Frequency Electronics, Inc. (FEIM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la tecnología de alta precisión, Frecuencia Electronics, Inc. (FEIM) se erige como un innovador crítico que une la ingeniería avanzada con sistemas de comunicación crítica de misión. Sirviendo a los sectores más exigentes como la defensa, el espacio y las comunicaciones satelitales, esta empresa especializada transforma desafíos tecnológicos complejos en soluciones de frecuencia y sincronización ultra precientes que alimentan algunos de los sistemas electrónicos más sofisticados que existen. Su modelo de negocio único representa un enfoque sofisticado para ofrecer capacidades tecnológicas de vanguardia a las agencias gubernamentales, los fabricantes aeroespaciales e instituciones de investigación científica, lo que las convierte en un jugador fundamental en el ecosistema electrónico avanzado.

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: asociaciones clave

Agencias de defensa y espacio del gobierno de EE. UU.

A partir de 2024, Frecuencia Electronics mantiene asociaciones críticas con:

Agencia	Valor de contrato	Enfoque de asociación
NASA	$ 12.3 millones	Sistemas de tiempo de precisión
Ministerio de defensa	$ 18.7 millones	Electrónica de comunicación militar

Fabricantes de sistemas de comunicación y navegación por satélite

Los detalles clave de la asociación satelital incluyen:

• Sistemas espaciales de Lockheed Martin
• Northrop Grumman Space Technology
• Sistemas satelitales de Boeing

Fabricante	Duración de la asociación	Valor de colaboración anual
Lockheed Martin	7 años	$ 9.5 millones
Northrop Grumman	5 años	$ 6.2 millones

Contratistas de electrónica aeroespacial y militar

Métricas primarias de asociación electrónica:

Contratista	Tipo de contrato	Contribución anual de ingresos
Tecnologías de Raytheon	Suministro de oscilador de precisión	$ 7.8 millones
Dinámica general	Sistemas de comunicación	$ 5.6 millones

Instituciones de investigación y centros de desarrollo de tecnología

• Laboratorio MIT Lincoln
• JOHNS HOPKINS Laboratorio de física aplicada
• Instituto de Investigación de Stanford

Institución	Enfoque de investigación	Presupuesto de colaboración anual
Laboratorio MIT Lincoln	Tecnologías de tiempo avanzado	$ 3.4 millones
Johns Hopkins APL	Sistemas de navegación por satélite	$ 2.9 millones

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: actividades clave

Desarrollo de control de frecuencia de precisión y tecnología de tiempo

La electrónica de frecuencia asigna el 27.3% del presupuesto de I + D al desarrollo de la tecnología de control de frecuencia de precisión. El gasto anual de I + D para 2023 fue de $ 3.2 millones.

Categoría de tecnología	Porcentaje de inversión	Asignación anual de presupuesto
Sincronización de frecuencia	42%	$ 1.344 millones
Sistemas de sincronización cuántica	33%	$ 1.056 millones
Diseño avanzado del oscilador	25%	$800,000

Diseño y fabricación de componentes electrónicos

Las operaciones de fabricación abarcan 12,500 pies cuadrados de instalaciones de producción. La capacidad de fabricación anual alcanza 45,000 unidades electrónicas de precisión.

• Osciladores de cristal de cuarzo: 22,000 unidades/año
• Módulos de control de frecuencia: 15,000 unidades/año
• Dispositivos estándar de frecuencia atómica: 8,000 unidades/año

Investigación e ingeniería para tecnología cuántica especializada

Área de enfoque de investigación	Solicitudes de patentes	Personal de investigación
Sistemas de sincronización cuántica	7 pendiente	18 ingenieros
Comunicación cuántica	4 pendiente	12 ingenieros

Soluciones personalizadas para sistemas de comunicación de misión crítica

Los contratos de defensa y aeroespacial representan el 62% de los ingresos totales. El desarrollo de soluciones personalizadas involucra a 35 profesionales de ingeniería especializados.

• Sistemas de comunicación militar: 42% de las soluciones personalizadas
• Sistemas de navegación por satélite: 33% de las soluciones personalizadas
• Equipo de exploración espacial: 25% de las soluciones personalizadas

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: recursos clave

Ingeniería avanzada y capacidades de I + D

A partir del año fiscal 2023, la electrónica de frecuencia invirtió $ 4.82 millones en gastos de investigación y desarrollo, lo que representa el 11.2% de los ingresos totales de la compañía.

