0001185185-24-000269 | 10-Q | XBRL Viewer | Frequency Electronics INC

DEFERRED INCOME TAXES	9 Months Ended
Jan. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE L – DEFERRED INCOME TAXES Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. As required by the authoritative guidance on accounting for income taxes, we evaluate the realization of deferred tax assets on a jurisdictional basis at each reporting date. We consider all positive and negative evidence, including the reversal of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets will not be realizable, we establish a valuation allowance. As of January 31, 2024, and April 30, 2023, the Company maintained a full valuation allowance against its deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to adjust its existing valuation allowance resulting in changes to deferred income tax expense.

DEFERRED INCOME TAXES

9 Months Ended

Jan. 31, 2024

NOTE L – DEFERRED INCOME TAXES

Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future.

As required by the authoritative guidance on accounting for income taxes, we evaluate the realization of deferred tax assets on a jurisdictional basis at each reporting date. We consider all positive and negative evidence, including the reversal of deferred tax liabilities, projected future taxable income, tax planning strategies, and results of recent operations. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets will not be realizable, we establish a valuation allowance. As of January 31, 2024, and April 30, 2023, the Company maintained a full valuation allowance against its deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to adjust its existing valuation allowance resulting in changes to deferred income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lease, Cost - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Assets
Operating lease ROU assets	$ 6,323	$ 7,382
Liabilities
Operating lease liabilities (short-term)	1,783	1,753
Operating lease liabilities (long-term)	4,716	5,883
Total lease liabilities	$ 6,499	$ 7,636

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 11,663	$ 12,049
Accounts receivable, net of allowance for doubtful accounts of $111 at January 31, 2024 and April 30, 2023	5,410	4,622
Contract assets	10,572	10,009
Inventories	23,159	20,526
Prepaid income taxes	24	30
Prepaid expenses and other	1,252	1,071
Total current assets	52,080	48,307
Property, plant, and equipment, net	6,232	7,093
Goodwill	617	617
Cash surrender value of life insurance	10,676	10,220
Other assets	875	877
Right-of-use assets – operating leases	6,323	7,382
Restricted cash	941	0
Total assets	77,744	74,496
Current liabilities:
Accounts payable	1,723	1,464
Accrued liabilities	4,528	3,934
Loss provision accrual	1,620	1,544
Operating lease liability - current portion	1,783	1,753
Contract liabilities	18,370	18,586
Total current liabilities	28,024	27,281
Deferred compensation	8,190	8,314
Deferred taxes	8	8
Operating lease liability – non-current portion	4,716	5,883
Other liabilities	133	124
Total liabilities	41,071	41,610
Stockholders’ equity:
Preferred stock - $1.00 par value; authorized 600 shares, no shares issued	0	0
Common stock - $1.00 par value; authorized 20,000 shares, 9,486 shares issued and 9,485 shares outstanding at January 31, 2024; 9,374 shares issued and 9,373 shares outstanding at April 30, 2023	9,487	9,374
Additional paid-in capital	49,841	49,136
Accumulated deficit	(22,652)	(25,621)
Common stock reacquired and held in treasury - at cost (1 share at January 31, 2024 and April 30, 2023)	(3)	(3)
Total stockholders’ equity	36,673	32,886
Total liabilities and stockholders’ equity	$ 77,744	$ 74,496

