AMPGHIGH SIGNALFINANCIAL10-K

AMPG executed the Titan Crest acquisition while experiencing a severe cash burn that depleted cash reserves by 74% despite meaningful revenue growth.

The company's cash position dropped dramatically from $19.3M to $5.0M, raising immediate liquidity concerns despite operational improvements. While gross profit grew substantially and net losses narrowed, the deteriorating operating cash flow suggests the business is consuming cash at an unsustainable rate that could threaten near-term operations.

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

AMPG showed mixed financial performance with gross profit growing substantially and net losses improving meaningfully, while total assets expanded 19% driven by higher inventory levels. However, the company faced severe cash consumption with operating cash flow deteriorating significantly and cash reserves declining 74% to just $5.0M. The combination of meaningful debt reduction alongside dramatic cash depletion suggests aggressive capital allocation that may have stretched liquidity too thin relative to ongoing operational cash needs.

FINANCIAL STATEMENT CHANGES
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.

Net Income
P&L
+37.7%
-$11.2M→-$7.0M

Net income grew 37.7% — bottom-line growth signals improving overall business health.

SG&A Expense
P&L
+35.7%
$7.9M→$10.7M

SG&A up 35.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

R&D Expense
P&L
-25.2%
$3.6M→$2.7M

R&D spending cut 25.2% — could signal cost discipline or concerning reduction in innovation investment.

Total Assets
Balance Sheet
+19.1%
$43.2M→$51.5M

Asset base grew 19.1% — expansion through organic growth, acquisitions, or capital deployment.

Inventory
Balance Sheet
+17.4%
$7.6M→$8.9M

Inventory built 17.4% — monitor whether demand supports this build or if write-downs may follow.

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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