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Call sheet · Q1'27

Frequency Electronics (FEIM)

Q1'27 earnings call · held September 10, 2026 · compared with the Q4'26 call · management-credibility review
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Disclosure score
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Financial quality
Bottom line
FEIM has delivered the initial growth rebound and substantial reported operating leverage promised in July. The investment case now turns on whether funded orders become cash-generative revenue while the equity-funded expansion earns attractive incremental returns. FY2029 targets remain open and unchanged; one strong quarter neither completes them nor justifies treating conditional upside as revised guidance. [1][2][3]

What changed this quarter

MetricQ4'26Q1'27Change
RevenueQ1 FY2026: $13.812 millionQ1 FY2027: $23.451 millionGrowth of 69.8% year over year; both satellite and non-space defense revenue increased. [1][3]
Reported operating marginQ1 FY2026: 2.6%Q1 FY2027: 22.2%A 19.5-percentage-point increase, reflecting gross-margin improvement and expense leverage. [3]
Net income and diluted EPSQ1 FY2026: $0.634 million; $0.07Q1 FY2027: $4.216 million; $0.41Net income rose 565%; weighted-average shares increased 5.2%, moderating per-share growth. [3]
Quarterly operating cash flowQ1 FY2026: approximately negative $1.2 millionQ1 FY2027: approximately positive $3.0 millionApproximately $4.2 million improvement, but operating cash flow remains below quarterly earnings. [3]
Funded backlogApril 30, 2026: approximately $111 millionJuly 31, 2026: approximately $129 millionSequential growth of approximately 16.2%; the disclosed 1.76x quarterly book-to-bill is consistent with the rounded backlog movement. [1][3]
FY2029 minimum targets$150 million revenue; 50% gross margin; 30% operating marginUnchangedAdditional capital creates potential upside, not a formal numerical revision or a completed commitment. [1][2]

Accountability tracked

5 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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