As a reminder, this conference is being recorded. Any statements made by the companies during this conference call regarding the future constitute forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements inherently involve uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences are included in the company's press releases and are further detailed in the company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the company undertakes no obligation to update these statements for revisions or changes after the date of this conference call. It is now my pleasure to introduce your host, Thomas McClelland, President and Chief Executive Officer. Good afternoon, everybody, and thanks for joining Frequency Electronics' Fourth Quarter fiscal year 2026 Earnings C all. With me today is our Chief Financial Officer, Steven Bernstein. I want to start with a very clear statement. After a year of digestion, we're returning to growth now. This quarter, which ends in two weeks, will be the beginning of a multi-year ascent to a much bigger Frequency Electronics. On this call, we'll provide additional color on our end markets, talk about our new margin targets, and discuss the decisions we made during the year to better position the company to take advantage of the enormous growth opportunities in front of us. First, I want to share why we feel so confident in this pending upturn in our business. We've described over the past year how fiscal 2026 was a year of digestion for Frequency after we pulled forward some revenue into the prior fiscal year. Despite that, our backlog continued to build throughout the year. Two quarters ago, we told you that we believed it was reasonable that we could see a backlog north of $100 million in the not-too-distant future. Today, I'm pleased to report a record-funded backlog of $111 million as of the end of our fiscal year. This backlog gives us a lot of visibility into coming revenue, and so do several other key data points. We don't usually discuss our book-to-bill ratio, but it was nearly 3x in the fourth quarter. Book-to-bill, like revenue, can proceed for us in a nonlinear fashion, but a number this high is a strong indication of the kind of demand we're seeing. Further, fiscal 2026 was the single biggest year of bookings in company history. Recall that the backlog we report is our funded backlog, and the total contract value of signed deals is multiples of our funded backlog. We had some very significant contract wins during 2026, especially in the fourth quarter, and those wins will contribute to revenue in fiscal 2027. We believe we can see multiple new quarterly revenue records established for Frequency in the quarters ahead. We expect to announce a number of additional meaningful contracts in fiscal 2027. Looking ahead over the next two years, there are some very exciting opportunities that we're bidding on, including a number of sole-source opportunities on proliferated satellite programs, each of which is bigger than anything we've previously won. Our traditional satellite business also holds promise, and we're bidding on several large geostationary orbit programs. We're also embedded in multiple classified satellite programs, and as they see growth, so will we. On the defense side, we've discussed previously the replenishment opportunities for missile systems like Patriot and Terminal High Altitude Area Defense, for which we provide content in the missile batteries. These bookings are hitting now. Over the next few years, that same technology will be part of programs in both Golden Dome and SHIELD. We'll win that Golden Dome and SHIELD business because we're embedded in those missile programs. Ours is a multi-domain business with opportunities in space, air, land, and sea. We're pursuing additional timing applications in naval programs and bidding on important quantum sensor programs today. We're still growing our traditional business while also expanding into new markets. For instance, we continued to produce atomic clocks for GPS satellites while also developing solutions for contested environments in which GPS is denied. On previous calls, we've described the much larger total addressable markets we're going after, all of which are predicated on our existing competitive strengths. These larger TAMs include proliferated satellite programs, quantum sensing, space defense, and space exploration, alternative PNT. These are multibillion-dollar markets we're selling into with high projected growth rates. Critically, we've already won business in all of these areas, and we anticipate winning much more business in all of these markets. It's worth emphasizing that the contracts we're winning today are a combination of these new markets we're selling into, as well as new and follow-on orders from our traditional markets. We anticipate announcing more wins in both new and traditional markets as the year goes on. Just in the past few months, we won very important contracts in high-growth new markets, and I'd like to spend a few minutes discussing two of these. First, we won a contract for approximately $7 million for compact, highly precise atomic clocks to support position, navigation, and timing for a lunar space mission. We anticipate winning additional awards of greater magnitude to support similar programs in the future and to expand