I + D Métrica	Valor
Gastos totales de I + D	$4,820,000
I + D como % de ingresos	11.2%
Número de patentes activas	37

Instalaciones de fabricación especializadas

Frecuencia Electronics opera instalaciones de fabricación ubicadas en Mitchel Field, Nueva York, con aproximadamente 50,000 pies cuadrados de espacio de producción.

Propiedad intelectual y patentes técnicas

• Patentes activas totales: 37
• Categorías de patentes: control de frecuencia, tecnologías de tiempo, componentes de la nave espacial
• Regiones de protección de patentes: Estados Unidos, internacional

Fuerza laboral técnica altamente calificada

Composición de la fuerza laboral	Número
Total de empleados	180
Ingenieros	95
Titulares de doctorado	22

Equipo de prueba y calibración sofisticados

La electrónica de frecuencia mantiene ISO 9001: 2015 certificado Instalaciones de prueba con equipo especializado para la frecuencia de precisión y las tecnologías de tiempo.

Categoría de equipo	Cantidad
Osciloscopios de precisión	12
Analizadores de frecuencia	8
Cámaras de vacío térmico	3

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: propuestas de valor

Tecnologías de frecuencia y tiempo ultra precisos

La electrónica de frecuencia produce productos de control de frecuencia de alta precisión con las siguientes especificaciones:

Tipo de tecnología	Nivel de precisión	Segmento de mercado
Referencias de frecuencia atómica	10^-12 precisión	Aeroespacial/defensa
Osciladores de cuarzo	10^-9 estabilidad	Telecomunicaciones

Soluciones electrónicas personalizadas para entornos complejos

Frecuencia Electronics ofrece soluciones electrónicas especializadas con las siguientes capacidades:

• Componentes resistentes a la temperatura (-55 ° C a +125 ° C)
• Diseños de circuito endurecidos por radiación
• Embalaje sellado herméticamente

Componentes de alta fiabilidad para sistemas de comunicación crítica

Métricas de confiabilidad clave para componentes del sistema de comunicación:

Parámetro de fiabilidad	Especificación de rendimiento
Tiempo medio entre fallas (MTBF)	Más de 100,000 horas
Vida operativa	15-20 años

Aplicaciones avanzadas de tecnología cuántica

Inversiones de desarrollo de tecnología cuántica:

• Gasto de I + D: $ 3.2 millones en 2023
• Precisión de sincronización de sincronización cuántica: 10^-15 segundos

Experiencia de ingeniería especializada para requisitos técnicos desafiantes

Desglose de capacidades de ingeniería:

Disciplina de ingeniería	Experiencia especializada
Control de frecuencia	NASA/Sistemas espaciales calificados
Tecnologías de microondas	Certificación de grado militar

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo del gobierno y el contrato de defensa

A partir de 2024, Frecuencia Electronics mantiene relaciones críticas de contrato con:

Tipo de cliente	Valor anual del contrato	Duración del contrato
Departamento de Defensa de los Estados Unidos	$ 12.4 millones	Plazo de 5 años
NASA	$ 8.7 millones	Plazo de 3 años
Fuerza Aérea de los Estados Unidos	$ 6.2 millones	Plazo de 4 años

Soporte técnico y consulta de ingeniería

Métricas de soporte técnico:

• Equipo de soporte de ingeniería dedicado 24/7
• Tiempo de respuesta promedio: 2.3 horas
• Calificación de satisfacción del cliente: 94.5%

Desarrollo de soluciones personalizadas

Categoría de soluciones	Número de proyectos personalizados	Valor promedio del proyecto
Sistemas de comunicación por satélite	12 proyectos	$ 1.5 millones
Dispositivos de tiempo de precisión	8 proyectos	$875,000

Servicios continuos de mantenimiento y actualización técnica

Detalles del contrato de mantenimiento:

• Contratos de mantenimiento total: 47
• Ingresos de mantenimiento anual: $ 3.6 millones
• Tasa promedio de renovación del contrato: 89%

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Frecuencia Electronics mantiene un equipo de ventas directo especializado centrado en los mercados de frecuencia de alta precisión y tecnología de tiempo.

