# FEIM earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/FEIM) · [Earnings tab](https://www.lopjlb.com/stock/FEIM?tab=earnings)

Updated: 2026-09-10T08:16:08

Quarters analyzed: 8

## Cross-quarter narrative

Across the nine quarterly call summaries, FEI’s story shifts from a high‑growth, record‑margin phase in early 2025 to a period of revenue volatility and margin pressure driven by government‑timed contracts and a product‑mix shift toward lower‑margin engineering work. Backlog steadily expanded from $70 M to a record $83 M, while demand visibility remained constrained by contract timing, staffing limits and, later, export‑license hurdles. Quantum‑sensing initiatives moved from announcement of new research (magnetometers, Rydberg sensors) to tangible prototype progress and recurring summits, underscoring a longer‑term growth narrative. Capital deployment stayed disciplined, adding a Boulder engineering hub and expanding a Colorado R&D facility, even as share repurchases continued. Program‑delay and geopolitical risks persisted, but new political and export‑control concerns emerged in 2026. Overall, the company balances short‑term revenue swings with expanding backlog, ongoing R&D milestones, and a cautious outlook on margin recovery as lower‑margin projects scale.

## Latest CallCard · Q4

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q4:** —
- **2026 Q3:** Frequency Electronics reports flat Q3 revenue, new $45M contracts in traditional and proliferated satellite markets, and a record $83M backlog, while noting margin pressure from mix shift and ongoing investment in Colorado.
- **2026 Q2:** Q2 2026 revenue jumped 24% to $17.1M, backlog hit $82M, but margin fell on mix shift and overseas sales face export‑license hurdles.
- **2026 Q1:** Revenue fell as customer‑driven program delays pushed earnings down, but a high backlog, new Boulder R&D site and advancing quantum‑sensing prototypes signal longer‑term growth.
- **2025 Q4:** —
- **2025 Q3:** —
- **2025 Q2:** —
- **2025 Q1:** FEI Q1 FY2025 saw 22% revenue growth, record gross margins and a $70M backlog, while highlighting new quantum sensor work and noting government contract timing and staffing as key uncertainties.

## Theme arcs

- **Revenue trajectory** (deteriorating): Strong 22% growth in 2025 Q1 gave way to a revenue decline in 2026 Q1 before a 24% rebound in 2026 Q2
- **Backlog growth** (improving): Backlog rose from $70M in 2025 Q1 to $83M in 2026 Q3, setting a record
- **Margin dynamics** (deteriorating): Record gross margins in 2025 Q1 eroded by mix shift to lower‑margin engineering work through 2026 Q3
- **Demand visibility** (stable): Consistently limited by government contract timing, staffing constraints, and later export‑license hurdles
- **Quantum sensor program** (improving): From new research announcements in 2025 Q1 to on‑track prototypes and annual summits by 2026 Q3
- **Capital investment** (new): Opening of Boulder engineering facility and expansion of Colorado R&D site while maintaining disciplined capital use
- **Export and political risk** (new): Export‑license delays and potential political shifts introduced in 2026 Q2

## Guidance path

2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague → 2026 Q2:vague → 2026 Q3:maintained → 2026 Q4:vague

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/FEIM`