它就在附近。

When that becomes productionized, that's where we provide all the very essential core components, which are in these quantum applications. (inaudible) the numbers come in where you look at the qubits. So IBM and companies that are at that level, Google AI, they have thousands of qubits in their computers. These are similar to bits in a regular computer. So these 1,000 qubits, -- each qubit generally has an LNA that we make that's required to go into these quantum computers.

當它投入生產時，我們就可以提供這些量子應用中所有非常重要的核心組件。 （聽不清楚）當你看到量子位元時，數字就會出現。因此，IBM 和處於該級別的公司 Google AI 的電腦中擁有數千個量子位元。這些類似於普通計算機中的位元。因此，這 1,000 個量子位元——每個量子位元通常都有一個我們製作的 LNA，這是進入這些量子電腦所必需的。

So that's where the production will come in. It's not at a production state yet. But when that goes, it will ramp up just like everything else has.

這就是生產發揮作用的地方。它還沒有達到生產狀態。但當這種情況發生時，它會像其他一切一樣逐漸增加。

Great. And then, final question, then I'll cede the floor. Can you update on your Space division? I know you're pretty upbeat there in the last few quarters about what's coming next year with all these hosted new products. How is the backlog looking there in terms of building for next year?

偉大的。然後，最後一個問題，然後我就不再發言了。您能更新一下您的太空部門的情況嗎？我知道在過去的幾個季度裡，您對明年所有這些託管新產品的前景非常樂觀。就明年的建設而言，那裡的積壓情況如何？

Yeah. The space products are coming from the LEO applications, right, the low-earth-orbit applications. But right now, the low-earth-orbit applications, they're in the process of building out satellites. Right now, they're not at the stage where they would require the chips that we have. That comes sometime next year. That's what we predict the satellite business will be coming.

是的。太空產品來自低地球軌道應用，也就是低地球軌道應用。但目前，對於低地球軌道應用，他們正在建造衛星。目前，他們還沒有達到需要我們擁有的晶片的階段。那將是明年某個時候的事。這就是我們預測衛星業務的未來。

We have already developed a bunch of chips and space-qualified hardware in our AGMDC division to support these satellite applications. But that's not this year. It's going to start pretty much next year, the satellite applications.

我們的 AGMDC 部門已經開發了一系列晶片和太空級硬體來支援這些衛星應用。但今年情況不同。衛星應用將於明年開始。

(Operator Instructions)

（操作員指示）

Jack Vander Aarde, Maxim Group.

傑克·范德·阿爾德，Maxim 集團。

Okay. Fawad, sorry, I joined a little late. I have quite a few earnings calls tonight. So I apologize if I'm redundant.

好的。法瓦德，抱歉，我加入得有點晚了。今晚我有好幾次財報電話會議。所以如果我說了多餘的話，我深感抱歉。

Big uptick in the revenue this quarter, as we were expecting. That's $11 million. I'm just wondering if you could just help me understand and help everyone else understand how many orders under the two LOIs have come in since reporting $11 million of revenue, roughly?

正如我們預期的那樣，本季收入大幅增長。那是1100萬美元。我只是想知道您是否可以幫助我和其他人了解自報告 1100 萬美元的收入以來，這兩份意向書下大約有多少份訂單？

Well, right now, we have additional orders that we reported over the last month, exceeding $5 million so far, already. We're expecting a few more to trickle in shortly. So we are definitely very positive that the LOIs -- at least on the $40 million one, we know that we are on our way to get that LOI fully filled with purchase orders over the next year or so.

嗯，目前，我們報告的上個月的額外訂單已經超過 500 萬美元。我們預計不久還會有更多人加入。因此，我們對意向書非常有信心——至少對於 4000 萬美元的意向書，我們知道我們將在未來一年左右的時間內讓該意向書完全滿足採購訂單。

On the $78 million LOI, we already received $2.5 million worth of funded orders. This, we are shipping this year. This is a typical cycle in which the smaller shipments in the beginning serve as a point of concept to make sure that all of the deployments are going to be working as expected.

在 7,800 萬美元的意向書中，我們已經收到了價值 250 萬美元的資助訂單。這個，我們今年就會出貨。這是一個典型的周期，其中開始時較小的發貨量作為概念點，以確保所有部署都按預期進行。

And then, basically, the floodgates get opened after that.

然後，基本上，閘門就打開了。

Okay. Excellent. That's a helpful overview.