beyond the lunar environment into deep space missions. This win is an excellent example of FEI's ability to leverage our long-standing market leadership in space-qualified atomic clocks to service exciting new and potentially very large markets. Second, we won a contract in the burgeoning area of space defense, the next major frontier of our country's defense. Space defense involves countering space-based threats, this award leveraged the company's expertise in terrestrial secured communications in a new domain, space, opens up significant new opportunities for FEI. The space defense win included not just hardware, but also internally developed software, which expands the solution set we can provide. There's an increasing need amongst our U.S. government customers for space-qualified hardware that can provide secure communications from satellites to ground stations and via satellite cross links. FEI is uniquely positioned to provide such solutions given our heritage in both space systems and terrestrial secured communication systems. Space is more important than ever, and we're very encouraged to see generational levels of investment going into our end markets and increased government funding in all of our markets. The environment is robust, and so is our win rate, which validates the significant capital investments we've made over the past several years. We are meeting the customer where they are and more importantly, where they're going. We're the best at what we do, and for many of our customers and products, there is simply no substitute. All of these factors combined gave us the confidence to establish a three-year revenue target of at least $150 million, which we announced on April 30th at the end of our fiscal year. This level is a minimum target and represents 34% compound annual growth from fiscal 2026 forward. Frequency has not historically provided guidance because our business can be nonlinear on a quarterly or even annual basis. We feel increasingly confident in our ability to project our growth on a multi-year basis because of the continuing expansion of our backlog and order book, as well as the significantly larger end markets that we're selling into. All of which are based on technology that leverages our long-standing market leadership in space and defense applications. We expect that additional revenue to drive substantial incremental profitability. Today we're announcing for the first time, three-year margin targets for Frequency. In fiscal 2027, we'll begin demonstrating a multi-year path to higher margins. We're today establishing a minimum gross margin target of 50% and a minimum operating margin target of 30% by fiscal 2029. In addition, our depreciation and amortization expenses have historically been in the low to mid-single range as a percentage of revenue, and we anticipate that trend to continue. The path to these higher margins is largely in our control and is a direct result of the significant business shift we're undertaking. On the gross margin side, we anticipate seeing meaningful improvement from two significant levers. The first is the much higher revenue base we're targeting, as we've previously discussed, and which is well supported by our backlog, order book, industry trends, and government funding. In addition, due to customer demand, we're moving from a bespoke manufacturer of exquisite products with more episodic production schedules to a high-rate production company, making many more units of similar products on a more consistent basis. This higher rate production will be more predictable, allow for better overhead absorption, and feature less non-recurring engineering as a percentage of total business, all of which should drive gross margins to at least 50%. We also anticipate seeing gross margin benefit from some pricing initiatives. In addition, we believe we will demonstrate very strong operating leverage in the business, such that as revenue increases sharply, we should gain meaningful efficiencies on our research and development and selling and administrative expenses. Based on the gross margin target outlined above and those operating expense efficiencies in R&D and SG&A, we believe we'll then be able to generate minimum operating margins of 30%, with depreciation and amortization in the low to mid-single range as a percentage of revenue. We invested significantly in the business during fiscal 2026 in order to better prepare the company for the strong growth ahead. The majority of this investment was focused on hiring engineering talent in advance of the large ramp-up in production and revenue that we're expecting. This had near-term dampening effects on gross margin as engineering costs flow through the manufacturing overhead portion of our cost of goods sold, raising this expense before the revenue is generated. A second meaningful investment was a business process improvement investment, which should allow us to improve turnaround time. This investment also flowed through overhead and had a similar dampening impact on gross margins. With the orders and demand coming in, we think it is prudent long-term decision to be ready for that business and to super serve our customers who increasingly want more work done more quickly. We believe this should meaningfully benefit our shareholders as well as we increasingly