Amplitech Group Inc (AMPG) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Amplitech Group's quarterly investor update call, where the company will discuss its second (sic) [third] quarter 2025 financial results. (Operator Instructions). As a reminder, today's conference is being recorded.

各位女士、先生，大家好，歡迎參加Amplitech集團季度投資者更新電話會議，公司將在會上討論其2025年第二季度（原文如此）[第三季度]的財務業績。（操作說明）提醒各位，今天的會議正在錄影。

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

現在我想把電話交給Amplitech的營運長Jorge Flores。

Thank you for joining today's call to review the progress of Amplitech's growth initiatives and financial results and to answer investor questions.

感謝各位參加今日的電話會議，共同回顧Amplitech的成長計畫進度與財務業績，並回答投資人提出的問題。

On the call today are Amplitech's Founder and CEO, CTO, Mr. Fawad Maqbool; the company's CFO, Louisa Sanfratello; and the company's COO, Jorge Flores. Following initial management comments, we will open the call to investor questions. An archived replay of today's call will be posted to the Investors Relations section of Amplitechs' corporate website. This call is taking place on Friday, November 14, 2025.

今天參加電話會議的有 Amplitech 的創辦人兼執行長、技術長 Fawad Maqbool 先生；公司財務長 Louisa Sanfratello；以及公司營運長 Jorge Flores。在管理階層作了初步發言後，我們將開放投資人提問環節。今天電話會議的錄音回放將發佈在 Amplitechs 公司網站的投資者關係版塊。本次電話會議將於2025年11月14日星期五舉行。

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.

以下評論和對問題的回答可能包含公司認為屬於 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性陳述通常包含諸如預期、相信、期望或類似重要性的字眼。

Likewise, statements that describe future plans, objectives or goals are also forward-looking. 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. Except as described in these filings, the company disclaims any obligation to update forward-looking statements, which are made as of place date.

同樣，描述未來計畫、目標或目的的陳述也屬於前瞻性陳述。這些前瞻性陳述有各種風險，可能導致實際結果與預期結果有重大差異。此類風險包括但不限於該公司在其新聞稿和向美國證券交易委員會提交的文件中所述的事項。除本文件另有規定外，本公司不承擔更新前瞻性聲明的任何義務，這些聲明僅代表截至發布之日的資訊。

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

接下來，我將把電話交給我們的執行長兼技術長法瓦德·馬格布爾先生。

Ladies and gentlemen, good morning, and thank you for joining our Q3 2025 review call. Today, we'll reflect on our record performance in the third quarter of 2025 and the nine-month period ending September 30, 2025. We'll take the opportunity to discuss the company's growth outlook, market opportunities and provide additional financial guidance.

女士們、先生們，早安，感謝各位參加我們2025年第三季回顧電話會議。今天，我們將回顧我們在 2025 年第三季以及截至 2025 年 9 月 30 日的九個月期間取得的創紀錄業績。我們將藉此機會討論公司的成長前景、市場機遇，並提供更多財務指導。

Let's start with the Q3 2025 highlights and strategic progress. Quarterly revenue was $6.09 million, a 115% increase compared to $2.83 million in Q3 2024. Gross profit more than doubled to $2.96 million, representing a 48.6% gross margin, up from 47.5% in the prior year period, up about 40% from Q2 2025 gross margin.

讓我們先來看看 2025 年第三季的亮點和策略進展。本季營收為 609 萬美元，比 2024 年第三季的 283 萬美元成長了 115%。毛利翻了一番多，達到 296 萬美元，毛利率為 48.6%，高於去年同期的 47.5%，比 2025 年第二季的毛利率成長了約 40%。

EBITDA positive of nearly $200,000, reflecting substantial improvement in operating performance and margin expansion. Net loss significantly narrowed to $188,000 compared to a net loss of $1.19 million in Q3 2024. Cash, cash equivalents and accounts receivables of nearly $12 million with zero long-term debt and working capital of $14 million as of September 30, 2025.

