~ 44% Quarter over Quarter Revenue Growth to $2.95mil. ~ ~ 426% Year over Year Revenue Growth ~ Increasing customer demand fueled by acquisition strategy
IRVINE, Calif., December 11, 2024--(BUSINESS WIRE)--Mobix Labs, Inc. (Nasdaq: MOBX) ("Mobix Labs"), a leader in advanced connectivity solutions, today announced updated selected preliminary revenue results for its fiscal fourth quarter and year ended September 30, 2024.
On October 15, 2024, Mobix Labs released a mid-quarter business update forecasting sequential quarterly revenue growth of 44%. Mobix has met its earlier projected 44% sequential quarterly revenue growth target. This achievement is attributed to the company's concerted efforts in increasing its customer base and executing its merger and acquisition strategy with notable success.
Event:
Mobix Labs, Inc. Fourth Quarter 2024 Earnings Call
Based on preliminary unaudited information, Mobix Labs expects that its revenue for the quarter ending September 30, 2024, will exceed $2.95 million, an increase of nearly 44% sequentially, driven by defense application products.
About Mobix Labs, Inc.
Mobix Labs designs, develops and sells components and systems for advanced wireless and wired connectivity, radio frequency ("RF"), switching and filtering technologies. Our solutions are used in the consumer commercial, industrial, automotive, medical, 5G and aerospace & defense markets worldwide. 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. Our wireless mmWave 5G integrated circuits currently in development are designed to deliver significant advantages in performance, efficiency, size, and cost. Our True Xero active optical cables ("AOCs") are designed to meet customer needs for high-quality active optical cable solutions at an affordable price. Our interconnect products, which were acquired in the EMI Solutions, Inc. ("EMI Solutions") acquisition, are designed for and are currently used in aerospace, military, defense and medical applications. Our wireless systems solutions, which we acquired in the RaGE Systems, Inc. ("RaGE Systems") acquisition, include products for 5G communications, mmWave imaging, and software defined radio and custom RF Integrated circuits ("RFICs") targeting the commercial, industrial, and defense and aerospace sectors. These innovative technologies are designed for large and rapidly growing markets where there is increasing demand for higher performance communication and filtering systems which utilize an expanding mix of both wireless and connectivity technologies.
Mobix Labs and the logo, are among the trademarks of Mobix Labs. Other trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about projected revenue for the quarter and year end, demand for Mobix Labs’ products, increasing revenue and enhancing cash flow, and robust merger and acquisition strategy, are forward-looking statements. The actual financial and operating results that will be reflected in Mobix Labs’ Annual Report on Form 10-K for the year ended September 30, 2024, including its audited financial statements, when they are completed and publicly disclosed may differ from these preliminary results.. Although Mobix Labs believes that the expectations reflected in the forward-looking statements are reasonable, Mobix Labs cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Mobix Labs may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include the inability to develop technology in connection with the systems provided by RaGE Systems to its customers; the inability to meet future capital requirements and risks related to Mobix Labs’ ability to raise additional capital; the risk that Mobix Labs is unable to successfully commercialize its products and solutions, or experience significant delays in doing so; the risk that Mobix Labs may not be able to generate income from operations in the foreseeable future; the risks concerning Mobix Labs’ ability to continue as a going concern; the inability to maintain the listing of Mobix Labs’ securities on Nasdaq; the risk that the price of Mobix Labs’ securities may be volatile due to a variety of factors, including changes in the highly competitive industries in which Mobix Labs operates, variations in performance across competitors, changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting Mobix Labs’ business and changes in the combined capital structure; the risk that Mobix Labs experiences difficulties in managing its growth and expanding operations; the risk that Mobix Labs may not be able to consummate planned strategic acquisitions, or fully realize anticipated benefits from past or future acquisitions or investments; the risk that litigation may be commenced against Mobix Labs; the risk that Mobix Labs’ patent applications may not be approved or may take longer than expected, and Mobix Labs may incur substantial costs in enforcing and protecting its intellectual property; Mobix Labs’ reliance on a limited number of customers and retaining those customers; the impact of health epidemics, such as the COVID-19 pandemic, on Mobix Labs’ business and industry and the actions Mobix Labs may take in response thereto and to other geopolitical concerns; and in some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on August 14, 2024, and in any subsequent filings with the SEC. All information provided in this press release is as of the date of this press release, and Mobix Labs undertakes no duty to update such information, except as required under applicable law.
