El (Oky) Bena 🦖

Saw $AMPG getting some attention on X and decided to take a look. >tldr: Looks interesting and has the momentum with the upcoming SpaceX $SPCX IPO AmpliTech Group is a roughly $115M market cap RF design house out of Hauppauge NY that did $25.2M in FY2025 revenue, up 165% YoY, with management guiding for at least $50M in FY2026. The thesis is simple: they own the low noise amplifier and signal chain that goes into everything carriers and defense primes are spending money on right now, from 5G ORAN radios to satcom ground stations to quantum computing readout, and the order book has finally started catching up to the product breadth. The company designs and manufactures custom and standard RF components for satellite, 5G and 6G wireless, defense, space, and quantum computing. The flagship is its ultra low noise amplifier line, known for industry leading noise figures and sold into ground stations, satcom payloads, and radio astronomy. The newer leg is the 5G ORAN division, which now ships full Massive MIMO 64T64R radios plus the Native DAS indoor 5G stack covering the Pico Radio, AC and DC Mother Hubs, and high density Cascading Hubs. Backlog sits above $20M against roughly $118M of LOIs split between an Asian carrier program (which management has flagged could grow past $100M) and a Tier 1 North American MNO. News from today: full FCC and ISED Canada certification for the complete Native DAS stack. Every box in the chain is now cleared for immediate commercial sale, shipment, and network integration across the US and Canadian markets. Management also disclosed that a Native DAS order is already in hand from a North American MNO end customer, with shipments slated to begin later this year. The unlock is straightforward, $AMPG can now sell directly into Fixed Wireless Access rollouts where operators want to extend 5G to rural and suburban homes without trenching fiber, and into Private 5G builds for factories, logistics, healthcare, and military sites, with Open RAN interoperability inside a single vendor stack as the actual selling point. The dual country certification is the regulatory gate that turns the existing LOI book into recognizable revenue.

$OPTX quadrupled monthly space optics production, and shipped nearly half of all of 2025's space volume in Q1 alone. April 28: priced a $20M raise at $7.00. April 30: closed it. Use of proceeds is acquisitions, working capital, debt paydown. May 4: announced the 4x production ramp. The press release lists acquisitions as the first use of proceeds. They are signaling intent to buy into the buildout. Kuiper is ramping toward 3,200+ sats. Blue Origin Terawave is targeting 5,400+. SDA and Golden Dome layer tracking and intercept on top. Every one of those satellites needs precision optics, and $OPTX is one of the only US pure-plays positioned to supply all of them. The May 4 release also confirmed they are shipping an antenna stabilization mechanism and expanding into new LEO product lines. Each new product line means more $OPTX content per satellite, and the new parts carry higher margin than the legacy optics. Space line GM is already stepping from ~25% to 45%+ as the mix shifts toward higher-spec programs. The new lines push that further. The second tailwind is AI and datacenter optics. $OPTX has been publishing on photonic memory and silicon photonics interconnects for XPU and memory links since 2023. Two things to keep in mind. The satellite ramp plays out over years, not quarters, so no single print proves the thesis. And the AI photonics work is still at the research and pilot stage, so it is upside optionality rather than a base case.

I called $OPTX at $4 and rode it to $10 before taking profits. The fundamentals have only gotten stronger since then. And now it’s back at $7. So i think it’s time to start my position again. Here is what most people still don’t understand about this company. $OPTX is North America’s largest polymer optics manufacturer. Raw polymer in. Finished electro-optic assembly out. Everything under one roof without touching a foreign subcontractor. That matters more right now than at any point in the company’s 25 year history. China controls the majority of global polymer optics production. The NDAA now mandates domestic sourcing for defense optics by 2030. Anduril has an internal policy against sourcing from China. Those two constraints together eliminate most of the field. $OPTX is one of the only domestic companies that qualifies for all of it. Now look at what is actually in production or ramping right now. Missile guidance optics with multiyear agreements signed. Night vision goggle eyepieces since 2018 with $5.2 million in NVG orders in 2025 alone. Military scopes on a program expected to run over a decade. LEO satellite optics that literally quadrupled monthly production in March. Microlens arrays for AI datacenter interconnects entering production this year. And a new defense program management described in December as the most significant opportunity in the company’s 25 year history. That language points directly at the Anduril EagleEye program. The $22 billion IVAS contract to equip every US soldier with AI powered augmented reality helmets. $OPTX makes the polymer optics that go inside them. $4 million in new defense orders in March alone. $2 million AI camera expansion order in April. Space optics line quadrupled. $20 million raise just closed to fund acquisitions and capex. Six revenue streams. Each one tied to a megatrend that is just getting started. $305 million market cap. $28 million in TTM revenue. The revenue line is just beginning to move. I called it at $4. Sold at $11. It’s back at $7 and the story is bigger now than it was then.