高频电子：2025年季度报告

FORM10-Q (Mark one) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period endedJuly 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No.1-8061 FREQUENCY ELECTRONICS, INC.(Exact name of Registrant as specified in its charter) Delaware11-1986657(State or other jurisdiction of(I.R.S. Employer incorporation or organization)Identification No.) 55 CHARLES LINDBERGH BLVD.,MITCHEL FIELD,NY11553(Address of principal executive offices)(Zip Code) Registrant’s telephone number, including area code:516-794-4500 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☐ Accelerated filer☐Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of shares outstanding of registrant’s Common Stock, par value $1.00 per share, as of September 10, 2025 –9,749,271 FREQUENCY ELECTRONICS, INC. and SUBSIDIARIES TABLE OF CONTENTS 3Item 1 - Financial Statements:Condensed Consolidated Balance Sheets –July 31, 2025 (unaudited) and April 30, 20253Condensed Consolidated Statements of Operations – Three MonthsEndedJuly 31, 2025 and 2024 (unaudited)4Condensed Consolidated Statements of Cash Flows Three Months ended July 31, 2025 and 2024 (unaudited)5Condensed Consolidated Statements of Changes in Stockholders’Equity – Three MonthsEndedJuly 31, 2025 and2024 (unaudited)6Notes to Condensed Consolidated Financial Statements (unaudited)7-14Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations15Item 3- Quantitative and Qualitative Disclosures About Market Risk20Item 4 - Controls and Procedures20Part II. Other Information:Item 1A – Risk Factors21Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds21Item 5 – Other Information21Item 6 - Exhibits21Signatures22 PART I. FINANCIAL INFORMATION Current assets:Cash and cash equivalents$4,512$4,720Accounts receivable, net of allowances of $102at July 31, 2025 and $110April 30, 20257,4405,914Contract assets14,21317,914Inventories24,77223,487Prepaid expenses and other1,4061,071Total current assets52,34353,106Property, plant, and equipment, net6,4946,188Deferred taxes12,12212,045Goodwill617617Cash surrender value of life insurance and assets held in trust11,12810,882Right-of-use assets – operating leases8,2498,659Restricted cash1,3751,365Other assets875875Total assets$93,203$93,737 LIABILITIES AND STOCKHOLDERS’ EQUITY: FREQUENCY ELECTRONICS, INC. and SUBSIDIARIESCondensed Consolidated Statements of Operations(In thousands, except per share data)(Unaudited) FREQUENCY ELECTRONICS, INC. and SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(In thousands)(Unaudited) FREQUENCY ELECTRONICS, INC. and SUBSIDIARIESNotes to Condensed Consolidated Financial Statements(Unaudited) NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In the opinion of management of Frequency Electronics, Inc. (the “Company”), the accompanying unaudited condensedconsolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary topresent fairly, in all material respects, the condensed consolidated financial position of the Company as of July 31, 2025 and the resultsof its operations, changes in stockholders’ equity for the three months ended July 31, 2025 and 2024, and cash flows for the threemonths ended July 31, 2025 and 2024. The April 30, 2025 condensed consolidated balance sheet was derived from audited f