provide higher levels of mission-critical products that perform to the highest standards in the harshest environments, and will do so with high incremental margins. The investments we made in our new Colorado facility and team are already opening opportunities in quantum sensing and very low-noise microwave sources. This is just one example of the many ways we expect our fiscal 2026 investments to pay off in spades. With these investments now made, we do not need to make additional meaningful investments in order to achieve our three-year revenue target. We simply need to execute. It's also worth noting that these investments were made entirely with cash on hand generated from operations. Further, we've increased our internal focus on our largest and most profitable market opportunities and de-emphasized or discontinued products with lower growth potential and lower margin profiles that have historically been part of our business. Specifically, we chose to restructure our FEI-Elcom manufacturing business in New Jersey in the fourth quarter because it simply did not have the growth or margin potential of our core space and defense markets, nor those of the much larger addressable markets we're starting to sell into. Though we sacrificed some near-term revenue in the fourth quarter through this restructuring, we believe it's the right long-term decision to better align our capital and talent towards their highest and best use and potential returns. Quite simply, we're playing for much larger stakes. The FEI-Elcom restructuring included a $3.8 million inventory write-down, a non-cash charge, which flowed through cost of goods sold and further depressed gross margins for this reported period, but which is not reflective of ongoing business trends. Additional severance costs flowed through selling and administrative expenses. Further, the restructuring yielded over $9 million in future tax benefits, which will benefit the company going forward as we turn to profitable growth this year. Lastly, we had several non-recurring charges that flowed through operating expenses this quarter. The majority of which was a non-cash charge for an accrual related to a one-time change in employee sick/paid time off policies. Most of this charge flowed through cost of goods sold, impacting gross margins, and the balance flowed through selling and administrative. Steve will provide further detail on the impact of these charges. As a result of all of these charges this quarter, our as-reported results do not appropriately reflect the core strength of our underlying business, which will pave the path towards the much higher revenue and margin levels we described earlier. We decided to take the pain now so that we can focus on our highest return opportunities going forward. In short, this quarter and year were preparation for the improvements we're about to see, including in the current quarter. We've historically been conservative in our accounting presentation, and today's reporting of charges does not reflect any intended change in that regard. We'll not become a company with constant adjustments that seek to flatter financials rather than inform investors. In this case, however, we thought it was cleanest to clear the decks now as we head into fiscal 2027, the beginning of a multi-year acceleration phase, which should allow FEI to demonstrate both strong growth and operating leverage in the years to come. We know that there will be no substitute for our demonstrating these results, and we look forward to doing so starting this year. Now I'll turn the call over to Steven to provide a few more financial details, and I look forward to taking your questions during the Q&A following Steven's remarks. Steven? Thank you, Thomas, and good afternoon. As we have discussed, 2026 was a year of revenue digestion for us, and this quarter made for a particularly difficult comparison as the prior year's fourth quarter was the highest revenue quarter in 25 years for the company. That said, we are confident that we are returning to growth in the current fiscal first quarter and for fiscal 2027 in general. In fact, we can start setting multiple new quarterly revenue records in the coming quarters. For the three months ended April 30th, 2026, consolidated revenue was $15.4 million compared to $19.9 million for the same period of the prior fiscal year. The components of revenue are as follows. Revenue from commercial and U.S. government satellite programs was approximately $7.7 million, or 50%, compared to $12 million, or 60%, in the same period of the prior fiscal year. Revenue on satellite payload contracts are recognized primarily under the percentage of completion method and are recorded only in the FEI-NY segment. Revenue from non-space U.S. government and Department of Defense customers, which are recorded in both the FEI-NY and FEI-Zyfer segments, were $6.8 million compared to $7 million in the same period of the prior fiscal year and accounted for approximately 44% of consolidated revenue, compared to 35% for the prior fiscal year. Other commercial and industrial revenues were approximately $908,000, compared to approximately $890,000 in the prior fiscal year. For the fiscal year ended April 30th, 2026, revenue decreased by approximately $6.6 million, or 9%, compared to the prior fiscal year. Fiscal 