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2022	$ 9,298	$ 57,956	$ (20,120)	$ (6)	$ (440)	$ 46,688
Balance (in Shares) at Apr. 30, 2022	9,298,178			1,375
Contribution of stock to 401(k) plan	$ 17	105				122
Contribution of stock to 401(k) plan (in Shares)	16,708
Stock-based compensation expense		(25)				(25)
Other comprehensive income (loss), net of tax					14	14
Net income (loss)			(3,117)			(3,117)
Balance at Jul. 31, 2022	$ 9,315	58,036	(23,237)	$ (6)	(426)	43,682
Balance (in Shares) at Jul. 31, 2022	9,314,886			1,375
Balance at Apr. 30, 2022	$ 9,298	57,956	(20,120)	$ (6)	(440)	$ 46,688
Balance (in Shares) at Apr. 30, 2022	9,298,178			1,375
Contribution of stock to 401(k) plan (in Shares)						42,937
Net income (loss)						$ (5,747)
Balance at Jan. 31, 2023	$ 9,354	48,893	(25,867)	$ (6)	0	32,374
Balance (in Shares) at Jan. 31, 2023	9,353,941			1,375
Balance at Jul. 31, 2022	$ 9,315	58,036	(23,237)	$ (6)	(426)	43,682
Balance (in Shares) at Jul. 31, 2022	9,314,886			1,375
Contribution of stock to 401(k) plan	$ 18	89				107
Contribution of stock to 401(k) plan (in Shares)	18,632
Stock-based compensation expense	$ 1	28				29
Stock-based compensation expense (in Shares)	750
Other comprehensive income (loss), net of tax					(565)	(565)
Net income (loss)			(2,314)			(2,314)
Balance at Oct. 31, 2022	$ 9,334	58,153	(25,551)	$ (6)	(991)	40,939
Balance (in Shares) at Oct. 31, 2022	9,334,268			1,375
Contribution of stock to 401(k) plan	$ 8	46				$ 54
Contribution of stock to 401(k) plan (in Shares)	7,597					7,597
Stock-based compensation expense	$ 12	48				$ 60
Stock-based compensation expense (in Shares)	12,076
Other comprehensive income (loss), net of tax					991	991
Dividends paid		(9,354)				(9,354)
Net income (loss)			(316)			(316)
Balance at Jan. 31, 2023	$ 9,354	48,893	(25,867)	$ (6)	0	32,374
Balance (in Shares) at Jan. 31, 2023	9,353,941			1,375
Balance at Apr. 30, 2023	$ 9,374	49,136	(25,621)	$ (3)	0	32,886
Balance (in Shares) at Apr. 30, 2023	9,373,776			741
Contribution of stock to 401(k) plan	$ 17	96				113
Contribution of stock to 401(k) plan (in Shares)	17,013
Stock-based compensation expense		128				128
Net income (loss)			2,042			2,042
Balance at Jul. 31, 2023	$ 9,391	49,360	(23,579)	$ (3)	0	35,169
Balance (in Shares) at Jul. 31, 2023	9,390,789			741
Balance at Apr. 30, 2023	$ 9,374	49,136	(25,621)	$ (3)	0	$ 32,886
Balance (in Shares) at Apr. 30, 2023	9,373,776			741
Contribution of stock to 401(k) plan (in Shares)						35,262
Net income (loss)						$ 2,969
Balance at Jan. 31, 2024	$ 9,487	49,841	(22,652)	$ (3)	0	36,673
Balance (in Shares) at Jan. 31, 2024	9,487,060			741
Balance at Jul. 31, 2023	$ 9,391	49,360	(23,579)	$ (3)	0	35,169
Balance (in Shares) at Jul. 31, 2023	9,390,789			741
Contribution of stock to 401(k) plan	$ 13	75				88
Contribution of stock to 401(k) plan (in Shares)	12,885
Stock-based compensation expense	$ 1	201				202
Stock-based compensation expense (in Shares)	750
Net income (loss)			797			797
Balance at Oct. 31, 2023	$ 9,405	49,636	(22,782)	$ (3)		36,256
Balance (in Shares) at Oct. 31, 2023	9,404,424			741
Contribution of stock to 401(k) plan	$ 5	55				$ 60
Contribution of stock to 401(k) plan (in Shares)	5,364					5,364
Stock-based compensation expense	$ 77	150				$ 227
Stock-based compensation expense (in Shares)	77,272
Other comprehensive income (loss), net of tax						0
Dividends paid						0
Net income (loss)			130			130
Balance at Jan. 31, 2024	$ 9,487	$ 49,841	$ (22,652)	$ (3)	$ 0	$ 36,673
Balance (in Shares) at Jan. 31, 2024	9,487,060			741

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Jan. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Reconciliation of the weighted average shares outstanding for basic and diluted income (loss) per share (“EPS”) for the three and nine months ended January 31, 2024 and 2023, respectively, were as follows:

Periods ended January 31,

Three months

Nine months

2024

2023

2024

2023

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,439,939

9,349,198

9,407,789

9,327,828

Effect of Dilutive Securities

Diluted EPS Shares outstanding

9,439,939

9,349,198

9,407,789

9,327,828

** For the three and nine months ended January 31, 2024 and 2023, dilutive securities are excluded from the calculation of EPS since the inclusion of such shares would be antidilutive. The exercisable shares excluded for the three and nine months ended January 31, 2024 were 86,000 shares. The exercisable shares excluded for the three and nine months ended January 31, 2023 were 243,625 shares.

CONTRACT (LIABILITIES) ASSETS

9 Months Ended

Jan. 31, 2024

Contractors [Abstract]

Long-Term Contracts or Programs Disclosure [Text Block]

NOTE C – CONTRACT (LIABILITIES) ASSETS

At January 31, 2024 and April 30, 2023, contract assets and contract liabilities, consisted of the following (in thousands):

	January 31, 2024			April 30, 2023

Contract Assets	$	10,572		$	10,009
Contract Liabilities		(18,370	)		(18,586	)

Contract assets represent revenue recognized on long-term contracts that have not been billed at the balance sheet dates, and contract liabilities represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet dates. Revenue on these long-term contracts are accounted for over time using the percentage-of-completion (“POC”) method. Fluctuations of contract assets and contract liabilities are due to the timing of funding, amounts billed and revenue recorded. Contract assets increased $0.6 million during the nine months ended January 31, 2024, primarily due to revenue recognized during the nine months ended January 31, 2024 for which we have not yet billed our customers. Contract liabilities decreased $0.2 million during the nine months ended January 31, 2024, primarily due to revenue recognized on these performance obligations. During the three and nine months ended January 31, 2024, we recognized $8.6 million and $12.3 million, respectively, of our contract liabilities at April 30, 2023 as revenue. During the three and nine months ended January 31, 2023, we recognized $3.6 million and $6.1 million, respectively, of our contract liabilities at April 30, 2022 as revenue. During the three and nine months ended January 31, 2024, revenue recognized under POC contracts was approximately $12.9 million and $37.0 million, respectively. During the three and nine months ended January 31, 2023, revenue recognized under POC contracts was approximately $10.2 million and $26.8 million, respectively. If contract losses are anticipated, a loss provision is recorded for the full amount of such losses when they are determinable. Total contract losses, recorded in cost of revenues, for the three and nine months ended January 31, 2024 were approximately $0.6 million and $2.1 million, respectively. Contract losses of approximately $0.5 million, offset by a loss reduction of approximately $1.0 million, mostly related to additional funding, were recorded for the three months ended January 31, 2023. Contract losses of approximately $1.5 million were recorded for the nine months ended January 31, 2023.

