UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended October 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) Delaware 11-1986657 ( ...

Frequency Electronics, Inc. (NASDAQ:FEIM) Q1 2023 Earnings Conference Call September 13, 2022 4:30 PM ET Company Participants Thomas McClelland - President & CEO Steve Bernstein - CFO Conference Call Participants Operator Greetings. And welcome to the Frequency Electronics Q1 Fiscal '23 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. Any statements made by the company during this conference ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol Name of each exchange on which registered Common Stock (par value $1.00 per share) FEIM NASDAQ Global Market FORM 10-Q (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended July 31, 2022 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission Fil ...

Frequency Electronics, Inc. (NASDAQ:FEIM) Q4 2022 Earnings Conference Call July 13, 2022 4:30 PM ET Company Participants Thomas McClelland - Interim CEO Steven Bernstein - CFO Conference Call Participants Operator Greetings. And welcome to the Frequency Electronics Year-End Fiscal 2022 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. We will forego a question-and-answer session at the end of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year ended April 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) Delaware 11-1986657 (State or other jurisdiction of i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period ended January 31, 2022 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 1-8061 FREQUENCY ELECTRONICS, INC. (Exact name of Registrant as specified in its charter) Delaware 11-1986657 (St ...

Frequency Electronics, Inc. (NASDAQ:FEIM) Q3 2022 Earnings Conference Call March 10, 2022 4:30 PM ET Company Participants Stanton Sloane – President and Chief Executive Officer Steve Bernstein – Chief Financial Officer Conference Call Participants Brett Reiss – Janney Montgomery Scott Operator Greetings and welcome to the Frequency Electronics Third Quarter Fiscal Year 2022 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will fo ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201%20-%20Financial%20Statements) The unaudited statements show decreased assets, a quarterly profit but semi-annual loss, and a significant legal settlement [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $81.4 million, driven by lower life insurance cash value and reduced liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Oct 31, 2021 | Apr 30, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $50,477 | $48,679 | | **Total Assets** | **$81,378** | **$86,016** | | **Total Current Liabilities** | $10,010 | $8,097 | | **Total Liabilities** | **$26,749** | **$30,607** | | **Total Stockholders' Equity** | **$54,629** | **$55,409** | [Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Quarterly net income rose despite lower revenue, while the six-month period saw a net loss of $1.08 million Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Oct 31, 2021 | Three Months Ended Oct 31, 2020 | Six Months Ended Oct 31, 2021 | Six Months Ended Oct 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $12,936 | $13,990 | $25,890 | $26,940 | | **Gross Margin** | $4,091 | $5,322 | $8,152 | $9,410 | | **Operating Income (Loss)** | $303 | $219 | $(1,385) | $(119) | | **Net Income (Loss)** | $497 | $329 | $(1,078) | $67 | | **Basic and Diluted EPS** | $0.05 | $0.04 | $(0.12) | $0.01 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $1.7 million for the six-month period, with increased cash used in investing Cash Flow Summary for Six Months Ended October 31 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,661 | $1,980 | | **Net cash used in investing activities** | $(845) | $(169) | | **Net cash used in financing activities** | $0 | $(1,965) | | **Net increase (decrease) in cash** | $816 | $(154) | | **Cash and cash equivalents at end of period** | $10,623 | $3,654 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity declined to $54.6 million, primarily due to the six-month net loss - Stockholders' equity decreased from **$55.4 million** at the beginning of the fiscal year to **$54.6 million** at the end of the second quarter, mainly due to a **net loss of $1.08 million** for the six-month period[21](index=21&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes disclose a $6 million legal settlement, COVID-19 impacts, and segment revenue declines - The company settled litigation with its former Chief Scientist, Martin B. Bloch, for **$6 million**, resulting in a net expense of **$650,000** recognized in selling and administrative expenses during the first quarter[82](index=82&type=chunk) - The COVID-19 pandemic continued to affect the company through employee absenteeism, delays in new contracts, and disruptions in the supply chain from vendors[28](index=28&type=chunk)[29](index=29&type=chunk) Segment Revenues (in thousands) | Segment | Three Months Ended Oct 31, 2021 | Three Months Ended Oct 31, 2020 | Six Months Ended Oct 31, 2021 | Six Months Ended Oct 31, 2020 | | :--- | :--- | :--- | :--- | :--- | | **FEI-NY** | $10,381 | $11,156 | $20,543 | $20,996 | | **FEI-Zyfer** | $2,648 | $3,430 | $5,783 | $7,353 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue declines, margin contraction, lower SG&A, higher R&D, and strong liquidity [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Q2 revenue fell 7.5% YoY, with lower gross margin offset by reduced SG&A and increased R&D investment Revenue by Segment (in thousands) | Segment | Q2 2021 | Q2 2020 | Change (%) | H1 2021 | H1 2020 | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **FEI-NY** | $10,381 | $11,156 | (6.9)% | $20,543 | $20,996 | (2.2)% | | **FEI-Zyfer** | $2,648 | $3,430 | (22.8)% | $5,783 | $7,353 | (21.4)% | | **Total** | **$12,936** | **$13,990** | **(7.5)%** | **$25,890** | **$26,940** | **(3.9)%** | - Gross margin and the gross margin rate decreased due to increased engineering costs on complex development programs and supply chain problems, including parts unavailability and quality issues[105](index=105&type=chunk) - Selling and Administrative (SG&A) expenses decreased significantly, primarily due to a reduction in professional fees following the settlement of litigation with the company's former Chief Scientist[106](index=106&type=chunk) - Research and Development (R&D) expenses increased by **25.5%** for the six-month period due to strategic investments in new technology developments for atomic clocks and low-noise oscillators to enhance future competitiveness[107](index=107&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $40.5 million in working capital and a $38 million backlog - The company's working capital was **$40.5 million** at October 31, 2021, with cash, cash equivalents, and marketable securities totaling **$20.6 million**[119](index=119&type=chunk) - Consolidated funded backlog was approximately **$38 million** as of October 31, 2021, a decrease from $40 million at the end of fiscal year 2021[127](index=127&type=chunk) - Management believes that its liquidity is adequate to meet its operating and investment needs through at least December 15, 2022, and for the foreseeable future[128](index=128&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203%20-%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - The company has omitted this section as it is not applicable to smaller reporting companies[132](index=132&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The company's chief executive officer and chief financial officer concluded that as of October 31, 2021, the company's disclosure controls and procedures were **effective** at a reasonable assurance level[133](index=133&type=chunk) - **No changes** in the company's internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[135](index=135&type=chunk) [Part II. Other Information](index=27&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=27&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company settled disputes with its former Chief Scientist for $6 million, resulting in a net expense of $650,000 - On August 25, 2021, the company settled all disputes with its former Chief Scientist, Martin B. Bloch, agreeing to pay him **$6 million**[138](index=138&type=chunk) - The settlement resulted in a net expense of **$650,000**, which was recognized in selling and administrative expenses[139](index=139&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206%20-%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and XBRL data - The exhibits filed with this report include certifications by the CEO and CFO pursuant to the Sarbanes-Oxley Act of 2002 and XBRL interactive data files[140](index=140&type=chunk)

