Amplitech Group, Inc.

Good day, ladies and gentlemen, and welcome to AmpliTech Group's quarterly investor update call, where the company will discuss its FY 2025 financial results. Present in this call, we have the executive team of AmpliTech Group, Fawad Maqbool, CEO, CTO, and board chair, George Flores, COO, and Luisa Sanfrantello, CFO. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, today's conference is being recorded. I would now like to turn the call over to AmpliTex COO, George Flores.

Thank you, Operator, and thank you, everyone, for joining today's call to review the progress of AmpliTex growth initiatives and to answer investors' questions. Following initial management comments, we will open the call to investors' questions as well. An archived replay of today's call will be posted to the Investor Relationships section of AmpliTech's corporate website. This call is taking place on Thursday, April 9, 2026. Remarks that follow and answers to questions may include statements that the company believes to be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as anticipate, believe, expect, or words of similar importance. Likewise, statements that describe future plans, objectives, or goals are also forward-looking. 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 this filing, the company disclaims an obligation to update overlooking statements, which are made as of today's date. With that, let me turn the call over to our CEO and CTO, Mr. Parwad Magbo.

Thank you, Operator and George, and thank you, everyone, for joining us today. Fiscal year 2025 was a transformative year for AmpliTech Group. We delivered company record top-line growth, expanded our presence in the 5G infrastructure market, and continued to build a foundation for long-term growth across both our legacy RF business and our emerging O-RAN 5G platform. For the full year 2025, revenue increased to $25.2 million compared to $9.5 million in 2024, representing approximately 165% year-over-year growth. This increase was driven by higher sales of our low noise amplifier and low noise block products, expansion of our 5G product lines, recovery in Asian markets within the spectrum division, and increased demand from telecommunications and satellite communications customers. We're very encouraged by this performance because it reflects growth from multiple parts of the business, while also showing that our strategic investments in 5G are beginning to translate into commercial attractions. At the same time, 2025 was also a year of deliberate investment. As we entered the carrier-grade O-RAN radio market and ramped early deployments, we experienced near-term margin pressure. Gross profit increased to $6 million from $3.5 million the prior year, but gross margin declined to 23.9% from 36.7%. That decline reflects our strategic ramp-up of 5G product deployments, initial market penetration efforts, and our focus on winning long-term opportunities with larger mobile network operator customers. The company expects these margins to improve over the next few quarters. We view this as an investment phase. Our priority has been to establish market presence, support customer adoption, and position the company for larger-scale deployments over time. As volume, scale, and execution matures, we believe margin performance has the potential to improve. From a technology and strategy standpoint, we've made meaningful progress in 2025. We continue advancing our O-RAN compliant radio systems, including our massive MIMO 64T, 64R, O-RAN, CAD-B platform, while integrating proprietary RF and MIMIC capabilities that we believe help differentiate our solution set in the market. We also continue to build our commercial pipeline. As previously announced, the company has a non-binding letter of intent for $78 million in O-RAN radio systems, representing a potential multi-year growth opportunity, subject to definitive purchase orders. The company believes this LOI itself will surpass the $100 million mark supported by production forecasts that we have received. As of March 2026, we had received approximately $5 million in funded purchase orders, of which we had a small number of initial shipments from December to early this quarter. The bulk of the shipments will resume and culminate during our second quarter this year. Also, as previously announced, we have a second LOI with the North American M&O valued at over $40 million, of which we already have received half of this amount in funded purchase orders. This means these LOIs are real and dynamic. From this amount, we still have to ship about 8 million, with shipments resuming in early Q2 of 2026. We believe an increase in this LOI amount is also possible. In addition, during 2025, we continue expanding our MIMIC design center, advanced our AmpliTech 5G division focused on 5G system deployment and integrations. These steps are part of our broader strategy to evolve from a component supplier into a more complete systems provider, serving high-growth and growth markets. Overall, we believe fiscal 2025 marked meaningful progress in scaling the business, expanding our market reach, and positioning AmpliTech for the next stage of growth. With that, I'll turn the call over to our CFO, Luisa Sanfitello, to review our financial results in more detail.