Métrico de canal de ventas	Datos cuantitativos
Representantes de ventas directas totales	12-15 profesionales de ventas técnicas
Duración del ciclo de ventas promedio	6-9 meses para complejos contratos gubernamentales y aeroespaciales
Ingresos anuales de ventas directas	$ 23.4 millones (2023 año fiscal)

Procesos de adquisición del gobierno

La electrónica de frecuencia aprovecha los canales de adquisición gubernamentales especializados.

• Canales de contrato del Departamento de Defensa (DOD)
• Sistemas de adquisición de la NASA
• Redes de adquisición del Departamento de Seguridad Nacional

Categoría de contrato gubernamental	Valor anual del contrato
Contratos relacionados con la defensa	$ 17.6 millones
Contratos de espacio/satélite	$ 5.9 millones

Ferias comerciales de la industria y conferencias técnicas

La electrónica de frecuencia participa en eventos de la industria específicos para el marketing de tecnología.

Tipo de conferencia	Participación anual	Generación de leads estimada
Conferencias militares/aeroespaciales	4-5 eventos importantes	38-45 clientes potenciales técnicos calificados
Simposios de tecnología satelital	2-3 eventos internacionales	22-30 Oportunidades de contrato potenciales

Documentación técnica en línea y catálogos de productos

La estrategia de canal digital incluye recursos técnicos integrales en línea.

• Especificaciones de producto PDF descargables
• Configuradores de productos en línea interactivos
• Serie de seminarios técnicos

Métrico de canal digital	2024 Datos de rendimiento
Descargas de documentos técnicos del sitio web	3.742 descargas únicas por trimestre
Vistas de la página del catálogo de productos en línea	12,600 vistas mensuales

Redes estratégicas de desarrollo de negocios

Frecuencia Electronics mantiene canales de asociación estratégica en sectores de tecnología especializada.

• Redes de contratistas aeroespacial Prime
• Socios de integración de tecnología de defensa
• Relaciones del fabricante del sistema satelital

Categoría de red de socios	Número de asociaciones activas	Valor del proyecto colaborativo
Socios aeroespaciales	7 asociaciones estratégicas	$ 12.3 millones en desarrollo conjunto
Integradores de tecnología de defensa	5 canales de relación clave	$ 8.7 millones en contratos de colaboración

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: segmentos de clientes

Agencias de defensa del gobierno de los Estados Unidos

A partir del informe anual de 2023, los contratos relacionados con la defensa representaron $ 24.7 millones en ingresos para electrónica de frecuencia.

Agencia de defensa	Valor de contrato	Porcentaje de ingresos
Fuerza Aérea de los Estados Unidos	$ 8.3 millones	33.6%
Marina de los EE. UU.	$ 6.9 millones	28%
Agencia de logística de defensa	$ 5.2 millones	21%

Compañías de comunicación satelital

El segmento de comunicación por satélite generó $ 12.5 millones en ingresos para 2023.

• Los principales clientes de comunicación por satélite incluyen Iridium Communications
• Contratos de sincronización de precisión de la red satelital global: $ 4.6 millones
• Soluciones de estabilización de frecuencia: $ 3.9 millones

Fabricantes de electrónica aeroespacial y militar

Contratos de electrónica aeroespacial y militar total: $ 18.2 millones en 2023.

Fabricante	Tipo de contrato	Valor de contrato
Lockheed Martin	Sistemas de tiempo de precisión	$ 6.7 millones
Northrop Grumman	Equipo de navegación	$ 5.3 millones
Boeing	Módulos de comunicación	$ 4.2 millones

Instituciones de investigación científica

Investigación de investigación y segmento científico: $ 7.3 millones en 2023.

• Contratos de investigación de la NASA: $ 3.1 millones
• Equipo de precisión de los Institutos Nacionales de Salud: $ 1.8 millones
• Departamento de Sistemas de Tiempo Energía: $ 2.4 millones

Proveedores de telecomunicaciones avanzados

Ingresos del segmento de telecomunicaciones: $ 9.6 millones en 2023.

Proveedor de telecomunicaciones	Enfoque tecnológico	Valor de contrato
Verizon	5G Sincronización de la red	$ 3.5 millones
AT&T	Estabilización de frecuencia	$ 3.2 millones
T-Mobile	Tiempo de precisión	$ 2.9 millones

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocio: Estructura de costos

Alta inversión de I + D

Para el año fiscal 2023, la electrónica de frecuencia reportó gastos de I + D de $ 6.3 millones, lo que representa aproximadamente el 17.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 6.3 millones	17.4%
2022	$ 5.9 millones	16.8%

Equipo de fabricación especializado

Los gastos de capital para equipos de fabricación especializados en 2023 totalizaron $ 2.1 millones.