好的。出色的。這是一個很有幫助的概述。

Maybe just, Fawad, bigger picture, just can you maybe touch on all the different types of verticals for your ORAN, your 5G ORAN solutions; and maybe just rank them in terms of how you prioritize them, which ones take off first, and how do you actually deploy them?

也許只是，Fawad，從更大的角度來看，您能否談談您的 ORAN、您的 5G ORAN 解決方案的所有不同類型的垂直領域；也許只是根據您的優先順序對它們進行排序，哪些首先起飛，以及您如何實際部署它們？

Sure. There are two different types of businesses that we are pursuing. One is the private 5G, which is a growing industry. The private 5G is involved in applications like mining, warehouses, department stores, even homes as well but many different businesses, railroad stations.

當然。我們正在進行兩種不同類型的業務。一是私有5G，這是一個正在成長的產業。私有 5G 涉及採礦、倉庫、百貨公司甚至家庭等應用，以及許多不同的企業、火車站。

It could be limitless, many, many applications where they need a secure high-speed network that basically now is AI compatible, right? That's what everybody wants now because manufacturing is going to become automated. So there's a big drive to have high-speed networks that can be AI-based. That's what we're providing.

它可能是無限的，很多很多應用程式都需要一個安全的高速網絡，基本上現在與人工智慧相容，對嗎？這是現在每個人都想要的，因為製造業將會自動化。因此，建立基於人工智慧的高速網路具有很大的推動力。這就是我們所提供的。

The second part of the Radio business is the commercial MNOs, which we've been announcing. These two businesses are separate. They're not the same. They're different types of radios. They're higher configuration radios for the massive MIMO.

無線電業務的第二部分是商業 MNO，我們已經宣布了這一點。這兩個業務是分開的。它們不一樣。它們是不同類型的收音機。它們是用於大規模 MIMO 的更高配置無線電。

For the commercial applications and the private 5G, radios are lower power. They have different parts of it. They have a Wi-Fi 7 part of it. They have CPEs. They have routers. We make all of those things from top to bottom, including the radio, the antennas, and everything.

對於商業應用和私有 5G，無線電的功率較低。它們有不同的部分。他們有 Wi-Fi 7 部分。他們有 CPE。他們有路由器。我們從上到下製造所有這些東西，包括收音機、天線等等。

So what's happening now is that people need support in the private 5G. They need these to fill, let's say, the last mile access. The networks are not covering the last mile. We're calling it fixed wireless access.

所以現在的情況是，人們需要私有 5G 的支援。他們需要這些來填補最後一英里的通道。網路沒有覆蓋最後一英里。我們稱之為固定無線存取。

Since we have capabilities for both the commercial applications as well as the private 5G, we're in a very good position to fill all these holes that other providers cannot do because we are basically vertically integrated and we're able to provide all of these solutions, including in the home, AI-based devices like routers, like CPEs, like Wi-Fi 7 devices, cameras -- all of these supporting equipment we can provide.

由於我們同時具備商業應用和私有 5G 的能力，因此我們處於非常有利的位置來填補其他提供者無法做到的所有這些空白，因為我們基本上是垂直整合的，我們能夠提供所有這些解決方案，包括家庭、基於人工智慧的設備，如路由器、CPE、Wi-Fi 7 設備、攝影機——所有這些支援設備我們都可以提供。

That supports not only businesses but it also supports these commercial applications and homeowners as well. So it's a large market because our products cover all of these verticals. This is a very, very lucrative market now because the large MNOs are not going after the last-mile business. We are.

這不僅支持企業，也支持商業應用和房主。這是一個巨大的市場，因為我們的產品涵蓋了所有這些垂直領域。現在這是一個非常非常有利可圖的市場，因為大型行動網路營運商並不追求最後一哩業務。是的。

The more subscribers we build with our networks, the more value we get.

我們的網路擁有的用戶越多，我們獲得的價值就越大。

Excellent. Okay. And then, maybe just to follow up on that -- it's very complex, there's a lot of moving parts in the ecosystem -- I just want to know, like, for the autonomous piece of this business, all the different drone providers, you have robotaxis on the way, maybe, everyone is competing for these last-mile deliveries?

出色的。好的。然後，也許只是為了跟進這一點——它非常複雜，生態系統中有很多活動部件——我只是想知道，比如，對於這個業務的自主部分，所有不同的無人機提供商，都有自動駕駛出租車，也許，每個人都在競爭這些最後一英里的交付？

Do you see AmpliTech as a fundamental absolute requirement to enable all of these? Will you be able to play well with everyone? Or do you think one or two of these providers is going to win share? How does AmpliTech think about that?

