Mobix Labs (MOBX) Q4 2024 earnings summary

Executive summary

• Achieved a successful fourth quarter, capping the first fiscal year as a public company with strong execution and rapid growth in wireless sensing and connectivity solutions.

• Revenue increased 44% sequentially in Q4 2024, with fiscal year 2024 revenue up 426% year-over-year to $6.44 million, driven by expanded offerings and acquisitions.

• Expanded offerings through organic growth and synergistic, accretive acquisitions, notably integrating RaGE Systems and announcing a letter of intent to acquire Spacecraft Components Corp.

• Positioned for further expansion into aerospace, defense, and transportation markets, with the Spacecraft Components acquisition expected to be immediately accretive and add 150 employees.

• Strong customer demand and new product launches in aerospace, defense, and wireless systems.

Financial highlights

• Fourth quarter revenue reached $2.95 million, a 44% sequential increase over the prior quarter; Q4 2024 revenue was $3.0 million, up from $2.1 million in Q3 2024.

• Full fiscal year 2024 revenue grew by $6.44 million, marking a 426% increase over fiscal 2023.

• Adjusted gross margin for Q4 improved by 16.3 percentage points sequentially to 56.6%; full-year adjusted gross margin was 45.2%.

• Adjusted loss from operations for Q4 was $3.6 million; full-year adjusted loss narrowed to $15.96 million.

• Net loss per share for fiscal 2024 was $(0.73) basic and $(0.75) diluted, compared to $(2.71) in 2023.

Outlook and guidance

• Forecasting Q1 fiscal 2025 consolidated/net revenues between $3.05 million and $3.15 million.

• Long-term targets include achieving an adjusted gross margin of 60% and adjusted operating margin of 30%.

• Plans to maintain disciplined expense growth in R&D and SG&A to drive profitability and operating leverage.

• Additional financing is being pursued to support acquisition strategy and working capital.