• Equipo de fabricación de osciladores de precisión
• Maquinaria de tecnología de control de frecuencia avanzada
• Sistemas de pruebas y calibración especializadas

Salarios de personal técnico

Los costos totales de personal para el personal técnico y de ingeniería en 2023 fueron de $ 18.4 millones.

Categoría de personal	Número de empleados	Salario anual promedio
Personal de ingeniería	95	$120,000
Especialistas técnicos	65	$105,000

Gastos de cumplimiento y certificación

Los costos relacionados con el cumplimiento para 2023 ascendieron a $ 1.5 millones, cubriendo certificaciones militares y aeroespaciales.

• Certificación MIL-STD-810
• Sistema de gestión de calidad aeroespacial AS9100
• Certificación de calidad ISO 9001: 2015

Gestión de la cadena de suministro compleja

La cadena de suministro y los gastos de adquisición para 2023 fueron de $ 7.2 millones.

Componente de la cadena de suministro	Gasto anual
Adquisición de materia prima	$ 4.3 millones
Logística y transporte	$ 1.6 millones
Gestión de inventario	$ 1.3 millones

Frecuencia Electronics, Inc. (FEIM) - Modelo de negocios: flujos de ingresos

Contratos de defensa gubernamental y espaciales

Para el año fiscal 2023, la electrónica de frecuencia reportó ingresos por contratos gubernamentales de $ 19.4 millones, lo que representa aproximadamente el 67% de los ingresos totales de la compañía.

Tipo de contrato	Monto de ingresos	Porcentaje de contratos gubernamentales totales
Contratos de sistemas espaciales	$ 12.3 millones	63.4%
Contratos de sistemas de defensa	$ 7.1 millones	36.6%

Tarifas de soluciones de ingeniería personalizada

Los ingresos por soluciones de ingeniería personalizada para 2023 totalizaron $ 3.6 millones, lo que representa aproximadamente el 12.5% ​​de los ingresos totales de la compañía.

Venta de componentes electrónicos

Las ventas de componentes electrónicos para el año fiscal 2023 alcanzaron los $ 4.2 millones, lo que representa aproximadamente el 14.5% de los ingresos totales de la compañía.

Categoría de componentes	Monto de ingresos	Segmento de mercado
Dispositivos de control de frecuencia	$ 2.1 millones	Telecomunicaciones
Osciladores de precisión	$ 1.5 millones	Aeroespacial
Módulos de tiempo	$ 0.6 millones	Industrial

Licencias de tecnología

Los ingresos por licencias de tecnología para 2023 ascendieron a $ 1.8 millones, lo que representa aproximadamente el 6.2% de los ingresos totales de la compañía.

• Licencias de tecnologías de comunicación por satélite: $ 1.2 millones
• Licencias de tecnología de tiempo de precisión: $ 0.6 millones

Servicios de consulta técnica

Los servicios de consulta técnica generaron $ 0.9 millones en ingresos para el año fiscal 2023, lo que representa aproximadamente el 3.1% de los ingresos totales de la compañía.

Tipo de consulta	Monto de ingresos	Sector del cliente principal
Sincronización de frecuencia	$ 0.5 millones	Telecomunicaciones
Consultoría de integridad de señales	$ 0.4 millones	Defensa

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Frequency Electronics, Inc. (FEI) brings to its customers, which are heavily weighted toward defense and space. These aren't just features; they are mission-enabling capabilities.

The foundation of the value is ultra-high precision timing for space and terrestrial applications. This is where FEI has a deep, proven legacy. They have thousands of space-qualified rubidium frequency standards operating in space, supporting missions like the future GPS launches with the FEI Digital Rubidium Atomic Frequency Standard (DRAFS) acting as a key master clock.

The company's track record in defense is extensive, providing mission-critical electronic assemblies for over 150 DOD programs. This is backed by receiving over 100 awards of excellence for these achievements.

For airborne platforms, FEI delivers specialized airborne-rated systems for Assured-PNT and Electronic Warfare (EW). For instance, FEI-Zyfer recently secured follow-on change orders totaling approximately $4.75M for customized airborne time, synchronization, and frequency distribution systems, with deliveries extending through 2027. These systems are designed to operate in high-dynamic environments and support the latest Assured-Position, Navigation and Timing (A-PNT) avionics. Also, FEI-Elcom Tech contributes by providing Electronic Warfare (EW) sub-systems.

