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Here are 1-3 brief analogies for Mobix Labs (MOBX):

• Mobix Labs is like a **Texas Instruments** for next-generation data and wireless connectivity chips.
• Mobix Labs is like a **Marvell Technology** for high-speed data and wireless infrastructure.
• Mobix Labs is like a **Skyworks Solutions** for high-speed digital and mmWave connectivity components.

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• mmWave Beamformers & Transceivers: Semiconductor chips that enable high-speed, low-latency wireless communication for applications such as 5G, automotive, and satellite systems.
• Wired Connectivity Solutions (Active Cables & Silicon Photonics): High-speed interconnect products, including active electrical cables and optical modules, designed for data centers, AI/ML clusters, and various consumer electronics.
• RF Filters: Components used in wireless communication systems to isolate specific frequency bands and improve signal integrity and performance.

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Mobix Labs (symbol: MOBX) sells primarily to other companies (business-to-business or B2B).

According to their public filings, such as their Annual Report on Form 10-K for the fiscal year ended December 31, 2023, Mobix Labs experiences significant customer concentration. For instance, the report states that two of their largest customers accounted for approximately 71% of their total revenue for that fiscal year. While these customers represent a substantial portion of their revenue, Mobix Labs does not publicly disclose the specific names of these major customer companies in their SEC filings or other publicly available investor materials.

Therefore, specific customer names and their symbols cannot be provided. However, based on Mobix Labs' product offerings, which include mmWave 5G and AI solutions, their customers are typically companies operating in industries such as:

• Telecommunications Infrastructure: Companies that manufacture 5G base stations, access points, and other communication equipment requiring high-frequency RF integrated circuits (RFICs) and modules.
• Automotive: Tier 1 suppliers and automotive manufacturers integrating advanced technologies like Advanced Driver-Assistance Systems (ADAS), in-cabin infotainment, and high-speed connectivity solutions.
• Consumer Electronics: Manufacturers of devices and systems that incorporate high-speed wireless connectivity, artificial intelligence at the edge, and high-performance processing capabilities.

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Phil Sansone Chief Executive Officer

Phil Sansone was appointed as the permanent CEO of Mobix Labs effective July 25, 2025, having served as interim CEO since April 2025. He brings over 30 years of global sales and executive management experience within the semiconductor industry. Prior to joining Mobix Labs in October 2021 as Vice President of Sales, he held senior leadership roles at Microsemi and MaxLinear, and spent nearly two decades at Avnet, where he served as Senior Vice President of North American sales and engineering. Under his leadership as VP of Sales, Mobix Labs expanded its footprint in the military, defense, and aerospace sectors.

Keyvan Samini President & Chief Financial Officer

Keyvan Samini co-founded Mobix Labs in 2020 and serves as its President, Chief Financial Officer, and General Counsel. He possesses over 20 years of executive leadership experience in the semiconductor and software industries, with a proven track record in mergers, acquisitions, corporate development, finance, and governance. Samini has held executive roles, including CEO, COO, CFO, and corporate counsel, at organizations such as Western Digital, BioDiscovery, Dow Corning, Pitchtime, and Rfaxis. He has a history of working closely with institutional investors to drive growth in portfolio companies.

James Peterson Executive Chairman

James Peterson joined Mobix Labs as Executive Chairman in 2021. He previously served as Chief Executive Officer and Chairman of Microsemi Corporation from 2000 to 2018. Microsemi was later acquired by Microchip Technology for $10.3 billion. Peterson joined Microsemi following its acquisition of Linfinity Microelectronics, Inc., where he was President and Chief Operating Officer. He is noted for overseeing numerous acquisitions during his tenure at Microsemi. Before Linfinity, he held senior marketing and sales management positions at Silicon Systems, Inc., Rockwell Corporation, and General Instruments Microelectronics.

James Aralis Chief Technology Officer

James Aralis serves as the Chief Technology Officer of Mobix Labs. Prior to joining Mobix Labs, he held the position of Chief Technology Officer and Senior Vice President of Advanced Development at Microsemi. His career also includes work on the design and design management of analog and digital integrated circuits for Hughes Aircraft Company. He holds numerous patents and publications in his field.

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The key risks to Mobix Labs (MOBX) business include financial uncertainty, market acceptance and supply chain challenges, and stock price volatility.

1. Financial Uncertainty and Need for Capital: Mobix Labs is an early-stage company that has incurred significant losses and anticipates continued losses, raising substantial doubt about its ability to continue as a going concern. The company requires additional capital to fund its operations, which may not always be available on favorable terms, potentially leading to further dilution for existing stockholders. "Finance & Corporate" is identified as the top risk category, accounting for 67% of reported risks.
2. Market Acceptance, Competition, and Supply Chain Risks: The company faces risks related to the market acceptance of its products, lengthy customer qualification processes, and the evolving nature of 5G markets. Furthermore, Mobix Labs relies on third-party offshore manufacturers, which exposes it to potential supply chain disruptions and geopolitical risks. The company also faces competition in its industry.
3. Stock Price Volatility and Shareholder Dilution: Mobix Labs' share price has been volatile. There is a risk of further dilution for shareholders due to the need for additional capital and provisions related to warrants, which could lead to downward adjustments of their exercise price. The potential for resales of registered shares could also exert downward pressure on the stock's trading price.

