Recent Updates — FEIM
The Board of Directors elected Allen Kaplan as Chief Financial Officer, effective November 1, 2026. He succeeds Steven L. Bernstein, who is retiring from his roles as CFO, Secretary, and Treasurer after 16 years with the company. Bernstein will provide transition services under a one-year consulting agreement. Kaplan brings over 21 years of experience in finance and business operations, most recently serving as Vice President at Leidos Defense Sector. His compensation includes a $280,000 base salary, performance bonuses, and equity awards. The company also reaffirmed its fiscal 2029 targets of minimum revenue of $150 million, gross margin of 50%, and operating margin of 30%. Frequency Electronics manufactures precision time and frequency generation technology for commercial and government defense applications.
Frequency Electronics, Inc. reported first-quarter fiscal 2027 results for the period ended July 31, 2026, announcing record revenue of $23.5 million, a 70% year-over-year increase from $13.8 million. Net income rose to $4.2 million, or $0.41 per diluted share, compared to $0.6 million previously. Operating margin exceeded 22%, and funded backlog reached a record $129 million, up 82% year-over-year. The company completed a secondary offering during the quarter that added approximately $73 million in cash. Frequency Electronics, Inc. operates in the defense and aerospace industry, providing precision time and frequency generation technology for satellites and C4ISR systems.
Frequency Electronics completed an offering of 1,739,131 shares of common stock pursuant to an underwriting agreement with Morgan Stanley & Co. LLC as representative. The Company sold 1,086,957 shares while selling stockholders Edenbrook Value Fund, LP and Edenbrook Long Only Value Fund, LP sold 652,174 shares. On August 3, 2026, the underwriters exercised their option to purchase an additional 260,869 Option Shares from the Company. The gross proceeds to the Company from these Option Shares were approximately $14.1 million before deducting discounts and expenses. The Company intends to use net proceeds for capital expenditures, working capital, and general corporate purposes. Frequency Electronics Inc. operates in the electronics industry, providing timing, navigation, and communications solutions.
Frequency Electronics, Inc. completed a public equity offering on July 30, 2026, issuing 1,739,131 shares at $57.50 per share. The transaction included 1,086,957 primary shares sold by the company and 652,174 secondary shares sold by selling stockholders Edenbrook Value Fund, LP and Edenbrook Long Only Value Fund, LP. Morgan Stanley & Co. LLC acted as underwriter. The company received approximately $62.5 million in gross proceeds before deducting discounts and expenses. An option to purchase up to 260,869 additional shares was granted to the underwriters. Frequency Electronics, Inc. operates in the defense electronics industry, providing timing, navigation, and communication solutions.
Frequency Electronics, Inc. reported its fiscal 2026 financial results, announcing a record $111 million funded backlog, representing a 34% sequential and 59% annual increase. The company established a three-year minimum gross margin target of 50% and an operating margin target of 30% by Fiscal 2029, while reaffirming its $150 million revenue target for Fiscal 2029. Frequency Electronics, Inc. is a provider of precision time and frequency generation technology for space and defense applications.