Frequency Electronics Inc. Announces Three-Year Revenue Target of At Least $150 Million

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MITCHEL FIELD, N.Y., April 30, 2026 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM), a leading provider of precision timing and frequency control products for space and terrestrial applications, in advance of investor conferences in May and June, today announces the establishment of a new minimum target for revenue of $150 million by April 30, 2029, the end of the Company’s fiscal year.

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FEI President and CEO, Tom McClelland, commented, “Frequency has historically not provided guidance because our business can be non-linear on a quarterly or even annual basis. But as we end Fiscal 2026 today, we feel increasingly confident in our ability to project our growth on a multi-year basis because of the continuing expansion of our backlog and order book, as well as the significantly larger end-markets that we are selling into, all of which are based on technology that leverages our long-standing market leadership in space and defense applications.

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“To that end, as our Fiscal 2027 kicks off tomorrow, we are today establishing a minimum target of $150 million in annual revenue by Fiscal 2029, three years from today. The path to that number will likely not be perfectly linear, but represents a significant acceleration in our revenue growth, and a compound annual growth rate north of 30%. The pace and cadence of the development of next-generation markets in quantum sensing, proliferated satellites, space exploration, and alternative position, navigation and timing, as well as the continued growth in our core space and defense businesses, may allow the Company to exceed these estimates.

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“As we have been telling investors on our earnings calls for the past year, Fiscal 2026 was a year of digestion from a revenue standpoint, as we pulled forward some revenue into last year’s Fiscal 2025. At the same time, it has also been a critically important year for new contract wins with expected follow-on business, and substantial increases in our funded backlog to all-time highs, a level which continued to build significantly in our just ended fourth quarter. In Fiscal 2027, we will start seeing this backlog growth translating into revenue growth as we position FEI to be a substantially larger company.

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“We look forward to providing more information on our fourth quarter earnings call this summer, including three-year out margin expectations that reflect the meaningful operating leverage resident in our business. We continue to maintain a debt-free balance sheet, with sufficient cash generation to fund this growth in the years to come. We look forward to speaking further with investors at conferences and meetings in the coming weeks.”

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About Frequency Electronics

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Frequency Electronics, Inc. (FEI) is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. FEI’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless networks. FEI-Zyfer provides GPS and secure timing capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF and microwave products. FEI has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.
www.frequencyelectronics.com