Financial Data and Key Metrics Changes - For the six months ended October 31, 2021, consolidated revenue was $26 million, a decrease from $27 million in the same period of the prior fiscal year [8] - The consolidated net loss for the six months ending October 31, 2021, was $1.1 million or $0.12 per share, compared to a net income of $67,000 or $0.01 per share in the previous fiscal year [20] - The company recorded an operating loss of $1.4 million for the six months ended October 31, 2021, compared to an operating loss of $120,000 in the prior year [16] Business Line Data and Key Metrics Changes - Revenue from commercial and US Government satellite programs was approximately $13.3 million or 51%, compared to $14.2 million or 53% in the same period of the prior fiscal year [9] - Revenues from non-space US Government and DOD customers were $10.6 million, down from $10.9 million in the same period of the prior fiscal year, accounting for approximately 41% of consolidated revenue [10] - Other commercial and industrial revenues increased to $2 million from $1.8 million in the prior fiscal year [11] Market Data and Key Metrics Changes - The company's fully funded backlog at the end of October 2021 was approximately $38 million, down approximately $2 million from the previous fiscal year ended April 30, 2021 [20] - The balance sheet reflects a strong working capital position of approximately $40 million on October 31, 2021, with a current ratio of approximately 5 to 1 [21] Company Strategy and Development Direction - The company is focusing on advanced technology developments, particularly in atomic clocks and low-noise oscillators, with increased internal R&D investments [6][15] - Management is optimistic about receiving additional contract awards for groundbreaking product developments [7] - The company aims to position itself at the forefront of precision and time generation products for government space and telecom applications [8] Management's Comments on Operating Environment and Future Outlook - Management noted that while revenues were lower due to delays in bookings, they anticipate these will come in, indicating a focus on long-term growth despite short-term challenges [5] - The company is experiencing longer lead times for parts and materials, a challenge faced across the industry [22] - Management expressed optimism about the market opportunities driven by government investments in new technologies, particularly in the context of US-China competition in the satellite space arena [40][42] Other Important Information - The company continues to be debt-free and believes its liquidity is adequate to meet operating and investing needs for the foreseeable future [21] - R&D expenses increased to $2.7 million from $2.2 million, reflecting higher investments in new technology developments [14] Q&A Session Summary Question: What percent of the last two contracts is in the backlog? - Management indicated that collectively, the contracts amount to around $5 million [22] Question: How are the supply chains and any delays? - Management acknowledged longer times to get parts and materials, noting that this is a universal issue affecting customers as well [22][23] Question: What is the status of qualifications for GPS IIIF? - Management stated that the qualification program is nearing completion and should be finished within a month or two [25] Question: Are there plans to hire more employees? - Management confirmed that the total number of employees has remained stable, with some job openings planned to be filled [27] Question: What is a low-noise oscillator used for? - Management explained that low-noise oscillators are critical for communications and radar systems where frequency purity is essential [29] Question: What is the market size for low-noise oscillators? - Management estimated the market size for their type of oscillators to be a couple of hundred million dollars [30] Question: Is R&D investment divided between atomic clocks and low-noise oscillators? - Management indicated that the R&D program is currently more focused on atomic clocks, which present significant market opportunities [34] Question: Will the company see a surge in revenues from past bids? - Management expressed hope for revenue increases as bids are adjudicated and contracts are secured [47]

Frequency Electronics, Inc. (NASDAQ:FEIM) Q1 2022 Results Earnings Conference Call September 13, 2021 4:30 PM ET Company Participants Stan Sloane - President, Chief Executive Officer Steve Bernstein - Chief Financial Officer Conference Call Participants Michael Cooper - Private Investor Richard John - Private Investor Sam Rebotsky - SER Asset Management Brett Reiss - Janney Michael Eisner - Private Investor Operator Greetings and welcome to the Frequency Electronics first quarter fiscal year 2022 earnings r ...