Frequency Electronics (FEIM) delivered a robust QQ3 2025 quarter with revenue of $18.9 million, marking the highest quarterly revenue for FEI in a decade, supported by an historically high backlog of approximately $73 million. Gross margin remained strong at 43.8%, and operating income stood at $3.47 million, contributing to a nine‑month revenue run rate of $49.8 million and an improving profitability trajectory, aided by a significant space program milestone and mix shifts toward higher‑margin, government and space related work. Notably, net income for the quarter was $15.4 million, aided by a discrete tax benefit related to the utilization of net operating losses; the nine‑month period ended January 31, 2025 shows a consolidated net income of $20.5 million. FEIM is also advancing its strategic agenda in quantum sensing and proliferated satellite initiatives, including magnetometer and Rydberg sensor developments, though no standalone product has yet been commercialized and revenue in calendar 2025 from these programs is not yet assured. The company remains debt‑free with a healthy current ratio (~2.2x) and a cautious stance on Washington policy timing, expecting some programs to be pushed or reprioritized, but maintaining conviction in a longer‑term growth runway tied to larger addressable markets. Management emphasized a disciplined investment approach, ongoing R&D, and a workforce that is highly engaged in meeting ambitious milestones.