- Definition

The entire disclosure for long-term contracts or programs.

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+ Details

SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	$ (473)	$ 325	$ 2,525	$ (5,065)
Frequency Electronics Inc New York [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	762	288	2,012	(3,690)
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	(1,170)	105	993	(1,125)
Inter Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	(23)	0	(164)	0
Corporate Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Consolidated operating income (loss)	$ (42)	$ (68)	$ (316)	$ (250)

CONTRACT (LIABILITIES) ASSETS (Details) - USD ($)	3 Months Ended		9 Months Ended
CONTRACT (LIABILITIES) ASSETS (Details) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
CONTRACT (LIABILITIES) ASSETS (Details) [Line Items]
Increase (Decrease) in Contract with Customer, Asset			$ 600,000
Increase (Decrease) in Contract with Customer, Liability			(200,000)
Revenues	$ 13,714,000	$ 10,620,000	39,698,000	$ 27,773,000
Loss on Contracts	600,000	0.5	2,100,000	1,500,000
Contract Loss Reduction		1,000,000
Contract Liabilities [Member]
CONTRACT (LIABILITIES) ASSETS (Details) [Line Items]
Revenues	8,600,000	3,600,000	12,300,000	6,100,000
Contracts Accounted for under Percentage of Completion [Member]
CONTRACT (LIABILITIES) ASSETS (Details) [Line Items]
Revenues	$ 12,900,000	$ 10,200,000	$ 37,000,000	$ 26,800,000

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

RESTRICTED CASH (Tables)

9 Months Ended

Jan. 31, 2024

Disclosure Text Block Supplement [Abstract]

Restrictions on Cash and Cash Equivalents [Table Text Block]

A reconciliation of cash and cash equivalents and restricted cash from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows is shown below (in thousands):

	January 31, 2024		April 30, 2023
Cash and cash equivalents	$	11,663	$	12,049
Restricted cash		941		-
Total cash and cash equivalents and restricted cash	$	12,604	$	12,049

EMPLOYEE BENEFIT PLANS

9 Months Ended

Jan. 31, 2024

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

NOTE D – EMPLOYEE BENEFIT PLANS

During the three and nine months ended January 31, 2024, the Company made contributions of 5,364 and 35,262 shares, respectively, of its common stock to the Company’s profit-sharing plan and trust under Section 401(k) of the Internal Revenue Code. During the three and nine months ended January 31, 2023, the Company made contributions of 7,597 and 42,937 shares, respectively, of its common stock to the Company’s profit-sharing plan and trust under Section 401(k) of the Internal Revenue Code. Such contributions are in accordance with the Company’s discretionary match of employee voluntary contributions to this plan.

Deferred compensation expense charged to selling and administrative expenses during the three and nine months ended January 31, 2024, was approximately $109,000 and $325,000, respectively. Payments made related to deferred compensation, inclusive of approximately $28,000 and $88,000, respectively, of interest expense, were approximately $175,000 and $536,000 for the same periods. Deferred compensation expense charged to selling and administrative expenses during the three and nine months ended January 31, 2023, was approximately $110,000 and $329,000, respectively. Payments made related to deferred compensation, inclusive of approximately $18,000 and $54,000, respectively, of interest expense were approximately $159,000 and $479,000 for the same periods.

INVESTMENT IN MORION, INC. (Details) - USD ($)	3 Months Ended		9 Months Ended
INVESTMENT IN MORION, INC. (Details) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
INVESTMENT IN MORION, INC. (Details) [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 89,000	$ 55,000	$ 89,000	$ 86,000
Morion Inc [Member]
INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage	4.60%	4.60%	4.60%	4.60%

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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-Section S99
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+ Details

SEGMENT INFORMATION (Tables)

9 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

The tables below present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the condensed consolidated statements of operations or the consolidated balance sheets for each of the periods (in thousands):

	Periods ended January 31,
	Three months						Nine months
	2024			2023			2024			2023
Revenues:
FEI-NY	$	11,610		$	8,420		$	30,372		$	22,954
FEI-Zyfer		3,403			2,480			11,426			5,772
less intersegment revenues		(1,299	)		(280	)		(2,100	)		(953	)
Consolidated revenues	$	13,714		$	10,620		$	39,698		$	27,773

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Operating income (loss):
FEI-NY	$	762		$	288		$	2,012		$	(3,690	)
FEI-Zyfer		(1,170	)		105			993			(1,125	)
less intersegment revenues		(23	)		-			(164	)		-
Corporate		(42	)		(68	)		(316	)		(250	)
Consolidated operating (loss) income	$	(473	)	$	325		$	2,525		$	(5,065	)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	January 31, 2024			April 30, 2023
Identifiable assets:
FEI-NY	$	36,895		$	39,005
FEI-Zyfer		11,143			10,699
less intersegment balances		(222	)		(58	)
Corporate		29,928			24,850
Consolidated identifiable assets	$	77,744		$	74,496