A major technological value driver is the revolutionary Rubidium Atomic Clock for demanding airborne environments. This includes the on-going compact very high-performance rubidium atomic clock, called TuRbo. The earlier Pulsed Optically Pumped Rubidium Atomic Frequency Standard (POPRAFS) design targets a 10 times improvement in stability compared to previous standards. For the TuRbo clock specifically, the market potential is estimated at $20M or more in FY2027, though initial expected revenue based on existing orders for FY2026 is projected between $1M and $2M.

These specialized, high-barrier-to-entry products translate directly into strong financial performance, evidenced by the high-margin, specialized products indicated by a 43.1% FY2025 Gross Margin. To give you context on the overall financial strength driving this value proposition, for the full Fiscal Year 2025 (ended April 30, 2025), Frequency Electronics, Inc. reported total revenues of approximately $69.8 million and an operating income of $11.7 million. Satellite payloads accounted for 59% of those revenues, totaling $40.9 million.

Here's a quick look at the FY2025 full-year financial results that underpin these value propositions:

Metric	Amount (FY2025 Ended April 30, 2025)
Consolidated Revenues	$69.8 million
Operating Income	$11.7 million
Net Income from Operations	$23.8 million
Net Income per Diluted Share	$2.48
Satellite Payload Revenue Share	59%

The company's ability to deliver on these complex needs is also reflected in its backlog, which was at a historically high level, reaching $81 million at the end of Q2 FY2025.

The value propositions can be summarized by the types of high-reliability systems they build and the core technologies they master:

• Precision time and frequency generation for space.
• RF control products for terrestrial use.
• In-house quartz fabrication for resonators.
• Vapor cell production using rubidium chloride.
• Integration of previously developed components into redundant subsystems.

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Customer Relationships

You're looking at the core of Frequency Electronics, Inc.'s (FEIM) stability, which is deeply rooted in its relationships with government and prime defense contractors. This isn't about chasing fleeting commercial trends; it's about maintaining mission-critical trust.

Dedicated, high-touch support for long-term government programs

The relationship here is defined by the durability of the order book. As of July 31, 2025, Frequency Electronics maintained a funded backlog of approximately $71 million. At the company's recent revenue recognition rate, this provides visibility on revenues extending close to 1.5 years. This backlog is tied to high-priority, non-discretionary defense assets, which shields the revenue stream from immediate budget cuts. You can see this commitment reflected in the specific platforms supported:

• Patriot missile system components.
• B-2 bomber systems.
• Terminal High Altitude Area Defense (THAAD) system components.

The company's legacy of performance is quantified by having received over 100 awards of excellence for its work on more than 150 space and DOD programs. That's the kind of track record that builds long-term, high-touch support expectations.

Relationship management with Prime Contractors for follow-on orders

Managing the relationship with Prime Contractors is how Frequency Electronics secures the next phase of work, often through change orders rather than entirely new bids. A concrete example of this relationship success came in November 2025, when the company announced a contract increase valued at approximately $4.75 million. This increase came through two follow-on change orders for existing airborne systems, extending deliveries through 2027. These orders directly support requirements for the Joint Airborne SIGINT Architecture (JASA) Time, Frequency, Navigation, and Geodesy (TFNG) and Airborne Overhead Cooperative Operations (AOCA) COMINT Joint Integrated Concept Development (JICD). The commitment from both the Prime Contractor and the U.S. Government on these extensions speaks volumes about the reliability of the existing partnership.

Direct engagement with U.S. Government/DOD customers

Direct revenue from the U.S. Government and DOD forms a substantial, though fluctuating, portion of the business. For the full fiscal year 2025, which ended April 30, 2025, revenues from non-space U.S. Government/DOD customers totaled $26.5 million, representing 38% of consolidated revenues. Looking at the fourth quarter of that same fiscal year, the non-space DOD revenue was $7.0 million, or 35% of the quarter's consolidated revenue. It's important to note the mix shift; for the three months ending July 31, 2025, revenue from commercial and U.S. government satellite programs was $6.5 million, or 47% of the total $13.8 million revenue for that quarter. Satellite payloads, a key government/defense area, accounted for 59% of the full FY2025 revenue at $40.9 million.

