Frequency Electronics, Inc
Frequency Electronics designs and manufactures precision time and frequency control products used in satellite, defense, and communications applications. The company sells primarily into U.S. Government and government-related programs, with products embedded in larger systems built by prime contractors and other customers.
Tilikausi 2026 · muutos edellisvuodesta
Kehitys 2021–2026
Liiketoiminta
Osuus liikevaihdostaPrecision oscillators, clocks, and related timing products used in satellite and defense systems.
Products and subsystems used in commercial and U.S. Government communication satellite programs.
Electronics and frequency products sold into U.S. Government and DOD programs outside space.
Smaller commercial and industrial applications outside the core government and space markets.
Tuotteet
Raportoitu · osuus liikevaihdosta- Government Non Space Revenue60,1 %
- Satellite Revenue36,6 %
- Other Commercial Industrial Revenue3,3 %
Lähde: 10-K FY2026, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
The company sells to both commercial and governmental customers, but its revenue base is heavily tied to U.S. Government contracts and subcontracts for government end use. Its products are typically purchased by prime contractors and program customers that integrate FEI components into larger satellite, defense, and communications systems.
Buys precision timing and frequency products for space and defense programs; chosen for qualification, reliability, and mission-critical performance.
Integrate FEI products into larger satellite, guidance, and communications platforms and drive most program volume.
Purchase timing and frequency hardware for satellite communications payloads and related subsystems.
Buy frequency control products for defense electronics and mission systems outside the satellite market.
Purchase smaller volumes of timing and frequency products for specialized industrial applications.
Strategia
Management is focused on keeping products at the leading edge of time and frequency technology through ongoing R&D and modernization. The company is also working to win additional customer-funded development, support space and defense programs, and selectively pursue acquisitions to broaden its product set.
Product performance and qualification are central to winning space and defense programs.
Most revenue comes from mission-critical government-linked programs with recurring qualification barriers.
These can expand the product portfolio while limiting internal capital burden.
Maantiede
2026The company is headquartered in the United States and its revenue is overwhelmingly tied to U.S. procurement entities and U.S. Government end-use programs. It also records sales to foreign governments and foreign companies, but the business remains centered on U.S.-linked defense and space demand.
Riskit
The business is highly concentrated in a small number of government-linked customers and programs, so the loss or delay of any major contract can materially affect revenue. Execution risk is elevated because products are built into complex satellite and defense systems, while cybersecurity, supply chain, and contract-estimate risk can all affect delivery, margins, and compliance.
- Supply chain and space-qualified component availabilityVaikutus: KorkeaTodennäköisyys: Korkea
The company relies on specialized suppliers, and shortages or quality issues can delay projects and increase costs.
Kohdistuu: Space-qualified parts and circuit boards with limited vendor alternatives.
- Customer concentration and program dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
A few large customers and U.S. Government-linked programs account for most sales, so cancellations or recompetition would hit revenue quickly.
Kohdistuu: Approximately 94% of fiscal 2025 sales were under U.S. Government contracts or subcontracts for government end use.
- Cybersecurity and intellectual property lossVaikutus: KorkeaTodennäköisyys: Kohtalainen
As a defense contractor, the company is a target for attacks that could disrupt operations or compromise sensitive designs.
Kohdistuu: Government contractor information security requirements and proprietary product designs.
- Program delays and schedule slippageVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Revenue is tied to customer programs and percentage-of-completion accounting, so timing changes can move revenue between quarters.
Kohdistuu: Management disclosed customer-imposed delays in satellite and government programs.
- Contract estimation and margin volatilityVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Over-time revenue recognition depends on cost-to-complete estimates, so revisions can materially change profitability.
Kohdistuu: Production contracts and long-duration programs.
Kirjanpito
Harkinnanvaraiset erätRevenue is recorded based on estimated costs incurred versus total estimated contract costs, so estimate changes flow through earnings.
Vaikutus: Can materially affect quarterly revenue and gross margin
Management must estimate cost to complete and recognize anticipated losses when determinable.
Vaikutus: Can accelerate or reduce profit on long-duration programs
Specialized and space-qualified inventory may require reserves if realizable value falls below cost.
Vaikutus: Can affect gross margin and working capital
The company disclosed a valuation allowance release tied to cumulative earnings and backlog evidence.
Vaikutus: Can materially affect tax expense and net income
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Päivitetty: 24.9.2026