AmpliTech Group Inc. said its normalized net income for the first quarter came to a loss of $88,260, compared with income of $19,260 in the year-earlier period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin declined to negative 60.3% from 5.5% in the year-earlier period.
Total revenue declined 58.0% year over year to $146,480 from $348,450, and total operating expenses fell 7.7% on an annual basis to $284,060 from $307,750.
Reported net income totaled a loss of $141,220, or a loss of 0 cents per share, compared to income of $30,810, or 0 cents per share, in the year-earlier period.