Mobix Labs, Inc.

The grade, in three tenses

Headline 3.4 out of ten, 7 of 9 metrics filed and 2 estimated: past 3.7 out of ten, present 2.5 out of ten, future 4.3 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 0.7 out of ten. 16 warning events since 2021; the latest 2026-08-14. 7th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 7.4 out of ten. +184.4% a year over 3 filed years; profitable in 0 of 3. 74th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 0.7 out of ten. CrossAssetData estimate 0.7/10, confidence 35 of 100 (one part). 7th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 1.5 out of ten. Leverage 101%: owes 101¢ per asset dollar. 15th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 3.8 out of ten. bottom 38% of 97 in its family; net margin -465.4%. 38th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 2.4 out of ten. bottom 24% of 66 in its family for leadership; chief executive since 2025. 24th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.0 out of ten. bottom 40% of 94 in its family for room to expand. 40th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.1 out of ten. bottom 41% of 93 in its family for growth drivers. 41st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest annual report: Form 10-K filed 2026-01-13 for the period ended 2025-09-30 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-18 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-13 (on EDGAR). Newest filing: Form DEFA14A, 2026-10-09. Filings on record since 2021. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-01-13.

The people

Philip Sansone is chief executive and a director, and signed the annual report in that role. He first filed an insider report with the SEC in 2025. He took over from Fabrizio Battaglia, a co-founder who had been chief executive from November 15, 2022, stepped down on sick leave in April 2025 and retired as chief executive and a board member on July 25, 2025. When the proxy statement was filed the company said it had not yet finalized the pay arrangements that go with Sansone's appointment. [1, 2, 3, 4]

Keyvan Samini, another co-founder, is president and chief financial officer and a director, on an employment term sheet effective November 15, 2022; he signed the annual report as both principal financial officer and principal accounting officer. James Aralis is chief technology officer. On the record this site holds both have filed insider reports since 2023. [2, 5, 6, 1]

Six other directors signed the annual report: James Peterson, David Aldrich, Kurt Busch, William Carpou, Frederick Goerner and Michael Long. The proxy statement counts Peterson and Goerner among the company's co-founders, alongside Battaglia and Samini. On the record this site holds, Peterson, Aldrich, Busch, Carpou and Goerner have filed as directors since 2023 and Long since 2024, and nine of the sixteen people ever on the file have filed in the last fifteen months. [6, 7, 1]

The company is small. As of September 30, 2025 it had 46 employees, all in the United States: eleven in research and development, two in sales and marketing, fifteen in manufacturing and eighteen in general and administrative work. None are covered by a collective bargaining agreement or represented by a labor union, and the filing says third party contractors are used from time to time to supplement the workforce. The leadership team, in the company's own telling, is made up of industry veterans who worked before at Microsemi Corporation, which Microchip Technology bought, at Skyworks Solutions, at MaxLinear and at Texas Instruments. [8, 9, 10]

How it operates

Mobix Labs designs, develops and sells components and systems for wireless and wired connectivity, radio frequency, switching and electromagnetic interference filtering, which it shortens to EMI: the unwanted electrical noise one piece of electronics makes in another. Its solutions are used in defense, aerospace, commercial, industrial and other markets. The business comes in two families. Wireless systems solutions cover advanced radio frequency and millimeter wave communications, millimeter wave imaging, software defined radio and custom radio frequency integrated circuits. Interconnect products are EMI filter inserts and filtered and non-filtered connectors, used in aerospace, military, defense and medical equipment. [11, 12]

Inside wireless the filing names three markets: communications, sensing and detection, and microelectronics. In communications the company contracts with customers to specify, design, prototype and validate a product, then seeks a supply contract to build, test, ship and maintain it; in 2024 it launched a software manageable autonomous radio transceiver it calls SMART Edge, an appliance for the edge of a network. In sensing and detection it supplies a key millimeter wave sensing module to what it calls a market leader in the security systems that screen airports, ports and borders, and sells design services alongside. In microelectronics it has sold nothing yet: the filing says it has not yet sold any integrated circuits and believes its intellectual property positions it to finish its millimeter wave chipset as that market evolves. [13, 14, 15, 16]

It sells directly to original equipment makers, original design makers and contract manufacturers through a global network of sales representatives and distributors, collaborating with customers through the technology selection and design process to win designs. Its primary customers are organizations that sell product solutions for aerospace, military, defense and healthcare applications. One buyer dominates: sales to Leidos Holdings, Inc. were about 50% of net revenue in the year to September 30, 2025, and no other customer reached 10%. Because military, aerospace and healthcare products live long, the filing says a product may stay in production with a customer for more than seven years on a single design. [17, 18, 19]

