AMPGHIGH SIGNALFINANCIAL10-K

AMPG executed significant acquisitions that drove 165% revenue growth but severely strained cash flow and balance sheet liquidity.

The company's aggressive acquisition strategy (Titan Crest and Specialty Microwave) has transformed the business scale but created concerning financial stress with cash declining 74% to just $5M while operating cash burn worsened to -$8.7M. The 29% increase in outstanding shares (19.7M to 25.3M) suggests equity dilution was used to fund growth, but the dramatic spike in current liabilities to $14.9M raises immediate liquidity concerns.

Comparing 2026-03-26 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

AMPG's financials reflect a company in rapid expansion mode with revenue surging 165% to $25.2M and accounts receivable growing proportionally, indicating real business growth rather than accounting changes. However, the financial foundation shows severe stress with cash plummeting from $19.3M to $5.0M, operating cash flow deteriorating to -$8.7M, and current liabilities exploding to $14.9M - creating a potential liquidity crisis despite reduced debt levels. The combination of strong top-line growth with dramatically weakened cash position and working capital suggests the acquisitions may have been poorly timed or financed.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+2266.5%
$43K→$1.0M

Capital expenditure jumped 2266.5% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
+870.5%
$1.5M→$14.9M

Current liabilities surged 870.5% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+224.9%
$5.7M→$18.6M

Liabilities grew 224.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Accounts Receivable
Balance Sheet
+166.5%
$1.3M→$3.3M

Receivables surged 166.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
+165%
$9.5M→$25.2M

Strong top-line growth of 165% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
-74.2%
$19.3M→$5.0M

Cash declined 74.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Gross Profit
P&L
+73%
$3.5M→$6.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Interest Expense
P&L
-69.6%
$43K→$13K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
-65.4%
$234K→$81K

Debt reduced 65.4% — deleveraging strengthens balance sheet and reduces financial risk.

Operating Cash Flow
Cash Flow
-64%
-$5.3M→-$8.7M

Operating cash flow fell 64% — earnings quality concerns; investigate working capital changes and non-cash items.

LANGUAGE CHANGES
NEW — 2026-03-26
PRIOR — 2025-03-31
ADDED
As of March 23, 2026, the registrant had 25,331,299 shares of common stock issued and outstanding.
On December 15, 2021, we acquired substantially all of the assets of Spectrum Semiconductor Materials Inc.
( SSM ), a globally authorized distributor of integrated circuit (IC) packaging and lids for semiconductor device assembly, prototyping, testing, and production requirements founded in 1990 and headquartered in San Jose, CA.
On March 26, 2025, we entered into an asset purchase agreement (as amended, Titan APA ), with Titan Crest, LLC, a Delaware limited liability company ( Titan ), and its affiliate, to purchase certain assets including intellectual property used in developing, manufacturing, marketing and selling products that use radio frequency technology ( 5G ORAN radio products ).
acquired the assets of Specialty Microwave Corporation ( Specialty ), a privately held company based in Ronkonkoma, NY.
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REMOVED
As of March 27, 2025, the registrant had 19,658,960 shares of common stock issued and outstanding.
On November 19, 2021, AMPG entered into an Asset Purchase Agreement with Spectrum Semiconductor Materials Inc.
( SSM ), a globally authorized distributor of integrated circuit (IC) packaging and lids for semiconductor device assembly, prototyping, testing, and production requirements founded in 1990 and headquartered in San Jose, CA, pursuant to which AMPG acquired substantially all of the assets of the Company (the Acquisition).
The capital balances have been retroactively adjusted to reflect the reverse acquisition.
acquired substantially all of the assets of Specialty Microwave Corporation, a privately held company based in Ronkonkoma, NY.
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