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· Announces Record Quarterly Revenue of $23.5 Million, Up 70% Year-over-Year and 52% Sequentially
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· Announces Record $129 Million Funded Backlog, up 82% Year-over-Year and 16% Sequentially
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· Strong Operating Leverage Demonstrated, with Operating Margin North of 22%
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MITCHEL FIELD, N.Y., Sept. 10, 2026 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI,” “Frequency,” the “Company,” “we” or “us”) (NASDAQ-FEIM) today announced its financial results for the first quarter of fiscal year 2027.
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FEI President and CEO, Tom McClelland, commented, “I am very pleased to report first quarter revenue of $23.5 million, an all-time record for FEI, up 70% year-over-year and up 52% sequentially. As we told you on our fourth quarter 2026 earnings call in July, we expect to return to growth starting in this current fiscal 2027, and this first quarter is a strong proof point of that. Further, this performance gives us increasing confidence in our ability to meet or exceed the $150 million or more in annual revenue that we previously guided to by Fiscal 2029, which ends April 30, 2029.
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“Further growth is supported by our funded backlog, which reached a record $129 million at the end of our fiscal first quarter, up 82% year-over-year and 16% sequentially, as well as by our growing order book and the significantly larger end-markets that we are now selling into, all of which are based on technology that leverages our long-standing market leadership in space and defense applications. I look forward to sharing more color on exciting developments in our end-markets on our earnings call this afternoon.
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“The strong revenue growth this quarter also allowed FEI to demonstrate significant profitability improvement, with gross margin expanding to approximately 46% and operating margin exceeding 22%. Further, we were cash-generative and expect to be so on annual basis going forward. We remain debt-free and our balance sheet was also significantly enhanced by the secondary offering we completed during the quarter, which added approximately $73 million in cash, of which approximately $14 million came in after the quarter ended. We will have more to say about this on the earnings call as well.
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“In short, business is booming for FEI. We have many attractive organic growth opportunities that leverage our core strengths, and we look forward to continuing to demonstrate our ability to generate more profitable, cash-generative revenue growth for years to come.”
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Reported Results and Adjusted Levels
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Revenue for the three months ended July 31, 2026, was approximately $23.5 million, compared to $13.8 million reported for the same period of fiscal year 2026. Operating income for the three months ended July 30, 2026 was $5.2 million, compared to an operating income of $0.4 million reported for the same period of the previous fiscal year. Net income from operations for the three months ended July 31, 2026, was $4.2 million or $0.41 per diluted share, compared to a net income from operations for the three months ended July 31, 2025 of $0.6 million or $0.07 per diluted share. Net cash provided by operating activities was approximately $3.0 million in the three months of fiscal year 2027, compared to net cash used in operations of $1.2 million for the same period of fiscal year 2026. Backlog at July 31, 2026 was approximately $129 million compared to $111 million at April 30, 2026.