Disaggregation of Revenue [Table Text Block]

The amounts by segment and product line were as follows (in thousands):

	Three Months Ended January 31,
	2024								2023
	POC		POT			Total			POC		POT			Total
	Revenue		Revenue			Revenue			Revenue		Revenue			Revenue
FEI-NY	$	9,687	$	1,923		$	11,610		$	7,830	$	590		$	8,420
FEI-Zyfer		3,260		143			3,403			2,387		93			2,480
Intersegment		-		(1,299	)		(1,299	)		-		(280	)		(280	)
Revenue	$	12,947	$	767		$	13,714		$	10,217	$	403		$	10,620

	Nine Months Ended January 31,
	2024								2023
	POC		POT			Total			POC		POT			Total
	Revenue		Revenue			Revenue			Revenue		Revenue			Revenue
FEI-NY	$	26,256	$	4,116		$	30,372		$	21,281	$	1,673		$	22,954
FEI-Zyfer		10,709		717			11,426			5,542		230			5,772
Intersegment		-		(2,100	)		(2,100	)		-		(953	)		(953	)
Revenue	$	36,965	$	2,733		$	39,698		$	26,823	$	950		$	27,773

Revenue from External Customers by Products and Services [Table Text Block]

	Periods ended January 31,
	Three months				Nine months
	2024		2023		2024		2023
Revenues by Product Line:
Satellite Revenue	$	6,805	$	4,990	$	16,328	$	12,799
Government Non-Space Revenue		5,988		4,978		21,068		12,961
Other Commercial & Industrial Revenue		921		652		2,302		2,013
Consolidated revenues	$	13,714	$	10,620	$	39,698	$	27,773

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

9 Months Ended

Jan. 31, 2024

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

NOTE A – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In the opinion of management of Frequency Electronics, Inc. (the “Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the condensed consolidated financial position of the Company as of January 31, 2024 and the results of its operations, changes in stockholders’ equity for the three and nine months ended January 31, 2024 and 2023, and cash flows for the nine months ended January 31, 2024 and 2023. The April 30, 2023 condensed consolidated balance sheet was derived from audited financial statements. These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP’). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (the “Form 10-K”). The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

INVENTORIES

9 Months Ended

Jan. 31, 2024

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE E – INVENTORIES

Inventories, which are reported at the lower of cost and net realizable value, consisted of the following (in thousands):

	January 31, 2024		April 30, 2023
Raw materials and component parts	$	14,514	$	12,460
Work in progress		8,061		7,547
Finished goods		584		519
	$	23,159	$	20,526

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
Number Of Principal Markets	3		3
Revenues	$ 13,714	$ 10,620	$ 39,698	$ 27,773
Unbilled Contracts Receivable	$ 67,000		$ 67,000		$ 57,000
Unbilled Receivables, Expected to be Collected in Next 12 Months, Percent	74.00%		74.00%
POC Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	$ 12,947	10,217	$ 36,965	26,823
POT Revenue [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenues	$ 767	$ 403	$ 2,733	$ 950

- Definition

+ References

+ Details

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Disclosure Text Block [Abstract]
Operating Lease, Expense	$ 0.5	$ 0.5	$ 1,400,000	$ 1,400,000
Operating Lease, Weighted Average Remaining Lease Term	5 years 1 month 13 days	5 years 9 months 14 days	5 years 1 month 13 days	5 years 9 months 14 days
Operating Lease, Weighted Average Discount Rate, Percent	6.31%	6.21%	6.31%	6.21%

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Lessee, Operating Lease, Liability, Maturity - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Lessee Operating Lease Liability Maturity Abstract
Remainder of 2024	$ 312
2025	1,844
2026	1,328
2027	937
2028	1,262
Thereafter	1,976
Total lease payments	7,659
Less imputed interest	(1,160)
Present value of future lease payments	6,499	$ 7,636
Less current obligations under leases	(1,783)	(1,753)
Long-term lease obligations	$ 4,716	$ 5,883

CREDIT FACILITY

9 Months Ended

Jan. 31, 2024

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE K – CREDIT FACILITY

As of January 31, 2024, the Company neither had any borrowings nor any borrowing capacity pursuant to a credit facility. As of April 30, 2023, the Company retired its advisory credit arrangement with UBS Bank USA. Prior to retiring the advisory credit arrangement, no borrowings were made during fiscal 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 2,969	$ (5,747)
Non-cash charges to earnings	3,081	2,667
Net changes in operating assets and liabilities	(4,824)	5,028
Net cash provided by operating activities	1,226	1,948
Cash flows from investing activities:
Proceeds on redemption of marketable securities	0	10,967
Purchase of marketable securities	0	(1,382)
Purchase of property, plant, and equipment, and other assets	(671)	(886)
Net cash (used in) provided by investing activities	(671)	8,699
Cash flows from financing activities:
Payment of dividend	0	(9,354)
Net cash used in financing activities	0	(9,354)
Net increase in cash and cash equivalents and restricted cash	555	1,293
Cash and cash equivalents and restricted cash at beginning of period	12,049	11,561
Cash and cash equivalents and restricted cash at end of period	12,604	12,854
Cash paid during the period for:
Interest	88	54
Income taxes	13	0
Cash refunded during the period for:
Income taxes	$ 0	$ 176