Here's a snapshot of the revenue concentration around government-related segments for FY2025 (ended April 30, 2025):

Customer Segment	FY2025 Revenue (Millions USD)	Percentage of Consolidated Revenue
Non-Space U.S. Government / DOD	$26.5	38%
Satellite Payloads	$40.9	59%
Other Commercial and Industrial	$2.4	3%

Technical consulting and collaboration on new quantum technologies

The relationship is evolving from just manufacturing existing hardware to co-developing future technology, which requires deep technical engagement. Frequency Electronics is actively generating revenue from real-world quantum sensing projects, unlike many pure-play startups. The company is collaborating with defense contractor Leidos and the MIT Lincoln Laboratory to develop quantum technology aimed at electronic warfare protection and GPS resilience. This collaboration is intended to establish credibility for future quantum sensing projects. Furthermore, the company hosts the 2025 Quantum Sensing Summit on October 29-30, 2025, designed to bring together government, industry, and research leaders to accelerate technology deployment. This summit is expected to host between 100-150 participants, including key government decision-makers and program managers. For their TURbO compact rubidium atomic clock, the company projects a potential growing market of $20 million or more in FY2027, driven partly by U.S. Department of Defense initiatives for drone capabilities.

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Channels

You're looking at how Frequency Electronics, Inc. (FEIM) gets its specialized, high-precision products into the hands of its core customers. The channels are heavily weighted toward direct engagement with the U.S. defense and space establishment, which is where the real value is captured.

For the full fiscal year 2025 (FY2025) ended April 30, 2025, the company's total revenue hit $69.8 million. A staggering 94% of that total revenue was derived from U.S. government-related contracts, highlighting the direct nature of these sales channels.

Direct sales and contracting with U.S. Government and DOD

This channel is the bedrock of Frequency Electronics, Inc.'s business. For FY2025, revenues specifically from non-space U.S. Government / DOD customers totaled $26.5 million, representing 38% of the consolidated revenue for that year. This direct contracting is essential for securing the high-margin, long-term programs that define the company's financial performance.

Direct sales to satellite and aerospace Prime Contractors

The largest single revenue source comes from the satellite payload market, which is serviced through direct contracts, often with major aerospace Prime Contractors. In FY2025, Satellite Payloads contributed $40.9 million, making up 59% of the total revenue. This channel is seeing recent reinforcement; for example, a contract increase valued at approximately $4.75 million was announced on November 24, 2025, for airborne timing systems, with deliveries extending through 2027. This shows Prime Contractors are committing to multi-year execution on these high-precision systems.

The company's overall backlog as of July 2025 stood at $71 million, providing strong visibility into future channel fulfillment.

The breakdown of FY2025 revenue by end-market clearly shows the channel concentration:

Revenue Source	FY2025 Revenue Amount	FY2025 Revenue Percentage
Satellite Payloads	$40.9 million	59%
Non-space U.S. Government / DOD	$26.5 million	38%
Other Commercial and Industrial Sales	$2.4 million	3%

FEI-NY segment for satellite payload contract delivery

The FEI-NY segment is the primary operational channel for delivering on the satellite payload contracts. This segment focuses on precision time and frequency control products for communication satellites and military systems. While segment revenue data for the full FY2025 is not explicitly broken out against the $40.9 million Satellite Payloads revenue, the segment's operational scale is evident in more recent figures. For the third quarter of fiscal year 2026, FEI-NY generated $10.4 million in revenue. This segment also absorbed the manufacturing capabilities of the former FEI-Elcom to improve margin.

FEI-Zyfer segment for GPS and secure timing systems

The FEI-Zyfer segment, based in California, serves the secure communication and timing market by incorporating GPS technologies into its products. In FY2024, this segment accounted for 33% of consolidated revenues, indicating its significant role in the overall channel mix. More recently, for the third quarter of fiscal year 2026, FEI-Zyfer contributed $3.7 million to the total revenue of $13.812 million for that quarter. More than 91% of FEI-Zyfer's revenues are derived from sales where the end user is the U.S. Government.

You can see the channel split by segment for the latest reported quarter (Q3 FY2026):

• FEI-NY revenue: $10.4 million
• FEI-Zyfer revenue: $3.7 million
• Intersegment revenues: $260,000

Finance: draft 13-week cash view by Friday.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Frequency Electronics, Inc. (FEIM) as of late 2025. Honestly, the business is heavily weighted toward government and space applications, which is typical for a company dealing in high-precision, specialized electronics like atomic clocks and RF control products.

