Key Highlights

  • Shares were trading down 18.72% at USD 1.91 in pre-market on Friday, November 13, 2026, implying a prior close near USD 2.35 (calculated), after third-quarter results were released on November 12.
  • Third-quarter Revenue was USD 6.58 million, up 8.0% from USD 6.09 million, while net loss narrowed to USD 1.89 million, or USD 0.07 a share, from about USD 3.09 million in the second quarter.
  • Gross Margin improved to 34.2% from 27.9% in the second quarter, and Backlog exceeded USD 52 million as of October 21, 2026, including a record USD 21.7 million 5G O-RAN order.
  • Management guided to full-year 2026 revenue of at least USD 28 million and said the earlier USD 50 million target, withdrawn in August 2026, was not achieved.

Growth Overshadowed by a Missed USD 50 Million Target

AmpliTech Group (NASDAQ:AMPG) was trading down 18.72% at USD 1.91 in pre-market on Friday, November 13, 2026, after reporting third-quarter results on November 12. Revenue of USD 6.58 million rose 8.0%, but the company said its earlier USD 50 million full-year projection, withdrawn in August, was not achieved. It now expects at least USD 28 million for 2026. With USD 20.00 million booked in nine months, that implies about USD 8.0 million or more for the fourth quarter (calculated). Management attributed delays to supply-chain constraints, customer-directed deployment timing and longer evaluations, notably among international 5G operators. The pre-market quote is a screener figure, so the opening trade may differ.

Margins, Losses and the Cost Base

AmpliTech designs and builds microwave-based amplifiers, including low noise amplifiers, 4G and 5G small cell subsystems and cryogenic amplifiers. Gross Profit was USD 2.25 million in the quarter, a margin of 34.2% against 27.9% in the second quarter. Nine-month gross profit rose 41.1% to USD 7.07 million, a margin of 35.3%. Selling, general and administrative expense rose to USD 3.38 million from USD 2.48 million on corporate, legal, stock-based compensation and security costs. The nine-month net loss widened to USD 6.50 million from USD 3.80 million, so the improving quarter sits inside a deeper year-to-date loss. The gross margin gain came mainly from mix and operating leverage, though management gave no separate breakdown.

Backlog, Cash and the Risk of Timing Slips

Backlog exceeded USD 52 million as of October 21, 2026, including the record USD 21.7 million O-RAN order and a USD 1.03 million low noise amplifier order, and management says all of it is shippable across fiscal 2026 and 2027. The company cautioned that purchase orders and backlog should not be read as revenue already earned. Cash and marketable securities were about USD 30.27 million at September 30, made up of USD 19.48 million of cash and USD 10.79 million of securities, after USD 8.48 million of operating cash use in nine months. Management said resources should cover the next 18 months. The main risk is further shipment delays.

Where Things Stand

It fell because growth fell short of the story. AmpliTech Group (NASDAQ:AMPG) delivered 8.0% revenue growth and a narrower loss, but it confirmed that the USD 50 million target will not be met and guided to at least USD 28 million, with a nine-month loss wider than last year. Cash and securities of about USD 30.27 million and a backlog above USD 52 million are support, though timing is not guaranteed. Next markers are fourth-quarter shipments of the O-RAN order, margin trends and any change to the full-year view. The pre-market move is also thin, so the regular session may differ.