ADDvantage Technologies Group, Inc. Stock Price, News & Analysis

ADDvantage Technologies Group reported significant financial growth for the year ended December 31, 2022, with total sales reaching $97.0 million, up 56% from the previous fiscal year. The Telco segment saw a 59% increase in revenue, while the Wireless segment grew by 49%. Despite a challenging fourth quarter, the company posted a net income of $0.5 million, a turnaround from a net loss of $6.5 million the prior year. Operating expenses were contained, and gross profit margin improved to 29%. Cash reserves increased to $3.7 million, and outstanding debt was reduced to $1.9 million.

ADDvantage Technologies Group, Inc. (NASDAQ: AEY) announced it will release its financial results for the year ended December 31, 2022, on March 21, 2023, after market hours. A conference call will follow at 5 p.m. Eastern, allowing investors to discuss the results. Interested parties can access the call via a toll-free number or online through the company's Investor Relations page. A replay will be available until April 4, 2023. ADDvantage operates in the communications infrastructure sector, providing services through its subsidiaries, Fulton Technologies, Nave Communications, and Triton Datacom.

ADDvantage Technologies Group has appointed JD Jones as president of its Wireless Services unit, effective February 13, 2023. Jones brings over 25 years of experience in the wireless industry, having previously held key roles at companies like Nexius Solutions and AT&T Mobility. His expertise is expected to enhance ADDvantage's growth, particularly in the Central U.S. market, which presents new opportunities with Tier-1 wireless carriers. CEO Joe Hart expressed confidence in Jones's ability to leverage his relationships and industry knowledge to expand business operations. ADDvantage operates in communications infrastructure services through multiple segments.

Fortress Solutions announces the appointment of John Shelnutt as its new Chief Executive Officer, succeeding Brendon Mills, who has resigned. Shelnutt, an industry veteran, previously served as an independent director at Fortress since 2021 and held senior roles at Cisco and Alcatel. His strategic leadership is expected to enhance the company's capabilities in supporting telecommunications and digital infrastructure. Fortress Solutions focuses on providing critical infrastructure management and support services for various digital technologies.

ADDvantage Technologies Group, Inc. (NASDAQ: AEY) has directed its investment banker, Northland Securities, to halt activity on its At-The-Market offering to minimize shareholder dilution. CEO Joe Hart stated that the company has generated sufficient cash flow through Accounts Receivable Agreements to meet its current needs. The company's Shelf Registration on Form S-3 will remain effective until March 2023. ADDvantage operates in the communications infrastructure sector, providing services through its subsidiaries in Wireless and Telecommunications segments.

ADDvantage Technologies Group, Inc. (NASDAQ: AEY) reported record financial results for Q3 2022, achieving an EPS of $0.11, up from $0.05 in Q3 2021. Sales increased 31% to $25.9 million, with Telco revenue up 42% and Wireless revenue rising by 13%. Gross profit reached $8.5 million, with a gross margin of 33%. Year-to-date, sales totaled $77.5 million, a 57% increase from the prior year. The company holds $4.9 million in cash and has reduced outstanding debt to $1.7 million.