AmpliTech expects Q1 net loss ~$4.7M due to $3.25M digital currency fraud; delays 10-Q

AmpliTech Group, Inc.

Company believes it was fraudulently induced to hold $3.25M in digital currency with a custodian that no longer exists.
Anticipates Q1 2024 net loss of ~$4.7M vs $582K loss in Q1 2023; includes $3.25M loss from digital currency investment.
Will delay filing Q1 2024 10-Q due to review of digital currency investment; seeking recovery with law enforcement.
Believes no additional losses expected; systems, records, and other assets unaffected by the investment.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

AmpliTech Group, Inc. reported the three months ended March 31, 2024 results: net income net loss of approximately $4.7 million.

Period: the three months ended March 31, 2024
Net income: net loss of approximately $4.7 million
Result: preliminary results

Exact text from the filing

The Company anticipates that for the three months ended March 31, 2024, it will incur a net loss of approximately $4.7 million as compared to a net loss of approximately $582,000 for the three months ended March 31, 2023.

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Source: SEC EDGAR

accession 0001493152-24-020273

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