Amplitech Group Inc (AMPG) 2026 Q2 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 quarter 2026 financial results. Present in this call, we have the executive team of AmpliTech Group. Fawad Maqbool, CEO, CTO, and Board Chair; Jorge Flores, COO; Louisa Sanfratello, CFO. (Operator Instructions) As a reminder, today's conference call is being recorded.

各位女士、先生，大家好，歡迎參加 AmpliTech Group 的季度投資人最新進度電話會議；公司將在本次會議中討論其 2026 年第二季財務業績。出席本次電話會議的有 AmpliTech Group 的管理團隊。Fawad Maqbool，執行長（CEO）、技術長（CTO）暨董事會主席；Jorge Flores，營運長（COO）；Louisa Sanfratello，財務長（CFO）。（接線員指示）提醒各位，今天的電話會議將被錄音。

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

現在我想把電話會議交給 AmpliTech 的營運長 Jorge Flores。請開始。

Thank you, operator. Thank you for joining today's call to review AmpliTech's second quarter 2026 financial results, review of our company's outlook, and to answer investor questions. Following initial management comments, we will open the call to investors' questions. An archived replay of today's call will be posted to the Investor Relations section of the AmpliTech's corporate website. This call is taking place on Thursday, August 13, 2026.

謝謝接線員。感謝各位參加今天的電話會議，一同檢視 AmpliTech 2026 年第二季財務結果、回顧公司展望，並回答投資人提問。在管理層的開場評論之後，我們將開放投資人提問。今天電話會議的存檔重播將發布於 AmpliTech 公司網站的投資人關係（Investor Relations）專區。本次電話會議於 2026 年 8 月 13 日（星期四）舉行。

Remarks that follow and answers to questions may include the 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.

接下來的發言與對問題的回答，可能包含公司依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所認定的前瞻性陳述。這些前瞻性陳述通常包含如 anticipate（預期）、believe（相信）、expect（預計）或其他具有類似重要性的字詞。

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 today's date.

同樣地，描述未來計畫、目標或宗旨的陳述亦屬前瞻性陳述。這些前瞻性陳述受到各種風險影響，可能導致實際結果與預期存在重大差異。此類風險包括但不限於公司在新聞稿以及向美國證券交易委員會（SEC）提交之文件中所描述的事項。除上述文件所述外，公司不承擔更新前瞻性陳述之任何義務；該等陳述係以今日日期為準。

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

接下來，讓我把電話會議交給我們的執行長 Fawad Maqbool 先生。

Thank you, Jorge. Good afternoon, everyone. Thank you, everyone, for joining us today. Second quarter was an important period in AmpliTech's continued transformation and growth. We recognize that investors will focus on our total revenues, gross margins and total expenses and bottom line results. We want to address those items directly and more importantly, provide our investors with additional color behind the numbers. Investing ahead of growth.

謝謝你，Jorge。各位下午好。感謝各位今天與會。第二季是 AmpliTech 持續轉型與成長的重要期間。我們理解投資人將關注我們的總營收、毛利率與總費用，以及最終損益結果。我們希望直接回應這些項目，更重要的是，為投資人提供數字背後的更多說明。在成長之前先行投資。

Our second quarter results reflect both meaningful progress across our underlying businesses and a deliberate increase in investment as we position AmpliTech to pursue and support significantly larger opportunities across 5G, telecom infrastructure, satellite communications, semiconductor technologies, and other advanced communications markets.

我們第二季的結果反映出：一方面，我們在各項基礎業務上取得了具意義的進展；另一方面，隨著我們定位 AmpliTech 以追求並支援 5G、電信基礎設施、衛星通訊、半導體技術及其他先進通訊市場中顯著更大的機會，我們也有意識地提高了投資力度。

Establishing a meaningful and sustainable position in the telecom infrastructure market is neither easy nor accomplished overnight. It requires a significant technical expertise, sustained R&D investment, product development, testing, certifications, customer qualification, and ultimately, the ability to perform at scale.

在電信基礎設施市場建立具意義且可持續的地位，既不容易，也不可能一蹴可幾。這需要深厚的技術專業、持續的研發投入、產品開發、測試、認證、客戶資格認可（qualification），以及最終具備規模化交付的能力。

We believe the investments we have made in these areas have been instrumental in the progress AmpliTech has achieved and are an important part of building a durable competitive position in this large and expanding market. While these investments impacted near-term profitability, we believe they should be viewed in the context of the larger opportunity we are building toward.

我們相信，我們在上述領域所做的投資，對 AmpliTech 取得的進展至關重要，也是我們在這個龐大且持續擴張的市場中建立長期競爭地位的重要一環。雖然這些投資影響了短期獲利能力，但我們認為應在我們正打造的更大機會脈絡下加以看待。

We are encouraged by our strong revenue performance and, equally important, by the continued commercial and technical progress we are making in markets that historically have presented substantial barriers to entry and were only for the industry giants.

我們對強勁的營收表現感到振奮；同樣重要的是，我們在一些歷來具有高進入門檻、過去多由產業巨頭主導的市場中，持續取得商業與技術上的進展。

There are no shortcuts to building a lasting presence in the telecom infrastructure. Our strategy has been to invest in the technology, deliberately people, the capabilities and customer relationships necessary to compete for increasingly meaningful opportunities and to support them successfully as they scale.

在電信基礎設施領域建立長期存在沒有捷徑。我們的策略是投資於技術、並有計畫地投入人才、能力與客戶關係，以便競逐日益重要的機會，並在其規模化時成功支援。

We remain focused on disciplined execution, converting our technology investments into commercial opportunities, expanding our customer base, scaling the revenue responsibly and improving operating leverage as the business grows. Our long-term objective is to build AmpliTech into a significantly larger and more valuable communications technology company, and in doing so, create substantial and sustainable value for our shareholders.

我們仍專注於有紀律的執行：將技術投資轉化為商業機會、擴大客戶基礎、負責任地擴張營收規模，並在業務成長的同時提升營運槓桿。我們的長期目標是把 AmpliTech 打造成一家規模顯著更大、價值更高的通訊科技公司，並在此過程中為股東創造可觀且可持續的價值。

This doesn't happen overnight, and it takes a lot of resources to put all of this together to compete with the giants that we are in. Q2 was, in many respects, a quarter to invest in the future growth of AmpliTech Group. We invested in customer-driven R&D, customer-driven, supply chain resilience, production readiness, strategic sales, and marketing, specialized personnel and outside expertise, cybersecurity, and IT infrastructure, internal controls and the organizational capabilities required to support larger customers.

這不會在一夜之間發生；要把這一切整合起來、並與我們所處市場中的巨頭競爭，需要大量資源。第二季在許多方面，是為 AmpliTech Group 未來成長進行投資的一季。我們投資於以客戶需求驅動的研發、以客戶需求驅動的供應鏈韌性、量產準備、策略性銷售與行銷、專業人才與外部專家、資安與 IT 基礎設施、內部控制，以及支援更大型客戶所需的組織能力。

Building the commercial organization, we also increased our investment in sales and marketing during the quarter. The 10-Q reflects increased marketing and business development activity, including additional industry trade shows, expanded promotional initiatives, and hiring of two senior business development representatives to support the company's expanding 5G Open RAN commercial strategy and our 5G product portfolio.

在打造商業組織方面，我們也在本季增加了對銷售與行銷的投入。10-Q 顯示行銷與業務開發活動增加，包括參加更多產業展會、擴大推廣計畫，以及聘用兩位資深業務開發代表，以支援公司擴展中的 5G Open RAN 商業策略與我們的 5G 產品組合。

To establish our brand and position us for growth, we've engaged a strategic marketing and communications firm also, whose principals have deep experience in complex industries. They're building our marketing and communications foundation from the ground up. They already overhauled our website and messaging, and they'll be assisting us with sales campaigns, rebuilding the e-commerce parts to our site, strengthening our SEO and building the brand equity that positions us as a leader in the market.

為了建立品牌並讓我們具備成長定位，我們也聘請了一家策略行銷與傳播公司，其核心成員在複雜產業領域擁有深厚經驗。他們正從零開始建立我們的行銷與傳播基礎。他們已經全面改版我們的網站與訊息傳達，並將協助我們進行銷售活動、重建網站的電子商務部分、強化 SEO，並建立品牌資產，使我們在市場中具備領導者定位。

We recognize these as essential ingredients, especially the website to portray an image that we really need to show our investors. Historically, AmpliTech has been a highly engineering-driven organization. As our product portfolio and addressable markets expand, we believe we must put an equally capable commercial organization around the technology we have developed.

我們認為這些都是不可或缺的要素，尤其是網站，用以呈現我們確實需要向投資人展示的形象。歷來 AmpliTech 一直是一個高度以工程為導向的組織。隨著我們的產品組合與可服務市場擴大，我們相信必須在已開發的技術周圍，建立同樣有能力的商業組織。

The objective is not simply greater marketing exposure. It's to improve access to strategic accounts and convert technology validation, customer engagement, and engineering activity into commercial opportunities. We believe that next stage of AmpliTech evolution requires both technology leadership and market access.

目標不僅僅是提高行銷曝光。而是改善對策略性客戶（strategic accounts）的觸達，並將技術驗證、客戶互動與工程活動轉化為商業機會。我們相信，AmpliTech 下一階段的演進同時需要技術領先與市場進入能力。

With this, I'll turn the call over to our CFO, Louisa Sanfratello to review our financial results in more detail.

接下來，我把電話會議交給我們的財務長 Louisa Sanfratello，請她更詳細地說明我們的財務結果。

Thank you, Fawad. Good afternoon, everyone. Second quarter revenue was approximately $8.1 million compared with approximately $5.35 million in the first quarter, representing sequential revenue growth of approximately 51%. Although revenue declined year-over-year when comparing second quarter results, the comparison requires important context. The prior year quarter included acquired 5G product sales associated with the Titan asset acquisition.

謝謝你，Fawad。各位下午好。第二季營收約為 810 萬美元，相較第一季約 535 萬美元，季增約 51%。雖然以年對年比較第二季結果時營收有所下降，但此比較需要重要的背景脈絡。去年同期包含與 Titan 資產收購相關的已收購 5G 產品銷售。

Those sales increased reported revenue but carries significantly lower gross margin. The difference can clearly be seen in our gross profit performance. When comparing gross margins from Q2 2025 and Q2 2026, this year's second quarter gross profit increased from approximately $863,000 to $2.25 million, an increase of approximately 161%.

這些銷售提高了帳面營收，但其毛利率顯著較低。這項差異可在我們的毛利表現中清楚看見。比較 2025 年第二季與 2026 年第二季的毛利率表現，今年第二季毛利由約 86.3 萬美元增加至 225 萬美元，增幅約 161%。

Gross margin increased from approximately 7.8% in Q2 2025 to 27.9% in Q2 2026. For the first six months of 2026, gross profit increased approximately 135% from $2.05 million to $4.82 million while gross margin increased from approximately 14% to 35.9%.

