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Frequency Electronics (FEIM) investor relations material
Frequency Electronics Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary11 Dec, 2025
Executive summary
Revenue for Q2 FY2026 was $17.1 million, up 24% sequentially, and $30.9 million for the six months, flat year-over-year.
Backlog reached a record $82 million at October 31, 2025, up 17% since April, with expectations to surpass $100 million in the near future.
Operating income for Q2 was $1.7 million, down from $2.6 million year-over-year; net income was $1.8 million ($0.18/share), down from $2.7 million ($0.28/share) year-over-year.
Growth is driven by both core business and emerging opportunities in quantum sensing, proliferated satellites, and ALT-PNT programs.
The company is a sole source provider on several programs and maintains strong relationships with major defense contractors.
Financial highlights
Q2 FY2026 revenue was $17.1 million, up from $15.8 million year-over-year.
Gross margin for Q2 was $6.5 million, down from $7.6 million year-over-year; gross margin and rate declined due to a shift from high-margin satellite programs to lower-margin, engineering-intensive contracts.
R&D expense decreased to $1.2 million (7% of revenue) from $1.6 million (10% of revenue) year-over-year.
Net cash provided by operating activities was $0.6 million for the six months, down from $2.4 million year-over-year.
Cash and cash equivalents were $3.0 million at October 31, 2025, down from $4.7 million at April 30, 2025.
Outlook and guidance
Management expects continued multi-year growth, with new contract awards anticipated in the coming months.
Margins are expected to normalize as program requirements are resolved and new contracts begin.
TURbO product line is projected to generate a few million dollars in the near term and up to $20 million in future years.
Expects Q3 and Q4 to benefit from reversal of government shutdown delays.
Pursuing growth in quantum sensing and satellite applications, expected to contribute over 3–5 years.
Explain the significant H1 gross margin percentage drop.
What specific milestones for 3-5 year growth initiatives?
How to improve cash from operations despite backlog?
Drivers for gross margin normalization
Colorado quantum tech: near-term commercialization
Anticipated backlog shift: space vs. non-space defense
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Next Frequency Electronics earnings date
Q3 202612 Mar, 2026
Next Frequency Electronics earnings date
Q3 202612 Mar, 2026
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Frequently asked questions
Frequency Electronics, Inc. designs, develops, and manufactures precision time and frequency control products used in advanced communication systems. The company’s products, including atomic clocks, oscillators, and synthesizers, are utilized in applications such as satellite systems, ground-based communications, and defense systems. Frequency Electronics serves industries including aerospace, telecommunications, and national security. Its solutions support critical infrastructure where accurate timing and frequency are essential. The company is headquartered in Mitchel Field, New York, and its shares are listed on the NASDAQ.
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