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Mobix Labs (NASDAQ: MOBX) operates in several significant addressable markets related to advanced connectivity solutions.

5G Millimeter Wave (mmWave) Communications

The global 5G mmWave market, in which Mobix Labs offers chipset solutions and other wireless systems, was valued at USD 2.94 billion in 2023 and is projected to grow to USD 7.59 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 14.5% from 2024 to 2030. Another estimate places the global 5G mmWave Technology Market at USD 3.48 billion in 2024, anticipated to reach USD 10.49 billion by 2032, with a CAGR of 14.77% from 2025 to 2032. North America currently holds the largest share of the 5G mmWave market.

RF Filtering Technologies

Mobix Labs also develops radio frequency (RF) filtering technologies, including EMI filter inserts and filtered/non-filtered connectors. The global RF filter market was valued at USD 14.3 billion in 2024 and is forecast to reach USD 56.4 billion by 2034, growing at a CAGR of 14.8% from 2025 to 2034. North America dominated the global market in 2021, and the U.S. specifically dominated the North American RF filter market in 2024, accounting for 87.4% of the regional share.

Optical Interconnects (Active Optical Cables)

The company's True Xero active optical cables (AOCs) target the optical interconnect market. The global optical interconnect market is estimated at USD 15.2 billion in 2024 and is projected to grow to USD 28.4 billion by 2030, at a CAGR of 10.23%. Another source estimates the global optical interconnect market size at USD 13.87 billion in 2024, with a projected growth to USD 35.31 billion by 2032, exhibiting a CAGR of 12.6%. North America held the largest market share in the optical interconnect market in 2024, at 34.75%.

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Here are 3-5 expected drivers of future revenue growth for Mobix Labs (MOBX) over the next 2-3 years:

• Strong Demand in Aerospace, Defense, and Wireless Markets: Mobix Labs anticipates continued revenue growth driven by robust demand in the aerospace, defense, and wireless sectors. The company reported significant growth in these markets for fiscal 2025 and expects this trend to persist into fiscal 2026, fueled by rising global demand for defense and aerospace connectivity solutions and increased adoption of wireless technologies. This includes the increasing use of their interconnect technologies in critical defense platforms.
• Strategic Acquisitions: A key component of Mobix Labs' growth strategy is the execution of strategic acquisitions to expand its capabilities, customer base, and market position. Recent acquisitions, such as RaGE Systems and EMI Interconnect Solutions, have already contributed to revenue growth, and further planned acquisitions like Spacecraft Components Corp and SCP Manufacturing are expected to bolster their presence, particularly in the aerospace and defense markets.
• Expansion of Product Portfolio and Technology Innovation: Mobix Labs focuses on advanced connectivity solutions, including EMI Interconnect Solutions, Active Optical Cables (AOC) for high-speed AI datacenter interconnects, 5G IC Solutions, and Wireless Systems Solutions. Continued innovation and the development of new technologies, such as a monolithic software-defined system-on-chip for satellite communications by its RaGE Systems group, are expected to drive future revenue by expanding their offerings and addressing evolving market needs.
• Growing Customer Momentum and Opportunity Pipeline: The company has reported entering fiscal 2026 with record customer momentum and its strongest opportunity pipeline to date. Evidence of this includes customer bookings for its Interconnect products exceeding shipments by 75% in a recent quarter, indicating a strong indicator of future revenue strength and growing customer confidence.

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Share Issuance

• In July 2024, Mobix Labs completed a private placement, issuing approximately 2.9 million shares of Class A common stock (or equivalents) and warrants, which generated around $4 million in gross proceeds.
• The company generated $4.5 million in gross proceeds in September 2025 through the exercise of existing warrants for 5.5 million shares, while also issuing new unregistered warrants for an additional 8.2 million shares.
• An at-the-market (ATM) offering agreement, established in October 2025, allows Mobix Labs to potentially sell up to $15.8 million of Class A common stock.

Inbound Investments

• Approximately $4 million in gross proceeds were secured from a private placement completed in July 2024.
• An additional $4.5 million in gross proceeds was generated in September 2025 from the exercise of existing warrants.
• Mobix Labs has access to over $100 million via an equity line of credit and shelf registration, primarily intended to finance its mergers and acquisitions program.

Outbound Investments

• Mobix Labs initiated an aggressive mergers and acquisitions program, backed by over $100 million in available capital, to expand its market presence and revenue in the aerospace, defense, and 5G sectors, targeting the 2026 fiscal year.
• Recent acquisitions include Spacecraft (November 2024), SCP Manufacturing (expected Q2 2025), RaGE Systems (May 2024), and EMI Solutions (September 2022), all contributing to its strategic growth in aerospace and defense.
• The company pursued a hostile takeover bid for Peraso, initially proposing a mix of cash and stock, which was later revised to an all-cash offer of $1.30 per share.

Capital Expenditures

• Mobix Labs reported a capital expenditure of -$0.011.