---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-22-001426"
form_type: "8-K"
ticker: "FEIM"
cik: "0000039020"
company_name: "FREQUENCY ELECTRONICS INC"
filed_at: "2022-12-16T23:59:59+00:00"
generated_at: "2026-06-21T03:43:55.423212+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Frequency Electronics restates FY2022/2021 financials; reports preliminary Q2 loss of $2.3M

## Summary
- Non-reliance on FY2022 and FY2021 audited financials due to missing note and calculation errors in contract assets/liabilities; adjustments up to $2.9M.
- Material weaknesses in internal control over financial reporting as of April 30, 2022 and July 31, 2022; disclosure controls ineffective.
- Preliminary Q2 FY2023 revenue ~$9.0M (down 30% YoY), net loss ~$2.3M vs net income $0.5M YoY.
- Funded backlog increased to ~$56M as of Oct 31, 2022 vs ~$40M as of April 30, 2022.
- Filing of Q2 10-Q delayed; conference call scheduled for December 20, 2022.

## SEC filing metadata
- accession: 0001185185-22-001426
- form_type: 8-K
- ticker: FEIM
- cik: 0000039020
- company_name: FREQUENCY ELECTRONICS INC
- filed_at: 2022-12-16T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/39020/000118518522001426/0001185185-22-001426-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/39020/000118518522001426/freqelec20221216_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-22-001426
- JSON: https://secwatch.observer/filing/0001185185-22-001426.json
- Plain text: https://secwatch.observer/filing/0001185185-22-001426.txt

## Key facts
- Auditor Changes
  FREQUENCY ELECTRONICS INC reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: On December 14, 2022, management of Frequency Electronics, Inc. (the “Company”) concluded, and the Audit Committee (the “Audit Committee”) of the Company’s Board of Directors (the “Board”) concurred, that the Company’s previously issued audited consolidated financial statements for the years ended April 30, 2022 and April 30, 2021, which were included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2022, which was originally filed with the Securities and Exchange Commission (the “SEC”) on July 14, 2022 (the “Prior Filing”), should no longer be relied upon due to a material misstatement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/39020/000118518522001426/0001185185-22-001426-index.htm
- Earnings Releases
  FREQUENCY ELECTRONICS INC reported the second quarter of fiscal 2023, ended October 31, 2022 results: revenue approximately $9.0 million, net income a net loss of approximately $2.3 million.
  - Period: the second quarter of fiscal 2023, ended October 31, 2022
  - Revenue: approximately $9.0 million
  - Net income: a net loss of approximately $2.3 million
  - Result: preliminary results
  source text: The Company expects to report the following for the three months ended October 31, 2022: ● revenues of approximately $9.0 million, as compared to revenues of approximately $12.9 million for the three months ended October 31, 2021, and revenues of approximately $8.2 million for the three months ended July 31, 2022; ● operating loss of approximately $2.3 million, as compared to operating income of approximately $303,000 for the three months ended October 31, 2021, and operating loss of approximately $3.1 million for the three months ended July 31, 2022; and ● a net loss of approximately $2.3 million, as compared to net income of approximately $497,000 for the three months ended October 31, 2021, and a net loss of approximately $3.1 million for the three months ended July 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/39020/000118518522001426/0001185185-22-001426-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.