Business
Mobix Labs Announces Third Quarter 2024 Financial Results
Revenue up 80% sequentially and Gross Margin expansion Acquisition strategy successfully expanding end markets and diversifying offerings Increasing Customer
About this update from Mobix Labs, Inc.
[{"type":"text","content":"\nRevenue up 80% sequentially and Gross Margin expansion\n\n\nAcquisition strategy successfully expanding end markets and diversifying offerings\n\n\nIncreasing Customer Demand\n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nMobix Labs, Inc. (Nasdaq: MOBX) (“Mobix Labs”, “Mobix” or the “Company”), a leader in advanced connectivity solutions, today announced financial results for its fiscal third quarter ended June 30, 2024.\n\n\n“We are pleased with the June quarter’s results, closing the acquisition of RaGE Systems and our growing pipeline of synergistic M&A opportunities for extending our tech portfolio and end markets,” said Fabian Battaglia, CEO of Mobix Labs. “Quickly increasing customer demand and exciting requests for proposals are expanding the pipeline and proving that customers with high-reliability needs want to do business with Mobix.”\n\n\n“We were pleased with our sequential revenue growth of 80%, gross margin expansion and closing an additional private placement,” commented Keyvan Samini, President and CFO of Mobix Labs. “We are pursuing additional financing to fuel our acquisition strategy and to provide for working capital to fulfill our strong customer demand.”\n\n\nFinancial Highlights for Third Quarter of 2024\n\n\n\nRevenue: Total revenue grew to $2.1 million in the third quarter of 2024, an 80% increase from $1.1 million in the second quarter of 2024.\n\n\n\nLoss from Operations: GAAP loss from operations for the quarter was $9.3 million, compared to a loss of $8.6 million for the second quarter of 2024. On a non-GAAP basis, adjusted loss from operations for the quarter was $4.1 million compared to a loss of $4.1 million for the second quarter of 2024.\n\n\n\nRecent Business Highlights\n\n\n\nCompleted the acquisition of RaGE Systems, a leader in radio frequency and mmWave design and manufacturing services. Another key milestone for growth and affirmation of Mobix Labs’ strong global acquisition strategy.\n\n\n\nAnnounced the intent to acquire J-Mark Connectors Inc. This acquisition is expected to enhance Mobix Labs’ sales strategy and boost gross margins, particularly in the high-demand military, aerospace, and defense sectors. The addition of J-Mark’s expertise is expected to strengthen Mobix Labs' position, elevate market presence, enhance customer access, and secure major accounts in the aerospace and defense ...