FEIM

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

PRESS RELEASE

Frequency Electronics, Inc. Announces First Quarter of Fiscal Year 2027 Financial Results

● Announces Record Quarterly Revenue of $23.5 Million, Up 70% Year-over-Year and 52% Sequentially

● Announces Record $129 Million Funded Backlog, up 82% Year-over-Year and 16% Sequentially

● Strong Operating Leverage Demonstrated, with Operating Margin North of 22%

Mitchel Field, NY, September 10, 2026 – Frequency Electronics, Inc. (“FEI,” “Frequency,” the “Company,” “we” or “us”) (NASDAQ-FEIM) today announced its financial results for the first quarter of fiscal year 2027.

FEI President and CEO, Tom McClelland, commented, “I am very pleased to report first quarter revenue of $23.5 million, an all-time record for FEI, up 70% year-over-year and up 52% sequentially. As we told you on our fourth quarter 2026 earnings call in July, we expect to return to growth starting in this current fiscal 2027, and this first quarter is a strong proof point of that. Further, this performance gives us increasing confidence in our ability to meet or exceed the $150 million or more in annual revenue that we previously guided to by Fiscal 2029, which ends April 30, 2029.

“Further growth is supported by our funded backlog, which reached a record $129 million at the end of our fiscal first quarter, up 82% year-over-year and 16% sequentially, as well as by our growing order book and the significantly larger end-markets that we are now selling into, all of which are based on technology that leverages our long-standing market leadership in space and defense applications. I look forward to sharing more color on exciting developments in our end-markets on our earnings call this afternoon.

“The strong revenue growth this quarter also allowed FEI to demonstrate significant profitability improvement, with gross margin expanding to approximately 46% and operating margin exceeding 22%. Further, we were cash-generative and expect to be so on annual basis going forward. We remain debt-free and our balance sheet was also significantly enhanced by the secondary offering we completed during the quarter, which added approximately $73 million in cash, of which approximately $14 million came in after the quarter ended. We will have more to say about this on the earnings call as well.

“In short, business is booming for FEI. We have many attractive organic growth opportunities that leverage our core strengths, and we look forward to continuing to demonstrate our ability to generate more profitable, cash-generative revenue growth for years to come.”

Reported Results and Adjusted Levels

Revenue for the three months ended July 31, 2026, was approximately $23.5 million, compared to $13.8 million reported for the same period of fiscal year 2026. Operating income for the three months ended July 30, 2026 was $5.2 million, compared to an operating income of $0.4 million reported for the same period of the previous fiscal year. Net income from operations for the three months ended July 31, 2026, was $4.2 million or $0.41 per diluted share, compared to a net income from operations for the three months ended July 31, 2025 of $0.6 million or $0.07 per diluted share. Net cash provided by operating activities was approximately $3.0 million in the three months of fiscal year 2027, compared to net cash used in operations of $1.2 million for the same period of fiscal year 2026. Backlog at July 31, 2026 was approximately $129 million compared to $111 million at April 30, 2026.

Investor Conference Call

As previously announced, the Company will hold a conference call to discuss these results on Thursday, September 10, 2026, at 4:30 PM Eastern Time. Investors and analysts may access the call by dialing 1-888-506-0062. International callers may dial 1-973-528-0011. Callers should provide participant access code: 582877 or ask for the Frequency Electronics conference call. The archived call may be accessed by calling 1-877-481-4010 (domestic), or 1-919-882-2331 (international), for one week following the call (replay passcode: 54512). Subsequent to that, the call can be accessed via a link available on the Company’s website through December 10, 2026.

About Frequency Electronics

Frequency Electronics, Inc. (FEI) is a world leader in precision time and frequency generation technology, which is incorporated into commercial and U.S. Government satellites, Command, Control, Communication, Computer, Intelligence, Surveillance and Reconnaissance (“C4ISR”), and Electronic Warfare (“EW”) systems. Its technology is used for a wide range of space and non-space applications. FEI has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOW programs. The Company invests significant resources in research and development to expand its capabilities and markets.

FEI’s Mission Statement: “Our mission is to transform discoveries and demonstratio

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

PRESS

RELEASE

Frequency Electronics, Inc. Announces Fourth Quarter and Fiscal Year 2026 Financial Results

● Announces Record $111 Million Funded Backlog, up 34% Sequentially and 59% Annually

● Establishes Three-Year Minimum Gross Margin Target of 50% and Operating Margin Target of 30%

● Reaffirms Three-Year Revenue Target of at Least $150 million, a 34% CAGR

● Establishes Path for Strong Operating Leverage by Front-Loading Investments and Pruning Non-Core Business

Mitchel Field, NY, July 15, 2026 – Frequency Electronics, Inc. (“FEI,” “Frequency,” the “Company,” “we” or “us”) (NASDAQ-FEIM) today announced its financial results for the fourth quarter and fiscal year 2026 and provided significant updates to its future profitability profile.