EBITDA 為正值近 20 萬美元，反映出營運績效的大幅改善和利潤率的擴大。與 2024 年第三季淨虧損 119 萬美元相比，淨虧損大幅收窄至 18.8 萬美元。截至 2025 年 9 月 30 日，現金、現金等價物及應收帳款近 1,200 萬美元，長期債務為零，營運資金為 1,400 萬美元。

Now the nine months highlights year-to-date 2025. Overall, nine-month company's record revenue surged 171% year-to-date to $20.7 million compared to $7.7 million in the same period last year. Net loss reduced by nearly 50%, improving from $7.4 million in 2024 to $3.8 million in 2025. The growth driven by the successful integration of Amplitech's 5G ORAN technology and strong momentum in low-noise amplifiers, low-noise blocks and 5G infrastructure systems. This is not just 5G ORAN, its true 5G and we are 5G.

現在，讓我們回顧一下 2025 年至今的九個月亮點。總體而言，該公司九個月以來的營收創歷史新高，年增 171%，達到 2,070 萬美元，而去年同期為 770 萬美元。淨虧損減少近 50%，從 2024 年的 740 萬美元改善至 2025 年的 380 萬美元。成長的驅動力來自 Amplitech 的 5G ORAN 技術的成功整合，以及低雜訊放大器、低雜訊模組和 5G 基礎設施系統的強勁發展勢頭。這不僅僅是 5G ORAN，這是真正的 5G，我們是 5G。

Continued investment in R&D, up 60% supporting the new product development in MIMO 64T64R ORAN Radios, private 5G network systems and cryogenic amplifier platforms for quantum applications. Now this isn't just random R&D. It's strategically focused on what the world needs, billion and trillion-dollar markets.

持續加大研發投入，增幅達 60%，支援 MIMO 64T64R ORAN 無線電、專用 5G 網路系統和量子應用低溫放大器平台的新產品開發。這可不是隨意進行的研發。它的戰略重點是世界需要的，即數十億和萬億美元的市場。

Now operational and financial highlights. Integration of ORAN IP portfolio positions Amplitech as a US-based vertically integrated supplier for next-generation Open RAN 5G radios and private network deployment. Our third quarter shows to be an EBITDA-positive quarter, achieved through disciplined expense control, operational efficiency and growth in high-margin segments. This is a clear signal we are turning the corner and getting close to achieving profitability.

以下是營運和財務亮點。ORAN IP 產品組合的整合使 Amplitech 成為總部位於美國的垂直整合供應商，專注於新一代 Open RAN 5G 無線電和專用網路部署。我們第三季實現了 EBITDA 為正，這得益於嚴格的費用控制、營運效率的提高以及高利潤率業務的成長。這是一個明確的信號，表明我們正在扭轉局面，並即將實現盈利。

Rights offering earlier -- it's an above market price shareholder-friendly rights offering priced at $4 per unit, providing growth capital for scaling ORAN product lines and expanding domestic production. We're going to go deeper into that a little bit later. But now I'll give some outlook and forward guidance. The company increased revenue guidance to at least $25 million for fiscal year 2025, representing a 160% year-over-year increase over fiscal year 2024, beating The Street estimates. We anticipate double-digit gross margins in Q4 2025 and 2026.

更早的配股發行——這是一項高於市場價格、對股東友好的配股發行，每單位定價 4 美元，為擴大 ORAN 產品線和擴大國內生產提供成長資金。我們稍後會更深入地探討這個問題。但現在我將展望未來，並給予一些指導。該公司將 2025 財年的營收預期提高至至少 2,500 萬美元，比 2024 財年年增 160%，超過了華爾街的預期。我們預計 2025 年第四季和 2026 年第四季的毛利率將達到兩位數。

As production costs normalize, onetime costs are reduced and higher-margin follow-on business ramps up. We project positive cash flow from operations and profitability to be achieved in fiscal year 2026, assuming continuation of current order pace and margin recovery. Company expects to receive follow-on orders from both publicly announced LOIs imminently as well as orders from new customers in 2026.

