Alpine 4 Technologies Ltd (OTCQB:ALPP), a technology holding company that provides electronic contract manufacturing solutions in the US, announced on Thursday that it is providing preliminary guidance for its third quarter sales.
For the period ended September 30, 2020, the Phoenix, Arizona-based group expects to report sales of $8.6 million, a 21% jump in revenue compared to the third quarter of 2019.
Alpine 4 Technologies, which has business ventures in automotive technologies, electronics manufacturing, fabrication technologies and clean energy solutions, said it is expecting revenue will top $26 million for the first nine months of 2020.
In a statement, Alpine 4 CEO Kent B Wilson said: "The first three quarters of 2020 have presented various challenges, but also many opportunities. Our technology manufacturing sector in Q3 has really taken off.”
He added: “The products we build for customers are nothing short of exceptional. Those products range from circuit board assemblies and wire harnesses for the electric vehicle industry, to the building of high-tech air sensing equipment for cleanrooms and the medical space, to a mosaic of products in-between. We expect this demand to continue into mid-2021.”
The Alpine 4 Technologies boss added that the firm’s construction service company, Morris Sheet Metal, is showing “strength” through the coronavirus (COVID-19) pandemic due to its health care clientele.
“COVID-19 has presented some challenges though. Deluxe Sheet Metal which caters to the educational space and hi-tech industry, has had severe restrictions with one of their largest customers (the University of Notre Dame) to perform work on campus. Additionally, other Deluxe projects have been delayed until 2021,” said Wilson.
“American Precision Fabricators (AFP) has had similar issues with many customers reducing larger orders until spring 2021. To counteract these issues, Quality Circuit Assembly (QCA) will be taking over the old APF building in Fort Smith, Arkansas as a second location to provide a lower cost of production for our Silicon Valley customers. In the long-term, it's a big win for QCA as it will allow larger production orders to be processed in the US, instead of customers outsourcing work to Mexico or China.”
Alpine 4 said it is implementing “synergistic strategies” that directly impact the resurgence of US manufacturing. “Our combined revenue, with the recent addition of Excel Fabrication, have allowed Alpine 4 to grow at an incredible rate of 21% for Q3 2020,” said Wilson. “We acknowledge how blessed we are for our ability to weather the COVID-19 storm as well as we have, keeping in mind that businesses around the country haven't fared as well."
Contact the author Uttara Choudhury at [email protected]
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