毛利率由2025年第二季約7.8%上升至2026年第二季的27.9%。2026年前六個月，毛利由205萬美元增加約135%至482萬美元，同時毛利率由約14%提升至35.9%。

The 10-Q attributes this improvement primarily to a more favorable product mix and the absence of the lower-margin acquired 5G product sales included in the comparable prior year period. Sequentially, gross margin decreased from approximately 48% in Q1 to approximately 28% in Q2.

10-Q將此改善主要歸因於更有利的產品組合，以及可比前一年期間所包含之低毛利率的收購5G產品銷售不再出現。按季比較，毛利率由第一季約48%下降至第二季約28%。

We believe investors should consider this in the context of quarterly product mix in our current stage of commercialization. At our present scale, individual customer programs and product mix can have a significant effect on quarterly margins.

我們認為，投資人應在我們目前商業化階段的季度產品組合背景下加以考量。以我們目前的規模，個別客戶專案與產品組合可能對季度毛利率造成顯著影響。

More importantly, as we prepare to support larger customers, we are incurring costs associated with production readiness, supply chain capability, product development and customer-specific requirements ahead of the full revenue contribution we are seeking from those programs.

更重要的是，隨著我們準備支援更大型客戶，我們在尚未取得我們期望該等專案帶來的完整營收貢獻之前，已先行承擔與量產準備、供應鏈能力、產品開發及客戶特定需求相關的成本。

Our longer-term objective remains to increase the contribution from our differentiated internally developed technologies and higher-margin product offerings as those programs progress towards commercialization. In line with what our CEO just shared, our S&G expenses increased to approximately $4.08 million in Q2 2026 compared with approximately $2.13 million in Q2 2025.

我們的長期目標仍是：隨著各項專案朝商業化推進，提高我們具差異化的自研技術與較高毛利產品供應的貢獻。如同我們執行長剛才分享的，2026年第二季我們的銷售與一般管理（S&G）費用增加至約408萬美元，較2025年第二季約213萬美元為高。

This increase relates primarily to higher parent company expenses, including amortization, legal fees, and stock-based compensation, together with greater investment in marketing and business development, additional trade show participation and expanded consulting resources supporting the company's 5G portfolio.

此增加主要與母公司費用上升有關，包括攤銷、法律費用及以股份為基礎的薪酬，並且我們也加大對行銷與業務開發的投資、增加參與展會，以及擴充支援公司5G產品組合的顧問資源。

There was additional strategic context to that, we believe, is important for shareholders. As we engage with larger MNOs, the telecommunication infrastructure providers, and enterprise customers, their expectations extend well beyond the product performance.

我們認為，這背後還有額外的策略脈絡，對股東而言很重要。當我們與更大型的行動網路營運商（MNO）、電信基礎設施供應商及企業客戶接洽時，他們的期待遠不僅止於產品效能。

These organizations increasingly expect supplies to demonstrate strong internal controls, cybersecurity practices, IT governance, operational resilience, and the infrastructure necessary to support larger deployments.

這些組織日益要求供應商展現強健的內部控制、資安實務、IT治理、營運韌性，以及支援更大規模部署所需的基礎設施。

Accordingly, we have engaged specialized consulting resources to further strengthen our SOX-related controls and protocol, cybersecurity framework, and ISO-aligned IT security practices. We are also transitioning toward a hybrid IT infrastructure model, combining appropriate internal resources with specialized external expertise.

因此，我們已聘請專業顧問資源，以進一步強化與SOX相關的控制與流程、資安框架，以及符合ISO的IT安全實務。我們也正轉型採用混合式IT基礎設施模式，結合適當的內部資源與專業外部專長。

Our objective is to improve security, redundancy, scalability and technical support as the company grows. These initiatives are also relevant to enhance written documentation of internal controls and procedures, information technology general controls and personnel resources necessary for appropriate segregation of duties.

我們的目標是隨著公司成長，提升安全性、備援性、可擴展性與技術支援。這些措施亦有助於強化內部控制與程序的書面文件、資訊科技一般控制（ITGC），以及為適當職責分離所需的人力資源。

We, therefore, view these required investments as critical, both from a corporate governance standpoint and from a customer readiness standpoint. We expect operating expenses to grow more efficiently than revenue going forward.

因此，我們認為這些必要投資至關重要，無論從公司治理角度或客戶就緒角度皆然。我們預期未來營業費用的成長效率將優於營收成長。

Certain elevated expenditures were associated with implementation, consulting, customer development, commercialization and infrastructure initiatives undertaken as we prepare the company for a larger scale of operations. Some ongoing investment will clearly remain necessary. We intend to continue investing where management sees an appropriate potential return.

某些較高的支出與我們為使公司能以更大規模營運所進行的導入、顧問、客戶開發、商業化及基礎設施等措施相關。部分持續性投資顯然仍屬必要。我們將在管理層認為具備適當潛在回報之處持續投資。

However, our objective is to build the infrastructure now and leverage that infrastructure across a substantially larger revenue base. That is where we believe future operating leverage can ultimately come from.

然而，我們的目標是現在先建立基礎設施，並在顯著更大的營收基礎上加以運用該等基礎設施。我們相信，未來的營運槓桿最終可由此而來。

Second quarter R&D increased to approximately $1.37 million compared with approximately $659,000 in Q2 of 2025. Of Q2 R&D, approximately $1.08 million related to 5G development and approximately $297,000 related to MMIC design. As stated on our 10-Q, this increase is primarily due to the expanded 5G product development activity, including higher prototype and testing costs, and increased consulting expenses supporting product innovation and development.

第二季研發費用增加至約137萬美元，較2025年第二季約65.9萬美元為高。在第二季研發中，約108萬美元與5G開發相關，約29.7萬美元與MMIC設計相關。如我們10-Q所述，此增加主要由於5G產品開發活動擴大，包括更高的原型與測試成本，以及支援產品創新與開發的顧問費用增加。

From an operational standpoint, this quarter also required increased engineering support for new and customized requirements from existing and prospective customers. This is an important distinction as our engagement with larger customers increases, those customers may require specific configurations, prototypes, testing, validation and technical modifications before programs can progress towards commercial deployment.

從營運角度來看，本季亦需要增加工程支援，以因應現有及潛在客戶提出的新需求與客製化需求。這是一項重要差異：隨著我們與更大型客戶的互動增加，這些客戶可能在專案推進至商業部署之前，要求特定配置、原型、測試、驗證及技術修改。

That means the company can only -- can incur engineering and development expenses before the associated production revenue was recognized. We view much of this work as supporting commercialization, opportunities rather than research conducted without an identified market application. We are investing engineering resources today with the objective of creating products and configurations capable of generating future commercial revenue.

這意味著公司可能在相關量產營收認列之前，就已發生工程與開發費用。我們認為其中多數工作是在支援商業化機會，而非在沒有明確市場應用的情況下進行的研究。我們今日投入工程資源，目標是打造可產生未來商業營收的產品與配置。

The combination of these investments resulted in a second quarter operating loss of approximately $3.2 million and a net loss of approximately $3.09 million. We recognize that these numbers are important to shareholders, and we are not minimizing them. However, we believe it is equally important to understand what contributed to the increase.

上述投資的組合導致第二季營業損失約320萬美元，淨損約309萬美元。我們理解這些數字對股東很重要，我們並未淡化其影響。然而，我們也認為同樣重要的是理解造成增加的因素。

During Q2, AmpliTech simultaneously invested in product development, customer-specific engineering, sales and marketing, supply chain readiness, production capability, cybersecurity, IT infrastructure, corporate control, and the broader organizational infrastructure required to support larger customers. Our focus now is on converting those investments into commercial revenue and ultimately, operating leverage.

在第二季期間，AmpliTech同時投資於產品開發、客戶特定工程、銷售與行銷、供應鏈就緒、產能能力、資安、IT基礎設施、公司控制，以及支援更大型客戶所需的更廣泛組織基礎設施。我們目前的重點是將這些投資轉化為商業營收，並最終轉化為營運槓桿。

With that said, our balance sheet provides us with significantly greater capacity to execute this strategy. At June 30, AmpliTech reported approximately $13 million in cash and cash equivalents and marketable securities, accounts receivable at approximately $6.3 million, and approximately $31.25 million in current assets, representing approximately $22.9 million of working capital.

話雖如此，我們的資產負債表為我們執行此策略提供了顯著更大的能力。截至6月30日，AmpliTech申報約1,300萬美元的現金及約當現金與有價證券，應收帳款約630萬美元，流動資產約3,125萬美元，代表約2,290萬美元的營運資金。

Total liabilities decreased to approximately $11.75 million from approximately $18.62 million at December 31, while stockholders' equity increased to approximately $46.75 million. Not included in our Q2 results as this transaction occurred following our quarter end. The exercise of the company's Series A rights in July 2026, generated approximately $21.92 million in gross proceeds and $20.12 million in net proceeds.

負債總額由12月31日約1,862萬美元下降至約1,175萬美元，同時股東權益增加至約4,675萬美元。由於該交易發生在本季季末之後，因此未納入我們第二季結果。公司於2026年7月行使A系列權利，產生約2,192萬美元的總募集款及約2,012萬美元的淨募集款。

We believe the rationale for strengthening our capital position should also be used strategically. Large MNOs and telecommunications infrastructure providers need confidence that their supply has the financial resources, manufacturing capability, inventory availability, engineering support, and supply chain resilience necessary to execute significant programs.

我們認為，強化資本狀況的理由也應被策略性運用。大型MNO與電信基礎設施供應商需要確信其供應商具備執行重大專案所需的財務資源、製造能力、庫存可得性、工程支援與供應鏈韌性。

For AmpliTech, a stronger balance sheet is therefore not simply a financial asset. It is also a commercial capability. It provides greater flexibility to support working capital requirements, secure production capacity, strengthen the supply chain, support customer qualification and testing, and pursue larger opportunities without placing undue pressure on day-to-day liquidity. We believe that is particularly important as the scale of the customers and opportunities we pursue increases.

因此，對AmpliTech而言，更強健的資產負債表不僅僅是一項金融資產。它同時也是一項商業能力。它提供更大的彈性，以支援營運資金需求、確保產能、強化供應鏈、支援客戶資格認證與測試，並在不對日常流動性造成過度壓力的情況下追求更大型的機會。我們認為，隨著我們追求的客戶與機會規模擴大，這點尤其重要。

I'll now turn the call over to our COO.

我現在把電話會議交給我們的營運長（COO）。

Thank you, Louisa. I'd like to comment from the operational perspective. From an operating perspective, Q2 was about preparing AmpliTech for a different level of customer engagement. As our opportunities expand within 5G and telecommunications infrastructure, customer requirements became more demanding. Major telecommunication customers evaluate much more than product performance and price.

謝謝你，Louisa。我想從營運角度做一些評論。從營運面來看，第二季的重點是讓AmpliTech為不同層級的客戶互動做好準備。隨著我們在5G與電信基礎設施領域的機會擴大，客戶需求變得更具挑戰性。主要電信客戶評估的不僅是產品效能與價格。

They do evaluations on engineering capability, customization ability, quality, manufacturing readiness, supply chain reliability, cybersecurity IT systems, financial stability, testing capability, delivery performance, and ongoing technical support. Our investments during Q2 were designed to strengthen these capabilities. Supply chain resilience is particularly important.

