Mobix Labs, Inc. Announces Second Quarter 2024 Financial Results

Quarterly Revenue up more than 300% sequentially

Successfully signed definitive agreement to acquire RaGE Systems

Acquisition strategy successfully expanding end markets and diversifying offerings

IRVINE, Calif. — (BUSINESS WIRE) — May 14, 2024Mobix Labs, Inc. (Nasdaq: MOBX) (“Mobix Labs” or the “Company”), a fabless semiconductor company developing disruptive next-generation connectivity solutions for wired, wireless 5G, military, defense, aerospace, and medical industries, today announced its financial results for the fiscal second quarter ended March 31, 2024.

“I am excited about March quarter’s execution on foundational milestones including our entering into a definitive agreement for the synergistic acquisition of RaGE Systems, which is expected to be immediately accretive,” said Fabian Battaglia, CEO of Mobix Labs. “Looking ahead, we have set the stage for Mobix Labs’ continued best-in-class innovative solutions to capture opportunities in the wireless, connectivity and electromagnetic filtering industries, which we expect will create a versatile company that serves diverse end markets.”

“We were pleased with our revenue growth of over 300% sequentially,” commented Keyvan Samini President and CFO of Mobix Labs. “We are growing profitability and we expect to have access to substantial liquidity through our up to $100 million equity line of credit with B. Riley Principal Capital II, LLC to support our ambitious growth through strategic acquisition and, in the longer term, we are targeting to achieve a 60% gross margin and a 30% operating margin on a non-GAAP basis.”

Financial Highlights for Fiscal Second Quarter of 2024

  • Revenue: Total revenue grew to $1.1 million in the second quarter of 2024, a 302% increase from $0.29 million in the first quarter of 2024.
  • Loss from Operations: GAAP loss from operations for the quarter was $8.56 million, compared to a loss of $17.27 million for the first quarter of 2024. Non-GAAP loss from operations for the quarter was $4.08 million compared to $4.21 million for the first quarter of 2024.

Recent Business Highlights

  • Entered into a definitive agreement to acquire RaGE Systems, which is expected to close later this month, to accelerate industry-leading tech portfolio in next-generation wireless communications, expanding Mobix Labs’ markets and diversifying product portfolio.
  • Announced a global distribution agreement with Arrow Electronics (“Arrow”), a global provider of technology products and services specializing in electronic components, enterprise computing and intelligent solutions. Under the agreement, Arrow will initially focus on Mobix Labs’ Electromagnetic Interference (EMI) Filtering products, leveraging the strength of Arrow’s presence in the defense and aerospace markets.
  • Launched the MBX3110 SP10T high-power radio frequency (RF) switch. This CMOS-based single-pole/ten-throw (SP10T) switch is engineered to meet the demanding requirements of the land mobile radio (LMR) market, including critical communications for first responders, firefighters, law enforcement, and military personnel.
  • Secured an equity line of credit with B. Riley Principal Capital II, LLC which provides that upon the satisfaction of certain conditions, Mobix Labs will have access to up to $100 million.
  • Sole source supplying custom filtered connectors used by Gulfstream Aerospace Corp. Gulfstream designs, develops, manufactures, markets, services and supports the world’s most technologically advanced business-jet aircraft.
  • Began selling proprietary electromagnetic filtering products to GE HealthCare and PerkinElmer for use in pharmaceutical diagnostics and digital imaging solutions.
  • Announced MMS Technical Sales, Inc. (“MMS”) as new manufacturer representative for electromagnetic filtering products in the New England and Upstate New York territories.
  • Announced delivery of key military connectivity solutions, including filtered connector parts in connection with the Tomahawk Missile System.
  • Awarded guidance system component contract in connection with the Javelin Missile System.
  • Awarded M-1 Abrams Tank Army contract for filtered connectors.
  • Appointed electronics industry veteran Michael J. “Mike” Long to its board of directors.

Financial Outlook

Subject to the closing of the Rage acquisition, we expect net revenues within a range of approximately $1.8-$2.2 million in the fiscal third quarter of 2024 and a range of $2.6 - $3.2 million in the fiscal fourth quarter of 2024.

Non-GAAP Measures

The Company's results are determined in accordance with U.S. generally accepted accounting principles (GAAP). Certain information presented reflects adjustments to GAAP measures that are referred in this presentation as “non-GAAP measures.” Management believes these non-GAAP measures provide a more comparable analysis of the underlying operating performance of the business.

These non-GAAP measures include the following: Non-GAAP loss from operations and non-GAAP gross margin. Each of these metrics reflects certain adjustments. Non-GAAP loss from operations excludes depreciation, amortization, merger and acquisition-related expenses, inventory write-offs and stock-based compensation expenses. Non-GAAP gross margin excludes amortization of acquisition-related intangible assets, inventory write-offs and stock-based compensation expenses.

These non-GAAP measures provide the Company with an understanding of the results from the primary operations of its business. The Company uses these metrics because management believes they provide more comparable measures to evaluate period-over-period operating performance since they exclude special items that are not indicative of the Company's core business or operations. These measures may be useful to an investor in evaluating the underlying operating performance of the Company's business.

Because all companies do not use identical calculations, the Company's presentation of these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the tables herein.

Conference Call Information



Mobix Labs, Inc. Second Quarter 2024 Earnings Call



Tuesday, May 14, 2024



2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time


Dial-in number:


(646) 307-1963 // (800) 715-9871 Pin #: 6233081

Shortly after the completion of the conference call, an archived version of the webcast will be available on the Company’s investor relations website at

About Mobix Labs, Inc

Based in Irvine, California, Mobix Labs is a fabless semiconductor company delivering mmWave 5G and C-Band wireless solutions and delivering connectivity and filtering products for next-generation communication systems supporting the aerospace, military, and high-reliability markets. The Company’s electromagnetic filtering products are used in military, aerospace, and medical applications. These technologies are designed for large and rapidly growing markets where there are increasing demands for higher-performance communication and filtering systems that utilize an expanding mix of both wireless and connectivity technologies. More information on the company can be found by visiting or by following us on X @MobixLabsInc and LinkedIn .

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