Nearly all of the revenue ships to one country. Of net revenue of 9,912 thousand dollars in fiscal 2025, 9,152 went to the United States and 760 elsewhere; China, which took 288 a year earlier, took nothing. Substantially all of the company's long-lived assets are in the United States too. The filing states these amounts in thousands of dollars. [20, 21]

It makes most of its interconnect products and wireless systems solutions in its own plants and uses contract manufacturers for certain production processes. Its interconnect products have to be made in the United States, with limited exceptions, because of their use in national security and defense work, which the filing presents as a reason defense customers prefer a supplier based there. For the millimeter wave chips it has yet to sell, it expects to hire outside wafer makers, as is usual in the industry, and to rely on others for assembly and packaging. It leases four places: a corporate headquarters of 2,713 square feet in Irvine, California, a design, manufacturing and sales site of 6,149 square feet in the same city, 7,814 square feet in Lowell, Massachusetts and 2,400 square feet in Newburyport, Massachusetts. [22, 23, 24, 25, 26]

The specifics

The company dates its founding to 2020. It became a listed company on December 21, 2023 by merging with Chavant Capital Acquisition Corp., a listed shell: Chavant took the Mobix Labs name and the operating company became Mobix Labs Operations, Inc. Days earlier, on December 18, 2023, it had bought EMI Solutions, Inc., a maker of interconnect products including electromagnetic interference filtering products for aerospace, military, defense and medical applications. On May 21, 2024 it bought RaGE Systems, Inc., which designs, develops and manufactures wireless systems solutions for 5G communications, millimeter wave imaging and software defined radio. [27, 28, 29, 30]

Buying revenue is the stated plan. The company says it intends to pursue acquisitions of companies with existing revenue which can be scaled and whose technologies fit, and it lists a strong acquisition and integration record among its competitive strengths. The two businesses bought in fiscal 2024 now carry the sales. EMI Solutions brought in 3,937 thousand dollars of net revenue and a net loss of 312 in the year to September 30, 2025; RaGE Systems brought in 5,836 and net income of 586. [31, 27, 32, 33]

It names its rivals plainly. In millimeter wave wireless it lists Qualcomm Incorporated, NXP Semiconductors, N.V., Qorvo, Inc., Skyworks Solutions, Inc. and Analog Devices Inc.; in sensing and detection it says it competes mainly with its customers' own internal design teams and with outside contract manufacturers. In interconnect the named rivals are Amphenol Corporation, Glenair, Inc., ITT Inc. and TE Connectivity Corporation, though the filing says only a limited number of companies, itself among them, are approved vendors for certain military, defense, aerospace and healthcare solutions. It holds patents and trademark registrations but says it does not rely on any particular patent, leaning instead on know-how and trade secrets. It is also subject to import and export controls, tariffs and other trade rules in the countries where it does business. [34, 35, 36, 37, 38]

Two warnings sit on the face of this filing. The company says there is substantial doubt concerning its ability to continue as a going concern, because it does not have adequate liquidity to meet its operating needs and satisfy its obligations for at least the next twelve months; the auditor repeats that doubt in its own report. Losses from operations were 37,693 thousand dollars in the year to September 30, 2025 and 46,395 the year before, and the accumulated deficit stood at 150,588. Separately, the company reported material weaknesses in its internal control over financial reporting, among them too few people with the accounting knowledge to analyze, record and disclose accounting matters accurately, and says those weaknesses had already produced adjustments to revenue, expenses, inventory and other accounts in earlier periods. The whole company is run as a single operating segment, with the chief executive as the decision maker. [39, 40, 41, 42, 43, 44]

What drives growth, line by line

Net revenue was 9.9 million dollars in the year to September 30, 2025, up 53.9% from 6.4 million, which was itself up from 1.2 million two years earlier. Gross profit was 5.0 million against 2.6 million. The loss from operations narrowed to 37.7 million from 46.4 million, while the net loss widened to 46.1 million from 20.0 million. Research and development spending fell 58% to 2,419 thousand dollars, which the filing puts down to lower pay and benefits, lower outside services and lower stock based compensation after headcount reductions and other cost reduction actions. [45, 46, 47]

