Frequency Electronics designs precision timing, frequency-generation and synchronization equipment for satellites, secure communications, navigation and electronic warfare through FEI-NY and FEI-Zyfer.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Apr 30, 20240001185185-24-000753 | Aug 2, 2024 | 10-K | Open 10-Ksec.gov |
| Apr 30, 20250001185185-25-000806 | Jul 18, 2025 | 10-K | Open 10-Ksec.gov |
| Apr 30, 20260001185185-26-002997 | Jul 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Frequency Electronics entered fiscal 2027 with stronger sales, profitability and funding after a difficult fiscal 2026. In the quarter ended July 31, 2026, revenue reached $23.451 million and operating income $5.200 million, with growth in both satellite and government non-space business. Funded backlog reached approximately $129 million, although conversion remains subject to execution and contract changes. July cash rose to $61.407 million primarily because of equity financing, not operating cash generation; additional offering proceeds arrived in August. The improvement does not eliminate dependence on government programs, fixed-price contract estimates and specialized production capabilities. Management reaffirmed ambitious fiscal 2029 revenue and margin targets in October, but these remain conditional objectives. This overview reflects disclosures available through October 24, 2026, not an October cash balance.
Sources: 10-K · 2026-04-30 · 10-Q · 2026-07-31 · 8-K · 2026-07-28 · 8-K · 2026-08-03 · EX-99.1 · 2026-10-15
FEI supplies specialized components within larger satellite and defense systems rather than complete platforms. Approximately 91% of fiscal 2026 sales were government-related and 95% came from fixed-price contracts. Its economics therefore depend on program funding, technical execution and controlling development and manufacturing costs. Most revenue is recognized as work progresses using estimated total contract costs, not when cash is collected. Changes in those estimates can change current revenue and margins. Quantum sensing uses related technology, but its revenue and profitability are not separately disclosed.
Sources: 10-K · 2026-04-30 · 10-Q · 2026-07-31
Fiscal 2026, ended April 30, produced $63.227 million of revenue and a $3.001 million operating loss, versus $69.811 million and $11.732 million of operating profit in fiscal 2025. Government non-space growth partly offset a sharp satellite decline. Management attributed weakness partly to revenue pulled into the preceding year and the FEI-Elcom manufacturing exit. Associated charges included a $3.768 million inventory write-off, approximately $0.4 million of severance and legal costs, and $0.399 million of goodwill derecognition. Advance engineering spending, facility costs and a one-time leave-policy accrual also affected results, but were not fully quantified. The exit remained within FEI-NY; it was not an external sale or segment-presentation change.
The unaudited fiscal 2027 first quarter, reported in September, showed a substantial recovery: revenue was $23.451 million versus $13.812 million, operating income $5.200 million versus $0.364 million, and net income $4.216 million versus $0.634 million. Gross margin rose to 45.8% from 36.8%. Management cited product mix, programs reaching targeted margins and production efficiencies. Both major end-markets grew. SG&A and R&D also increased, so lower expense ratios reflected faster revenue growth rather than absolute cost cuts. No quantified bridge separates mix, efficiency and contract-estimate effects.
Tax effects complicate comparisons. Fiscal 2025 net income included an $11.542 million tax benefit; fiscal 2026's smaller $2.005 million benefit reduced its reported net loss to $0.903 million. The latest quarter instead recorded $1.026 million of tax expense, including an approximately $0.3 million discrete benefit primarily from stock compensation. Quarterly EPS rose to $0.41 from $0.07, but the July issuance occurred near quarter-end: its weighted-average share count does not reflect a full quarter of the enlarged share base. These are reported GAAP results, not adjusted earnings or evidence of a settled recurring margin.
Sources: 10-K · 2026-04-30 · 10-Q · 2026-07-31 · EX-99.1 · 2026-09-10
The September 14 10-Q reports quarterly operating cash inflow of $2.622 million versus $1.161 million, against capital spending of $0.844 million versus $0.776 million. Cash generation lagged net income as operating assets and liabilities absorbed cash. July contract assets—work performed but not yet unconditionally billable—were $19.637 million, inventories $22.206 million and customer advances $11.519 million. The September 10 release instead describes approximately $3.0 million of operating inflow and a prior-year $1.2 million outflow. That inconsistency is unresolved; this overview uses the subsequent 10-Q cash-flow statement, not the release narrative.