他們會就工程能力、客製化能力、品質、製造就緒度、供應鏈可靠性、資安 IT 系統、財務穩健性、測試能力、交付表現以及持續的技術支援進行評估。我們在第二季的投資旨在強化這些能力。供應鏈韌性尤其重要。

At June 30, long-term deposits totaled approximately $3.08 million, including approximately $2.47 million associated with dedicated production capacity. During the first six months of 2026, we made an additional $1.3 million of advanced payments towards this dedicated production line.

截至 6 月 30 日，長期押金合計約 308 萬美元，其中約 247 萬美元與專用產能相關。在 2026 年前六個月，我們另行就該專用產線支付了 130 萬美元的預付款。

We believe these investments are important and critical as we pursue larger opportunities. The goal is to ensure that a customer demand scales, we have access to the capacity and resources required to support that demand.

我們相信，當我們追求更大型的機會時，這些投資既重要也關鍵。目標是確保當客戶需求擴大時，我們能取得支援該需求所需的產能與資源。

For a growing technology company pursuing much larger customers, we believe preparation must occur before the volume arrives. We do not want to secure a significant commercial opportunity and then discover that our production capacity, supply chain or supporting infrastructure cannot meet the customer deployment requirements. The same principle applies to engineering.

對於一家成長中的科技公司、且正在爭取更大型客戶而言，我們認為必須在出貨量到來之前就先完成準備。我們不希望先拿到一個重大的商業機會，然後才發現我們的產能、供應鏈或支援性基礎設施無法滿足客戶的部署需求。同樣的原則也適用於工程。

During Q2, our team supported increased product development, prototype and testing activity. The 10-Q reflects the resulting increase in 5G R&D. In addition, existing and prospective customers are requesting custom configurations and technical requirements for their specific applications.

在第二季期間，我們的團隊支援了更多的產品開發、原型與測試活動。10-Q 反映了因此帶來的 5G 研發增加。此外，現有與潛在客戶正針對其特定應用提出客製化配置與技術要求。

Supporting these opportunities requires engineering investment before production revenue is necessarily recognized. There is, therefore, an inherent timing difference between development expenditure and potential commercialization.

支援這些機會需要在未必已認列生產收入之前就先投入工程資源。因此，開發支出與潛在商業化之間本質上存在時間差。

Our objective is to use our core technology platforms to address customer-specific requirements while developing solutions that can transition into production programs. That is why we view most of the increased engineering activity as an investment supporting potential new business. We are also making a deliberate investment in our commercial organization.

我們的目標是運用核心技術平台來滿足客戶特定需求，同時開發可轉入量產專案的解決方案。因此，我們將大部分增加的工程活動視為支援潛在新業務的投資。我們也正有意識地投資於我們的商務組織。

As our CEO previously mentioned, to establish our brand and position us for growth, we have engaged a strategic marketing and communications firm whose principles have deep experience in complex industries. They are building our marketing and communications foundations from the ground up.

如同我們的執行長先前提到的，為了建立品牌並讓我們具備成長定位，我們已聘請一家策略行銷與傳播公司，其合夥人於複雜產業具備深厚經驗。他們正從零開始建立我們的行銷與傳播基礎。

They have, as Fawad mentioned, already overhauled our website and messaging, and they will be assisting us with sales campaigns rebuilding the e-commerce portion of our site, strengthening our SEO and building the brand equity that position us as a leader in our market.

如 Fawad 所提到的，他們已經全面改造我們的網站與訊息傳達，並將協助我們進行銷售活動、重建網站的電商部分、強化 SEO，並建立品牌資產，使我們在市場中定位為領導者。

Combined with our internal business development efforts, an increased presence at important industry events, the objective is to improve our ability to engage with the strategic customers across the markets we serve.

結合我們內部的業務開發努力，以及在重要產業活動中提高能見度，我們的目標是提升與我們所服務市場中的策略性客戶互動的能力。

Our second quarter reflects increased marketing and business development activity which includes our participation in critical trade shows and conferences like IMS, the Mobile World Congress in Barcelona, Spain, and Network X in Florida, USA during the first half and the engagement of consultant supporting the company's 5G portfolio. We believe the technology foundation is increasingly in place.

我們第二季反映了行銷與業務開發活動的增加，其中包括我們在上半年參與關鍵展會與會議，例如 IMS、西班牙巴塞隆納的世界行動通訊大會（Mobile World Congress），以及美國佛羅里達州的 Network X，並聘請顧問支援公司 5G 產品組合。我們相信技術基礎正日益到位。

The next objective is to ensure that the market understands what AmpliTech can provide and that we have the commercial resources necessary to turn technical engagement into customer relationships and commercial programs. We have also been strengthening an area that may be less visible externally but it is increasingly important to major customers, cybersecurity and IT infrastructure.

下一個目標是確保市場了解 AmpliTech 能提供什麼，並且我們具備必要的商務資源，將技術互動轉化為客戶關係與商業專案。我們也在強化一個對外可能較不顯眼、但對大型客戶日益重要的領域：資安與 IT 基礎設施。

As we pursue larger MNOs, telecom infrastructure providers and other global customers, we believe robust security and IT governance become increasingly important, parts of the supplier qualification and ongoing customer support. We have, therefore, engaged a specialized consultants to strengthen our cybersecurity environment and further develop SOX-related protocols and controls and ISO-aligned IT security practices.

隨著我們追求更大型的行動網路營運商（MNO）、電信基礎設施供應商及其他全球客戶，我們認為健全的資安與 IT 治理在供應商資格審查與持續客戶支援中變得愈發重要。因此，我們聘請了專業顧問，以強化我們的資安環境，並進一步建立與 SOX 相關的流程與控制，以及符合 ISO 的 IT 資安實務。

As Louisa mentioned, we are also transitioning towards a hybrid IT platform which is more or less intended to combine our internal oversight with specialized external IT capabilities to provide greater security, redundancy, scalability, monitoring, and support.

如 Louisa 所提到的，我們也正轉型為混合式 IT 平台，其目的大致上是結合我們內部的監督與外部專業 IT 能力，以提供更高的安全性、備援、可擴充性、監控與支援。

For us, this is part of the same broad strategy of strengthening our production and supply chain capabilities. We are simply building the infrastructure behind the product. This includes the physical supply chain, engineering resources, commercial organization, cybersecurity environments, IT systems, financial control, and most importantly as well, customer support capabilities, which are ever present with larger MNOs. We believe all of these elements become increasingly important as the size and sophistication of our customers increase, larger programs require larger preparation from our part.

對我們而言，這是強化生產與供應鏈能力同一整體策略的一部分。我們只是正在建構產品背後的基礎設施。這包括實體供應鏈、工程資源、商務組織、資安環境、IT 系統、財務控制，以及同樣最重要的客戶支援能力——在面對更大型的 MNO 時，這些支援需求是持續存在的。我們相信，隨著客戶規模與成熟度提升，所有這些要素都會變得愈發重要；更大型的專案也需要我們做更充分的準備。

With this, I would like to transfer back to our CEO, Mr. Fawad Maqbool.

接下來，我想把時間交回給我們的執行長 Fawad Maqbool 先生。

Thank you, Jorge. I'd like to follow up with our strategic perspective and outlook. When we say Q2 was an investment quarter, we're not using that phrase simply to explain higher expenses. There was a deliberate strategy behind those expenditures. We invested ahead of the revenue opportunities we are pursuing.

謝謝你，Jorge。我想接著說明我們的策略觀點與展望。當我們說第二季是投資季度時，我們並不是只是用這句話來解釋費用較高。這些支出背後有一套刻意的策略。我們在所追求的營收機會之前提前投資。

We invested in customer-driven R&D. We invested in production readiness and supply chain resilience. We invested in sales, marketing and global business development. We invested in strategic talent and specialized outside expertise. We invested in cybersecurity, IT infrastructure and internal controls.

我們投資於以客戶需求驅動的研發。我們投資於生產就緒度與供應鏈韌性。我們投資於銷售、行銷與全球業務開發。我們投資於策略性人才與外部專業專長。我們投資於資安、IT 基礎設施與內部控制。

And we strengthened our balance sheet so that we can support opportunities of a greater scale. These investments increased our near-term operating expenses, near term. But they were made with a clear objective to position AmpliTech to support larger programs, larger customers, and ultimately, a greater contribution from differentiated higher-margin products.

我們也強化了資產負債表，以便支援更大規模的機會。這些投資在短期內提高了我們的營運費用。但這些投入有明確目標：讓 AmpliTech 能支援更大型的專案、更大型的客戶，並最終提高具差異化且高毛利產品的貢獻。

Every time we go to a customer, and we say, okay, where is the PO after we demonstrated something they keep adding something else. So we have to keep adding all those things that you saw that we mentioned in order to properly serve and get more business from these customers.

每次我們去找客戶，我們說，好，我們展示了某些成果之後，採購單（PO）在哪裡？他們就會再加一些其他要求。所以我們必須持續把你們看到、我們提到的那些事項都補上，才能妥善服務並從這些客戶取得更多業務。

Now looking at the margin perspective, we also want to emphasize the importance of revenue quality. Although the first half of 2026 revenue was approximately 8% below the comparable prior year period, gross profit increased approximately 135%, and gross margin improved from approximately 14% to approximately 36%. This is demonstrating the impact of product mix on the business. It's very important. We have many different products, and each one of them carries its own profitability.

現在從毛利率的角度來看，我們也想強調營收品質的重要性。雖然 2026 年上半年營收較去年同期約低 8%，但毛利約增加 135%，毛利率也從約 14% 提升至約 36%。這顯示產品組合對業務的影響。這非常重要。我們有許多不同產品，而每一項都有其自身的獲利能力。

Our objective is not simply to maximize the revenue without regard to profitability. We're focused on increasing the contribution from differentiated technologies and products where AmpliTech's engineering, intellectual property and performance provide meaningful value to the customer. All the different divisions have a different purpose for supporting the customer in every different way. As those products and customer programs move further towards commercialization, we expect the opportunity for a more favorable mix of higher-margin revenue. This is the beginning.

我們的目標不只是忽略獲利能力、單純把營收做大。我們專注於提升具差異化技術與產品的貢獻，因為在這些領域，AmpliTech 的工程能力、智慧財產與效能能為客戶提供實質價值。所有不同事業部門都有不同目的，以各種不同方式支援客戶。隨著這些產品與客戶專案更進一步走向商業化，我們預期將有機會形成更有利的高毛利營收組合。這只是開始。

It's like priming the engine with gas. This is what we have to do to set up the engine so we can get to speed. We should also clear that -- be clear that quarterly margins can fluctuate based on product mix, customer mix, timing, and stage of individual programs. But strategically, the direction we are pursuing is clear. From the investment to the operating leverage, the next stage is about converting investment into results -- converting the investment into results.