隨著生產成本趨於正常化，一次性成本降低，利潤更高的後續業務也隨之增加。我們預計，在當前訂單速度和利潤率恢復的前提下，公司將在 2026 財年實現正的營運現金流量和獲利能力。本公司預計近期將收到已公開宣布的意向書的後續訂單，並在 2026 年收到新客戶的訂單。

Assuming continuation of the current order pace and based on forecast information received by the company, fiscal year 2026 revenue will be at least $50 million, effectively doubling that of projected record fiscal year 2025 of at least $25 million.

假設訂單速度保持目前的水平，並根據公司收到的預測訊息，2026 財年的收入將至少達到 5,000 萬美元，比預計創紀錄的 2025 財年至少 2,500 萬美元的收入翻一番。

With this all said, I'd like to focus on our current rights offering efforts, because I'm sure many people are confused. Amplitech has an effective Form S-3 base perspective -- prospectus from which it intends to offer these securities -- registered with the Securities and Exchange Commission, for a proposed rights offering in which it plans to distribute to, a, stockholders and b, certain warrant holders two transferable unit rights to purchase up to the maximum of 8 million units at $4 per unit. Each unit will consist of one share of common stock, the common shares and two short-term rights to purchase additional common shares. These are rights -- short-term rights, not warrants.

綜上所述，我想重點談談我們目前的配股工作，因為我相信很多人對此感到困惑。Amplitech 已向美國證券交易委員會註冊了有效的 S-3 表格基礎展望——即其打算據此發行這些證券的招股說明書——以進行擬議的配股，其中計劃向 a 股東和 b 某些認股權證持有人分發兩份可轉讓的單位權利，以每單位 4 美元的價格購買最多 800 萬個單位。每個單位將包含一股普通股、普通股以及兩個短期購買額外普通股的權利。這些是權利──短期權利，而不是認股權證。

Under the rights offering, each stockholder and certain warrant holders as of the record date will receive as a dividend at no charge, two unit rights for each common share -- each common share subject to warrant owned on the record date.

根據配股計劃，截至登記日，每位股東和某些認股權證持有人將免費獲得每股普通股兩份單位認股權證作為股息——每股普通股均須在登記日持有認股權證。

The distribution of the unit rights will occur on or around the record date. The record date for the distribution of the unit rights, the expiration dates for the units rights and related short-term rights and related pricing information will be included in the filing perspective.

股份分配將在股權登記日當天或前後進行。申報文件中將包含單位權利分配的登記日期、單位權利和相關短期權利的到期日以及相關定價資訊。

Holders who fully exercise their unit rights will be entitled to oversubscribe for additional units, if available, that are not purchased by other right holders, subject to potential pro-rata allocation of those oversubscribe units, for which they subscribe in proportion to the total number of oversubscription units. Now that sounds very complicated, but you can get the SWP that has been published publicly to get all the details.

完全行使單位認購權的持有人有權超額認購其他認購權持有人未購買的額外單位（如有），但超額認購的單位可能會按比例分配，持有人將以超額認購單位總數的比例認購這些單位。這聽起來很複雜，但您可以獲得已公開發布的 SWP 以獲取所有詳細資訊。

The company is aiming for a 25% to 30% annual revenue growth through 2030. This target is mainly driven and based on our ORAN 5G LOIs with two different customers. These LOIs were not binding are the results of months of technical meetings and our involvement as what is known as the industry -- in the industry as POCs or proof-of-concept.

該公司目標是到 2030 年實現年收入成長 25% 至 30%。這個目標主要由我們與兩家不同客戶簽訂的 ORAN 5G 意向書驅動和基於此。這些不具約束力的意向書是數月技術會議和我們作為業內人士參與的成果——在業界被稱為 POC 或概念驗證。

With this said, there is a predetermined price set up with these minimum quantities and specific delivery requirements set in place already, which have been supported by receiving forecast from both customers. We're executing on a visible pipeline, early repeat orders and capacity clients to support tens of thousands of radios over time.

綜上所述，已預先設定了最低數量和具體交貨要求，並已收到雙方客戶的預測，從而確定了價格。我們正在執行可見的流程，並在早期重複訂單和產能客戶，以便在未來支援數萬台收音機。

At retail, we expect operating leverage, better purchasing, tighter manufacturing cycles, which will contribute to lift gross margins. Put simply, 25%, 35%, 30% isn't a moonshot. It's what happens when a valid product line meets a secular upgrade cycle with a differentiated ORAN 5G supplier.