Cash and equivalents increased from $1.603 million in April to $61.407 million in July, primarily through $58.133 million of net equity-financing cash. Restricted cash of $1.338 million was separate. The July 30 offering issued 1,086,957 company shares; another 652,174 existing shares were sold by shareholders, producing no company proceeds. Underwriters exercised the additional-share option on August 3 and purchased 260,869 shares on August 5. The 10-Q reports approximately $15 million gross and $14.1 million after underwriting deductions, whereas the August 5 8-K labels $14.1 million gross. These describe one receipt outside July cash, not additive financing amounts. Intended growth, capital-expenditure and working-capital uses are not evidence of completed spending.
Sources: 10-Q · 2026-07-31 · EX-99.1 · 2026-09-10 · 8-K · 2026-07-28 · 8-K · 2026-08-03
The June 12 secured revolver has a $10 million commitment, including—not supplemented by—a $5 million letter-of-credit sublimit, and matures June 12, 2029. FEI-Zyfer guarantees it and substantially all borrower and guarantor assets are pledged. No revolver borrowings were reported at July 31. Management reported covenant compliance, but annual and quarterly disclosures conflict on the leverage-test direction; neither contractual headroom nor unconditional availability is established. A further $10 million increase is conditional. July obligations included $6.962 million of recognized operating leases, approximately $0.8 million of separate uncommenced lease payments and $7.617 million of deferred compensation.
The July 1 Temporis investment supports precision-timing technology commercialization. Its $0.5 million consideration comprised $0.1 million paid and a $0.4 million liability; it was not fully paid. The 10-Q reports a 25% equity-method interest, versus 20% in the annual subsequent-event disclosure, without reconciling the difference. Additional purchases may be required following capital calls; none occurred during the quarter, but future amounts and triggers are undisclosed. The $19.009 million remaining repurchase authorization at July 31 is discretionary and covenant-constrained, not a committed cash distribution; no shares were repurchased or withheld that quarter.
Sources: 10-K · 2026-04-30 · 10-Q · 2026-07-31
July funded backlog was approximately $129 million versus $111 million in April. Management expected approximately 67% to become revenue within twelve months, but backlog is not cash or guaranteed sales. On October 21, FEI reaffirmed minimum fiscal 2029 targets of $150 million revenue, 50% gross margin and 30% operating margin by April 30, 2029. These were unchanged future objectives, not achieved results. The release supplies no target-specific GAAP/non-GAAP designation, detailed assumptions or reconciliation.
Government appropriations, concentrated customers and cancellation rights remain material dependencies: two government-end-use contracts were terminated during fiscal 2026, with financial effects unquantified. Fixed-price overruns, limited space-qualified suppliers, lengthy workforce training and product reliability can constrain delivery and margins. FEI has experienced cyberattacks, although the annual report identified no known materially consequential threat. Its fully written-off 4.6% Morion holding retains sanctions exposure despite terminated commercial relationships. These risks qualify the growth outlook rather than establish that a new adverse event has occurred.
Shareholders completed director elections, auditor ratification and a non-binding compensation vote on October 7, reported October 8. Separately, the board elected Allen Kaplan CFO on October 15, announced October 21, effective November 1. As of October 24, that transition and Steven Bernstein's retirement remained prospective. Bernstein's one-year transition consulting arrangement was only planned; execution and fees were not established.
Sources: 10-Q · 2026-07-31 · EX-99.1 · 2026-10-15 · 10-K · 2026-04-30 · 8-K · 2026-10-07 · 8-K · 2026-10-15
USD 63.227 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 63.227 m | -9.4% |
| 2025 | USD 69.811 m | — |
Consolidated revenue after intersegment eliminations.
Sources: 10-K · 2026-04-30
USD -903,000
FY2026 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD -903,000 | Turned loss-making |
| 2025 | USD 23.686 m | — |
Consolidated net income or loss after income taxes; subsidiaries are wholly owned.
Sources: 10-K · 2026-04-30
USD 1.282 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.282 m | Turned positive |
| 2025 | USD -1.428 m | — |
Net cash provided by or used in operating activities.
Sources: 10-K · 2026-04-30
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