這就像先用汽油把引擎預熱。我們必須先把引擎設定好，才能加速到速度。我們也應該說清楚——季度毛利率可能會因產品組合、客戶組合、時點以及各個專案所處階段而波動。但從策略上來看，我們所追求的方向很明確。從投資到營運槓桿，下一階段就是把投資轉化為成果——把投資轉化為成果。

Much of the infrastructure we are establishing today is intended to support a significantly larger revenue base around the corner. We do not expect every dollar of the revenue growth to require a corresponding dollar increase in corporate infrastructure. We've been investing ahead of the anticipated demand so that when larger opportunities progress, the company has the ability to support them. That's how we intend to create operating leverage over time.

我們今天正在建立的許多基礎設施，旨在支援即將到來、顯著更大的營收規模。我們不預期營收成長的每一美元，都需要企業基礎設施相應增加一美元。我們一直在預期需求之前先行投資，這樣當更大的機會推進時，公司就有能力支援它們。這就是我們打算隨時間推移創造營運槓桿的方式。

Our priorities remain for the remainder of 2026: one, convert customer engagement and develop programs into commercial orders and production revenue; two, increase the contribution from differentiated higher-margin products; three, leverage our expanded sales and marketing capabilities to broaden our customer base and global footprint; four, continued strengthening production and supply chain readiness for larger deployments; five, complete key customer-driven engineering and customization programs; six, strengthen cybersecurity, IT systems and internal controls appropriate for the larger customers we are pursuing.

我們在2026年剩餘期間的優先事項仍然是：第一，將客戶互動與方案開發轉化為商業訂單與量產營收；第二，提高具差異化且較高毛利產品的貢獻；第三，運用我們擴充的銷售與行銷能力，拓展客戶基礎與全球版圖；第四，持續強化生產與供應鏈對更大規模部署的準備度；第五，完成關鍵的客戶驅動工程與客製化方案；第六，強化資安、IT系統與內部控制，以符合我們正在追求之更大型客戶的要求。

The larger customers ask for all kinds of questionnaires that we have to demonstrate that we have all the systems and protocols in place to support them. It's becoming very, very important now to cybersecurity. So we have to expand accordingly to make sure we support them; number seven, finally, maintain disciplined capital allocation as these opportunities progress. Now my closing remarks. AmpliTech today is building a substantially broader organization than it was several years ago.

大型客戶會要求各式各樣的問卷，我們必須證明我們已具備所有系統與流程（protocols）來支援他們。現在資安變得非常、非常重要。因此我們必須相應擴充，確保能支援他們；第七，最後，隨著這些機會推進，維持嚴謹的資本配置紀律。接下來是我的結語。如今的AmpliTech正在打造一個比幾年前大幅更廣的組織。

That can be seen. Everything is growing. Yes, including our expenses, but it's for a greater good. We have expanded beyond our traditional RF component business into semiconductor distribution, MMIC development, advanced RF solutions and 5G infrastructure. This gives us independence from individual vendors.

這點看得出來。一切都在成長。是的，包括我們的費用，但這是為了更大的目標。我們已從傳統的RF元件業務，擴展到半導體通路（distribution）、MMIC開發、先進RF解決方案與5G基礎設施。這讓我們不再依賴單一供應商。

It gives us our own IP and technology. This makes us more of a one-stop solution for our customers, rather than them going 10 different places. So that's the attractive part, but we have to build that. We have to show them that. That transformation requires investment but we believe we are now building not simply individual products but the technology, operational and commercial platform necessary to participate in this significantly larger markets.

這也讓我們擁有自己的IP與技術。這使我們對客戶而言更像是一站式解決方案，而不是讓他們跑10個不同的地方。這就是吸引人的部分，但我們必須把它建起來。我們必須向他們證明。這項轉型需要投資，但我們相信我們現在打造的不僅是單一產品，而是參與這些顯著更大市場所需的技術、營運與商業平台。

There are trillion-dollar markets, multibillion-dollar markets in everything that we're doing. Second quarter reflected that transition. Revenue increased approximately 51% sequentially. Our first half gross profit increased approximately 135% year-over-year. We strengthened our production and supply chain capabilities.

我們所做的每一件事，都對應到兆美元級市場、數十億美元級市場。第二季反映了這項轉型。營收較前一季約成長51%。我們上半年毛利較去年同期約成長135%。我們強化了生產與供應鏈能力。

We increased customer-driven R&D. This is something that our customers have asked. So what does that mean? They don't have any interest they wouldn't ask us to do the R&D, and then wouldn't spend it. We expanded our sales and marketing research, and reach.

我們增加了客戶驅動的研發。這是客戶要求我們做的事情。那這代表什麼？他們沒有興趣要求我們做研發，然後又不採購、不花錢。我們擴大了銷售與行銷研究，以及觸及範圍。

We are strengthening our cybersecurity, again, IT infrastructure and corporate controls. Following the Series A rights exercise, we substantially strengthened our financial resources. This is the reason why we did that. We need to do all these things and without the capital investment, we cannot do that. We cannot compete.

我們正在強化資安、再次強調，還有IT基礎設施與公司治理控制。在A系列權利行使（Series A rights exercise）之後，我們大幅強化了財務資源。這就是我們這麼做的原因。我們需要完成所有這些事情，若沒有資本投資，我們做不到。我們就無法競爭。

Q2 was an investment quarter. It should be noted as such. Our focus now is on converting those investments into sustainable growth, higher-margin commercial revenue and over time, improved operating leverage. We believe we have strengthened the foundation necessary to support larger customers and opportunities we are pursuing, as we have mentioned in many calls before in many PRs. We appreciate the continued support of our shareholders, customers, employees, and strategic partners, and we look forward to updating you on our progress, not far away in the near future.

第二季是一個投資季度。應該如此看待。我們現在的重點，是把這些投資轉化為可持續的成長、更高毛利的商業營收，並隨時間推移改善營運槓桿。我們相信，我們已強化了支援我們正在追求之更大型客戶與機會所需的基礎，如同我們在過去多次電話會議與多篇新聞稿中提到的。我們感謝股東、客戶、員工與策略夥伴持續的支持，也期待在不久的將來向各位更新我們的進展。

And now I'd like to go back to Jorge, AmpliTech Group's COO to address previously received questions into our e-mail.

接下來我想把時間交回給Jorge，AmpliTech Group的營運長（COO），由他來回覆先前透過電子郵件收到的問題。

Thank you, Fawad. And I would like to immediately address the questions received so far at our investors@amplitechgroup.com e-mail address. The first question came in as, revenue increase substantially from Q1, but gross margin declined. Why? The primary factor is product mix.

謝謝你，Fawad。我想立即回覆目前為止寄到我們investors@amplitechgroup.com電子郵件信箱的問題。第一個問題是：營收相較第一季大幅增加，但毛利率下降。為什麼？主要因素是產品組合。

At our current scale, the timing and composition of individual customer orders can materially affect quarterly margins, What we believe is important is the broader trend. For the first six months of 2026, gross margin was approximately 35.9% compared with approximately 14% in the first half of 2025, while gross profit increased approximately 135%.

以我們目前的規模，單一客戶訂單的時間點與組成，可能會對季度毛利率造成實質影響；我們認為重要的是更廣泛的趨勢。2026年前六個月，毛利率約為35.9%，相較於2025年上半年約14%，同時毛利約增加135%。

Our objective is to increase the contribution from differentiated products and technologies as newer programs progress towards commercialization. We, therefore, will not view any individual quarter's margin as necessarily representative of the longer-term mix we are working towards.

我們的目標是，隨著較新的方案朝商業化推進，提高具差異化產品與技術的貢獻。因此，我們不會認為任何單一季度的毛利率必然能代表我們正在努力達成的長期產品組合。

Next question. Why the operating expenses increased so much? Well, as we basically -- like I mentioned during this conference call, during Q2, we incurred increased amortization, legal fees, and stock-based compensation as well as greater marketing and business development activity. Additional trade shows participations and consultants supporting our 5G portfolio.

下一個問題。為什麼營業費用增加這麼多？嗯，基本上——如同我在這通電話會議中提到的——在第二季，我們發生了較高的攤銷費用、法律費用與股份基礎給付（stock-based compensation），以及更多的行銷與業務開發活動。也增加了參與展會的次數，以及支援我們5G產品組合的顧問費用。

R&D also increased because of higher 5G development, prototype testing and consulting activities. In addition, we have been investing in infrastructure that we believe is necessary to support larger customers, including customer-specific engineering, cybersecurity, IT systems internal control supply chain readiness and commercial capabilities.

研發也因為更高的5G開發、原型測試與顧問活動而增加。此外，我們一直在投資我們認為支援更大型客戶所必需的基礎設施，包括客戶特定工程、資安、IT系統、內部控制、供應鏈準備度與商業能力。

We don't believe investors should assume that these elevated expenditures will necessarily increase proportionately with revenue. Some costs are ongoing while others are associated with implementation, customer development or building capabilities that we expect to leverage over a larger future revenue base.

我們不認為投資人應假設這些較高的支出會必然隨營收等比例增加。有些成本是持續性的，另一些則與導入、客戶開發或建立能力相關，而我們預期可在未來更大的營收基礎上加以槓桿運用。

In other words, the next question is, are you saying these expenses are nonrecurring? Well, we will not characterize all of them as nonrecurring. A more accurate way to describe the quarter is that certain expenses were elevated because of a specific implementation, development, consulting and commercialization initiatives, we will continue investing where we believe there is an appropriate potential return. The objective is to increase revenues at a faster rate than expenses. That's the objective of our business. We're building capabilities today that we expect to leverage as the business scales.

換句話說，下一個問題是：你們是在說這些費用是非經常性嗎？嗯，我們不會把它們全部都定性為非經常性。更精確的描述方式是：本季某些費用因特定的導入、開發、顧問與商業化計畫而偏高；我們將在我們認為具有適當潛在回報之處持續投資。目標是讓營收成長速度快於費用。這就是我們業務的目標。我們今天正在建立的能力，預期可在業務規模擴大時加以槓桿運用。

Next question, why was it necessary to raise additional capital? We believe financial strength is increasingly important when dealing with more larger customers. Large MNOs and telecommunications infrastructure providers need confidence that their suppliers can support production, can buy inventory, supply chain requirements, engineering and customer support at the scale.

下一個問題，為什麼有必要再募集額外資本？我們認為，在與更大型客戶往來時，財務實力變得愈來愈重要。大型行動網路營運商（MNO）與電信基礎設施供應商，需要確信其供應商能在規模上支援生產、採購庫存、供應鏈需求、工程與客戶支援。

Following the Series A rights exercise, we received approximately $20 million in net proceeds, significantly strengthening our financial flexibility. We view the liquidity not simply as cash on the balance sheet but as part of our ability to support larger commercial opportunities.

在A系列權利行使之後，我們獲得約2,000萬美元的淨募資款，大幅提升了我們的財務彈性。我們將流動性視為不僅是資產負債表上的現金，更是我們支援更大型商業機會能力的一部分。

Next question. When should investors expect this investment to translate into revenue? Our focus is on converting the customer engagement, engineering programs and commercial activity already underway into production opportunities. The timing of large telecommunications programs can depend on customer testing, qualification, network requirements, purchasing decisions and deployment schedules, many of which are just simply outside our control.

