Addvantage Technologies Group Inc (AEY) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, September 30, 2021

Addvantage Technologies Group Inc

CIK: 874292 Ticker: AEY


ADDvantage Technologies Reports 61% Revenue Growth
for the Fourth Quarter of Fiscal 2021

5G-Related Growth in Wireless Segment, Combined with Continued Telco Strength,
Drives Robust Top-Line Growth

Carrollton, Texas, December 27, 2021 – ADDvantage Technologies Group, Inc. (NASDAQ: AEY) (“ADDvantage Technologies” or the “Company”) today reported record
revenues for the three and 12 months ended September 30, 2021.

“As planned, 5G services activity is surging translating to revenue, as our Wireless segment grew 69% sequentially and 47% year-over-year in the fourth quarter, reaching $7.0 million,” commented Joe Hart, Chief Executive Officer. “This growth is broad-based, representing contracts from several large carriers in various regions, reinforcing our confidence that the 5G buildout is now underway in earnest and ADDvantage Technologies is strategically well-positioned to benefit from this secular, multi-year spending cycle. This momentum for Wireless continued into the first fiscal quarter at the same pace as the fourth fiscal quarter and we anticipate further growth in the second half of the fiscal year well beyond the recent and current two quarters subject to our success in onboarding additional in-house and subcontract crews in this challenging labor market. We expect that fiscal 2022 will be a record year for our Wireless segment, enabling strong top- and bottom-line growth.”

“Our Telco segment, and specifically Nave Communications, continued to benefit from the global supply chain constraints, which make refurbished telecom equipment more feasible as it is readily available and locally supplied,” continued Mr. Hart. “Accordingly, revenue in our Telco segment increased 44% year-over-year and for the year, this segment generated record revenue. While current demand remains high in our Telco segment we continue to expect an eventual leveling of demand, though at higher levels than we saw most of 2020.”

Financial Results for the Three Months ended September 30, 2021

Fiscal fourth quarter sales were $19.7 million, an increase of $7.5 million, or 61% compared to $12.2 million last year. The increase was primarily due to a $2.2 million increase in Wireless revenue related to 5G tower work, and an increase of $5.3 million in Telco revenue due to increased demand for refurbished telecommunications equipment sold by the Telco segment.

Gross profit was $5.0 million, or 26% gross margin, compared to gross profit of $4.4 million, or 36% gross margin, for the same period last year. The net changes in gross profit were due to higher overall sales in both the Wireless and Telco segments, and the decrease in gross margin as a percent of sales was due to investments being made with a new wireless customer and for the startup of new geographic locations. The 36% gross margin in the fourth quarter of fiscal 2020 was inflated by true up of margin from wireless change orders from the second quarter of fiscal 2020.

Operating expenses increased $0.7 million to $2.6 million from $1.9 million the same period last year as the Wireless group ramps up to meet the increased demand and deploy teams to additional new markets

Consolidated selling, general and administrative ("SG&A") expenses include overhead, which consist of personnel, insurance, professional services, communication, and other cost categories. SG&A expense increased $1.2 million, or 38%, to $4.4 million for the three months ended September 30, 2021 from $3.2 million for the same period last year. The increase in SG&A primarily relates to increased personnel costs and selling costs.


The following information was filed by Addvantage Technologies Group Inc (AEY) on Monday, December 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Addvantage Technologies Group Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Operations
Accounts Receivable Agreements
Accounts Receivable Agreements (Details)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Details)
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Maturity Of Debt And Finance Lease (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Anti-Dilutive Securities (Details)
Earnings Per Share - Basic And Diluted Earnings Per Share (Details)
Equity Distribution Agreement And Sale Of Common Stock
Equity Distribution Agreement And Sale Of Common Stock (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Net Operating Loss Carryforwards (Details)
Income Taxes - Provision (Benefit) For Income Taxes (Details)
Income Taxes - Summary Of Differences Between U.S. Federal Statutory Rate And Company's Effective Tax Rate (Details)
Intangible Assets
Intangible Assets (Tables)
Intangible Assets - Additional Information (Details)
Intangible Assets - Estimated Aggregate Amortization Expense (Details)
Intangible Assets - Schedule Of Intangible Assets (Details)
Inventories (Details)
Inventories (Tables)
Inventories - Schedule Of Inventory (Details)
Leases (Tables)
Leases - Additional Information (Details)
Leases - Assets And Liabilities, Lessee (Details)
Leases - Lessee, Operating Lease, Liability, Maturity (Details)
Leases - Schedule Of Cash Flow, Supplemental Disclosures (Details)
Leases - Schedule Of Lease Cost (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition- Additional Information (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Segment Reporting Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Intrinsic Value Of Exercised Options (Details)
Stock-Based Compensation - Schedule Of Non-Vested Restricted Share Awards (Details)
Stock-Based Compensation - Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Vested And Expected To Vest, Outstanding And Exercisable (Details)
Stock-Based Compensation - Share-Based Payment Arrangement, Expensed And Capitalized, Amount (Details)
Stock-Based Compensation - Share-Based Payment Arrangement, Option, Activity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: AEY
CIK: 874292
Form Type: 10-K Annual Report
Accession Number: 0001628280-21-025600
Submitted to the SEC: Mon Dec 27 2021 4:21:10 PM EST
Accepted by the SEC: Mon Dec 27 2021
Period: Thursday, September 30, 2021
Industry: Wholesale Durable Goods

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