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Investing.com -- Amplitech Group Inc (NASDAQ:AMPG) stock surged 11% after the signal processing component manufacturer announced it received approximately $5 million in follow-on orders from a Tier-1 North American mobile network operator.
The new bookings include $3 million in brand new orders beyond the previously disclosed $40 million Letter of Intent (LOI), with the remaining $2 million representing additional quantities within the original agreement’s scope. The company attributed the increased demand to successful deployment and performance of configurations shipped during the second quarter.
Amplitech, which designs and manufactures components for satellite, 5G, and other advanced communications networks, reported that from July 1 through July 24, it recorded company-wide bookings exceeding $7 million, highlighting momentum in its 5G business segment.
"Receiving new orders outside of our existing LOI is a strong indicator of our customer’s satisfaction and growing reliance on our 5G technology," said Fawad Maqbool, CEO/CTO of AmpliTech Group. "The fact that these orders exceed the original scope of the LOI shows we are not only meeting expectations, but also generating incremental demand as our products prove their performance in the field."
The company previously announced unaudited revenue results of nearly $11 million in the second quarter, though comparative figures to the previous year were not provided in the announcement.
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