下一個問題。投資人應該何時預期這項投資會轉化為營收？我們的重點是把目前已在進行的客戶互動、工程專案與商業活動，轉化為量產機會。大型電信專案的時程可能取決於客戶測試、認證、網路需求、採購決策與部署排程，其中許多因素確實都不在我們的控制範圍內。

For that reason, we don't want to provide timing beyond what we have formally disclosed. What we can say is that we have intentionally strengthened our engineering, supply chain, commercial and financial capabilities so that as opportunities progress, AmpliTech is positioned to support them. And this concludes the questions previously received up to this hour into our e-mail address.

因此，我們不希望提供超出我們已正式揭露內容之外的時間點。我們能說的是，我們已刻意強化工程、供應鏈、商務與財務能力，使得當機會推進時，AmpliTech 能夠就位支援。以上即為截至目前為止寄到我們電子郵件信箱、先前收到的問題。

Operator, please open the lines for questions.

接線員，請開放提問線路。

(Operator Instructions)

(接線員指示)

Jack Vander Aarde, Maxim Group.

Maxim Group 的 Jack Vander Aarde。

Okay. Great. Good evening. So Fawad, I guess my first question is on the 2Q results, total revenue of $8 million. I was digging through the 10-Q here. And at the segment level, I was surprised to see more than half or about -- just over $4 million was actually from the Spectrum division.

好的。太好了。晚安。Fawad，我想我的第一個問題是關於第二季（2Q）業績，總營收 800 萬美元。我在看這份 10-Q。在分部層級，我很驚訝地看到超過一半、也就是大約略高於 400 萬美元，實際上來自 Spectrum 事業部。

And it also seems that Spectrum's gross margin seem relatively stable in the mid-40%, was this expected? And it seems that the drop-off in gross margin was from the engineering services and the AmpliTech segment. So just trying to understand why that is? And if that's the case going forward.

而且看起來 Spectrum 的毛利率在 40% 中段相對穩定，這是預期之內嗎？另外，毛利率下滑似乎是來自工程服務與 AmpliTech 分部。所以我想了解為什麼會這樣？以及未來是否也會是這種情況？

Yes, you are correct in observation. Jorge, do you want to answer that?

是的，你的觀察正確。Jorge，你要回答嗎？

Yes. That's correct. Certainly, though, we are very pleased that our Spectrum division is doing a lot better this year, we are seeing a up demand from their side. So this is a pleasant surprise. We are finally seeing that they are receiving a lot of inquiries and we are also developing new ways of revenue for our Spectrum division. And this quarter was a good testimony of what we have been doing with them while maintaining the gross margins that we are already [accustomed] from them.

是的。沒錯。當然，我們很高興 Spectrum 事業部今年表現好很多，我們看到他們那邊的需求正在上升。所以這是個令人愉快的驚喜。我們終於看到他們收到很多詢問，我們也在為 Spectrum 事業部開發新的營收方式。而本季很好地證明了我們對他們所做的努力，同時也維持了我們已經[習慣]的毛利率水準。

Let me add to that, Jack. Jack, the difference -- Spectrum is a distribution company, right? They're distributing standard parts. They don't do any engineering. Our company, the rest of the divisions are engineering focused, right?

Jack，我補充一下。Jack，差異在於——Spectrum 是一家通路公司，對吧？他們在分銷標準零組件。他們不做任何工程。我們公司其餘事業部則是以工程為核心，對吧？

So they have to basically do R&D almost all the time to keep up with all the requirements and meet all the requirements of our customers, especially in a newly developing business. So there's a significant contrast between the kind of business that Spectrum does, which is stable.

因此，他們基本上必須幾乎一直做研發（R&D），以跟上所有需求並滿足客戶的各項要求，尤其是在新開發的業務中。所以 Spectrum 所做的那種業務（相對穩定）與我們的業務之間存在顯著對比。

That's why we acquired them many years ago, stable with the net profit margin, and it will be scaled up as our 5G business grows as well because they are going to be receiving our packages for distribution and our certain products for distribution also. So there's a significant difference between their business model and our business model, but -- that's why it's there to give a balance and diversity.

這也是我們多年前收購他們的原因：穩定、且具備淨利率，並且隨著我們 5G 業務成長也會擴大規模，因為他們也將會收到我們的套件用於分銷，以及我們某些產品也會交由他們分銷。所以他們的商業模式與我們的商業模式有顯著差異；但——這也是它存在的原因，用來提供平衡與多元化。

Understood. And I guess my next kind of follow-up question that, though, is if I look at 2Q last year, the Engineering Services segment gross margin, I think, was actually quite high. I think it was unless this math is wrong, it was closer to 90% in the second quarter of last year, kind of 22% in Q1.

了解。我接著的追問是，如果我看去年第二季（2Q），工程服務分部的毛利率，我記得其實相當高。如果我算得沒錯，去年第二季接近 90%，第一季（Q1）大概是 22%。

So just maybe it is just product mix and then also different types of products that you've been investing in, obviously, in that segment. But does that seem accurate to you, that the gross margin difference in the AmpliTech Engineering segment?

所以也許只是產品組合，另外也可能是你們在該分部投入的不同產品類型。但就你們看來，AmpliTech 工程分部的毛利率差異，這樣的理解正確嗎？

Well, the AmpliTech Engineering segment includes the LNA business as well as the 5G -- the LNB business as well, right? And the 5G division is a little bit separate. So if you take the 5G division separately, you'll see that the gross margins, as we said before, are lower, but our revenue is getting higher. But that -- since we are a group, it impacts the profitability of the other divisions. And overall, it looks lower.

嗯，AmpliTech 工程分部包含 LNA 業務，也包含 5G——也就是 LNB 業務，對吧？而 5G 事業部又稍微是分開的。所以如果把 5G 事業部分開來看，你會看到毛利率如我們先前所說較低，但我們的營收正在提高。但——因為我們是一個集團，它會影響其他事業部的獲利能力。整體看起來就會比較低。

But in general, the idea is the product mix. This is what differentiates everything. So that will change as we go and build more and more business, this mix will keep changing, but it will be more towards the profitability side because right now, we're just setting up a larger business that will eclipse almost all the other divisions.

但一般而言，關鍵在於產品組合。這就是造成差異的原因。因此，隨著我們持續推進並建立越來越多的業務，這個組合會持續變動，但會更偏向獲利面，因為目前我們正在建立一個更大的業務，未來幾乎會凌駕於其他所有事業部之上。

Okay. Understood. And then I guess next question just on your outlook for the rest of this year. It's good to see the $6 million purchase orders come in during the month of July alone. Last quarter, I think you had reiterated revenue guidance for $50 million for the year that was assumed to be kind of low visibility back half loaded.

好的。了解。接著想問你們對今年剩餘時間的展望。很高興看到光是 7 月就進來 600 萬美元的採購訂單。上一季我記得你們重申全年 5,000 萬美元的營收指引，當時假設是下半年能見度較低、且營收偏向下半年集中。

Obviously, you have this very large LOI with another reseller here. Can you maybe just touch on that? Are you -- is there a reaffirmed guidance? Are we withdrawn from the guidance based on visibility at this point? Just trying to understand the interim change.

顯然你們這裡還有與另一家經銷商簽的一份非常大的意向書（LOI）。你們能否談一下？是否重申指引？或是基於目前能見度而撤回指引？我想了解這段期間的變化。

Jorge, do you want to handle it?

Jorge，你要來回答嗎？

Yeah, Jack, this is Jorge. Basically, when we establish our 2026 outlook, right, it was based on customer deployment schedules, we had backlog on hand as well. And also though we tied in some expected conversion of our LOI programs into funded purchase orders that we had visibility at that time, right?

好的，Jack，我是 Jorge。基本上，當我們建立 2026 年展望時，是基於客戶部署時程、我們手上的在手訂單（backlog），同時也納入了我們在當時可見、預期會把 LOI 專案轉換為已獲資金支持的採購訂單的部分，對吧？

So over the first six months, we have seen or experienced a shift in the timing of certain anticipated volume shipments, right, particularly within one of our international 5G programs. So this shift is affecting the timing on the follow-on purchase orders associated with that deployment overseas.

因此在前六個月，我們看到或經歷了某些預期的大量出貨時點出現變動，特別是在我們其中一個國際 5G 專案之內。所以這個變動正在影響與該海外部署相關的後續採購訂單的時程。

So importantly, what we are seeing is primarily a timing issue rather than a change in the underlying customer opportunity. So the programs remain definitely very active. We see continued and meaningful commercial activity.

重要的是，我們看到的主要是時程問題，而不是底層客戶機會的改變。因此這些專案仍然非常活躍。我們看到持續且具實質意義的商業活動。

And as we mentioned here before, those -- we just received $6 million in follow-on orders in July alone. So we are still definitely expecting meaningful year-over-year revenue growth in 2026 and a stronger second half of the year.

而且如我們先前提到的——我們光是在 7 月就收到 600 萬美元的後續訂單。因此，我們仍然明確預期 2026 年營收將有顯著的年增成長，且下半年會更強勁。

However, though, given the customer control timing associated with these larger deployments, we believe it's prudent at this point, not to reaffirm a specific full year revenue number today until we have better visibility into the timing of these value shipments and follow-on orders. Again, our focus remains on converting these opportunities in front of us into funded orders, shipping those orders efficiently and building the business for sustainable growth beyond any individual quarter.

不過，鑑於這些較大型部署所涉及的客戶控制時點，我們認為在目前這個階段，在對這些價值出貨與後續訂單的時程有更清楚的能見度之前，今天先不重新確認一個特定的全年營收數字是較為審慎的作法。再次強調，我們的重點仍是把眼前這些機會轉化為已獲資金支持的訂單，高效率地出貨這些訂單，並建立可持續成長的業務，而不受任何單一季度的影響。

Okay. Understood. And that makes sense. Maybe just one more for me then. Fawad, can you just confirm, is that LOI that was I think it was $76 million at the time for that -- with that reseller. That LOI is still active. I believe. And then also, is there any incremental testing or certification that they are asking you for -- before we see orders start to roll in?

好的。了解。這很合理。那我可能再問最後一個。Fawad，你能否確認一下，那份我記得當時金額約為7,600萬美元、與那家經銷商相關的意向書（LOI）——那份LOI仍然有效。我相信是這樣。另外，在我們看到訂單開始陸續進來之前，他們是否還要求你們做任何額外的測試或認證？

Yeah, it's still active. It's still active. And again, since these individual countries, as Jorge just mentioned the same thing. It's basically timing related. I mean everything is still active. It's just the fact that adoption of this technology, final testing is all done. We were going through the final testing and now what happens is the adoption has to take place and the larger orders have to come through.

是的，仍然有效。仍然有效。而且再次強調，因為這些是各個國家，正如Jorge剛才也提到同樣的事情。基本上就是時程相關。我的意思是，一切都仍然有效。只是這項技術的採用，最終測試都已完成。我們之前在做最後測試，現在接下來就是要完成採用落地，然後較大的訂單才會進來。

We were getting smaller orders, which we have delivered already and they were already deployed, and they're testing that whole thing. But these Asian countries, they have a lot of bureaucracy, if I can use that word, a lot of things that are hindrance to closing something.