您是否認為 AmpliTech 是實現所有這些的基本絕對要求？你能和大家玩得愉快嗎？或者您認為這些提供者中有一兩家會贏得市場份額？AmpliTech 對此有何看法？

AmpliTech's strategy is not to compete with these providers, right? We're providing a unique solution. Right now, there are other companies that basically take third-parties and put or assemble and integrate the entire system.

AmpliTech 的策略不是與這些供應商競爭，對嗎？我們正在提供獨特的解決方案。目前，其他公司基本上採用第三方來安裝、組裝和整合整個系統。

They buy the [COD] from someone. They buy the radios from someone. And then, they have the support for installation from someone.

他們向某人購買[COD]。他們從某人那裡購買收音機。然後，他們得到了某人的安裝支援。

So we're not doing that. We're basically the only company in the US that is providing all of it from top to bottom, including the planning and optimization and the design of all this equipment and the software that goes along with it.

所以我們不會這麼做。我們基本上是美國唯一一家從上到下提供所有服務的公司，包括所有這些設備以及配套軟體的規劃、優化和設計。

So we are in a position to help these MNOs achieve what they want, not compete with them. So we become valuable to them as their assisted provider, right? And also, to help them improve their whole network by adding our subscriber base to theirs or also just adding our equipment and transitioning them to the next level. So it's a very, very positive thing. We're not competing with them. We're basically helping all of them and creating a business niche where there's not too many US players in the private 5G market that can do all of it that we can do.

因此，我們能夠幫助這些 MNO 實現他們的目標，而不是與他們競爭。因此，作為他們的輔助提供者，我們對他們來說變得有價值，對嗎？此外，我們還透過將我們的用戶群添加到他們的網路中，或者只是添加我們的設備並將其過渡到下一個級別，幫助他們改善整個網路。所以這是一件非常非常正面的事情。我們並不是與他們競爭。我們基本上是在幫助他們所有人，並創造一個商業利基，在私人 5G 市場上，沒有太多的美國參與者能夠做到我們所能做的一切。

We've also built up a lot of IP.

我們也累積了大量知識產權。

Just to clarify: sorry, Fawad, I was talking about how does AmpliTech view the competitive environment in terms of the end drone providers and the end autonomous vehicle players? You're enabling all of them. So it sounds like you are the solution for everyone, regardless of who wins out or if it is a fragmented market. Excellent.

只是為了澄清一下：抱歉，Fawad，我在談論 AmpliTech 如何看待終端無人機供應商和終端自動駕駛汽車參與者的競爭環境？你正在啟用它們全部。因此，聽起來你就是所有人的解決方案，無論誰勝出，也無論市場是否分散。出色的。

And then, one more thing, I would just like to get an update, whatever you can provide, perspective-wise: two months ago, three months ago and then, maybe six months ago, when you initially announced these LOIs, how have your feelings and opportunities in terms of, like, people knocking on your doors, new opportunities knocking on your doors -- like, I know what AmpliTech is now and I think I need that -- whether it's MNO discussions or other big MNO players domestically, internationally and then, also some of these other special channel service providers as well -- what has changed in your view? How are things progressing?

然後，還有一件事，我想了解一下最新情況，無論您能提供什麼，從觀點上來說：兩個月前、三個月前，也許是六個月前，當您最初宣布這些意向書時，您的感受和機會如何，比如，有人來敲您的門，新的機會來敲您的門——比如，我知道 AmpliTech 是什麼，我想我需要它——無論國際是 MNO參與者，以及其他一些特殊通路服務提供者－您認為發生了什麼變化？事情進展如何？

Well, most definitely, their view has changed. We have shown that we have an ability to be able to produce what they need, right? It's very hard for qualification in this business for any provider -- or a small company, especially -- to have all the certifications and all the attestations that we need to provide all the regulatory things that the company needs to provide service and a qualified product to these MNOs and large companies.

嗯，毫無疑問，他們的觀點已經改變。我們已經證明我們有能力生產他們所需要的東西，對嗎？在這個行業中，對於任何供應商（尤其是小公司）來說，獲得所有認證和證明都非常困難，我們需要提供所有監管方面的信息，以便為這些移動網絡運營商和大公司提供服務和合格的產品。

We have shown that. The orders and repeat orders are showing that we are a viable one. So other companies, as I mentioned before -- and I don't think you may have missed that -- is that by seeing that we are able to provide this, there are several other MNOs that are in the same position as Telus or Canadian manufacturers that is transitioning them to a 5G ORAN to save billions of dollars in the future.

