Here are the 10-K annual reports from Frequency Electronics, Inc. (FEIM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow FEIM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FEIM filings page.
Frequency Electronics, Inc. develops precision time and frequency systems for satellites and secure C4ISR applications, operating through its FEI‑NY and FEI‑Zyfer segments and serving mainly U.S. Government customers. In fiscal 2026, revenue was $63.2 million, down 9.4% from 2025, and gross margin fell to 29.1%, resulting in an operating loss of $3.0 million versus prior-year operating income of $11.7 million.
Management links the weaker results to advance hiring of engineering talent, business process investments, and restructuring of FEI‑Elcom, including a non-cash $3.8 million inventory write‑down and a one‑time sick/paid‑time‑off accrual. Despite near-term pressure, consolidated backlog increased to $111 million from $70 million, with about 73% expected to be filled in fiscal 2027; U.S. Government and related end-use programs accounted for 91% of 2026 sales.
Net cash from operations was $1.3 million, working capital was $27.0 million, and cash and equivalents were $1.6 million, supported by a new $10.0 million senior secured revolving credit facility maturing in 2029. The company continues to invest roughly 10% of revenue in R&D, targeting alternative PNT, quantum sensing, space defense and proliferated satellite constellations while emphasizing cybersecurity and regulatory compliance.