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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Addvantage Technologies Group

PART 1: Performance Analysis

Addvantage Technologies Group Inc has achieved impressive results in both of its reportable segments during the fiscal year ending December 31st, 2022. The company’s consolidated sales increased by 56% YoY to reach $97 million, which is an increase of $34.8 million from last year. The telco segment of the company experienced a revenue increase of $24.7 million, mainly due to increased demand for refurbished network equipment as a result of the global chip shortage, while the wireless segment saw an increase of $10.1 million due to the 5G network rollout. The overall growth of the company's revenue can be attributed to the expanded sales channels and streamlined internal systems, which allowed Addvantage Technologies Group to capture additional market share and develop new customers.

In terms of operating expenses, the company reported $9.8 million in consolidated operating expenses, which is an increase from the $9.3 million reported last year. The increase can be tied primarily to the company’s investment in the regional growth strategy to meet the demand of customers in the wireless segment. However, the cost control measures instituted during the latter part of the first quarter and continuing throughout the year partially offset these expenses. Despite the increase in operating expenses, the company's gross profit increased by $11.6 million to $27.8 million in 2022 from $16.1 million in 2021.

In summary, Addvantage Technologies Group has delivered an excellent performance during the fiscal year ending December 31st, 2022, with substantial revenue growth and impressive cost control measures that boosted operating profit. The company's investment in its regional growth strategy has helped cater to the demand of customers in the wireless segment, made possible through its streamlined internal systems.

PART 2: Forward-Looking Analysis

Addvantage Technologies Group is well-positioned to capitalize on the opportunities created by the expansion of 5G networks and global chip shortage, which sustained demand for their wireless and refurbished equipment. The company’s aim is to solidify its processes and project oversight to take advantage of new growth opportunities as the rollout of 5G becomes essential. The robust financial performance can be traced back to the integration of a focused sales and procurement team at both Nave and Triton subsidiaries. These personnel focused on providing support for both wireless and optical network carriers to support both wireless and broadband connectivity.

The telecommunications industry represents highly competitive markets primed for consolidation, the firm’s Nave business, and Triton brings the benefit of brand recognition and robust market position. In August of 2022, the company acquired TVC Communications, a subsidiary of Wesco International, a provider of communications solutions. This strategic acquisition contributed to the company's strategy of growth and expansion into other geographies and diversified revenue streams. Addvantage Technologies Group intends to leverage its breadth of knowledge and capabilities, combined with strategic acquisitions to position the firm as the vendor of choice.

In conclusion, Addvantage Technologies Group's management is anticipating a positive outlook for 2023, with benefits from both their Wireless and Telco segments, which have proven resilient. The company is poised for further growth and expansion, with the potential for future earnings from strategically focused acquisitions, making Addvantage Technologies Group an attractive option for investor's portfolios.

Addvantage Technologies: Strong revenue growth & expanded sales channels boost FY22 performance.

Announcement: AEY 10-K Annual Report

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Form 8-K - Current report - Item 2.02 Item 7.01 Item 9.01

Analyst Summary:

ADDvantage Technologies Group, Inc. has announced its financial results for the 4Q2022 and FY2022. The Telco segment of the company provided the significant growth with gross margin reaching $5.4 million, an increase from last year. For the year ended December 31, 2022, the company received revenue of $78.3 million, an increase from $66.2 million the year before. CEO Joe Hart stated, "We are well-positioned to secure new, long-term contracts due to our strong relationships with carriers and our capabilities." Additionally, the company will host a conference call on March 21, 2023, to discuss these results.

Forward-looking statements and non-GAAP financial measures were also provided in the announcement. Interested individuals can visit the company's website for more information.

$AEY reports Q4/FY2022 financial results, with Telco segment driving growth.

Announcement: AEY 8-K Special Filing

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Form 8-K - Current report - Item 5.02 Item 8.01 Item 9.01

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Form 8-K - Current report - Item 1.01 Item 2.03

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Form 8-K - Current report - Item 1.02 Item 9.01