我們之前收到一些較小的訂單，已經交付，而且也已部署，他們正在測試整個方案。但這些亞洲國家，如果我可以這麼說的話，官僚程序很多，有很多事情會阻礙成交。

So that's the only thing we're facing right now. But the technology has been proven. We have good IP, and that IP can be deployed in other countries and other areas as well, which you'll be seeing in the coming months as we will be announcing.

所以這就是我們目前唯一面臨的問題。但技術已被證明可行。我們擁有良好的智慧財產（IP），而且這些IP也可以部署到其他國家與其他領域，你們在接下來幾個月會看到我們陸續公告。

Okay. Great. And I said that was my last question. Maybe just one more Fawad. Can you just touch on your kind of your business development activities recently in terms of opening up new potential LOIs or partners, just customers in general, since we've seen these two large LOIs, I think that you entered originally in the first half of '25. Is there anything else on the horizon here that maybe you could touch on or -- go ahead.

好的。很好。我剛說那是我最後一個問題。不過也許再問一個，Fawad。你能否談談你們最近在業務開發方面的活動，例如開拓新的潛在LOI或合作夥伴、一般客戶等？因為我們看到你們有兩份大型LOI，我想你們最初是在25年上半年簽下的。接下來是否還有其他進展或——請說。

Yes, yes. So first of all, the LOIs were, again, because we want to show that we are in touch and engage with these customers, and they are willing to work with us. So we get LOIs from them, right? But at this stage right now, because of the development of our infrastructure, our customers are feeling more secure with us. So we've already exceeded the original LOIs for the original $40 million LOI that we had before.

是的，是的。首先，這些LOI之所以簽署，再次強調，是因為我們想展示我們確實與這些客戶保持聯繫並積極互動，而他們也願意與我們合作。所以我們會從他們那裡取得LOI，對吧？但在目前這個階段，因為我們基礎設施的建置進展，客戶對我們更有信心。因此，我們已經超過了先前那份原始4,000萬美元LOI的規模。

We've exceeded that from the same customer. We've got more orders than the LOI and the deliveries are just being rolled out now. And the technology that we have, it took us a while to get that fully transferred. Now that IP is in our hands. And so now that will be converted into revenue streams as well in the coming months towards the end of this year.

我們從同一位客戶那裡已經超過那份LOI。我們拿到的訂單比LOI所列的更多，而交付現在正逐步展開。而我們擁有的技術，花了一些時間才完成全面移轉。現在這些IP已在我們手上。因此，在接下來幾個月、到今年年底前後，這也會轉化為營收來源。

So the customers are now going to go straight towards POs, right, we're not going to go through any more LOI type of engagement because we have insisted to customers, new customers, not the same ones. In some cases, the same ones are going to renew their orders. And give us larger orders, which we'll be announcing in the next month or so. But newer customers, other customers who are also going to be interested in our technology, which is very unique.

所以客戶現在會直接走向採購訂單（PO），對吧？我們不會再透過LOI這種互動方式，因為我們已要求客戶——是新客戶，不是同一批——不要再用LOI。在某些情況下，同一批客戶也會續下訂單，並給我們更大的訂單，我們會在接下來一個月左右公告。但也會有更新的客戶、其他對我們技術感興趣的客戶，而我們的技術非常獨特。

So this IP expense that we have done so much -- spent so much on, the R&D that we have spent so much on, it's for the reason that it is more common for being deployed by many in multiple MNOs rather than just 1 right now, right, so that's the whole idea.

所以我們在這些IP費用上投入了很多——在研發（R&D）上也投入了很多——原因就是希望它能更普遍地被多家行動網路營運商（MNO）部署，而不是目前只在一家，對吧，這就是整個想法。

The idea is that IP now becomes unique, and nobody else has that. No other vendor has that. So we are able to supply all these MNOs with similar technology that's been proven in the field. So we're getting very close to that time where we're just going to get the POs, and we'll be announcing that.

想法是，這些IP現在變得獨一無二，沒有其他人擁有。沒有其他供應商擁有。因此，我們能向所有這些MNO供應已在現場驗證過的類似技術。所以我們非常接近那個時間點：我們將直接拿到PO，並會對外公告。

The business development that we've put in place with the two new people that we hired is specific to strategic hires they have positions in the companies that they work for, and they have expertise in conveying what our technology means to them. So that will show also -- that will be shown in the coming months as well, the results of that.

我們在業務開發方面所做的安排，包括新聘的兩位人員，都是針對策略性招募；他們在原本任職的公司中擔任相關職位，並具備把我們技術對他們意味著什麼清楚傳達的專業。因此，接下來幾個月也會看到——也會呈現——這些安排所帶來的成果。

Okay. Great. No, that's sounds very encouraging. I appreciate the time. I'll hope back in the queue. Thanks.

好的。很好。不，聽起來非常令人鼓舞。感謝你撥冗。我會回到排隊等候。謝謝。

Thank you for the questions, Jack.

謝謝你的提問，Jack。

Thomas Fortune, private investor.

Thomas Fortune，私人投資人。

Hello, everyone. How's everyone doing.

各位好。大家都還好嗎。

How are you?

你好嗎？

I'm doing great. Thank you. And thank you for taking my questions. I'm a small investor compared to most everybody probably on this call. Mr. Fawad, I, of course, have never spoken to you but the inability to answer the question to the previously announced $50 million yearly guidance. I didn't hear anyone on your team or an AmpliTech Group confirm that guidance, it seemed to me like you all walked around that. Did I mishear something? Or can you expand on that?

我很好。謝謝。也謝謝你們讓我提問。相較於可能在這通電話上的大多數人，我算是小投資人。Fawad先生，我當然從未和你談過，但對於先前公布的每年5,000萬美元指引，你們無法回答這個問題。我沒有聽到你們團隊或AmpliTech Group有人確認該指引；在我聽來，你們似乎是在迴避這個問題。是我聽錯了嗎？或者你能否進一步說明？

No, you didn't mishear anything. We explained that it's a timing issue and we don't have the foresight to give you any number or anything specific supporting that right now. Everything is -- the timing has changed. Timing has been -- the timing is the difference right now.

不，你沒有聽錯。我們解釋過這是時程問題，而我們目前沒有足夠的前瞻性可以給你任何數字或任何具體內容來支持那個指引。一切都是——時程已經改變。時程已經——目前差異就在時程。

I understand. When you say everything is in place, does that mean customers are in place?

我了解。當你說一切都已就緒時，是指客戶也都已就緒嗎？

Well, we don't have any cancellations of orders or we don't have any changes in the LOIs. The forecast timing has changed, but everything else is still in place. So we can't say yes or know exactly, this is what's going to happen.

嗯，我們沒有任何訂單取消，也沒有LOI有任何變更。預測的時程改變了，但其他一切仍然就緒。所以我們不能說是或不能確切地說，這就是接下來會發生的事。

I could read into your answer of you saying that $50 million could happen before the end of the year?

我可以從你的回答解讀為，你是在說今年年底前有可能達到5,000萬美元？

It could.

有可能。

Okay. Alright. Well, thank you for your time. And I'm in a large AmpliTech Group investment community and everyone in our -- we've been anticipating this earnings but the lack of guidance has really been an issue in our group chat. So I just -- I really wanted to just ask you directly, and if I was rude in doing so, I apologize.

好的。好。那麼，謝謝你撥冗。我在一個規模很大的 AmpliTech Group 投資社群裡，我們社群裡的每個人——我們一直在期待這次財報，但缺乏指引在我們群聊裡確實成了問題。所以我只是——我真的想直接問你；如果我這樣問顯得無禮，我向你道歉。

That's no problem. It's -- I don't know if it's the lack of guidance, Tom. I mean, is it specifically to this subject that you're talking about or everything else in general?

沒問題。這——我不確定是不是「缺乏指引」，Tom。我的意思是，你指的是特定針對這個主題，還是整體其他所有事情？

I think guidance is very important because I'm an investor in AmpliTech Group. I'm not a trader. And initial guidance in Q1 was $50 million revenue for '26. And you were asked by the Maxim reporter that direct question. If you could still confirm that AmpliTech Group's guidance for fiscal year 2026 was still on pace for $50 million. And no one answered that question directly with a yes or no, and that just drew some red flags to me as an investor in your company.

我認為指引非常重要，因為我是 AmpliTech Group 的投資人。我不是交易者。而且第一季最初的指引是，2026 年營收 5,000 萬美元。Maxim 的記者問了你那個直接的問題。問你是否仍能確認 AmpliTech Group 對 2026 會計年度的指引仍在朝 5,000 萬美元的進度前進。但沒有人用是或否直接回答那個問題，這讓我作為你們公司的投資人覺得出現了一些警訊。

Well, but when it comes to -- Mr. Thomas, this is Jorge, right? It is that -- we cannot tell you like a 100% that we're going to hit or we're not going to hit it, right? Because we see that -- we have seen and we are seeing a shift, right, in the -- in our customers' deployment plans, right? So at this point in time, we see that we are lagging behind the projected deployment schedule.

嗯，不過談到——Thomas 先生，這位是 Jorge，對嗎？事情是這樣——我們不能跟你說 100% 一定會達成或一定不會達成，對吧？因為我們看到——我們已經看到、也正在看到一個轉變，對吧，在——在我們客戶的部署計畫上，對吧？所以就目前這個時間點來看，我們看到我們落後於原先預估的部署時程。

We're talking about 5G radios in which they have the schedule tower cell implementation. They have to send the staff out there to climb the towers, remove whatever technologies they are removing and then putting ours in, right?

我們談的是 5G 無線電設備，他們有既定的基地台／蜂巢式網路建置時程。他們必須派人員到現場爬塔，把他們要移除的技術拆下來，然後再把我們的裝上去，對吧？

And then as they consume their inventory, right, then they place follow-on orders, right? So while we are not reaffirming this $50 million figure today, we continue to expect significant growth for the year on ourselves. But right now, we just believe it will be premature to replace any prior outlook with another specific number until we have greater visibility into the timing of this volume deployments.

然後當他們消化掉庫存之後，對吧，他們就會下後續訂單，對吧？所以雖然我們今天不重申這個 5,000 萬美元的數字，我們仍然預期今年公司會有顯著成長。但目前我們認為，在對這些大量部署的時點有更高能見度之前，就用另一個具體數字取代先前展望，仍為時過早。

So that's the case in here, though. We don't want to mislead anybody. And we just want to show in here that we are prepared. We are doing the necessary and taking the necessary steps, right? Not just to fulfill the orders that we currently have, but also to support new large opportunities that we have with new customers in which we are spending a lot of engineering resources and we are spending a lot of business development hours.

所以這就是目前的情況。我們不想誤導任何人。我們也只是想在這裡表明我們已經準備好了。我們正在做必要的事情並採取必要的步驟，對吧？不只是為了履行我們目前手上的訂單，也為了支援我們與新客戶之間的新大型機會；在這些機會上，我們投入了大量工程資源，也投入了大量業務開發工時。

So then we do have larger opportunities also that are going to start contributing to the revenue number yet. However, though, we are not able to publish or comment on who are we dealing with right now because we are subject to NDAs, right? And we need to be very careful because we are also very, very zealous on not sharing to our competitors who are we working with because we don't want them to also impede the progress on our negotiations with our current customers.