RESTRICTED CASH (Details) - Reconciliation of Cash and Cash Equivalents And Restricted Cash - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023	Jan. 31, 2023	Apr. 30, 2022
Reconciliation Of Cash And Cash Equivalents And Restricted Cash Abstract
Cash and cash equivalents	$ 11,663	$ 12,049
Restricted cash	941	0
Total cash and cash equivalents and restricted cash	$ 12,604	$ 12,049	$ 12,854	$ 11,561

INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Schedule Of Inventory Current Abstract
Raw materials and component parts	$ 14,514	$ 12,460
Work in progress	8,061	7,547
Finished goods	584	519
Inventories	$ 23,159	$ 20,526

CONTRACT (LIABILITIES) ASSETS (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Costs And Estimated Earnings In Excess Of Billings Net Abstract
Contract Assets	$ 10,572	$ 10,009
Contract Liabilities	$ (18,370)	$ (18,586)

EARNINGS (LOSS) PER SHARE

9 Months Ended

Jan. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE B – EARNINGS (LOSS) PER SHARE

Periods ended January 31,

Three months

Nine months

2024

2023

2024

2023

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,439,939

9,349,198

9,407,789

9,327,828

Effect of Dilutive Securities

Diluted EPS Shares outstanding

9,439,939

9,349,198

9,407,789

9,327,828

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	3 Months Ended		9 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($)	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
EMPLOYEE BENEFIT PLANS (Details) [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan (in Shares)	5,364	7,597	35,262	42,937
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 109,000	$ 110,000	$ 325,000	$ 329,000
Deferred Compensation Arrangement with Individual, Distribution Paid	175,000	159,000	536,000	479,000
Interest Expense [Member]
EMPLOYEE BENEFIT PLANS (Details) [Line Items]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 28,000	$ 18,000	$ 88,000	$ 54,000

INVENTORIES (Tables)

9 Months Ended

Jan. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories, which are reported at the lower of cost and net realizable value, consisted of the following (in thousands):

	January 31, 2024		April 30, 2023
Raw materials and component parts	$	14,514	$	12,460
Work in progress		8,061		7,547
Finished goods		584		519
	$	23,159	$	20,526

CONTRACT (LIABILITIES) ASSETS (Tables)

9 Months Ended

Jan. 31, 2024

Contractors [Abstract]

Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]

At January 31, 2024 and April 30, 2023, contract assets and contract liabilities, consisted of the following (in thousands):

	January 31, 2024			April 30, 2023

Contract Assets	$	10,572		$	10,009
Contract Liabilities		(18,370	)		(18,586	)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jan. 31, 2024	Mar. 18, 2024
Document Information Line Items
Entity Registrant Name	FREQUENCY ELECTRONICS, INC.
Trading Symbol	FEIM
Document Type	10-Q
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		9,487,342
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jan. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-8061
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-1986657
Entity Address, Address Line One	55 CHARLES LINDBERGH BLVD.
Entity Address, City or Town	MITCHEL FIELD
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	794-4500
Title of 12(b) Security	Common Stock (par value $1.00 per share)
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

SEGMENT INFORMATION (Details) - Revenue from External Customers by Products and Services - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenue from External Customer [Line Items]
Revenue	$ 13,714	$ 10,620	$ 39,698	$ 27,773
Satellite Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	6,805	4,990	16,328	12,799
Government Non-Space Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	5,988	4,978	21,068	12,961
Other Commercial & Industrial Revenue [Member]
Revenue from External Customer [Line Items]
Revenue	$ 921	$ 652	$ 2,302	$ 2,013

- Definition

+ References

+ Details

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts (in Dollars)	$ 111	$ 111
Preferred stock, par value (in Dollars per share)	$ 1	$ 1
Preferred stock - shares authorized	600	600
Preferred stock - shares issued	0	0
Common stock, par value (in Dollars per share)	$ 1	$ 1
Common stock shares issued	9,486	9,374
Common stock - authorized shares	20,000	20,000
Common stock - shares outstanding	9,485	9,373
Common stock reacquired and held in treasury - share	1	1

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Revenues	$ 13,714	$ 10,620	$ 39,698	$ 27,773
Cost of revenues	10,610	7,155	27,396	23,963
Gross margin	3,104	3,465	12,302	3,810
Selling and administrative expenses	2,619	2,357	7,473	6,383
Research and development expenses	958	783	2,304	2,492
Operating (loss) income	(473)	325	2,525	(5,065)
Other income (expense):
Investment income (expense), net	636	(625)	549	(600)
Interest expense	(27)	(18)	(86)	(81)
Other income, net	0	5	0	5
Income (loss) before provision for income taxes	136	(313)	2,988	(5,741)
Provision for income taxes	6	3	19	6
Net income (loss)	$ 130	$ (316)	$ 2,969	$ (5,747)
Net income (loss) per common share:
Basic and diluted income (loss) per share (in Dollars per share)	$ 0.01	$ (0.03)	$ 0.32	$ (0.62)
Weighted average shares outstanding:
Basic and diluted (in Shares)	9,440,000	9,349,000	9,408,000	9,328,000
Net income (loss)	$ 130	$ (316)	$ 2,969	$ (5,747)
Unrealized gain (loss) on marketable securities:
Change in market value of marketable securities before reclassification, net of tax	0	388	0	(179)
Reclassification adjustment for realized gains included in net income (loss), net of tax	0	603	0	619
Total unrealized gain on marketable securities, net of tax	0	991	0	440
Comprehensive income (loss)	$ 130	$ 675	$ 2,969	$ (5,307)

