Amplitech Group Shares Down on Lower 2Q Profit, Revenue

Dow Jones08-14

Shares of Amplitech Group fell in premarket trading Friday after the company reported a widened loss and lower revenue in its second quarter.

Shares traded 27% lower ahead of the morning bell at $4.38.

The technology company late Thursday reported a widened loss of $3.1 million, or 12 cents a share, compared with a loss of $1.8 million, or 8 cents a share, a year earlier.

Amplitech cited increased investment in research and development, particularly in 5G and MMIC development, as well as costs related to marketing and business development.

Revenue fell to $8.1 million from $11 million.

At the end of the quarter, the company had working capital of about $22.9 million, and the company said it has enough to meet its obligations and capital requirements for at least the next 12 months.

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