Revenue Growth - Revenues for the three months ended January 31, 2024 increased by 29.1% to 10.620 million in the same period of the prior fiscal year[64] - FEI-NY segment revenues increased by 37.9% to 8.420 million in the same period of the prior fiscal year[64] - FEI-Zyfer segment revenues increased by 37.2% to 2.480 million in the same period of the prior fiscal year[64] - The significant increase in revenue for the three months ended January 31, 2024 was primarily related to increases in government space sales of approximately 1.0 million from non-space U.S. government customers[64] Gross Margin - Gross margin rate decreased to 22.6% for the three months ended January 31, 2024 from 32.6% in the same period of the prior fiscal year due to unanticipated costs associated with new product development[67] - Gross margin rate increased to 31.0% for the nine months ended January 31, 2024 from 13.7% in the same period of the prior fiscal year due to resolution of technical challenges and more efficient program execution[67] Operating Expenses - Selling, general, and administrative expenses increased by 11.1% to 2.357 million in the same period of the prior fiscal year[68] - Research and development expenses increased by 22.3% to 783,000 in the same period of the prior fiscal year due to a temporary shift in R&D focus[71] Revenue Composition - Revenues from commercial and U.S. Government communication satellite programs accounted for 50% of consolidated revenues for the three months ended January 31, 2024 compared to 47% in the same period of the prior fiscal year[64] - Revenues from non-space U.S. Government/Department of Defense customers accounted for 44% of consolidated revenues for the three months ended January 31, 2024 compared to 47% in the same period of the prior fiscal year[64] Operating Income - Operating income for the three months ended January 31, 2024 decreased by 7.59 million (149.9%) despite the design issue, driven by increased revenue, gross margin, and cost-cutting measures[72] Investment Income - Investment income for the three months ended January 31, 2024 increased by 24.1 million as of January 31, 2024, with 1.2 million, a decrease from 67 million, with 74% expected to be realized in the next twelve months[89] - The company repurchased 5.0 million authorization, with no repurchases in the nine months ended January 31, 2024[87] - The company believes its liquidity is adequate to meet short-term operating and investment needs through at least March 18, 2025[90] R&D and Future Plans - The company plans to continue R&D investments in space applications, guidance systems, and communication systems, with anticipated customer funding and internal cash allocation[88]
Frequency Electronics(FEIM) - 2024 Q3 - Quarterly Report