Frequency Electronics reported a robust Q4 2024, marked by meaningful topline growth, improved profitability, and a historic backlog of $78 million. Revenue for the quarter was $15.576 million, delivering a gross margin of 40.3% and operating income of $2.494 million (16.0% of revenue), culminating in net income of $2.625 million ($0.28 per share). Full-year results for the year ended April 30, 2024 show consolidated revenue of $55.3 million with a net income of $5.6 million and a fully funded backlog of approximately $78 million, up from $56 million in the prior fiscal year. The company ended the year in a strong liquidity position, generating $7.48 million of operating cash flow and $6.66 million of free cash flow, with cash of $18.32 million and net cash of approximately $12.1 million (net debt negative). Management framed the outlook around continued growth in core end markets—space, navigation, secure communication and timing—while acknowledging the evolving, higher-risk, lower-margin opportunities in next-generation, lower-cost satellites. The Board also authorized a $1 per share special dividend, underscoring a capital-allocation stance supported by sustained cash generation and a debt-free/low-leverage balance sheet. The near-term trajectory remains positive, but execution discipline and margin management will be critical as FEIM balances traditional high-margin programs with the competitive pressures of new, lower-cost satellite architectures.