在零售方面，我們預期營運槓桿、更好的採購、更緊湊的生產週期將有助於提高毛利率。簡單來說，25%、35%、30% 並不是什麼驚天動地的大事。這就是當一條成熟的產品線遇到一個具有差異化優勢的 ORAN 5G 供應商，並經歷長期升級週期時所發生的情況。

Company's rights offering provides our loyal investors choice, fairness and alignment. In choice, a rights offering lets every existing shareholder decide if they want to maintain or increase their ownership on similar terms. No one is boxed out by a selective private deal. Everyone has access, hence it's pro-rata by design. If you participate, you can offset those.

公司此次配股為我們忠實的投資者提供了選擇權、公平性和利益一致性。在選擇方面，配股可以讓每個現有股東決定是否要以類似的條款維持或增加其持股比例。任何人都不會被選擇性的私人交易排除在外。每個人都可以使用，因此按比例分配是設計好的。如果您參與，就可以抵消這些費用。

And if you don't, you're making asset portfolio decision, not suffering because we raised capital in a small group. Please take note the right are transferable. Holders can also use to sell their rights in the market as we do expect market makers will create a market for them to be traded. So again, not just fairness, but flexibility.

如果你不這樣做，你是在做資產組合決策，而不是因為我們小規模籌集了資金而遭受損失。請注意，這些權利是可以轉讓的。持有者也可以利用市場出售其權利，因為我們預期做市商會為這些權利的交易創造市場。所以，再次強調，不只要公平，也要靈活。

Alignment, we picked this structure to strengthen the balance sheet without loading the company with expensive debt or entering into toxic financing transactions. It supports growth while expecting our valued long-term shareholders. It also sends a clear signal. We're raising capital to fund concrete opportunities, production, inventory turns, certifications and go-to-market. We are not raising capital plug hold.

為了實現目標，我們選擇了這種結構來加強資產負債表，同時避免讓公司背負昂貴的債務或有害的融資交易。它既支持成長，也期望我們尊貴的長期股東能夠受益。它也傳遞了一個明確的訊號。我們正在籌集資金，用於投資具體項目、生產、庫存週轉、認證和市場推廣。我們不會籌集資金，維持現狀。

Bottom line, the right deal gives us our shareholders agency and keeps us aligned as we step into larger orders and programs. We're inviting our owners to come with us on the next leg of our growth on the same terms. The company will use the proceeds as a high-return near-term growth levers. There are five levers. Number one, scale production and working capital, fund inventories for committed and forecasted orders, shorten lead times and secure long lead components. The goal is faster, order-to-cash and the capacity to fulfill multisite rollouts without bottlenecks.

總而言之，合適的交易能夠賦予我們股東自主權，並使我們與股東保持一致，從而更好地承接更大的訂單和項目。我們邀請我們的所有者以同樣的條件與我們一起進入下一個發展階段。公司將利用所得資金作為近期高回報成長的槓桿。共有五個控制桿。第一，擴大生產規模和營運資金，為已承諾和預測的訂單提供庫存資金，縮短交貨時間並確保長交貨期零件的供應。目標是加快訂單到收款速度，並具備無瓶頸地完成多站點部署的能力。

Number two, certification and market assets, complete and extend -- complete these certifications and will extend certifications like CE and ISED, some are operator-specific. The field trials and interoperability testing. Each certification stamp expands our addressable market and removes friction for large buyers.

第二，認證和市場資產，完成和擴展——完成這些認證並將擴展 CE 和 ISED 等認證，其中一些是針對特定運營商的。現場試驗和互通性測試。每項認證標誌都能擴大我們的目標市場，並消除大型買家的購買障礙。

Number three, product road map. Encryption and software. Advanced next-gen radios and RF front-end at AI-RIC adjacent peers improved manageability and hardened security. We also have a proprietary encryption for our networks. It's hardware-based, not firmware-based big difference, which we want to incorporate across our entire ORAN 5G product line.