2026 was a year of digestion from a revenue standpoint as the company pulled forward some revenue into last year, fiscal 2025. Satellite program revenues for the government end use were 31% and 53% of total revenues for the fiscal year 2026 and 2025, respectively. Satellite program revenue for commercial end use were 6% of total revenues for both fiscal years 2026 and 2025. Revenue from non-space U.S. government and DoD customers increased by approximately $11.5 million or 43.2% in fiscal 2026 compared to fiscal year 2025. These revenues accounted for approximately 60% and 38% of consolidated revenues for the fiscal years 2026 and 2025, respectively. Other commercial and industrial sales accounted for approximately 3% of consolidated revenue for both fiscal years 2026 and 2025. Sales in the other commercial industrial sales were $2.1 million and $2.4 million for the fiscal years ended April 30th, 2026 and the fiscal year ending April 30th, 2025, respectively. For the three months ending April 30th, 2026 and the fiscal year ending April 30th, 2026, the gross profit and gross profit percentage decreased as a result of several pre-revenue investments and non-recurring factors as Tom mentioned. Similarly, there were several non-recurring items that impacted operating expenses, specifically selling and administrative expenses, causing operating profit and operating margins to decrease. We have provided tables in the press release so that investors can better understand the impact of these items and see what our margins would've been without these growth-oriented investments in advance of revenue and without these non-recurring charges. Adjusted for the charges and investments, our gross margin and operating margins would've been approximately 36% and 1%, respectively, for the quarter and approximately 41% and 11%, respectively, for the fiscal year. These are levels we anticipate growing meaningfully in the years to come, as Tom stated earlier, starting in the current fiscal year. Lastly, the company made significant cash investments during fiscal 2026 but expect to return to normal cash generation in fiscal 2027, beginning in our current fiscal quarter. We encourage you to read our upcoming 10-K for further details. John, we can open the line now for Q&A. Certainly. At this time, we will be conducting a question- and- answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Once again, please press star one if you have a question or a comment. The first question comes from Brian Kinstlinger with Alliance Global Partners. Please proceed. Well, great. Thank you for taking my questions. We've heard a lot about space and satellites. However, GPS jamming and time jamming in the battlefield has become a major problem. Can you talk about how both the war with Iran as well as the Ukraine-Russia war are impacting demand for frequencies, precision timing clocks, if at all? I think those war environments are impacting our products and our markets in several different ways. One of the things that we have talked about previously is the fact that GPS, which is important for a lot of military applications, is frequently jammed in those areas and also spoofed. In other words, in place of the normal GPS signals, there are artificial signals which indicate the untrue location information. Those things going on have made it very clear to everybody that for defense applications in particular, but even for a lot of commercial applications, GPS cannot be relied on for position navigation and timing applications. That's just expanded tremendously our accessible market. When we provide more precise atomic clocks, this allows better timing in all of these applications, even during those periods when GPS or other navigation systems are not available. The other thing, of course, there are a lot of applications that are being envisioned at this point, which will provide that same kind of information that's provided from the satellite navigation systems, but in other ways. Since ultimately those navigation systems rely on precision timing, our products are very important there. The other application, which we are in the early stages of, is as an alternate means of navigation, magnetic navigation, in which by measuring the magnetic field in one's location and with an accurate map of the magnetic field on the surface of the Earth, one can navigate without depending on any external signals from navigation satellites or anything else. This, of course, is very important in these battlefield kind of situations that are being experienced in the Middle East at this point in time. Maybe I'll leave it at that. These are just a few of the important things that are coming out of the war situation in the Mid East. I think maybe the other big thing that we should talk about is, of course, a lot of missiles have been expended there's a huge replacement activity for those missiles. Although in most cases, we don't have hardware on the missiles themselves, we do have a lot of hardware in the missile batteries, and we're seeing a tremendous uptick in those markets also. Great. That's super helpful. I have one follow-up. You gave long-term gross margin targets. Thank you. As it relates to the $111 million backlog, how much of that is expected to convert to revenue in the current fiscal year? What is the average gross