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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
Q2 FY2026 revenue was $17.1 million, up 24% sequentially and 8.3% year-over-year, among the top three quarters in the past decade.
Net income for Q2 was $1.8 million ($0.18/share), down from $2.7 million ($0.28/share) year-over-year; six-month net income was $2.4 million ($0.25/share), down from $5.1 million ($0.53/share).
Operating income for Q2 was $1.7 million, down from $2.6 million year-over-year, with six-month operating income at $2.1 million, down from $5.0 million.
Backlog reached a record $82 million at October 31, 2025, up from $70 million at April 30, 2025, with expectations to surpass $100 million in the near future.
Growth is driven by core business and emerging opportunities in quantum sensing, proliferated satellites, and ALT-PNT programs.
Financial highlights
Gross margin for Q2 was 38.2% ($6.5 million), down from 48.2% ($7.6 million) year-over-year; six-month gross margin was $11.6 million, down from $14.3 million.
SG&A expenses increased 6.9% for the quarter, driven by payroll, stock-based compensation, and investments in growth.
R&D expense decreased to $1.2 million (7% of revenue) from $1.6 million (10% of revenue) year-over-year, with a 25.7% quarterly and 24.8% six-month decline.
Cash and cash equivalents at quarter-end were $3.0 million, with working capital of $31.3 million and a current ratio of 2.6.
Net cash provided by operating activities was $0.6 million for six months, down from $2.4 million prior year.
Outlook and guidance
Management expects continued multi-year growth, with new contract awards anticipated in the coming months and 69% of backlog to be realized in the next twelve 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.
Anticipates significant backlog growth in both non-space defense and space sectors.
Expects Q3 and Q4 to benefit from reversal of government shutdown delays.
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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