Product. The larger line: 6.0 million dollars, 60.5% of revenue, up 1.8% from 5.9 million, an increase the filing states as 106 thousand dollars or 2%. Product revenue comes primarily from product sales to equipment manufacturers. The company credits the rise to counting the wireless systems solutions it got with RaGE Systems and the interconnect products it got with EMI Solutions for the whole of fiscal 2025, where the year before they counted only from the dates of the acquisitions. That was partly offset by lower sales of active optical cables. Cost of product revenue fell to 3,563 thousand dollars from 3,752, a shift the filing puts down to product mix moving toward wireless systems solutions and to those lower active optical cable sales. [48, 46, 49, 50, 51]

Service. The line that moved: 3.9 million dollars, 39.5% of revenue, up 609.4% from 552.0 thousand. Service revenue comes from engineering services, principally the research, development or design of wireless systems solutions, and is recognized over time as the work is delivered, using costs incurred as the measure of progress. The filing credits the whole increase to counting RaGE Systems' service revenue for all of fiscal 2025, where the year before it counted only from the acquisition date in 2024. Cost of service revenue rose to 1,342 thousand dollars from 138. [48, 52, 53, 54]

What the company says comes next is mostly about funding and further deals. It expects to keep incurring operating losses and negative cash flows from operations for the foreseeable future and says it will need to raise more debt or equity to fund continuing operations, product development plans and capital spending, to service its debt and to make strategic investments. It says it intends to keep pursuing acquisitions of companies with existing revenue that can be scaled. Its other commitments include deferred purchase consideration of 2,323 thousand dollars for EMI Solutions and RaGE Systems, currently payable, and potential payments of up to 4,000 under the RaGE earnout, payable in March 2026. [55, 31, 56]

What the desk infers (inferred, not filed)

• The market leader the filing says it supplies with a millimeter wave sensing module for airport, port and border screening is most likely Leidos Holdings, Inc., the one customer it names. Because: Sales to Leidos Holdings, Inc. were about 50% of net revenue in the year to September 30, 2025, and no other customer reached 10%. [18] In security technology systems for airports, ports and borders the company says it works with a market leader and provides a key millimeter wave sensing module used in latest generation systems, along with design services. [15] It says it believes it is in a unique position supplying the largest systems integrator of these types of solutions domestically. [57] Service revenue, which is engineering services for wireless systems solutions, was 39.5% of revenue, and the filing credits its jump to counting RaGE Systems, the wireless systems business, for the whole year. [48, 52, 53] Confidence 70 of 100. Wrong if: A filing or a dated public statement naming a different company as the systems integrator that buys the millimeter wave sensing module, or showing that Leidos bought only interconnect products.
• Almost none of the revenue comes from the technology Mobix Labs was founded to sell: the business today is the two companies it bought in fiscal 2024. Because: EMI Solutions contributed 3,937 thousand dollars of net revenue in the year to September 30, 2025 and RaGE Systems 5,836, against total net revenue of 9,912. [32, 33, 20] The filing says the company has not yet sold any integrated circuits, the millimeter wave chipset it was founded to build. [16] The rise in product revenue is credited to counting the acquired products for the whole year, partly offset by lower sales of active optical cables, the one product whose sales the filing says fell and which it wrote down a year earlier on declining sales. [46, 50, 58] Research and development spending fell 58% to 2,419 thousand dollars after headcount reductions and other cost reduction actions. [47] Confidence 88 of 100. Wrong if: A year in which revenue from products Mobix Labs designed itself, its millimeter wave integrated circuits or its active optical cables, is larger than the revenue of the acquired EMI Solutions and RaGE Systems businesses.
• The plan to buy more revenue runs into what the company still owes for the last two purchases and what it holds in cash, so the next deal depends on outside money rather than the business. Because: The company says it intends to pursue acquisitions of companies with existing revenue which can be scaled. [31] Deferred purchase consideration of 2,323 thousand dollars for EMI Solutions and RaGE Systems is currently payable, with potential payments of up to 4,000 more under the RaGE earnout payable in March 2026. [56] Cash was 3,273 thousand dollars at September 30, 2025 and the working capital deficit was 21,071. [59] Operations used 10,113 thousand dollars of cash in the year, and the company says there is substantial doubt concerning its ability to continue as a going concern. [60, 39] Confidence 80 of 100. Wrong if: A completed acquisition funded from cash the company generated itself, or a year in which operations produce cash rather than consume it while the deferred consideration is paid off.