我們已經證明了這一點。訂單和重複訂單表明我們是可行的。正如我之前提到的，其他公司——我想您可能沒有錯過——看到我們能夠提供這種服務，其他幾家 MNO 與 Telus 或加拿大製造商處於相同的境地，正在向 5G ORAN 轉型，以在未來節省數十億美元。

Now they have seen that this is working -- and we are a partner to them -- they're advertising our services to them. So when they see that we can do it and it's really possible to achieve this 5G transition and that we're a viable player, they're now easily set up for us to tap into and they will now see that we can provide that.

現在他們已經看到這種方法有效——我們是他們的合作夥伴——他們正在向他們宣傳我們的服務。因此，當他們看到我們可以做到這一點，並且確實有可能實現 5G 轉型，並且我們是一個可行的參與者時，他們現在可以輕鬆地為我們做好準備，並且他們現在將看到我們可以提供這一點。

It opens a lot of doors for us, this investment. We invested heavily in doing this. But the game-winning thing is that we are now a viable supplier to all of these people.

這項投資為我們打開了許多大門。我們為此投入了大量資金。但勝利之處在於，我們現在是所有這些人的可行供應商。

It's a unique industry. There's not too many ORAN 5G providers, besides us.

這是一個獨特的行業。除了我們之外，沒有太多的 ORAN 5G 提供者。

Excellent. That was exactly the answer I was looking for.

出色的。這正是我想要的答案。

And then, maybe just one more follow-up. How is your inventory looking? How are you prioritizing just the sheer demand that you're going to have to satisfy; where things stand in terms of your manufacturing and inventory strategy and needs?

然後，也許再進行一次跟進。您的庫存狀況如何？您如何確定必須滿足的絕對需求的優先順序？您的製造及庫存策略及需求情形如何？

Well, right now -- let me answer your question. This is Jorge.

好吧，現在——讓我回答你的問題。這是豪爾赫。

We are entering, right now, a very good period for us because now we have a great relationship with our customer to the point that, as I mentioned previously, though, now we are privy to be able to see their forecast, right?

我們現在正進入一個非常好的時期，因為現在我們與客戶的關係非常好，正如我之前提到的，現在我們可以知道他們的預測，對嗎？

So that has been a tremendous help because obviously, though, for us to be able to do the shipments in Q2, we really have to expedite material and pay premiums and stuff like that. So there was a lot of one-time costs that we had to endure in Q2 to be able to deliver this rapidly, right?

所以這對我們有很大幫助，因為顯然，為了能夠在第二季度完成發貨，我們必須加快材料運輸並支付額外費用等等。所以為了能夠快速交付，我們在第二季必須承受很多一次性成本，對嗎？

But on the same token, that's why we are able to predict that our gross margins are going to be improved greatly over the next six months. Why? Because we already have all of the test (inaudible), all of the molding, all of the one-time costing that affected our gross margins in Q2. That's already behind us. So for Q3 and Q4, we already captured those costs, right?

但同樣，這也是我們能夠預測未來六個月我們的毛利率將會大幅增加的原因。為什麼？因為我們已經完成了所有的測試（聽不清楚）、所有的成型、所有影響我們第二季毛利率的一次性成本。這已經是過去的事了。那麼對於第三季度和第四季度，我們已經捕獲了這些成本，對嗎？

Now when it comes to material, we don't need to airship material or pay the expedited fees to get the suppliers to ship the materials because already, based on forecast, we were able to start ordering against forecast.

現在說到材料，我們不需要空運材料或支付加急費用讓供應商運送材料，因為根據預測，我們已經能夠開始按預測訂購。

So now, that material, the supply chain is already active, right? So we don't need to be expediting or paying premiums to be able to get the material to the assembly line on time for the strict delivery requirements that we have from our customer.

那麼現在，該材料的供應鏈已經活躍起來了，對嗎？因此，我們不需要加快速度或支付額外費用就能按時將材料送到裝配線，以滿足客戶嚴格的交貨要求。

That's one of the things that I wanted to point out, though: that we have a great relationship with the customer. The customers are very , very (inaudible)

但我想指出的是：我們與客戶的關係很好。顧客非常非常（聽不清楚）

When it comes to deliveries, we must make deliveries based on their schedules because there is a lot of system integrators, right, that they use that they must have product on hand. We committed to that. We achieved a great response and a great supply chain activation for Q2. We're already set to continue doing that over the next quarters. That's why we firmly believe that our gross margins are going to return to very normal levels over the next six months. We are definitely looking forward into that.

