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    Michael Eisner • Private Investor

    Michael Eisner's questions to Frequency Electronics Inc (FEIM) leadership

    Michael Eisner's questions to Frequency Electronics Inc (FEIM) leadership • Q4 2025

    Question

    Michael Eisner, a private investor, questioned the company's work with MIT Lincoln Labs, the status of the GPS IIIF program, the timeline for magnetic navigation development, and the company's competitive position as a vertically integrated manufacturer.

    Answer

    CEO Thomas McClelland confirmed the collaboration with MIT Lincoln Labs is a development activity funded by Leidos, and FEI retains the technology. He stated that GPS IIIF is very active, with products currently being delivered. The magnetic navigation development is a two-year program with prototypes expected at the end. McClelland emphasized that vertical integration is a key differentiator, and he does not believe competitor Microchip has similar capabilities.

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    Michael Eisner's questions to Frequency Electronics Inc (FEIM) leadership • Q3 2025

    Question

    Private investor Michael Eisner asked for confirmation that a recent $11 million contract was included in the backlog, questioned the change in R&D spending, and sought an update on the company's involvement with prime contractors for the Resilient GPS (RGPS) program. He also inquired about the current sentiment regarding government business and future opportunities.

    Answer

    Executive Thomas McClelland confirmed the contract's inclusion in the backlog and the slight percentage decrease in R&D spend. He updated that FEI is actively participating with two of the three remaining RGPS primes. Regarding government business, he conveyed a cautiously optimistic outlook, anticipating potential program delays rather than cancellations, and affirmed that the company's strategic expansion is creating more opportunities than in the past.

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    Michael Eisner's questions to Frequency Electronics Inc (FEIM) leadership • Q2 2025

    Question

    Michael Eisner, a private investor, asked about the sustainability of the company's high gross margins and elevated R&D spending. He also inquired about current revenue from quantum sensing, the strategic importance of LEO, MEO, and GEO satellite orbits, and the company's role in the Resilient GPS (R-GPS) program.

    Answer

    Executive Thomas McClelland confirmed the current gross margin level is a target, though it will vary with business mix. He stated R&D spending will likely remain around 10% of revenue, up from an underspend last year. McClelland noted that quantum sensor revenue is not yet significant and affirmed the company's involvement across LEO, MEO, and GEO orbits. He also revealed FEI is actively working with three of the four prime contractors on the MEO-focused R-GPS program, though not yet under contract.

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    Michael Eisner's questions to Frequency Electronics Inc (FEIM) leadership • Q1 2025

    Question

    Michael Eisner, a private investor, sought clarification on a statement in the company's annual report that mentioned '$70 million' in 'new business,' noting it was an unusual comment for the company to make.

    Answer

    CFO Steven Bernstein stated he did not have the annual report in front of him to identify the specific line item and offered to discuss it offline with the investor the following day.

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