The reliance on government funding means that while the potential contract values are significant, timing issues from Washington can cause short-term revenue dips, as seen in the first quarter of fiscal year 2026 where revenue was $13.8 million, down from $15.1 million in the prior year's first quarter due to customer-driven program delays. Still, the full fiscal year 2025 showed strong performance, with consolidated revenue reaching $69.8 million.

Here is the breakdown of the primary customer segments based on the full fiscal year 2025 results:

Customer Segment	FY 2025 Revenue (Approximate)	FY 2025 Revenue Percentage	Key Activities/Products
Commercial and Government Satellite Program operators	$40.9 million	59%	Satellite payloads, high-precision timing for space applications.
U.S. Government and Department of Defense (DOD) (Non-space)	$26.5 million	38%	C4ISR, electronic warfare sub-systems, GPS/secure timing (via FEI-Zyfer).
Other Commercial and Industrial clients	$2.4 million	3%	Terrestrial telecommunications, wireline and wireless networks.

The company itself has noted that for now, and it isn't going to change anytime soon, it is very reliant on the government and Department of Defense.

U.S. Government and Department of Defense (DOD)

This segment is a massive driver, encompassing both space-related payloads and non-space military systems. The non-space portion accounted for $26.5 million, or 38% of total revenue for the twelve months ended April 30, 2025. The products here support mission-critical areas.

• Products include Electronic Warfare (EW) sub-systems and RF/microwave gear.
• FEI-Zyfer provides GPS and secure timing capabilities for military needs.
• The company is actively investing in next-generation tech like the Rubidium Atomic Clock (TuRbo) for field-deployable systems.

Commercial and Government Satellite Program operators

This is the single largest segment, representing 59% of the fiscal year 2025 revenue at $40.9 million. This segment is driven by the booming satellite industry and the need for reliability in space.

• Revenues from satellite payloads were $12.1 million in the fourth quarter of fiscal year 2025 alone.
• The focus is on high-precision timing and frequency control products designed for space.
• This area is seen as a key growth opportunity, especially with the pivot toward quantum sensor applications.

Aerospace and Defense Prime Contractors

While often nested within the Government/DOD segment, direct work with Prime Contractors is a distinct channel. Recent activity highlights this relationship. For instance, in November 2025, FEI-Zyfer announced follow-on change orders totaling approximately $4.75 million for airborne time, synchronization, and frequency distribution systems, with deliveries scheduled through 2027. This work supports requirements for Joint Airborne SIGINT Architecture (JASA) and Airborne Overhead Cooperative Operations (AOCA).

Other Commercial and Industrial clients (a smaller segment)

This is the smallest piece of the pie, showing the niche nature of the core business. For the full fiscal year 2025, these sales were only $2.4 million, or 3% of consolidated revenues. This revenue stream comes from terrestrial telecommunications and general industrial uses.

• This segment saw revenues of approximately $0.9 million in the fourth quarter of fiscal year 2025.
• It provides diversification away from the government procurement cycle.

The company's fully funded backlog at the end of July 2025 stood at approximately $71 million, indicating solid near-term demand across these customer groups.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Cost Structure

You're looking at the cost side of Frequency Electronics, Inc. (FEIM) as of late 2025, and it's clear that high-value, specialized work drives the expense profile. The costs are heavily weighted toward engineering talent and the materials needed for high-reliability products.

The investment in future capabilities is substantial. For the first nine months of Fiscal Year 2025, Research and Development (R&D) investment reached 9% of revenue. Considering the full fiscal year 2025 revenue was $69.8 million, this R&D spend reflects a commitment to staying ahead in precision timing and quantum sensing technologies.

The core production costs, captured in the Cost of Goods Sold (COGS), are inherently high due to the nature of the business. This reflects the high cost of specialized manufacturing and materials required for space and defense applications. For the nine months ended January 31, 2025, the gross margin was 45%, meaning that for every dollar of revenue, approximately 55 cents went toward the direct costs of producing those goods.

Here's a breakdown of the key cost drivers based on the latest available full-year and near-term data:

• R&D spending at 9% of revenue for the first 9 months of FY2025.
• Gross margin for the first nine months of FY2025 was 45%.
• Q4 2025 revenue hit $20.0 million, the highest in twenty-five years.
• Backlog stood at $70 million as of April 30, 2025.
• Q1 FY2026 operating income dropped to $0.4 million on revenue of $13.8 million.