Sources

1. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
2. Mobix Labs, Inc., Form DEF 14A filed 2026-09-14: “Philip Sansone: Chief Executive Officer and Director ● Fabrizio Battaglia: Former Chief Executive Officer and Former Director ● Keyvan Samini: Co-founder, President, Chief Financial Officer and Director ● James Aralis: Chief Technology Officer”
3. Mobix Labs, Inc., Form DEF 14A filed 2026-09-14: “Mr. Battaglia is a co-founder of the Company. Mr. Battaglia served as our Chief Executive Officer beginning November 15, 2022. He stepped down due to sick leave in April 2025 and retired as Chief Executive Officer and a member of the Board as of July 25, 2025.”
4. Mobix Labs, Inc., Form DEF 14A filed 2026-09-14: “As of the date hereof, we have not finalized the compensation arrangements in connection with Mr. Sansone’s appointment as Chief Executive Officer. We plan to disclose the material terms of such arrangements once they have been determined and finalized.”
5. Mobix Labs, Inc., Form DEF 14A filed 2026-09-14: “Mr. Samini is a co-founder of the Company. We are a party to an Employment Term Sheet with Mr. Samini, pursuant to which he serves as our President, and Chief Financial Officer with an initial term of two years, effective November 15, 2022”
6. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Keyvan Samini Chief Financial Officer and Director January 12, 2026 Keyvan Samini (principal financial officer and principal accounting officer) /s/ James Peterson Director January 12, 2026 James Peterson /s/ David Aldrich Director January 12, 2026 David Aldrich /s/ Kurt Busch Director January 12, 2026 Kurt Busch /s/ William Carpou Director January 12, 2026 William Carpou /s/ Frederick Goerner Director January 12, 2026 Frederick Goerner /s/ Michael Long Director January 12, 2026 Michael Long”
7. Mobix Labs, Inc., Form DEF 14A filed 2026-09-14: “(i) co-founder James Peterson in the amount of 100,000 RSUs; (ii) co-founder Frederick Goerner in the amount of 100,000 RSUs; (iii) co-founder Fabrizio Battaglia in the amount of 200,000 RSUs; and (iv) co-founder Keyvan Samini in the amount of 200,000 RSUs.”
8. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “As of September 30, 2025, we had a total of 46 employees in the United States, of whom eleven were primarily engaged in research and development, two were primarily engaged in sales and marketing, fifteen were primarily engaged in manufacturing, and eighteen were primarily engaged in general and administrative functions.”
9. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “None of our employees are covered by a collective bargaining agreement or represented by a labor union. Additionally, from time to time we utilize third-party contractors to supplement our workforce.”
10. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Our leadership team is comprised of industry veterans with prior experience at premier semiconductor and connectivity companies, including Microsemi Corporation (which was acquired by Microchip Technology Inc.), Skyworks Solutions, Inc., MaxLinear, Inc. and Texas Instruments Incorporated.”
11. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Based in Irvine, California, Mobix Labs designs, develops and sells components and systems for advanced wireless and wired connectivity, radio frequency (“RF”), switching and electromagnetic interference (“EMI”) filtering technologies. Our solutions are used in the defense, aerospace, commercial, industrial and other markets.”
12. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Our wireless systems solutions include products for advanced RF and millimeter wave (“mmWave”) communications, mmWave imaging, software defined radio and custom RF integrated circuits (“ICs”) targeting the defense, aerospace, commercial and industrial sectors. Our interconnect products, including EMI filter inserts and filtered and non-filtered connectors, are designed for and are currently used in aerospace, military, defense and medical applications.”
13. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Our wireless systems solutions products and services address three key markets—communications, sensing and detection, and microelectronics.”
14. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “In 2024 we launched our SMART™ Edge device—a software-manageable autonomous radio transceiver and an innovative appliance optimized for deployment at the network edge.”
15. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “In security technology systems for airports, ports and borders, we work with a market leader and provide a key mmWave sensing module used in latest generation systems. We also provide design services to help with system improvements, cost reduction, new features and system development.”
16. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Although we have not yet sold any ICs, we believe our IP and developed technology positions us to complete development of our chipset as the market for mmWave ICs evolves.”
17. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We sell our products and services directly to original equipment manufacturers (“OEMs”) or original design manufacturers (“ODMs”) and contract manufacturers through our global network of representatives and distributors.”
18. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “For the year ended September 30, 2025, sales to Leidos Holdings, Inc. accounted for approximately 50% of our net revenues. No other customer accounted for 10% or more of our net revenues.”
19. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Given military, aerospace and healthcare product lifecycles, our products may remain in production with a customer for more than seven years with a single design.”
20. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “United States $ 9,152 $ 5,699 China — 288 Other 760 455 Total net revenue $ 9,912 $ 6,442”
21. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Substantially all of the Company’s long-lived assets are located in the United States.”
22. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We currently manufacture a majority of our interconnect products and wireless systems solutions at our own facilities. We also rely on contract manufacturers for certain production processes.”
23. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Due to the application of our interconnect products in national security and defense applications, our interconnect products must be manufactured in the United States, with limited exceptions.”
24. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We believe certain of our customers, particularly those serving the defense industry, prefer to source interconnect products from U.S.-based suppliers like us.”
25. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “For mmWave wireless IC products, we expect to outsource wafer fabrication to third party wafer manufacturers, as is common in the semiconductor industry.”
26. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Irvine, CA Corporate headquarters 2,713 Irvine, CA Design, manufacturing and sales 6,149 Lowell, MA Design, manufacturing and sales 7,814 Newburyport, MA Design, manufacturing 2,400”
27. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Since our founding in 2020, we have strategically expanded our portfolio through the acquisition and integration of other businesses, including RaGE Systems and EMI Solutions, each of which aimed at broadening our operational capabilities and enhancing our financial metrics.”
28. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “In connection with the consummation of the Merger (the “Closing”), Chavant changed its name from “Chavant Capital Acquisition Corp.” to “Mobix Labs, Inc.” (the “Company”) and Legacy Mobix changed its name from “Mobix Labs, Inc.” to “Mobix Labs Operations, Inc.””
29. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “On December 18, 2023, we completed the acquisition of EMI Solutions, Inc. (“EMI Solutions”) when we acquired all of the issued and outstanding common shares of EMI Solutions. EMI Solutions is a manufacturer of interconnect products, including electromagnetic interference filtering products for aerospace, military, defense and medical applications.”
30. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “On May 21, 2024, we completed the acquisition of RaGE Systems, Inc. (“RaGE Systems”). RaGE Systems designs, develops and manufactures wireless systems solutions, including products for 5G communications, mmWave imaging, and software defined radio targeting the commercial, industrial, and defense and aerospace sectors.”
31. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “To enhance our product portfolio, we also intend to pursue acquisitions of companies with existing revenue which can be scaled, and which possess technologies that accelerate the speed, accessibility, and efficiency of disruptive or more efficient communications solutions, and which will also allow us to expand into strategically aligned industries.”
32. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “The amounts of net revenue and net loss of EMI Solutions included in the Company’s consolidated statements of operations and comprehensive loss were $3,937 and $(312), respectively, for the year ended September 30, 2025 and $2,774 and $(887), respectively, for the year ended September 30, 2024.”
33. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “The amounts of net revenue and net income of RaGE Systems included in the Company’s consolidated statements of operations and comprehensive loss were $5,836 and $586, respectively, for the year ended September 30, 2025 and $2,739 and $201, respectively, for the year ended September 30, 2024.”
34. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Large companies such as Qualcomm Incorporated, NXP Semiconductors, N.V., Qorvo, Inc., Skyworks Solutions, Inc., and Analog Devices Inc. have all offered products to address the RF and mixed-signal portion of 5G radios for connected devices.”
35. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We typically design our sensing and detection solutions under contracts and we primarily compete with our customers’ internal resources for design activity and with external contract manufacturers for the manufacture of products or equipment.”
36. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Principal companies with whom we compete include Amphenol Corporation, Glenair, Inc., ITT Inc., and TE Connectivity Corporation. However, we believe that only a limited number of companies, including us, are approved vendors for products incorporated into certain military, defense, aerospace, and healthcare solutions.”
37. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We also have a number of intellectual property registrations (including issued patents and trademark registrations), but we do not rely on any particular patent or patents for our success and have instead relied on our know-how and trade secrets.”
38. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We are subject to import/export controls, tariffs and other trade-related regulations and restrictions in the countries in which we do business.”
39. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We believe that there is substantial doubt concerning our ability to continue as a going concern as we currently do not have adequate liquidity to meet our operating needs and satisfy our obligations for at least the next twelve months.”
40. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred operating losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern.”
41. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We incurred losses from operations of $37,693 and $46,395 for the years ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $150,588.”
42. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We did not design and maintain an effective control environment commensurate with our financial reporting requirements. Specifically, we lacked a sufficient complement of personnel with an appropriate level of accounting knowledge, training and experience to appropriately analyze, record and disclose accounting matters timely and accurately.”
43. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “These material weaknesses resulted in adjustments to revenue, accrued expenses, general and administrative expenses, inventory, costs of products sold, the accounting for and classification of redeemable convertible preferred stock, founders preferred and common stock, stock-based compensation expense, other current assets, income tax expense and deferred tax liabilities, as well as the purchase price allocation for the business combination”
44. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “The Company operates as a single operating segment. The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. All significant operating decisions are based upon analysis of the Company as one operating segment to allocate resources, make operating decisions, and evaluate financial performance.”
45. The record on this page: the filed annual figures (EDGAR's company facts)
46. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Product revenue was $5,996 for the year ended September 30, 2025 compared to $5,890 for the year ended September 30, 2024, an increase of $106 or 2%. The increase principally reflects the inclusion of sales of our wireless systems solutions and our interconnect products in our net revenue for all of fiscal year 2025.”
47. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Research and development expenses were $2,419 for the year ended September 30, 2025 compared to $5,779 for the year ended September 30, 2024, a decrease of $3,360 or 58%. The decrease principally reflects lower employee compensation and benefits, lower costs for outside services and lower stock-based compensation expense resulting from the headcount reductions and other cost reduction actions we completed during the first six months of our fiscal year ended September 30, 2024.”
48. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
49. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We derive our net revenue primarily from product sales to equipment manufacturers.”
50. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “The impact of these acquisitions was partly offset by lower sales of active optical cables.”
51. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Cost of product revenue was $3,563 for the year ended September 30, 2025 compared to $3,752 for the year ended September 30, 2024, a decrease of $189 or 5%. The change principally reflects a shift in product mix toward our wireless systems solutions and lower sales of active optical cables.”
52. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Services revenue was $3,916 for the year ended September 30, 2025 compared to $552 for the year ended September 30, 2024, an increase of $3,364 or 609%. The increase principally reflects the inclusion of services revenues for wireless systems solutions in our net revenue for all of fiscal year 2025. We acquired our wireless systems solutions in our May 2024 acquisition of RaGE Systems.”
53. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We derive services revenue from engineering services, principally for the research, development or design of wireless systems solutions. Our contracts with our customers generally contain a single distinct performance obligation, to provide research or design services for products based on the customer’s specifications. We recognize revenue for engineering services over time as we deliver the services on an input basis, using costs incurred as the measure of progress.”
54. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “Cost of service revenue was $1,342 for the year ended September 30, 2025 compared to $138 for the year ended September 30, 2024, an increase of $1,204 or 872%.”
55. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We expect to continue to incur operating losses and negative cash flows from operations for the foreseeable future and will need to raise additional debt or equity financing to fund our continuing operations, product development plans and capital expenditure requirements, to service our debt obligations and to make strategic investments.”
56. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “deferred purchase consideration of $2,323 related to our acquisitions of EMI Solutions and RaGE Systems which is currently payable, and (iv) potential payments of up to $4,000 under the RaGE Earnout, payable in March 2026”
57. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “We believe our unique position supplying the largest systems integrator of these types of solutions domestically offers us an opportunity to develop new capabilities and enter new markets.”
58. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “During the year ended September 30, 2024, as a result of declining sales of AOCs and strategic decisions on investment across our product groups, we tested the related long-lived assets for possible impairment.”
59. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “As of September 30, 2025, our cash balance was $3,273 compared to $266 at September 30, 2024. We had a working capital deficit of $21,071 as of September 30, 2025 compared to a working capital deficit of $20,836 at September 30, 2024.”
60. Mobix Labs, Inc., Form 10-K filed 2026-01-13: “For the year ended September 30, 2025, net cash used in operating activities was $10,113, which included the impact of our net loss of $46,131, offset by net non-cash charges of $34,648 and net decreases in working capital items of $1,370.”

Where the revenue comes from

Product and service lines in fiscal 2025: Product 61%, Service 40%. As tagged in its annual report (Form 10-K, filed 2026-01-13).

Who runs it

Sansone, Philip (Chief Executive Officer); Samini, Keyvan (President, CFO & Director); Aralis, James (Chief Technology Officer); Aldrich, David J (director); Busch, Kurt (director); Carpou, Bill (director); Goerner, Frederick C (director); Long, Michael J (director); Peterson, James J (director). 9 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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