因此我們也確實有更大的機會，接下來也會開始對營收數字做出貢獻。不過，我們目前無法公布或評論我們正在與哪些對象洽談，因為我們受 NDA（保密協議）約束，對吧？而且我們必須非常小心，因為我們也非常、非常堅持不向競爭對手透露我們正在與誰合作，因為我們不希望他們也來阻礙我們與現有客戶的談判進展。

And we also can reaffirm that no orders that we have in our backlog have been canceled, absolutely not. So it's just a timing on deployment, the speed on the deployments. So I want to make sure that everybody understands here, not just you, but everybody else that is listening to this call.

另外我們也可以再次確認，我們在手訂單（backlog）中沒有任何訂單被取消，絕對沒有。所以這只是部署時點、部署速度的問題。因此我想確保在這裡每個人都理解——不只是你，還有所有正在收聽這通電話的人。

Jorge, thank you so much for your transparency. This is the first micro-cap company that I've invested in. And the two things that drew me to AmpliTech was, a, the technology that you'll have and b, the management. I think most everyone I'm involved with, with AmpliTech Group, those are the two reasons why they're investors also. And your transparency right there, I really appreciate that.

Jorge，非常感謝你的坦誠。這是我投資的第一家微型市值公司。而吸引我投資 AmpliTech 的兩點是：第一，你們擁有的技術；第二，管理團隊。我想我所接觸的大多數 AmpliTech Group 投資人，這兩點也是他們投資的原因。你剛才那樣的透明度，我真的很感謝。

And my concern is not with the delay. I am totally fine with delays. I still believe in AmpliTech thesis. My only concern was, I wasn't asking for a firm -- guidance is just guidance. We're guiding you that we see this on the horizon.

而我的擔憂不在於延遲。我完全可以接受延遲。我仍然相信 AmpliTech 的投資論點。我唯一的擔心是，我並不是在要求一個確定的——指引就是指引。我們是在引導你們：我們看到這件事就在地平線上。

And I understand that you want to be conservative, and I appreciate that. I just think a lot of us are missing the guidance. We're not trying to stick a number on the wall to raise the stock price. But a thorough honest guidance, I think, is what has been missing, at least on my end from this call.

我理解你們想保守一些，我也很感謝。我只是覺得我們很多人都在意缺少指引。我們不是想把一個數字貼在牆上來拉抬股價。但我認為更完整、誠實的指引，是至少就我而言，這通電話裡所欠缺的。

Now if I missed it, because I'm not as smart as you all, then that's on me. But I really, really appreciate your time taking my call, and I'll get off because I'm sure you have other people that would like to ask questions, too. Is that alright with you, gentlemen?

如果我漏聽了，因為我沒有你們各位那麼聰明，那就是我的問題。但我真的、真的很感謝你們花時間接我的提問；我就先下線，因為我相信還有其他人也想提問。各位先生，這樣可以嗎？

Yeah. Thank you. Appreciate it.

可以。謝謝。感謝。

No, thank you. Good evening.

不，是我們要謝謝你。晚安。

Lennox Brooks, Fort Washington Investment.

Lennox Brooks，Fort Washington Investment。

Hey, team, congrats on the progress and on the quarter.

嗨，各位團隊，恭喜你們的進展以及本季表現。

Thank you.

謝謝。

One question for me. Can you provide any color on your inquiries or engagements from customers related to the quantum computing? Has it increased over the past year?

我這邊一個問題。你們能否分享一些關於客戶就量子運算相關的詢問或合作接洽的情況？過去一年有增加嗎？

Lennox, quantum computing seems to be a very static business right now. If you look at the companies that are involved, the quantum computing adoption has been slow. AI is very quick, right? AI is artificial intelligence and all that. But my belief and my thinking is that the AI has to progress into quantum computing because as you get more and more AI-heavy into everything, two things have to change.

Lennox，量子運算目前看起來是一個相當停滯的業務。如果你看參與其中的公司，量子運算的採用一直很慢。AI 很快，對吧？AI 是人工智慧等等。但我的信念與想法是，AI 必須進一步發展到量子運算，因為當你在各方面越來越依賴 AI 時，有兩件事必須改變。

One, the mode of wireless communications. Every piece of data has to go wirelessly somewhere at a very high speed. That's number one, and that's why we're into the 5G infrastructure and making it the fastest and most higher capacity there is. That differentiates us. We are also in the low noise area, right?

第一，無線通訊的模式。每一筆資料都必須以非常高速的方式無線傳輸到某個地方。這是第一點，也因此我們投入 5G 基礎建設，讓它成為最快、容量最高的方案。這就是我們的差異化。我們也在低雜訊領域，對吧？

So low noise arena -- we have the lowest noise figures in the world, which leads us into quantum computing. But right now, IBM and companies like IBM, D-Wave and Rigetti and all those companies, they have not found a terrific application that will join the AI to the quantum computing. Because right now, it's not a productionized market.

在超低雜訊領域——我們擁有全球最低的雜訊指標，這也把我們帶進了量子運算。但就目前而言，IBM 以及像 IBM、D-Wave、Rigetti 等這些公司，他們尚未找到一個很棒的應用，能把 AI 與量子運算結合起來。因為現在它還不是一個已商品化、可量產的市場。

Let's say, one quantum computer would serve thousands of businesses. It's a B2B or -- it's not like you and I can get on to a quantum computer and try to start working, right? Not like a PC. So that's why the production phase has not been there. And it likely may not be until AI sees the need to now use quantum computing to do all its functionality. Right now, we're building huge data centers and everything. So our belief is that the production phase of that has not really begun.

比方說，一台量子電腦可以服務成千上萬家企業。這是 B2B——它不像你我可以登入一台量子電腦就開始工作，對吧？不像個人電腦（PC）。所以量產階段才一直沒有出現。而且很可能要等到 AI 看見需要用量子運算來完成它所有功能時，才會到來。現在我們正在建置龐大的資料中心等等。所以我們的看法是，這個領域的量產階段其實還沒有真正開始。

It's really still into a smaller quantity applications because each supercomputer that these companies have. And some of these -- the companies, by the way, like D-Wave and all these other companies, they don't really have any real product IBM has a quantum computer. But again, I don't want to get into details, but they're not productionizing it. You're not going to sell thousands and thousands of quantum computers. We have sold into the core computing systems just for R&D and development work.

它目前真的仍停留在較小量的應用上，因為這些公司各自擁有的每一台超級電腦都是如此。而且順帶一提，像 D-Wave 以及其他這些公司，他們其實並沒有任何真正的產品；IBM 有一台量子電腦。但再說一次，我不想深入細節，但他們並沒有把它商品化量產。你不可能賣出成千上萬台量子電腦。我們在核心運算系統方面的銷售，主要只是用於研發與開發工作。

And we have -- we are the only US company that has these LNAs capable of operating at four Kelvin but it has not become productionized. So it's kind of static right now. We don't see that tremendous growth in the quantum component area.

而且我們——我們是美國唯一一家擁有可在 4 開爾文運作之 LNA（低雜訊放大器）的公司，但它仍未進入量產商品化。所以目前有點停滯。我們看不到量子元件領域出現那種巨大的成長。

That's makes sense. I appreciate it.

這很合理。謝謝你的說明。

Richard Kreger, Moody Capital Solutions.

Richard Kreger，Moody Capital Solutions。

Hello, congratulations on a record revenue quarter. Quick question for you. I noticed that the gross margin of the business is up significantly year-over-year. It looks like first half gross margins went from about 14% to almost 36% for the first half year-over-year and curious how you expect with revenue growth, gross margins may be impacted for the second half of the year?

你好，恭喜創下單季營收新高。我有個簡單問題。我注意到公司的毛利率年對年大幅提升。看起來上半年毛利率從約 14% 提升到接近 36%（以上半年年對年比較），想請教你預期在營收成長之下，下半年毛利率可能會如何受到影響？

Should we expect a similar improvement year-over-year in both revenue and gross margins. And then also curious about Q1 versus Q2, we saw a dip quarter-over-quarter, but the big growth year-over-year. So it seems a bit choppy there.

我們是否可以預期營收與毛利率在下半年都會有類似的年對年改善？另外也想問 Q1 相較 Q2，我們看到季對季有下滑，但年對年成長很大。所以看起來有點起伏不定。

Yes, Rich, thanks for the question. Well, of course, we do -- we do -- we have explained that this gross margin and the revenue is lumpy right now quarter-to-quarter because of the product mix that we're working on. But we also want to make sure everybody understands that our focus is in building up the 5G product lines, and we're investing heavily in that, and that's the reason for all these expenses.

是的，Rich，謝謝你的提問。當然，我們——我們——先前也解釋過，目前毛利率與營收在每一季之間會呈現不均勻（lumpy），主要是因為我們正在處理的產品組合所致。但我們也希望大家理解，我們的重點在於建立 5G 產品線，我們在這方面投入很大，這也是造成這些費用的原因。

But as we go forward in the second half of the year, -- we expect to have orders that have higher margins that we have been looking for all these -- for the last two or three years of building the company so that we can structure a company that can support these large orders. Every time we go to these large companies, they keep asking us, do you have this?

不過展望今年下半年——我們預期會有我們一直在尋找的較高毛利訂單；這也是過去兩三年我們打造公司、讓公司架構能支撐這些大型訂單的原因。每次我們去拜訪這些大型公司，他們都一直問我們：你們有這個嗎？

Do you have that? So this -- all the things that you're seeing now comes from the need to have all these things. Otherwise, we don't get an order, right? The company is billion dollar companies, do you think they're going to give us an order because where -- they like us.

你們有那個嗎？所以你現在看到的這一切，都是源自於必須具備這些能力的需求。否則我們就拿不到訂單，對吧？這些公司都是十億美元規模的公司，你覺得他們會因為——他們喜歡我們——就給我們訂單嗎？

They don't do that unless they see a strong balance sheet, they see that we can support all their requirements for program management and all the other things that are tremendous requirement in this kind of business. So yes, we do see that the second half of the year will have good bookings and good orders, higher-margin orders, and that will help us to take the lumpiness out and smooth out the curve of growth.

他們不會那樣做，除非他們看到強健的資產負債表，看到我們能滿足他們在專案管理以及其他各項要求上的支援能力——在這種業務裡，這些要求非常龐大。所以是的，我們確實看到今年下半年會有不錯的預訂（bookings）與訂單、較高毛利的訂單，而這將有助於降低那種不均勻性，讓成長曲線更平滑。

And if I can ask one more question. Obviously, we've been following the company for a long time. We're very familiar with the Open RAN story and the growth you're experiencing with Open RAN technologies but noticed that recently, you joined the AI RAN alliance. Can you talk a little bit about who's involved with AI RAN alliance? And what was the purpose or reason behind joining the AI RAN alliance?