margin in that backlog? Yeah, I have to be a little bit careful about providing specific numbers on that. Let me just say that I think what we typically see is that the programs that we work on typically take place over a period of one to three years. We expect that backlog to be worked off over the next three years completely. We do expect the gross margins to increase significantly over the course of this fiscal year. When you say over one to three years, that's the funded backlog, not the total backlog? The funded backlog, $111 million, is over one to three years. Yes? That's actually primarily the total backlog. Yeah. Right. That's what I would thought. We report only the funded backlog. Yeah. The funded presumably should be on the shorter end of that one to three years, I would assume. Is that accurate, or should I not think that way necessarily? That's reasonable. Okay, great. Look, thanks for taking my questions. Appreciate it. Next question comes from Jeff Van Rhee with Craig-Hallum. Please proceed with your question. Great. Thanks for taking the questions, a lot to love about that forward model and congrats on the backlog growth. Obviously, you're right in front of some very large demand drivers. Tom, if you look at the bookings you're putting to the tape now and what's in the pipeline, you called out a bunch of drivers and it's a blessing of riches. You've got so many things working here. Can you just help us prioritize, though, what are the biggest needle movers right now in terms of the surge we've seen thus far in the backlog growth? Based on pipeline, what's going to drive backlog growth next six to 12 months if they're different? Well, you actually hit the nail on the head. One of the reasons that we're so optimistic, Jeff, is that there are so many different arenas that we're acting in that all look really are just growing tremendously at this point. That being said, I think, actually over this last fiscal year, non-space played a big role in the revenue that we did generate. I think, in the coming year, space is going to be forefront. We're really excited about the activity related to the lunar activity, the movement toward repopulating the moon, so to speak. I think there are a number of very large space programs that we're working on at this point. I think an important thing that I'd like to talk about, in most cases in the space arena, we really have very little competition. We've looked at it, Over the last couple of years in space, we've had a 90% win rate on the contracts that we have bid on. We're in a really strong position there. Space is booming. I think that's the one that I'd emphasize, but we do have to keep in mind that we've had a tremendous amount of activity in non-space defense-related things also. Yeah. That's great. Thank you for the color. Steven, just one for you. You commented on the quarter, You said you're gonna have several new record revenue quarters, quote, "In the coming quarters." That's pretty vague. That could be years. That could be this year. Were you specifically trying to say over the next four quarters, the next fiscal year, we should see several all-time record quarters? I just wanna be clear what you're trying to say there. Yes. I believe in fiscal 2027, we should have. Okay. All right. That's helpful. Then, Tom, from the manufacturing front, first of all, fantastic to see the trajectory to 50% gross margins based on mix a number of other things that you're working through. One of the underpinnings there, obviously, is scale, you talked about moving from bespoke manufacturing to process-driven manufacturing. Those are different mindsets, skill sets, your facility setups, equipment. Sounds like you've been working on that a lot during this fiscal year. I think you've referenced that. Just talk about where you think you are now in terms of readiness to go into that, I would say, different mindset and different way of operating. Yeah. I think we're very much in the last couple of quarters of fiscal 2026, we were in a transition period, and I think we are really ready for this at this point in time. I think it's something that we've been working on very hard. I think we have a very clear roadmap on what we need to do over the next three years. I think we have a lot of work at this point in time. We're very focused on executing. I think we have the basic items in place in order to be able to achieve what we've talked about. Interestingly, we are going to do that without any significant facility expansion. We're going to do that within our current facilities. Internal to those facilities, of course, there's already been significant expansion taking place. As I mentioned earlier, of course, we've been adding significantly to the labor force. I think that although, as you say, there is some transition to more of a production kind of environment, we should keep in mind that we're not going from making one or two to making hundreds of thousands. We are still in the satellite business. Although it's more continuous production and at a significantly higher rate, we're not talking about manufacturing cell phones or anything like that. Yep. Got it. Maybe one more, and I'll let somebody else jump in. Just a housekeeping, on the FEI-Elcom exit, you referenced some lost revenue in Q4, certainly sounds like it's going to be some