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

9 Months Ended

Jan. 31, 2024

Disclosure Text Block [Abstract]

Lessee, Operating Leases [Text Block]

NOTE F – RIGHT-OF-USE ASSETS AND LEASE LIABILITIES

The Company’s leases primarily represent offices, warehouses, vehicles, manufacturing facilities and Research and Development (“R&D”) facilities which expire at various times through 2029 and are operating leases. Contractual arrangements are evaluated at inception to determine if the agreement contains a lease.

New York lease. In February 2019, the Company entered into an agreement to lease a building to be used as a corporate headquarters office and manufacturing facility in Mitchell Field, NY (“New York lease”). The New York lease expires September 30, 2029 and contains renewal options, early termination, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. We include options to extend or terminate leases in the Right-of-Use (“ROU”) operating lease asset and liability when it is reasonably certain we will exercise these options. As of January 31, 2024, lease options were not included in the calculation of the ROU operating lease asset and liability. ROU assets and lease liabilities are recorded based on the present value of future lease payments which will factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term.

California lease. In October 2017, the Company entered into an agreement to lease a building to be used as an office and manufacturing facility in Garden Grove, CA (“California lease”). The California lease expires January 31, 2025 and contains renewal options, early termination, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. As of January 31, 2024, lease options were not included in the calculation of the ROU operating lease asset and liability. ROU assets and lease liabilities are recorded based on the present value of future lease payments which will factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term.

New Jersey lease. In February 2022, the Company entered into an agreement to lease a building to be used as an office and manufacturing facility in Northvale, NJ (“New Jersey lease”). The New Jersey lease expires January 31, 2025 and contains renewal options, early termination, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. We include options to extend or terminate leases in the ROU operating lease asset and liability when it is reasonably certain we will exercise these options. As of January 31, 2024, lease options were not included in the calculation of the ROU operating lease asset and liability. ROU assets and lease liabilities are recorded based on the present value of future lease payments which will factor in certain qualifying initial direct costs incurred as well as any lease incentives that may have been received. Lease expenses for operating lease payments are recognized on a straight-line basis over the lease term.

The Company elected the practical expedient for short-term leases which allows leases with terms of 12 months or less to be recorded on a straight-line basis over the lease term without being recognized on the consolidated balance sheets.

The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows (in thousands):

	Classification	January 31, 2024		April 30, 2023
Assets
Operating lease ROU assets	ROU assets - operating leases	$	6,323	$	7,382

Liabilities
Operating lease liabilities (short-term)	Operating lease liability - current portion		1,783		1,753
Operating lease liabilities (long-term)	Operating lease liability - non-current portion		4,716		5,883
Total lease liabilities		$	6,499	$	7,636

Total operating lease expense was $0.5 million and $1.4 million for the three and nine months ended January 31, 2024, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statements of operations. Total operating lease expense was $0.5 million and $1.4 million for the three and nine months ended January 31, 2023, respectively, the majority of which is included in cost of revenues and the remaining amount in selling and administrative expenses on the unaudited condensed consolidated statements of operations.

The table below reconciles the undiscounted cash flows for each of the first four fiscal years and total of the remaining fiscal years to the operating lease liabilities recorded on the unaudited condensed consolidated balance sheet as of January 31, 2024:

Fiscal Year Ending April 30,
(in thousands)

Remainder of 2024	$	312
2025		1,844
2026		1,328
2027		937
2028		1,262
Thereafter		1,976
Total lease payments		7,659
Less imputed interest		(1,160	)
Present value of future lease payments		6,499
Less current obligations under leases		(1,783	)
Long-term lease obligations	$	4,716

As of January 31, 2024 and 2023, the weighted-average remaining lease term for all operating leases was 5.12 years and 5.79 years, respectively. The Company does not generally have access to the rate implicit in the leases and therefore selected a rate that is reflective of companies with similar credit ratings for secured debt as the discount rate. The weighted average discount rate for operating leases as of January 31, 2024 and 2023, was 6.31% and 6.21%, respectively.

RECENT ACCOUNTING PRONOUNCEMENTS

9 Months Ended

Jan. 31, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE J – RECENT ACCOUNTING PRONOUNCEMENTS

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expands on the required disclosure of incremental segment information. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects the new standard to have an immaterial effect on its consolidated financial statements when adopted in fiscal year 2025.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires companies to annually disclose categories in the effective tax rate reconciliation and additional information about income taxes paid. The new guidance is effective for annual periods beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects the new standard to have an immaterial effect on its consolidated financial statements when adopted in fiscal year 2025.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares

3 Months Ended

9 Months Ended

Jan. 31, 2024

Jan. 31, 2023

Jan. 31, 2024

Jan. 31, 2023

Weighted average shares outstanding:

Basic EPS Shares outstanding (weighted average)

9,439,939

9,349,198

9,407,789

9,327,828

Effect of Dilutive Securities

^[1]

Diluted EPS Shares outstanding

9,439,939

9,349,198

9,407,789

9,327,828

[1]

For the three and nine months ended January 31, 2024 and 2023, dilutive securities are excluded from the calculation of EPS since the inclusion of such shares would be antidilutive. The exercisable shares excluded for the three and nine months ended January 31, 2024 were 86,000 shares. The exercisable shares excluded for the three and nine months ended January 31, 2023 were 243,625 shares.

