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Frequency Electronics, Inc., a leading provider of precision timing and frequency control products for space and terrestrial applications, is pleased to announce the award of a follow-on production contract for approximately $8 million, for compact, highly precise atomic clocks to support position, navigation, and timing (PNT) for lunar space missions.
FEI President and CEO, Tom McClelland, commented, “Once again FEI is proud to support its valued repeat customers, underscoring our commitment to delivering technically robust, mission-ready products for space applications. These repeat awards reflect our proven ability to develop high-reliability solutions that not only meet demanding performance requirements but are also designed for efficient, repeatable serial production. This kind of repeat production is also a key part of our planned gross margin expansion, as we detailed in our July 15 earnings release.
“It is also noteworthy that this follow-on order came just four months after we received our initial lunar PNT contract from this customer. We believe this is a good indicator of our ability to rapidly grow our space exploration business, including with future deep space missions, as well as with additional lunar business to follow. Space exploration is one of several much larger addressable end-markets that we are selling into, with the others being proliferated satellites, quantum sensing, space defense and alternative-PNT, all while continuing to grow our traditional space and defense businesses. Critically, our participation in these new markets is based on technology that leverages our long-standing market leadership in space and defense applications, giving us a significant competitive advantage in pursuing these high growth opportunities. We expect more exciting wins to follow.”
