Frequency Electronics Inc

freqelec.com

What Do They Do?

Builds precision timing and frequency products for U.S. Government military communications, navigation, radar and electronic warfare systems, as well as timing, frequency and power equipment for commercial and government satellites.

How Do They Make Money?

Most customers pay for customized products as work progresses; long-term contracts are generally billed when milestones are completed, with payment sometimes received before or after work.

revenue

Segment	Share	How money arrives
Satellite Revenue Sold outright	37% FY2023: 44%	Sold outright
Government Non-Space Revenue Sold outright	60% FY2023: 50%	Sold outright
Other Commercial & Industrial Revenue	3.3% FY2023: 6.3%

Who Are Their Customers?

Sells to commercial customers and U.S. Government agencies, either directly or through subcontractors serving government programs.

Do Revenues Turn Into Profits?

No. It lost $903K in FY2026.

Operating income, FY2026

−5% of revenue

▼ Now a loss vs FY2025 ($11.7M, 17%)

Net income, FY2026

−1% of revenue

▼ Now a loss vs FY2025 ($23.7M, 34%)

Free cash flow, FY2026

−2% of revenue

▼ −51% (Loss) vs FY2025 (−$3.2M, −5%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jul 31, 2026

Revenue: vs $0 in Q1 FY2026
Net income: ▲ +565%; vs $634K in Q1 FY2026

Government Non-Space Revenue share of revenue vs 49.7% in Q1 FY2026

Sep 10, 2026 Company expresses confidence in $150 million annual revenue by Fiscal 2029 The CEO said first-quarter results increased confidence in meeting or exceeding the earlier target.

Growing. Revenue grew 31% in 4 years, from $48.3M in FY2022 to $63.2M in FY2026, about 7% a year.

New sensor products FEI-NY's product range has expanded beyond precision timing and frequency products to include magnetic sensors and compact receiving antennas.

Revenue over time

Satellite Revenue Government Non-Space Revenue Other Commercial & Industrial Revenue

$100M$50M$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Boeing, Northrop Grumman, Lockheed Martin, Microchip Technology, and Mercury Systems

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