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On September 10, Frequency Electronics, Inc. (NASDAQ:FEIM) reported strong financial results for the first quarter of fiscal 2027. Revenue reached an all-time record of $23.5 million as it increased 70% year-over-year and 52% sequentially.
Management had previously said during its fourth-quarter fiscal 2026 earnings call in July that it expected to return to growth in fiscal 2027. The latest results support that outlook strongly. Frequency Electronics, Inc. (NASDAQ:FEIM) said the strong first-quarter performance has raised its confidence in meeting or beating its previously stated target of at least $150 million in annual revenue by fiscal 2029, which ends April 30, 2029.
Frequency Electronics, Inc. (NASDAQ:FEIM) also ended the quarter with a record funded backlog of $129 million, up 82% year-over-year and 16% sequentially. Future growth is supported by this funded backlog, a growing order book, and the significantly larger end markets that the company is now selling into.
The revenue growth also helped the company deliver a significant improvement in profitability. Gross margin expanded to approximately 46% and operating margin surpassed 22%. Frequency Electronics, Inc. (NASDAQ:FEIM) said that it was also cash-generative and expects to remain cash-generative on an annual basis going forward.