FEI President and CEO, Tom McClelland, commented, “As we have mentioned before, Fiscal 2026 was a year of digestion from a revenue standpoint, as we pulled forward some revenue into last year’s Fiscal 2025. But it was also a critically important year for the future of Frequency as we significantly expanded our funded backlog, giving us excellent visibility into coming growth. Just two quarters ago, we told investors that we believed we could see backlog north of $100 million in the not-too-distant future. Today we are extremely pleased to report that our backlog reached $111 million at the end of our fiscal fourth quarter, up 34% sequentially and 59% over the same period last year. It was because of this continuing expansion of our backlog and order book, as well as the significantly larger end-markets that we are now selling into, all of which are based on technology that leverages our long-standing market leadership in space and defense applications, that we felt confident giving a three-year minimum revenue target of $150 million on April 30, 2026, representing a 34% compound annual growth rate from our Fiscal 2026 revenue. Today we reaffirm our minimum revenue target of $150 million by Fiscal 2029, and, beginning in Fiscal 2027, our current fiscal year, we will begin delivering on this target through revenue growth, starting in our current first quarter.

Future Margin Targets

“In Fiscal 2027, we also intend to begin demonstrating a multi-year path to higher margins. To that end, we are today establishing a minimum gross margin target of 50% and a minimum operating margin target of 30% by Fiscal 2029.

“The path to these higher margins is largely in our control and is a direct result of the significant business shift we are undertaking. On the gross margin side, we anticipate seeing meaningful improvement from two significant levers. The first is the much higher revenue base we are targeting, as we have previously discussed, and which we believe is well supported by our backlog, order book, industry trends and government funding. In addition, due to customer demand, we are moving from a bespoke manufacturer of exquisite products with more episodic production schedules to a high-rate production company making many more units of similar products on a more consistent basis. We believe this higher-rate production model will be more predictable, allow for better overhead absorption and feature less non-recurring engineering costs as a percentage of total business, all of which should drive gross margins to at least 50% by Fiscal 2029.

“In addition, we believe we will demonstrate very strong operating leverage in the business, such that as revenue increases sharply, we should gain meaningful efficiencies on our research and development (“R&D”) and selling and administrative expenses (“SG&A”). Based on the gross margin target outlined above, and those operating expense efficiencies in R&D and SG&A, we believe we will then be able to generate minimum operating margins of 30% by Fiscal 2029.

Investments in Growth, Business Restructuring and Non-Recurring Charges

McClelland further added: “We invested significantly in the business during Fiscal 2026 in order to better prepare the Company for the anticipated strong growth ahead. The majority of this investment was focused on hiring engineering talent in advance of the large ramp-up in production and revenue we are expecting. This had near-term dampening effects on gross margin, as engineering costs flow through the manufacturing overhead portion of our cost of goods sold, raising this expense before the corresponding revenue is generated. A second meaningful investment during Fiscal 2026 was a significant manufacturing efficiency project. This business process improvement investment should allow us to improve turnaround time. The related expenses flowed through overhead and had a similar adverse impact on gross margins. But with increasing orders and strong demand, we think such investments are prudent long-term decisions and will allow the Company to be ready for that business and to super-serve our customers, who increasingly want more work done more quickly. We bel

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UNITED STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): March 11, 2026

Frequency Electronics, Inc.

(Exact name of registrant as specified in its charter)

Delaware 1-8061 11-1986657

(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number)

55 Charles Lindbergh Blvd.,

Mitchel Field, New York 11553

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (516) 794-4500

(Former name or former address, if changed since last report): Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock (par value $1.00 per share)

FEIM

NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On March 11, 2026, Frequency Electronics, Inc. (the “Company”) issued a press release (the “Press Release”) announcing its financial results for the quarter ended January 31, 2026. A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

99.1 Press release issued on March 11, 2026, by the Company announcing its financial results for the quarter ended January 31, 2026

104 Cover Page Interactive Data File (formatted in Inline XBRL)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 11, 2026

FREQUENCY ELECTRONICS, INC.

By: /s/ Steven L. Bernstein

Name: Steven L. Bernstein

Title: Chief Financial Officer, Secretary and Treasurer

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