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Frequency Electronics, Inc. (FEIM) reported a net income of 7 cents per diluted share for the fiscal first quarter of 2026, down 72% from 25 cents per share in the same period last year. Total revenues were $13.8 million, an 8.4% decline from $15.1 million in the previous year, leading to a substantial decrease in net income to $0.6 million from $2.4 million, a drop of nearly 74%.
Despite these challenges, the company reported a backlog of around $71 million as of July 31, 2025, slightly higher than the previous quarter’s $70 million. Revenues from U.S. government satellite programs decreased to $6.5 million, while revenue from non-space U.S. government and DOD contracts increased to $6.9 million, now representing 50% of total revenues.
In addition, Frequency Electronics announced a $20 million share repurchase authorization, reflecting confidence in financial stability, and is expanding its presence with a new engineering facility in Boulder, CO, focused on quantum sensing.
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