第三，產品路線圖。加密和軟體。AI-RIC 相鄰對等設備的先進下一代無線電和射頻前端提高了可管理性並增強了安全性。我們的網路也採用了專有加密技術。這是基於硬體的，而不是基於韌體的，這是一個很大的區別，我們希望將其應用到我們整個 ORAN 5G 產品線中。

These additional products and features will lift performance and margin and create upsell paths across our installed base. These are valuable differentiators for us. We are not a me-too company. We have never been.

這些新增產品和功能將提升業績和利潤率，並為我們的現有客戶群創造追加銷售機會。這些對我們來說都是寶貴的差異化優勢。我們不是那種隨波逐流的公司。我們從未去過。

Growth to markets -- number four, go-to-market expansion. The strategy is to add sales, engineering, carrier enterprise channel partners and targeted international presence where trusted highly secured ORAN 5G has become a mandate. We all know how important security is, and we're going to the next step, incorporating this into our networks. This accelerates deal velocity and conversion.

市場成長－第四點，市場拓展。該策略旨在增加銷售、工程、營運商企業通路合作夥伴，並有針對性地拓展國際業務，因為在這些地區，值得信賴的高度安全的 ORAN 5G 已成為一項強制性要求。我們都知道安全的重要性，現在我們要更進一步，將安全性融入我們的網路中。這可以加快交易速度和轉換率。

And finally, number five, strategic flexibility. It keeps the balance sheet strong so we can pursue select tuck-in, joint ventures or capacity investments when they're clearly accretive. We're disciplined about ROI, dollars go where they unlock revenue, improved gross margin and reduce cycle times. That's how this rate translates into 25% to 30% growth trajectory, more importantly, durable value creation.

最後，第五點，策略彈性。這樣可以維持資產負債表的穩健，以便我們可以在明顯能夠增值的情況下，進行一些選擇性的補充收購、合資或產能投資。我們非常注重投資報酬率，資金都花在能夠帶來收入、提高毛利率和縮短週期時間的地方。這就是為什麼這一成長率可以轉化為 25% 到 30% 的成長軌跡，更重要的是，可以創造持久的價值。

In concluding, valued shareholders, we are firmly looking ahead with our company having a record fiscal year 2025, in which we expect to nearly triple the sales achieved in fiscal year 2024, a major milestone for the company. We have expectations of receiving additional orders to continue funding our LOIs with a healthy balance sheet, zero long-term debt and expanding portfolio of proprietary 5G and satellite technologies.

最後，尊敬的股東們，我們堅定地展望未來，公司將在 2025 財年創下歷史新高，預計銷售額將比 2024 財年增長近三倍，這將是公司的一個重要里程碑。我們期望獲得更多訂單，以繼續為我們的意向書提供資金，同時保持健康的資產負債表、零長期債務，並不斷擴大我們專有的 5G 和衛星技術組合。

We also have special cryogenic amplifiers to serve the growing needs of the quantum computing market, along with ORAN technology to support artificial intelligence and global 5G product certification is now in place.

我們還擁有特殊的低溫放大器，以滿足量子運算市場日益增長的需求，以及支援人工智慧的 ORAN 技術，並且目前已獲得全球 5G 產品認證。

Amplitech is now positioned to deliver successive quarters of growth, enhanced shareholder value and a significantly stronger IP valuation in 2026 and beyond. Thank you for your continued support.

Amplitech 目前已做好準備，將在 2026 年及以後實現連續幾季的成長、提升股東價值並顯著提高知識產權估值。感謝您一直以來的支持。

We will now open the call for questions. Operator, please proceed.

現在開始接受提問。操作員，請繼續。

(Operator Instructions)

（操作說明）

Vishal Mishra, Bard Associates.

Vishal Mishra，Bard Associates。

Hi, good morning, Fawad. So just want to -- I heard you right, which is that you do expect these rights to be traded when they're distributed, correct?

你好，早上好，Fawad。所以我想確認一下——我理解你的意思，你是希望這些權利在分配時能夠被交易，對嗎？

Correct.

