Frequency Electronics Appoints Allen Kaplan CFO, Effective Nov. 1, Succeeding Steven L. Bernstein; Co. Reaffirms Minimum Revenue Target Of $150M By FY29 End

Frequency Electronics, Inc. (Nasdaq: FEIM) ("FEI" or the "Company") announced the election of Allen Kaplan as its new Chief Financial Officer (CFO), effective November 1, 2026. As CFO, Mr. Kaplan will join the Company’s senior executive leadership team and will report directly to President and Chief Executive Officer (CEO) Tom McClelland.

Mr. Kaplan joins FEI following a distinguished career at Leidos Defense Sector, where, as Vice President of Finance and Business Operations, he most recently led financial strategy, pricing, capital investment and program financial performance for a large portfolio of defense programs. These manufacturing programs spanned the full life cycle from prototype through full-rate production. He succeeds Steven L. Bernstein, who will retire effective November 1, 2026.

As part of this management transition announcement, the Company is also reaffirming its previously provided three-year financial targets of:

• Minimum revenue of $150 million by the fiscal year ended April 30, 2029;
• Minimum gross margin of 50% by the fiscal year ended April 30, 2029; and
• Minimum operating margin of 30% by the fiscal year ended April 30, 2029.