Good day, ladies and gentlemen, and welcome to AmpliTech Group's quarterly investor update call, where the company will discuss its second (sic) [third] quarter 2025 financial results. [Operator Instructions]. As a reminder, today's conference is being recorded. I would now like to turn the call over to AmpliTech's COO, Jorge Flores.

Thank you for joining today's call to review the progress of AmpliTech's growth initiatives and financial results and to answer investor questions. On the call today are AmpliTech's founder and CEO, CTO, Mr. Fawad Maqbool; the company's CFO, Louisa Sanfratello; and the company's COO, Jorge Flores. Following initial management comments, we will open the call to investor questions. An archived replay of today's call will be posted to the Investors Relations section of AmpliTechs' corporate website. This call is taking place on Friday, November 14, 2025. 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 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 its filings with the Securities and Exchange Commission. Except as described in these filings, the company disclaims any obligation to update forward-looking statements, which are made as of today's date. With that, let me turn the call over to our CEO and CTO, Mr. Fawad Maqbool.

Ladies and gentlemen, good morning, and thank you for joining our Q3 2025 review call. Today, we will reflect on our record performance in 2025 and the nine-month period ending September 30, 2025. We will take the opportunity to discuss the company's growth outlook, market opportunities, and provide additional financial guidance. Let's start with the Q3 2025 highlights and strategic progress. Quarterly revenue was $6,090,000, a 115% increase compared to $2,830,000 in Q3 2024. Gross profit more than doubled to $2,960,000, representing a 48.6% gross margin, up from 47.5% in the prior year period. Up about 40% from Q2 2025 gross margin. EBITDA positive of nearly $200,000, reflecting substantial improvement in operating performance and margin expansion. Net loss significantly narrowed to $188,000 compared to a net loss of $1,190,000 in Q3 2024. Cash, cash equivalents, and accounts receivable of nearly $12,000,000 with zero long-term debt working capital of $14,000,000 as of September 30, 2025. Now the nine-month highlights. Year to date, 2025. Overall, nine months company's record revenues surged 171% year to date to $20,700,000 compared to $7,700,000 in the same period last year. Net loss reduced by nearly 50% improving from $7,400,000 in 2024 to $3,800,000 in 2025. The growth driven by successful integration of Apple 5G ORAN technology and strong momentum in low noise amplifiers, low noise blocks, and 5G infrastructure systems. This is not just 5G ORAN, it's true 5G, and we are 5G. Continued investment in R&D up 60% supporting the new product development in MIMO, 64 P64 ORAN radios, private 5G network systems, and cryogenic amplifier platforms for quantum applications. Now this isn't just random R&D. It's strategically focused on what the world needs. Billion and trillion dollar market. Operational and financial highlights. Integration of ORAN IP portfolio positions AmpliTech Group, Inc. as a US-based…

In concluding, valued shareholders, we are firmly looking ahead with our company having a record fiscal year 2025. In which we expect to nearly triple the sales achieved in fiscal year 2024. The major milestone for the company. We have expectations of receiving additional orders to continue funding our LOIs with a healthy balance sheet zero long-term debt, an expanding portfolio of proprietary 5G and satellite technology. We also have special cryogenic amplifiers to serve the growing needs of the quantum computing market. Along with ORAN technology to support artificial intelligence, and global 5G product certifications now in place. AmpliTech Group, Inc. is now positioned to deliver successive quarters of growth enhance shareholder value, a significantly stronger IP valuation in 2046 and beyond. Thank you for continued support. We will now open the call for questions. Operator, please proceed.

Okay. Thank you. We will now move on to Q&A. If you would like to ask a question at this time, you may press and the confirmation tone will indicate your line is in the question queue. May press 2 if you like to withdraw your question from the queue. For participants that are using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Again, that's 1 to ask a question. We will pause a moment to assemble the queue. Thank you. Thank you. Our first question comes from the line of Vishal Mishra with Bardis Associates. Please proceed with your question. Hi. Good morning, Fawad.

Good morning. So just wanna I heard you right, which is that you do expect these rights to be traded when they are distributed? Correct?

Correct.

That's great. Thanks. And, second question, this is great momentum. Congratulations. Do we I know I see double-digit gross margins, or do we have any more like, as you scale, like and you also said that the gross like, the margins, the quantities have been sort of solidified in the contract as as you have been working on the on the POC. Do we know more can do we have more color on that? Is it, like, those those margins which has been in the been agreed upon are, like, in in '20, like, the gross margin, the con like, in the twenties, thirties, forties, or is that's not something you can disclose?

Hello. This is Jorge Flores, our COO for AmpliTech Group, Inc. Gonna be taking on on on that on that answer. We do have a mixed we have a mixed list of ORAN 5G products. So and and every single one of them carries a different gross margin. All we can say right now, though, and also due to competitive natures right, that we are not going to be able to disclose the specific gross margin information on our products. Due to competitive nature, of course. But that's why we are saying that that at least we are going to be able to achieve double-digit gross margins on on every of our products right now.

Great. Thank you, Jorge. So, I know historically you have been close to you know, thirty, forty. Is there something historically you'll be or, like, because these are new products that'll be lower, higher, or difficult to say. Timber is that. Well, as as as you could see, though, from our results in Q2 in which we have lot of onetime cost cost drivers. So We have recovered very handsomely in in Q3. With over 40% gross margins. So we are, of course, so, you know, like, going to keep allocating capital, right, to to improve on our margins, you know, like, at some some so, you know, okay, we might elect to to go into a higher configuration of of molding equipment and fixturing to be able to drive the cost down on every single item used in our in our radius.

So, we we do expect, though, that that we are going to have as as I said before, though, at least, you know, like, a gross margins in double digits.

Okay. Thank you, Jorge. That's it for me.

You're welcome.

Thank you. As a reminder, if you would like to ask a question, you may press star 1 from your telephone keypad. Thank you. This concludes the Q&A session. I will turn the call back to Fawad Maqbool for closing remarks. Thank you. For a moment, please you may proceed with closing remarks. Okay.

Operator. Thank you. Operator, thank you everyone who enjoyed today's call to hear about progress we made. Plan. We have to further our company's mission of providing the communication systems of tomorrow, today. We look forward to updating you further on our full year financial results call next year. Until then, please contact us directly should you have any questions or wish to schedule a call with management. Our investor relations team can be reached at the contact information listed at the bottom of our press release. Thank you and be well.

Today's conference call is now concluded. Thank you, and you may now disconnect your lines.