Frequency Electronics Q1 revenue $8.2M (down 37% YoY); net loss per share $0.33

FREQUENCY ELECTRONICS INC

2023-Q1 EPS reported -$0.33 revenue$8,204,000

Revenue of $8.2M, down from $13.0M in Q1 FY2022; satellite payload revenue fell to $3.5M (42% of total) from $6.7M (52%).
Operating loss widened to $3.1M vs $1.7M loss in prior-year quarter; net loss was $3.1M ($0.33 per diluted share) vs $1.6M ($0.17).
Net cash used in operations $3.6M, compared to cash provided of $828K in Q1 FY2022.
Interim CEO announced 17% labor cost reduction at FEI-NY; backlog flat at ~$40M.
Major atomic clock program now generating revenue after 8 months of government delays; management optimistic for improvement.

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