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NEWS ER
Financial Highlights for Fourth Quarter of 2024
• Revenue: Total revenue grew to $3.0 million in the fourth quarter of 2024, a 44% increase from $2.1 million in the third quarter of 2024.
• Loss from Operations: GAAP loss from operations for the quarter was $11.2 million, compared to a loss of $9.3 million for the third quarter of 2024. On a non-GAAP basis, adjusted loss from operations for the quarter was $3.6 million compared to a loss of $4.1 million for the third quarter of 2024.
Financial Highlights for Fiscal Year 2024
• Revenue: Total revenue grew to $6.4 million in 2024, a 426% increase from $1.2 million in 2023.
• Loss from Operations: GAAP loss from operations for the year was $46.4 million, compared to a loss of $35.5 million in 2023. On a non-GAAP basis, adjusted loss from operations for the year was $16.0 million compared to a loss of $18.7 million in 2023.
Recent Business Highlights
• Signed a letter of intent to acquire Spacecraft Components Corp., a leader in high-precision, mission-critical components for aerospace, defense, and commercial applications. They are recognized for their cutting-edge engineering and manufacturing capabilities, which are vital to critical missile technology, submarines, naval ships, oil rigs, railcars, military and commercial jet aircraft, and many other applications. The acquisition would represent a significant strategic milestone for Mobix Labs as it expands its presence into new markets and strengthens its leadership in key industries.
• EMI Interconnect Solutions announced filtered ARINC connectors, which are setting a new standard in price, performance and customization. Also, EMI announced significant new customers in the aerospace and defense sectors for custom-filtered next-generation high-performance connectors used in flight guidance and cockpit display systems.
• Wireless Systems achieved strong revenue and increased margins during RaGE Systems' first full quarter with Mobix. Continued production of present-generation radar imaging modules while also developing new generations of products to help our customers explore new product offerings. Also, expanded Multi-Spectral Imaging and Detection ("MSID") programs by adding new capabilities to our customer-supported test facilities and demonstrated new capabilities and functionality for future programs.
• Expanded relationship with UMASS Lowell in Massachusetts to include research on infrastructure degradation, safety for the rail industry and also SATCOM applications.
Financial Outlook
Net revenues are expected to fall within a range of $3.05 - $3.15 million in the fiscal first quarter of 2025.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP measures of financial performance, including:
• Adjusted Gross Profit, which is defined as GAAP Gross Profit excluding amortization of acquisition-related intangible assets, inventory write-offs and stock-based compensation expense; and,
• Adjusted Loss from Operations, which is defined as GAAP Loss from Operations excluding depreciation, amortization of acquisition-related intangible assets, merger and acquisition-related expenses, inventory write-offs and stock-based compensation expense.
• Revenue: Total revenue grew to $3.0 million in the fourth quarter of 2024, a 44% increase from $2.1 million in the third quarter of 2024.
• Loss from Operations: GAAP loss from operations for the quarter was $11.2 million, compared to a loss of $9.3 million for the third quarter of 2024. On a non-GAAP basis, adjusted loss from operations for the quarter was $3.6 million compared to a loss of $4.1 million for the third quarter of 2024.
Financial Highlights for Fiscal Year 2024
• Revenue: Total revenue grew to $6.4 million in 2024, a 426% increase from $1.2 million in 2023.
• Loss from Operations: GAAP loss from operations for the year was $46.4 million, compared to a loss of $35.5 million in 2023. On a non-GAAP basis, adjusted loss from operations for the year was $16.0 million compared to a loss of $18.7 million in 2023.
Recent Business Highlights
• Signed a letter of intent to acquire Spacecraft Components Corp., a leader in high-precision, mission-critical components for aerospace, defense, and commercial applications. They are recognized for their cutting-edge engineering and manufacturing capabilities, which are vital to critical missile technology, submarines, naval ships, oil rigs, railcars, military and commercial jet aircraft, and many other applications. The acquisition would represent a significant strategic milestone for Mobix Labs as it expands its presence into new markets and strengthens its leadership in key industries.
• EMI Interconnect Solutions announced filtered ARINC connectors, which are setting a new standard in price, performance and customization. Also, EMI announced significant new customers in the aerospace and defense sectors for custom-filtered next-generation high-performance connectors used in flight guidance and cockpit display systems.
• Wireless Systems achieved strong revenue and increased margins during RaGE Systems' first full quarter with Mobix. Continued production of present-generation radar imaging modules while also developing new generations of products to help our customers explore new product offerings. Also, expanded Multi-Spectral Imaging and Detection ("MSID") programs by adding new capabilities to our customer-supported test facilities and demonstrated new capabilities and functionality for future programs.
• Expanded relationship with UMASS Lowell in Massachusetts to include research on infrastructure degradation, safety for the rail industry and also SATCOM applications.
Financial Outlook
Net revenues are expected to fall within a range of $3.05 - $3.15 million in the fiscal first quarter of 2025.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP measures of financial performance, including:
• Adjusted Gross Profit, which is defined as GAAP Gross Profit excluding amortization of acquisition-related intangible assets, inventory write-offs and stock-based compensation expense; and,
• Adjusted Loss from Operations, which is defined as GAAP Loss from Operations excluding depreciation, amortization of acquisition-related intangible assets, merger and acquisition-related expenses, inventory write-offs and stock-based compensation expense.
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