Research Reports

Consolidated revenue for Q1 FY2026 was $800,000, down from $15.1 million in the prior-year period (CFO).
Revenue from commercial and US government satellite programs: $6.5 million (47% of total) vs. $8.3 million (55%) prior year (CFO).
Revenue from non-space US government and DOD customers: $6.9 million (50% of total) vs. $6.3 million (42%) prior year (CFO).
Other commercial and industrial revenue: $439,000 vs. $544,000 prior year (CFO).
Gross margin and gross margin rate decreased due to lower revenue and mix shift between higher- and lower-margin programs (CFO).
SG&A expenses were 26% of revenue; increase driven by one-time costs for Colorado expansion, quantum sensing, and payroll (CFO).
R&D expense: $1.1 million (8% of revenue) vs. $1.5 million (10%) prior year (CFO).
Operating income: $364,000 vs. $2.4 million prior year (CFO).
Pretax income: $556,000 vs. $2.6 million prior year (CFO).
Net income: $634,000 (7¢ per share) vs. $2.4 million (25¢ per share) prior year (CFO).
Funded backlog at July 31, 2025: $71 million vs. $70 million at April 30, 2025 (CFO).
Working capital: ~$30 million; current ratio 2.3:1; company is debt-free (CFO).
Official guidance: None provided; company does not provide guidance due to lumpy contract awards (CEO).
Share repurchase authorization: $20 million announced (CEO).

“This is not your grandfather's Frequency Electronics, Inc. We have fundamentally transformed this business over the past few years to be a larger, more profitable, more cash-generative company.” (CEO)
“Critically, this revenue will still be earned in the coming quarters, and predominantly in this current fiscal year. These are neither cancellations nor contract reductions.” (CEO)
“Our opportunity set is not only the best we have seen, but we believe is also the best in our industry, and our relevancy is critical to the mission of the defense of our country and allied partners.” (CEO)
“The revenue for the three months ending July 31, 2025, is lower than expected due largely to several externally imposed program delays which halted work on the affected programs.” (CFO)
“We are not just a supplier; we are a strategic partner helping ensure that our nation and our allies can rely on resilient, secure, and sovereign sources of time.” (CEO)

Metric	Value	Speaker/Context
Consolidated Revenue (Q1 FY2026)	$800,000	CFO
Revenue from satellite programs	$6.5M (47% of total)	CFO
Revenue from non-space DOD	$6.9M (50% of total)	CFO
Other commercial/industrial revenue	$439,000	CFO
Operating Income	$364,000	CFO
Pretax Income	$556,000	CFO
Net Income	$634,000 (7¢/share)	CFO
Funded Backlog (July 31, 2025)	$71M	CFO
Working Capital	~$30M	CFO
Current Ratio	2.3:1	CFO
Share Repurchase Authorization	$20M	CEO

Topic: 原子钟和量子传感技术进展及产品化时间表
Key points:
- 现有原子钟已可现货供应，正在为GNSS卫星系统生产卫星级GPS原子钟。
- 汞离子原子钟：正与喷气推进实验室合作生产原型，预计约1年后可进入低速率生产。
- NV钻石磁力计技术：用于替代导航（独立于GPS），有外部资金支持；预计明年年中提供原型供客户测试，约1年后推出下一代更高性能设备。
- 量子计算方面：未直接投入，但相关技术（如量子传感）可能应用于量子计算；投资科罗拉多设施以组建未来可能贡献量子计算领域的工程团队。
Mgmt stance: 偏积极（对成熟产品正产，先进技术按计划推进，有明确原型和量产时间表，且对量子计算保持关注但专注近期可贡献的量子传感）。