headwind to fiscal 2027. Can you quantify what the revenue impact was in the quarter and what you expect it to be for the coming fiscal, for fiscal 2027? Yeah. Steve, do you want to? Well, I think the revenue forgone was about $1 million roughly for Q4. Okay. In terms of additional rundown of a revenue stream that you're walking away from in FY 2027, how do we think about the rest of the headwind from exiting FEI-Elcom? We think we'll make it up in multiples with what we have, and it'll improve our performance, not hinder our performance in any way. Okay. All right. I'll come back to that one offline. I appreciate it. Thanks for the questions, guys, and congrats. I mean, just really seems like you've got the business right-sized here and ready to pounce on some great opportunities coming through the doors, and love that target model. Thanks, appreciate it. Thank you. Thanks, Jeff. Next question is from Michael Eisner. He is a private investor. Michael, please proceed. Hi. Nice backlog. FEI-Elcom is closed right now completely? Well, we have some ongoing activities there. We have some commitments that we have to honor going forward. The plan is to completely shut down those activities over the course of this year. Oh, will it take a year to close completely? Well, it's not 100% determined. We have some commitments that we had made prior to the decision to shut down FEI-Elcom that we have to honor, some open quotes, et cetera. Yeah, we have to play that by ear to some extent. Roughly over the next fiscal year, we should wind down all of that activity. It shouldn't be too bad on the cost. Yeah. That's correct. Besides FEI-Elcom, most of the write-downs are done? Yes. All right. I'm just trying to get an idea of the big picture with the margins. How many employees did we end up at year-end? At year-end, we have about 250 employees. All right. That's why your expenses went up. Hypothetically, if you're growing at 34% CAGR, how many more employees are you going to need in one year? Yeah, I'm not really in a position to answer that at this point. I don't think we're going to have to add. We've already added a significant amount in preparation for this, so I don't anticipate a huge additional workforce. Beyond that, I can't say anything specific. All right. Most of them are the 250 year-end is the big amount. Mm-hmm. Yes. All right. I'm just trying to get to where we're getting the gross margins and the operating margins from. Are we the only ones that do space defense? Do we have competition in that? Well, I think space defense covers a lot of things. I think in the portion of that arena that we participate in, we have very little competition. All right. Let me just think. Are we working with SpaceX or anything? You can't comment? Well, at this point, we don't have any active programs with SpaceX, but SpaceX and a number of other companies, we're pursuing all sorts of things. All right, the new revenue growth should make up for the tailwinds. How should I word this? Should make up for the problems with FEI-Elcom. Yes, absolutely. All right. Thank you very much. Okay. Bye. The next question is from Chris Bakosky, Private Investor. Please proceed. Hello. Congratulations on the great orders. Thank you. Thank you. Just generally speaking, you talked a lot about communications when you talked about the orders. Can you generally tell us about technologically-wise why precision timing is important for communications, and are there any new things in satellite communications that require new, higher-precision timers? I think especially for military applications where secure communication is required, precision timing is important. There are, of course, a number of different means of communication in these arenas, one of the key things is to only communicate during predefined time intervals, in order to do that, need very careful synchronization between the communicating parties. That's just one very specific example. Yeah. Short of going into a long-winded technical discussion, maybe I'll leave it at that. Okay. I don't mind your long-winded technical discussions, that's all right. Would you say that your influx of orders is partly due to the higher required security in satellite communication? I'm not sure I caught all of that. Could you maybe just repeat? Yeah. Would you say that your influx of new orders is at least partially caused by the higher required security in satellite communications? Oh, yes. Well, definitely. I think that's an important aspect of it. I think, yes. As far as the record quarters go, did you say that the next quarter will be a record quarter or that the next year will have multiple record quarters? Well, I hesitate to make specific statements about individual quarters. Over the course of fiscal 2027, there will be record quarters. All right. That's good to hear. Congratulations again. Good luck. Thank you. Thank you. Okay, we have no further questions in the queue. We have reached the end of the question- and- answer session. I will now turn the call over to management for closing remarks. Okay. Thank you, everybody, for taking the time to listen and to participate in today's earnings call. We look forward to providing further updates in the coming months. Once again, thanks, everybody. All right. Bye. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.