Mobix Labs (MOBX) Investor update summary

Business momentum

• Preliminary, unaudited FY Q4 2026 revenue for the quarter ended September 30 is expected near the high end of $1.4M–$1.8M guidance, above the $1.6M midpoint, with >100% QoQ growth.

• Higher wireless systems shipments and continued military demand drove growth; substantially higher gross margins and continued momentum into FY Q1 2027 are expected.

Rare-earth supply chain rationale

• ~90% of global rare-earth processing is in China; processing and separation are identified as the key U.S. supply-chain bottleneck.

• New DoD limits on certain Chinese-origin rare-earth magnet materials take effect in 2027; DoD awarded $439M+ for U.S. supply chains from 2020 to March 2024.

• Rare-earth magnets deliver strong force in smaller, lighter form for aircraft, submarines and missiles; relevant materials support motors, guidance, radar and RF systems.

Strategic expansion and Winner

• The strategy targets proven critical-minerals capabilities under the National Security Matters initiative; pending SPD acquisition targets Stage 2 processing and separation of domestic feedstock.

• Pending Winner Water Services acquisition would add a revenue-generating U.S. business recovering rare earths, scandium and alumina from above-ground coal ash; Winner is described as the platform’s first operating business.

• Winner has $53M in federal awards and cost share over 10 years, including $49M in federal awards and $4M in third-party cost share.

• Its $25M Alabama demonstration plant is fully funded and under construction; permits were in hand before groundbreaking, with operations anticipated no later than Q1 2028.

• SPD and Winner Water transactions remain pending; closing depends on stockholder approval and other conditions, and Winner Water is subject to confirmatory diligence. Risks include funding, integration, retention and scaling viability.