SEGMENT INFORMATION (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	$ 77,744	$ 74,496
Frequency Electronics Inc New York [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	36,895	39,005
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	11,143	10,699
Inter Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	(222)	(58)
Corporate Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable Assets	$ 29,928	$ 24,850

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

SEGMENT INFORMATION

9 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE G – SEGMENT INFORMATION

The Company operates under two reportable segments based on the geographic locations of its subsidiaries:

(1)

FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets: communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military.

The FEI-NY segment also includes the operations of the Company’s wholly owned subsidiary, FEI-Elcom. FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s communication satellite business.

(2)

FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the U.S. market.

The Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business.

The accounting policies of the two segments are the same as those described in “Note 1. Summary of Accounting Policies” to the consolidated financial statements included in the Form 10-K. The Company evaluates the performance of its segments and allocates resources to them based on operating profit (loss), which is defined as income before investment (expense) income, interest expense, other income (expense), and taxes. All acquired assets, including intangible assets, are included in the assets of the applicable reporting segment.

	Periods ended January 31,
	Three months						Nine months
	2024			2023			2024			2023
Revenues:
FEI-NY	$	11,610		$	8,420		$	30,372		$	22,954
FEI-Zyfer		3,403			2,480			11,426			5,772
less intersegment revenues		(1,299	)		(280	)		(2,100	)		(953	)
Consolidated revenues	$	13,714		$	10,620		$	39,698		$	27,773

Operating income (loss):
FEI-NY	$	762		$	288		$	2,012		$	(3,690	)
FEI-Zyfer		(1,170	)		105			993			(1,125	)
less intersegment revenues		(23	)		-			(164	)		-
Corporate		(42	)		(68	)		(316	)		(250	)
Consolidated operating (loss) income	$	(473	)	$	325		$	2,525		$	(5,065	)

	January 31, 2024			April 30, 2023
Identifiable assets:
FEI-NY	$	36,895		$	39,005
FEI-Zyfer		11,143			10,699
less intersegment balances		(222	)		(58	)
Corporate		29,928			24,850
Consolidated identifiable assets	$	77,744		$	74,496

Total revenue recognized over time as POC and Passage of Title (“POT”) was approximately $12.9 million and $0.8 million, respectively, of the $13.7 million reported for the three months ended January 31, 2024. Total revenue recognized over time as POC and POT was approximately $37.0 million and $2.7 million, respectively, of the $39.7 million reported for the nine months ended January 31, 2024. Total revenue recognized over time as POC and POT was approximately $10.2 million and $0.4 million, respectively, of the $10.6 million reported for the three months ended January 31, 2023. Total revenue recognized over time as POC and POT was approximately $26.8 million and $1.0 million, respectively, of the $27.8 million reported for the nine months ended January 31, 2023. The amounts by segment and product line were as follows (in thousands):

	Three Months Ended January 31,
	2024								2023
	POC		POT			Total			POC		POT			Total
	Revenue		Revenue			Revenue			Revenue		Revenue			Revenue
FEI-NY	$	9,687	$	1,923		$	11,610		$	7,830	$	590		$	8,420
FEI-Zyfer		3,260		143			3,403			2,387		93			2,480
Intersegment		-		(1,299	)		(1,299	)		-		(280	)		(280	)
Revenue	$	12,947	$	767		$	13,714		$	10,217	$	403		$	10,620

	Nine Months Ended January 31,
	2024								2023
	POC		POT			Total			POC		POT			Total
	Revenue		Revenue			Revenue			Revenue		Revenue			Revenue
FEI-NY	$	26,256	$	4,116		$	30,372		$	21,281	$	1,673		$	22,954
FEI-Zyfer		10,709		717			11,426			5,542		230			5,772
Intersegment		-		(2,100	)		(2,100	)		-		(953	)		(953	)
Revenue	$	36,965	$	2,733		$	39,698		$	26,823	$	950		$	27,773

	Periods ended January 31,
	Three months				Nine months
	2024		2023		2024		2023
Revenues by Product Line:
Satellite Revenue	$	6,805	$	4,990	$	16,328	$	12,799
Government Non-Space Revenue		5,988		4,978		21,068		12,961
Other Commercial & Industrial Revenue		921		652		2,302		2,013
Consolidated revenues	$	13,714	$	10,620	$	39,698	$	27,773

As of January 31, 2024, the Company’s consolidated unsatisfied performance obligations were approximately $67 million compared to $57 million at April 30, 2023, the end of fiscal year 2023. Approximately 74% of these unsatisfied performance obligations are expected to be realized in the next twelve months. The Company excludes from the unsatisfied performance obligations any contracts or awards for which it has not received authorization to proceed.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

INVESTMENT IN MORION, INC.