正確的。

That's great. Thanks. And second question, this is great momentum, congratulations. Do we -- I know I see double-digit gross margins. Or do we have any more like -- as you scale like -- and you also said that the gross -- like the margins, the quantities have been sort of solidified in the contract as you've been working on the POC. Do we know -- can you give me a more color on that? Is it like those margins, which has been agreed upon are like the gross margin like in the 20s, 30s, 40s or that's not something you can disclose?

那太棒了。謝謝。第二個問題，這真是個好勢頭，恭喜！我們——我知道我看到了兩位數的毛利率。或者我們還有其他類似的東西嗎——隨著規模的擴大——你也說過，毛利——比如利潤率、數量，在你進行概念驗證的過程中，這些都在合約中得到了某種程度的確定。我們知道嗎？能再詳細說說嗎？是指那些已經商定的利潤率，例如毛利率在 20%、30%、40% 左右嗎？還是說這是不能透露的訊息？

Well, this is Jorge, COO for Amplitech Group. I'm going to be taking on that answer. We do have a mixed -- we have a mixed list of 4G and 5G products and every single one of them carries a different gross margin. All we can say right now, though, and also due to competitive natures, right, that we are not going to be able to disclose a specific gross margin information on our products due to competitive nature, of course. But that's why we are saying that at least we're going to be able to achieve double-digit gross margins on every of our products right now.

這位是Amplitech集團的營運長Jorge。我將接受這個答案。我們的產品種類繁多，既有 4G 產品也有 5G 產品，而且每款產品的毛利率都不同。不過，由於競爭的性質，我們現在只能說，我們無法披露我們產品的具體毛利率信息，當然，這是因為競爭的性質。但也因為如此，我們才能說，至少我們現在能夠實現所有產品兩位數的毛利率。

Great, thank you, Jorge. So I know historically, you've been close to 30%, 40%. Is that something historically you will be or like because these new products, they will be lower, higher or?

太好了，謝謝你，豪爾赫。我知道從歷史數據來看，你們的比例接近 30% 或 40%。從歷史角度來看，你會喜歡或接受這種新產品嗎？因為它們的價格會更低、更高還是更低？

Well, as you could see from our results in Q2, in which we had a lot of onetime cost driver, we have recovered very handsomely in Q3 with over 40% gross margins. So we are, of course, going to keep allocating capital, right, to improve on our margins, sometimes we might elect to go into a higher configuration of molding equipment and fixturing to be able to drive the cost down on every single item used in our radios. So -- we do expect, though, that we're going to have, as I said before, though, at least like gross margins in the double digits.

正如您從我們第二季的業績中看到的那樣，由於第二季有很多一次性成本因素，我們在第三季已經實現了非常可觀的復甦，毛利率超過 40%。所以，我們當然會繼續投入資金，對吧？為了提高利潤率，有時我們可能會選擇採用更高配置的成型設備和夾具，以便降低我們收音機中使用的每個部件的成本。所以——不過，正如我之前所說，我們預計至少能達到兩位數的毛利率。

Good. Thank you, Jorge. That's it for me. You're welcome.

好的。謝謝你，豪爾赫。就這些了。不客氣。

(Operator Instructions)

（操作說明）

Thank you. This concludes the Q&A session. I'll turn the call back to Fawad Maqbool for closing remarks.

謝謝。問答環節到此結束。我將把電話轉回給法瓦德·馬格布爾，請他作總結發言。

Thank you, everyone, who enjoyed today's call to hear about progress. We made the plan. We have to further our company's mission of providing the communication systems of tomorrow today. We look forward to updating you further on our full year financial results call next year. Until then, please contact us directly if you have any questions or wish to schedule a call with management. Our Investor Relations team can be reached at the contact information listed at the bottom of our press release. Thank you and be well.

感謝各位今天參加電話會議，了解最新進展。我們制定了計劃。我們必須推進公司「提供面向未來的通訊系統」的使命。我們期待明年在全年財務業績電話會議上向您提供更多資訊。在此之前，如果您有任何疑問或希望安排與管理層通話，請直接與我們聯繫。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。謝謝，祝您一切安好。

Today's conference call is now concluded. Thank you, and you may now disconnect your lines.

今天的電話會議到此結束。謝謝，您現在可以斷開線路了。