FEIMHIGH SIGNALFINANCIAL10-K

FEIM experienced dramatic financial volatility with massive debt increase (+39,900%), severe cash depletion (-74%), and operating cash flow turning deeply negative despite strong revenue growth.

The extreme swing from $15K to $6M in debt combined with cash dropping from $18.3M to $4.7M suggests significant liquidity stress or major capital restructuring. Despite impressive revenue growth (+26%) and net income surge (+324%), the company burned through cash operationally, creating a concerning disconnect between reported profitability and actual cash generation.

Comparing 2025-07-18 vs 2024-08-02View on EDGAR →
FINANCIAL ANALYSIS

FEIM shows a tale of two stories - strong top-line growth with revenue increasing 26% to $69.8M and net income surging 324% to $23.7M, yet severe cash management issues emerged with operating cash flow turning negative at -$1.4M and cash reserves plummeting 74%. The 39,900% debt increase alongside doubled R&D spending suggests either aggressive expansion financing or liquidity challenges, creating significant financial risk despite apparent operational success.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+39900%
$15K→$6.0M

Debt increased 39900% — substantial leverage increase; assess whether deployed for growth or covering losses.

Net Income
P&L
+323.4%
$5.6M→$23.7M

Net income grew 323.4% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+133.8%
$5.0M→$11.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
-116.4%
$8.7M→-$1.4M

Operating cash flow fell 116.4% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+79.8%
$3.4M→$6.1M

R&D investment increased 79.8% — signals commitment to future product development, though near-term margin impact.

Cash & Equivalents
Balance Sheet
-74.2%
$18.3M→$4.7M

Cash declined 74.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Gross Profit
P&L
+62%
$18.6M→$30.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+39.7%
$39.8M→$55.6M

Equity base grew 39.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+28.2%
$4.6M→$5.9M

Receivables grew 28.2% — monitor days sales outstanding for collection efficiency.

Revenue
P&L
+26.3%
$55.3M→$69.8M

Revenue growing 26.3% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2025-07-18
PRIOR — 2024-08-02
ADDED
(sometimes referred to as Registrant , Frequency Electronics or the Company ) 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.
satellites with varying remaining useful lives operating in Geostationary, Medium and Low Earth Orbits ( LEO ).
These products are designed and manufactured at the Company s Long Island, New York headquarters facility.
FEI-Zyfer Precision time references for terrestrial secure communications and command and control, and frequency products that incorporate GPS technology are manufactured by FEI-Zyfer.
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REMOVED
(sometimes referred to as Registrant , Frequency Electronics or the Company ) is a world leader in precision time and frequency generation technology, which is incorporated into commercial and Government Satellites, Command, Control, Communication, Computer, Intelligence, Surveillance and Reconnaissance ( C4ISR ), and Electronic Warfare ( EW ) systems.
satellites with varying remaining useful lives operating in Geostationary, Medium and Low Earth Orbits.
military and commercial telecom customers, are designed and manufactured at the Company s Long Island, New York headquarters facility.
The Company began consolidating FEI-Elcom s manufacturing capabilities into its FEI-NY operations in 2020, in an effort to reduce costs and improve margin.
FEI-Zyfer Precision time references for terrestrial secure communications and command and control, and frequency products that incorporate GPS technology are manufactured by the Company s subsidiary, FEI-Zyfer.
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