9 Months Ended

Jan. 31, 2024

Schedule of Investments [Abstract]

Investment Holdings [Text Block]

NOTE H – INVESTMENT IN MORION, INC.

The Company has an investment in Morion, Inc. (“Morion”), a privately held Russian company, which manufactures high precision quartz resonators and crystal oscillators. The Company has also licensed certain technology to Morion. During the three and nine months ended January 31, 2024, the Company acquired product from Morion in the aggregate amount of approximately $89,000 for both periods. During the three and nine months ended January 31, 2023, the Company acquired product from Morion in the aggregate amount of approximately $55,000 and $86,000, respectively.

The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis. Morion is a less than wholly owned subsidiary of Gazprombank, a state-owned Russian bank. The U.S. Ukraine-related sanctions regime has since 2014 included a list of sectoral sanctions identifications (“SSI”) pursuant to Executive Order 13662, which prohibits certain transactions, including certain extensions of credit, with an entity designated as an SSI or certain affiliates of an entity designated as an SSI. On July 16, 2014, after the Company’s investment in Morion, Gazprombank was designated on the SSI list, per Directive 1 under Executive Order 13662. The U.S. Russian Harmful Foreign Activities sanctions regime has since 2021 included a variety of blocking and other sanctions pursuant to Executive Order 14024. On February 24, 2022, Gazprombank was designated per Directive 3 under Executive Order 14024, which imposes restrictions on dealing in new debt or equity of designated entities and their property interests.

Due to the current Russia-Ukraine conflict and resulting sanctions, the future status of the Company’s equity investment in Morion is uncertain. In response to these conditions, in connection with the preparation of the audited financial statements included in the Form 10-K for the fiscal year ended April 30, 2022, as amended, the Company impaired its investment in Morion in full. Future sales to, purchases from, and dividend payments from Morion are expected to be limited or non-existent going forward.

RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables)

9 Months Ended

Jan. 31, 2024

Disclosure Text Block [Abstract]

Lease, Cost [Table Text Block]

The table below presents ROU assets and liabilities recorded on the respective consolidated balance sheets as follows (in thousands):

	Classification	January 31, 2024		April 30, 2023
Assets
Operating lease ROU assets	ROU assets - operating leases	$	6,323	$	7,382

Liabilities
Operating lease liabilities (short-term)	Operating lease liability - current portion		1,783		1,753
Operating lease liabilities (long-term)	Operating lease liability - non-current portion		4,716		5,883
Total lease liabilities		$	6,499	$	7,636

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Fiscal Year Ending April 30,
(in thousands)

Remainder of 2024	$	312
2025		1,844
2026		1,328
2027		937
2028		1,262
Thereafter		1,976
Total lease payments		7,659
Less imputed interest		(1,160	)
Present value of future lease payments		6,499
Less current obligations under leases		(1,783	)
Long-term lease obligations	$	4,716

EARNINGS (LOSS) PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS (LOSS) PER SHARE (Details) - shares	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	86,000	243,625	86,000	243,625

RESTRICTED CASH (Details)	Jan. 31, 2024 USD ($)
Disclosure Text Block Supplement [Abstract]
Restricted Cash	$ 941,000

SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 13,714	$ 10,620	$ 39,698	$ 27,773
Frequency Electronics Inc New York [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,610	8,420	30,372	22,954
Frequency Electronics Inc Zyfer [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,403	2,480	11,426	5,772
Inter Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ (1,299)	$ (280)	$ (2,100)	$ (953)

- Definition

+ References

+ Details

SEGMENT INFORMATION (Details) - Disaggregation of Revenue - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 13,714	$ 10,620	$ 39,698	$ 27,773
Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	11,610	8,420	30,372	22,954
Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,403	2,480	11,426	5,772
Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	(1,299)	(280)	(2,100)	(953)
POC Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,947	10,217	36,965	26,823
POC Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	9,687	7,830	26,256	21,281
POC Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	3,260	2,387	10,709	5,542
POC Revenue [Member] \| Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
POT Revenue [Member]
Disaggregation of Revenue [Line Items]
Revenue	767	403	2,733	950
POT Revenue [Member] \| Frequency Electronics Inc New York [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,923	590	4,116	1,673
POT Revenue [Member] \| Frequency Electronics Inc Zyfer [Member]
Disaggregation of Revenue [Line Items]
Revenue	143	93	717	230
POT Revenue [Member] \| Inter Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (1,299)	$ (280)	$ (2,100)	$ (953)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

RESTRICTED CASH

9 Months Ended

Jan. 31, 2024

Disclosure Text Block Supplement [Abstract]

Restricted Assets Disclosure [Text Block]

NOTE I – RESTRICTED CASH

As of January 31, 2024 restricted cash consisted of approximately $941,000 related to a letter of credit required for contractual restrictions during the period of performance for one of the Company’s contracts. There was no restricted cash in the prior fiscal year. Restricted cash is classified as current or non-current based on the remaining performance period of the contract.

A reconciliation of cash and cash equivalents and restricted cash from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows is shown below (in thousands):

	January 31, 2024		April 30, 2023
Cash and cash equivalents	$	11,663	$	12,049
Restricted cash		941		-
Total cash and cash equivalents and restricted cash	$	12,604	$	12,049