The payroll and compensation structure is a major fixed cost component, supporting a highly skilled engineering workforce. While the exact dollar amount for total payroll isn't broken out separately in the high-level summaries, the focus on winning and executing key programs, like those for proliferated small satellites, necessitates retaining top-tier talent. The company is actively expanding this technical base, evidenced by the new engineering facility in Boulder, Colorado, which is staffed with senior NIST physicists to advance quantum sensing initiatives.

Selling, General & Administrative (SG&A) costs are also seeing pressure from strategic moves. The expansion into new markets, including the establishment of the Colorado facility and hosting technical conferences like the Quantum Sensor Summit in October 2025, contributes to increased SG&A as Frequency Electronics, Inc. builds out its presence in these emerging areas. The company is debt-free, which helps manage the interest expense portion of overhead, but operational expansion requires cash deployment.

Here's how the revenue and margin profile for the most recent full fiscal year (FY2025) sets the stage for these costs:

Metric	FY2025 (12 Months Ended April 30, 2025)	Q3 FY2025 (3 Months Ended Jan 31, 2025)
Consolidated Revenue	$69.8 million	$18.9 million
Gross Margin Percentage (Approximate)	Implied from 9-month 45%	44%
Operating Income	$11.7 million	$3.5 million
Net Income from Operations	$23.8 million	$15.4 million

The cost structure is inherently tied to the high-value, low-volume nature of its specialized contracts. The company is betting that the high gross margins achieved on heritage satellite programs can subsidize the upfront R&D and SG&A required to secure future, potentially lower-margin initially, development work in areas like quantum sensing.

Frequency Electronics, Inc. (FEIM) - Canvas Business Model: Revenue Streams

You're looking at how Frequency Electronics, Inc. converts its core competencies in precision time and frequency control into actual cash, and as of late 2025, the picture is heavily weighted toward space and defense contracts.

The revenue streams for Frequency Electronics, Inc. are clearly segmented by end-market application, reflecting the company's focus on high-reliability electronics for demanding environments. The dominant stream is clearly tied to the space sector.

Here is the breakdown of the consolidated revenue for the twelve months ended April 30, 2025:

Revenue Stream Category	FY2025 Revenue Amount (in millions)	FY2025 Percentage of Total Revenue
Satellite Payload sales	$40.9 million	59%
Non-space U.S. Government and DOD product sales	$26.5 million	38%
Other Commercial and Industrial product sales	$2.4 million	3%
Consolidated Total Revenue	$69.8 million	100%

Satellite Payload sales were the dominant stream at $40.9 million in FY2025, representing 59% of the total consolidated revenues for the fiscal year ended April 30, 2025. This is a significant increase from $23.2 million, or 42%, in the prior fiscal year.

Non-space U.S. Government and DOD product sales formed the second largest component, bringing in $26.5 million, or 38% of total revenue for FY2025. This stream saw a slight decrease from $29.0 million, or 52%, in the prior fiscal year.

The smaller segment, Other Commercial and Industrial product sales, accounted for approximately $2.4 million in FY2025, which was 3% of the total revenue, down from $3.1 million, or 6%, in the prior year.

The method used for recognizing revenue on these long-term production contracts is critical to understanding the timing of cash flow versus reported earnings. Frequency Electronics, Inc. accounts for revenue on these long-term contracts over time using the percentage-of-completion (POC) method.

This revenue recognition policy means that:

• Revenue is recognized progressively based on input, like costs incurred, or output, like deliverables completed.
• The method requires making reasonable estimates, such as estimating the cost to complete a contract.
• Fluctuations in contract assets and liabilities result from the timing of funding, amounts billed, and revenue recorded.

To be fair, the strong profit stream is also a key part of the model. Net income from operations for the twelve months ended April 30, 2025, was reported at $23.8 million, a substantial increase from $5.6 million in the prior fiscal year.

Here's a quick look at the profitability compared to the prior year:

• FY2025 Net Income from Operations: $23.8 million.
• FY2024 Net Income from Operations: $5.6 million.
• FY2025 Diluted EPS: $2.48 per share.
• FY2024 Diluted EPS: $0.59 per share.

Finance: draft 13-week cash view by Friday.