AMPGRHIGH SIGNALFINANCIAL10-K

AMPGR completed the Titan Crest asset acquisition while burning through three-quarters of its cash position despite meaningfully improved profitability.

The company's cash position dropped from $19.3M to $5.0M, representing a dramatic reduction in financial flexibility that raises questions about funding future operations and growth initiatives. While the substantial improvement in gross profit margins and reduced net losses suggest operational progress, the severe cash burn coupled with negative operating cash flow of $8.7M creates near-term liquidity concerns.

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

AMPGR showed mixed financial performance with gross profit growing substantially alongside reduced net losses, indicating improved operational efficiency. However, these positive developments were overshadowed by severe cash consumption that reduced the company's cash position by 74% to just $5.0M, while operating cash flow remained deeply negative at $8.7M. The combination of meaningfully higher SG&A expenses and substantial cash burn suggests the company funded growth initiatives and acquisitions at the cost of financial stability.

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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