The penny stock that nearly died is betting it can become a shark.
Amper plans to acquire 3-5 companies including Teltronic for €225M, aiming to grow from €282M to €820M in revenues by 2028 amid rising European defense budgets. The company has stabilized its finances through capital raises and debt restructuring, positioning itself as Spain's only listed pure-play defense technology firm alongside Indra.
- Amper plans to grow revenue from €282M (2025) to €820M by 2028 through 3-5 acquisitions
- First announced deal: €225M purchase of Teltronic, a Zaragoza-based defense communications firm
- Company currently employs 4,200 people; expects 8,000-9,000 by 2028
- Amper is one of only two listed pure-play defense technology companies in Spain, alongside Indra
- Stock has risen 37% in the past year; operating profit target is €130M by 2028
Amper, a struggling Spanish defense technology company, is executing an ambitious three-year growth plan to triple revenues to €820M through strategic acquisitions, capitalizing on increased European defense spending.
Amper spent decades as a penny stock—the kind of company that made investors nervous and accountants lose sleep. Founded in 1956 by a telecommunications engineer who installed Spain's first intercoms, the firm stumbled through years of false starts, leadership reshuffles, and failed rescue attempts. By 2014, it was nearly bankrupt. Then, in 2020, Pedro Morenés, a former defense minister, took the helm as chairman. Two years later, José Fernández's tech services firm Zelenza became the largest shareholder and brought in Enrique López, a veteran of both Zelenza and the French defense contractor Thales, to run operations. The company began to breathe again.
López's first move was unglamorous but necessary: he cleaned house. Two capital increases in 2023 and 2025, a 75-million-euro bond offering, and a shift of debt from short to long term made the company creditworthy to commercial banks. He sold off divisions that didn't fit the vision and repositioned Amper as a technology company focused on defense, national security, energy, and sustainability. The financial structure stabilized. The company stopped hemorrhaging.
Now, with Europe and Spain committing serious money to defense spending—a shift accelerated by Donald Trump's return to the White House—Amper sees its moment. In May 2026, López unveiled an audacious three-year plan. The company generated 282 million euros in revenue in 2025. By 2028, he wants 820 million. Operating profit should climb from 46 million to 130 million. To get there, Amper will acquire between three and five companies. The first and largest deal is already announced: a 225-million-euro purchase of Teltronic, a Zaragoza-based defense communications firm. The company has also positioned itself to acquire Zeleros, the Spanish hyperloop developer now in bankruptcy proceedings.
Analysts have largely endorsed the strategy. Alfredo Echevarría at Lighthouse Capital notes that Amper's industrial and technological capabilities have improved dramatically in three years, lending credibility to the growth plan. The Teltronic acquisition, he argues, is transformational—it adds roughly 20 million euros in annual earnings before interest, taxes, depreciation, and amortization, and brings the Nazca investment fund into the shareholder base as a potential facilitator of future deals. David López at JB Capital sees the purchase strengthening Amper's secure communications capabilities and opening doors to major contracts in command-and-control systems. Sabadell's analysts call it positive, a move that reinforces the company's defense solutions portfolio.
Amper's strength lies in military and civilian communications systems, jamming and electronic warfare capabilities, and energy storage and management. It is one of only two listed pure-play defense technology companies in Spain—the other being Indra, the much larger defense and IT giant. The company works with Airbus on drone control systems and Eurofighter communications, with Navantia on frigates and submarines. But Indra, currently embroiled in internal turmoil following the departure of the Escribano family and recent executive changes, moves slowly. "Everything is much slower," López says with visible frustration. "No one is making decisions right now."
Amper's ambitions extend beyond defense. The company is betting that Europe's commitment to renewable energy and energy independence will sustain investment for years. It builds foundations for offshore wind farms, work that has been volatile as American policy on renewables has shifted. But countries bordering the North Sea have announced massive investments, and Spain's government appears ready to accelerate its own renewable push. López says Amper is working closely with Navantia on energy proposals.
The company currently employs 4,200 people. If the growth plan succeeds, López expects that number to reach 8,000 to 9,000 within two years. Amper's stock has risen 37 percent in the past year. Echevarría notes that doubling operating profit by 2028 is ambitious, even given the favorable structural tailwinds in defense and energy. The penny stock that nearly died in 2014 is betting it can become a shark. The next two years will tell whether that bet was wise.
Citas Notables
A company like ours, with proper financial structure, genuine technological capabilities, and focus on defense and energy markets, is positioned right at the center of the fastest-growing markets for the next twenty years.— Enrique López, CEO of Amper
Everything is much slower. No one is making decisions right now.— Enrique López, on Indra's current pace of decision-making
La Conversación del Hearth Otra perspectiva de la historia
Why did Amper nearly collapse in 2014 when it was founded in 1956—that's nearly sixty years of history?
The company had the right DNA but lost its way. It cycled through strategies that didn't stick, leadership kept changing, and investors kept hoping for a white knight who never came. By 2014, it was just exhausted.
What changed in 2020 that made the difference?
Pedro Morenés arrived as chairman—a former defense minister with credibility and connections. Then Zelenza came in as the main shareholder and brought Enrique López to run it. López didn't try to fix everything at once. He stabilized the finances first, which sounds boring but was essential.
The plan to triple revenue in three years sounds aggressive. What makes López confident?
Two things. First, Europe is spending real money on defense now—that's structural, not cyclical. Second, Amper has actual capabilities in communications and electronic warfare that defense contractors need. They're not betting on hope; they're betting on demand that's already there.
But Indra, the bigger competitor, seems stuck right now. Doesn't that worry him?
It frustrates him. Indra's internal chaos means their spending programs aren't flowing down to suppliers like Amper. But López sees that as temporary. Indra will sort itself out eventually. Meanwhile, Amper is moving.
What about the Teltronic deal—is that the whole strategy or just the first move?
It's the anchor. Teltronic brings 20 million in annual profit and fills gaps in Amper's capabilities. But López needs two to four more deals to hit the 820-million target. Teltronic proves the model works; the others will follow.
Four thousand new jobs in two years is a lot. What if the defense spending doesn't materialize?
Then López's plan collapses. But he's not worried. He's read the geopolitical tea leaves the same way everyone else has. The question isn't whether Europe will spend on defense. It's whether Amper can execute fast enough to capture its share.