Frequency Electronics Hits All-Time Record Revenue in Q1 FY2027
The company, Frequency Electronics (FEI), has reported an all-time record revenue of $23.5 million for its first quarter fiscal year 2027, marking a 70% increase year-over-year and a 52% sequential growth.
"We are very pleased to report first quarter revenue of $23.5 million, an all-time record for FEI," said Thomas McClelland, President and Chief Executive Officer. "This performance gives us increasing confidence in our ability to meet or exceed the $150 million or more in annual revenue that we guided to by fiscal 2029."
The company's revenue growth is a testament to its growing presence in key markets such as space and defense, where it has seen continued growth. FEI's backlog also reached a new record of $129 million, up approximately 82% year-over-year and 16% sequentially.
"This continued increase in backlog gives further support to our ability to add meaningful growth to FEI in the years to come," said McClelland. "We expect continued growth in our core space and defense markets, while also seeing additional growth coming from new markets such as proliferated satellites, quantum sensing, space exploration, and alternative positioning, navigation, and timing."
One of the key highlights of the quarter was the launch of the final GPS III satellite on April 21, which included FEI's newly developed Digital Rubidium Atomic Frequency Standard (DRAFS) atomic clock. This enhanced DRAFS clock is currently operational on the GPS satellite and is targeted at future GPS satellites, including the upcoming GPS IIIF.
"This advanced atomic clock is an example of the company's important capabilities, not just to provide the precision time and frequency devices that we've been delivering for the last 65 years, but also our capability to deliver state-of-the-art products with capabilities fueling future technological innovations," said McClelland.
FEI is also seeing growth in its content for missile batteries, with plans to generate revenue from programs such as Patriot and THAAD in 2027. The company is bidding on additional missile programs with components that go directly onto the missiles themselves, with some cases aiming to displace incumbents.
