Brent Garrickson's questions to Frequency Electronics Inc (FEIM) leadership • Q4 2025
Question
Brent Garrickson, a private investor, inquired about the company's targets for SG&A and R&D as a percentage of revenue, the tax rate outlook, the status of Space Development Agency (SDA) bids, and the expected timeline for clarity on the SDA program.
Answer
CFO Steven Bernstein projected SG&A would remain around 18% and R&D in the 6-9% range. He also expects the tax rate to stay in the single digits for the next year due to NOLs. CEO Thomas McClelland added that the SDA program is being re-evaluated by the new administration, putting bids 'up in the air,' but he anticipates more clarity within the next 9-12 months.