如果我可以再問一個問題。顯然我們長期關注這家公司。我們非常熟悉 Open RAN 的故事，以及你們在 Open RAN 技術上所經歷的成長，但注意到你們最近加入了 AI RAN 聯盟。你能否談談 AI RAN 聯盟有哪些成員參與？以及加入 AI RAN 聯盟的目的或原因是什麼？

Yes. So there are different alliances. We're also part of the ORAN, alliance by the way. I think everybody knows that. We received certification from there. Our radios were certified from them, and they're the ones making the standards for ORAN adoption, right?

好的。所以有不同的聯盟。順帶一提，我們也是 ORAN 聯盟的一員。我想大家都知道。我們也從那裡取得認證。我們的無線電設備（radios）獲得他們的認證，而他們正是制定 ORAN 採用標準的單位，對吧？

Similarly, the AI RAN alliance is an organization that is -- that has all the major telecoms, all the major big names you can think of, AT&T, Verizon, NVIDIA, you name it, they're in this alliance, right? The reason is that along with the adoption of the hardware interface as well software.

同樣地，AI RAN 聯盟是一個組織——裡面包含所有主要電信業者、你想得到的所有大型知名企業：AT&T、Verizon、NVIDIA，等等，都在這個聯盟裡，對吧？原因在於，除了硬體介面的採用之外，也包括軟體。

Now they want to make sure that everything that we build is going to have some layer of AI interoperability, because AI is what speeds things up, right? It makes things more accessible and the radios will become more accessible if they have a uniform AI RAN layer.

現在他們希望確保我們所打造的一切，都會具備某種 AI 互通性的層（layer），因為 AI 能加速一切，對吧？它讓事情更容易使用；如果無線電設備有一個統一的 AI RAN 層，也會變得更容易使用。

So we have already, let's say, leapfrogged many of our competitors by being part of this alliance that allows us to share information openly as well as be able to give them hardware that they can test and put their AI RAN into the hardware and then make it work and show the world that it's doable.

所以我們已經可以說是超前許多競爭對手，因為我們是這個聯盟的一員；這讓我們能公開分享資訊，也能提供他們可用來測試的硬體，讓他們把 AI RAN 放進硬體裡運作，並向全世界展示這是可行的。

So that's a big step for us because it puts our technology in front of all the major players to see. And for that reason, it kind of singles us out. We're the only ones that have radios that are AI RAN enabled. So being in addition to the fact that we are ORAN certified, we also have AI RAN accessibility to all the major players and major MNOs.

所以這對我們是很大的一步，因為它讓所有主要玩家都能看到我們的技術。也因為這個原因，它某種程度上讓我們脫穎而出。我們是唯一擁有支援 AI RAN 的無線電設備的公司。因此，除了我們已通過 ORAN 認證之外，我們也讓所有主要玩家與主要行動網路營運商（MNO）都能使用 AI RAN。

And with major software providers like NVIDIA as well as the DeepSig and all these other guys. So the universities are using our radios to demonstrate this capability. So our platform becomes more and more powerful.

以及像 NVIDIA、DeepSig 等主要軟體供應商，還有其他這些夥伴。所以各大學正在使用我們的無線電設備來展示這項能力。因此我們的平台變得越來越強大。

Do you mind if I ask one more question about the AI RAN alliance.

你介意我再問一個關於 AI RAN 聯盟的問題嗎？

Sure.

當然。

I saw a press release that was released by Northeastern University that mentioned both AmpliTech Group as well as NVIDIA in its press release, but I didn't see any press releases from AmpliTech discussing that certification or what the relationship is with NVIDIA. Do you mind, perhaps elaborating and explaining why you did not mention NVIDIA in any of the press releases about the Northeastern certification? Thank you.

我看到東北大學（Northeastern University）發布的一則新聞稿，在其新聞稿中同時提到了 AmpliTech Group 以及 NVIDIA，但我沒有看到 AmpliTech 發布任何新聞稿來說明該認證，或你們與 NVIDIA 的關係是什麼。你是否方便進一步說明並解釋，為什麼你們在任何關於東北大學認證的新聞稿中都沒有提到 NVIDIA？謝謝。

Well, we work with NVIDIA as a partner in the ecosystem that Northeastern is putting together, right? They need hardware and there are so many more elements that put together an AI RAN capable radio or hardware or network to go even further. So since we don't have any direct communication or direct product placement with NVIDIA itself, we can't really mention them, right?

嗯，我們在東北大學正在建立的生態系中，與 NVIDIA 作為合作夥伴一起合作，對吧？他們需要硬體，而且要組成一個具備 AI RAN 能力的無線電、硬體或網路以更進一步，還有更多元素需要整合。因此，由於我們與 NVIDIA 本身沒有任何直接溝通或直接的產品置入，我們其實不能提到他們，對吧？

But NVIDIA is using our radios and their aerial layer, as mentioned in the article is in our radios. And we're the only radio they have. We cannot directly mention NVIDIA specifically because we're not doing anything contractually with them.

但 NVIDIA 正在使用我們的無線電，而他們的 Aerial 層，如文章中所提到的，就在我們的無線電中。而且我們是他們唯一使用的無線電。我們不能直接點名 NVIDIA，因為我們在合約上並沒有與他們進行任何合作。

Okay. Thank you. No further questions.

好的。謝謝。沒有其他問題了。

You're welcome.

不客氣。

Andrew DeAngelis, Venture Capital.

Andrew DeAngelis，創投。

Thanks for taking my questions. I know this has been a long call. I just was hoping to get some additional context on the 8-K that you guys released yesterday night in regards to the Titan acquisition amendment, both how that's impacted the first half of the year and any continuing impact into the back half as it relates to that?

謝謝讓我提問。我知道這通電話已經很長了。我只是希望就你們昨晚發布、關於 Titan 收購修正案的 8-K，取得一些額外背景，包括它如何影響上半年，以及與此相關在下半年是否還會有持續影響？

Yes. So there's going to be a press release tomorrow addressing that 8-K. But in summary, I mean, we basically have just negotiated penalties or damages for late delivery of those parts. And that really just means that we have been delayed in rolling out our IP which we have reengineered as well so that it's more feasible for all our customers, and it's in big demand right now, actually. And that is really just a delay.

是的。所以明天會有一則新聞稿來說明那份 8-K。但總結來說，我們基本上只是就那些零件延遲交付所造成的罰款或損害賠償進行了協商。而那其實只是表示，我們在推出我們的 IP 上有所延遲；我們也已重新工程化，使其對所有客戶更可行，而且其實目前需求很大。而這真的就只是延遲。

So now that we are almost 99% complete in all the asset transfer that we have done, and we have embellished it with our own technology. We are now ready to rollout to the customers these productionized versions, which are going to appear to start shipping, we already have orders for these, by the way. So these are going to start shipping towards the end of the year or early next year. There'll be a press release out tomorrow detailing this.

所以現在我們已經完成了將近 99% 的資產移轉，而且我們也加入了我們自己的技術。我們現在已準備好把這些量產化版本推向客戶；順帶一提，我們已經有這些產品的訂單了。因此，這些產品將在今年底或明年初開始出貨。明天會有新聞稿詳細說明。

Okay. Helpful. And then just real quickly, are you able to disclose your fully diluted share count as of the end of July post the Series A?

好的。很有幫助。另外很快問一下，你們能否披露在 7 月底、完成 A 輪後的完全稀釋股數？

I don't think end of July, we can do that. Louisa?

我不認為我們可以披露到 7 月底的數字。Louisa？

I could, if you would like, Andrew, you could send me an e-mail, and I could disclose that information, if I'm able to -- I would have to check with legal because if I disclose it to you, I would have to disclose it to the rest of the other shareholders.

我可以。如果你願意的話，Andrew，你可以寄電子郵件給我；如果我能披露，我可以提供那個資訊——我必須先跟法務確認，因為如果我對你披露，我也必須對其他所有股東一併披露。

July would be outside the June 30 quarter, right? So we can only disclose certain information.

7 月會落在 6 月 30 日那個季度之外，對吧？所以我們只能披露某些資訊。

Yeah. The only reason I'm asking is just to have that current number with the Series A. I understood that, that may not be disclosable. If I could just squeeze in really one more just around as you think about the costs related to the infrastructure that you're building out and the run rate of costs that are kind of ongoing versus more onetime in nature. How are you guys thinking about recurring SG&A run rate? And if you are able to kind of break out maybe the size of onetime expenditures on that line and just maybe overall?

是的。我問的唯一原因，是想要有包含 A 輪在內的最新數字。我理解那可能無法披露。如果我可以再擠一個問題：關於你們正在建置的基礎設施相關成本，以及其中屬於持續性成本的費用率（run rate）與較偏一次性支出的部分。你們如何看待經常性的 SG&A 費用率？以及如果可以的話，能否大致拆分一下該項目中一次性支出的規模，或整體概況？

If you look at SG&A, and gross margins, they're connected in the fact, same thing with revenues, right? So if we have higher revenues and increased revenues and we keep our expenses close to what it is right now, or a little bit higher, then you see that you basically have a lower and lower SG&A because your revenues are much higher and your gross margin is higher.

如果你看 SG&A 和毛利率，它們是相互連動的，收入也是一樣，對吧？所以如果我們有更高的收入、收入增加，而我們把費用維持在目前水準附近或略高一些，那你會看到 SG&A 佔比基本上會越來越低，因為你的收入更高、毛利也更高。

So when we reach $50 million, $100 million or so, whatever the revenues are, which is our goal, right, more than that. Then you'll see the drop in SG&A. This is only because we have a fixed expense right now and which is increasing, but the revenues have not accordingly caught up to it. But as soon as the revenues start catching up to it, you'll see that drop.

所以當我們達到 5,000 萬美元、1 億美元左右，或不論收入是多少——那是我們的目標，對吧，甚至更高。那你就會看到 SG&A 的下降。這只是因為我們目前有固定費用，而且在增加，但收入尚未相應追上。但一旦收入開始追上，你就會看到那個下降。

Thank you. Thank you all. Have a great evening.

謝謝。謝謝大家。祝各位晚上愉快。

Welcome. Thank you.

不客氣。謝謝。

This concludes the question-and-answer session. I would like to turn the conference back over to Fawad Maqbool for any closing remarks. Please go ahead.

問答環節到此結束。我想把會議交回給 Fawad Maqbool，請他做結語。請開始。

Thank you, operator, and 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. We look forward to updating you further in our third quarter financial results call sometime in November. Until then, please contact us directly should 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 releases.

謝謝接線員，也感謝所有參與今天電話會議的各位，聆聽我們已取得的進展，以及我們為進一步推動公司使命——在今天提供明日的通訊系統——所制定的計畫。我們期待在 11 月某個時間的第三季財報電話會議中，向各位提供更多更新。在此之前，如有任何問題或希望安排與管理團隊通話，請直接與我們聯繫；我們的投資人關係團隊可透過新聞稿底部所列的聯絡資訊取得。

Thank you and be well.

謝謝，祝安好。

The conference has now concluded. You may now disconnect.

本次電話會議現在結束。您現在可以掛線。