當涉及交貨時，我們必須根據他們的時間表進行交貨，因為他們使用很多系統整合商，所以他們必須手頭上有產品。我們致力於此。我們在第二季度獲得了良好的反響和良好的供應鏈激活。我們已經準備好在接下來的幾季繼續這樣做。這就是為什麼我們堅信我們的毛利率將在未來六個月內恢復到非常正常的水平。我們對此非常期待。

The inventory, right now -- yes, the inventory that we are handling right now, as you can see and as you will see in the balance sheet, we are very selective, right? We basically build to order. We're building to forecast. So we are very careful in bringing inventories and keeping the inventory levels to very manageable levels without affecting the cash flows of the company.

目前的庫存——是的，我們現在處理的庫存，正如您所看到的，正如您在資產負債表中看到的，我們非常有選擇性，對嗎？我們基本上是按訂單生產。我們正在進行預測。因此，我們在庫存方面非常謹慎，並將庫存水準保持在非常可控的水平，而不會影響公司的現金流。

So we definitely are in a good position, inventory-wise, to satisfy the next set of funded purchase orders throughout the company, not just for 5G but also for the core business in the AmpliTech team division and the spectrum division.

因此，從庫存角度來看，我們絕對處於有利地位，可以滿足整個公司的下一批融資採購訂單，不僅針對 5G，還針對 AmpliTech 團隊部門和頻譜部門的核心業務。

All right. Excellent. Well, it sounds like things have really progressed. Everything is on track. Look forward to watching you guys execute.

好的。出色的。嗯，聽起來事情確實有進展了。一切都在按計劃進行。期待看到你們的表現。

Thank you.

謝謝。

Thank you, Jack.

謝謝你，傑克。

[Chirag Patel], Private Investor.

[Chirag Patel]，私人投資者。

I'm one of your investors from the very beginning of time. I have seen too many ups and downs. Sometimes, those moral breakdowns.

從一開始，我就是你們的投資者之一。我見過太多的起起落落。有時，這些道德淪喪。

But I have a question on the AmpliTech warrants. I also own warrants. I wanted to know, if I want to execute those warrants, how can I do it? Is there any plan you guys are extending the expiry of those warrants?

但我對 AmpliTech 認股權證有疑問。我也擁有認股權證。我想知道，如果我想執行這些逮捕令，我該怎麼做？你們有延長這些授權書有效期限的計畫嗎？

If you would like to exercise your warrants, please -- this is Louisa Sanfratello, CFO.

如果您想行使您的認股權證，請—我是財務長 Louisa Sanfratello。

If you need to exercise those warrants, please contact me at the office or send me an e-mail at louisa@amplitechgroup.com.

如果您需要行使這些認股權證，請聯絡我的辦公室或發送電子郵件至louisa@amplitechgroup.com。

As far as extending those warrants, at this time, we do not have any plans on doing so.

至於延長這些授權，目前我們還沒有任何計畫。

Okay. All right. So basically, I have to reach out to you in order for the [execution]?

好的。好的。所以基本上，我必須聯繫你才能[執行]？

Yes.

是的。

Okay. You got it. Yeah. I'll do that. Thanks for taking the question.

好的。你明白了。是的。我會這麼做的。感謝您回答這個問題。

Okay. Thank you, Chirag. Thank you for being an investor.

好的。謝謝你，奇拉格。感謝您成為我們的投資者。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the call back over for any closing remarks.

我想將電話轉回去，以便發表結束語。

Thank you, operator. Thanks to everyone who joined today's call to hear about the progress we've made and the plan we have to further our company's mission of providing the communication systems of tomorrow, today.

謝謝您，接線生。感謝今天參加電話會議的所有人，了解我們所取得的進展以及我們為進一步實現公司提供未來通訊系統的使命而製定的計劃。

We look forward to updating you further on our Q3 financial results call in mid-November. Until then, please contact us directly should you have any questions or wish to schedule a call with management.

我們期待在 11 月中旬的第三季財務業績電話會議上向您進一步通報最新情況。在此之前，如果您有任何疑問或希望與管理層安排通話，請直接與我們聯繫。

Our Investor Relations team can be reached at the contact information listed at the bottom of our press releases.

您可以透過新聞稿底部列出的聯絡資訊聯絡我們的投資者關係團隊。

Thank you. Be well.

謝謝。保重。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。