Mobix Labs(MOBX) - 2024 Q4 - Annual Results

First Quarter 2025 Financial Results Financial and Business Highlights Mobix Labs reported strong Q1 2025 results with revenue surging 11-fold to $3.17 million and adjusted operating losses improving for the fourth consecutive quarter | Metric | Value | | :--- | :--- | | Revenue | $3.17 million | | Adjusted Gross Margin | 54.1% | | Adjusted Loss from Operations | $2.5 million | - Revenue growth increased 11-fold compared to the same fiscal quarter last year, demonstrating an exceptional growth trajectory[2] - The company achieved its fourth consecutive quarter of reduced operating losses, with the adjusted loss from operations improving by 28.9% from the prior fiscal quarter[2][6] - Recent operational achievements include integrating newly acquired companies, strengthening ties with aerospace and defense customers, and expanding research collaborations for next-generation technologies[6] Financial Statements The company's Q1 2025 financial statements show substantial revenue growth to $3.17 million, improved GAAP operating loss, and a stockholders' deficit of $(3.0) million Condensed Consolidated Statements of Operations Mobix Labs reported Q1 2025 net revenue of $3.17 million, a positive gross profit, and a GAAP net loss of $(19.8) million | Metric (in thousands) | Q1 2025 | Q1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net revenue | $3,169 | $285 | 1011.9% | | Gross profit | $1,687 | $(44) | nm | | Loss from operations | $(14,630) | $(17,269) | -15.3% | | Net income (loss) | $(19,839) | $935 | nm | | Basic EPS | $(0.52) | $0.04 | nm | - Research and development expenses saw a significant year-over-year decrease of 60.9% to $611 thousand[12] - Selling, general and administrative expenses remained relatively stable, increasing by only 0.3% to $15.7 million compared to the prior year[12] Condensed Consolidated Balance Sheets As of December 31, 2024, Mobix Labs reported total assets of $37.3 million, increased total liabilities of $40.3 million, and a stockholders' deficit of $(3.0) million | Metric (in thousands) | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | | Total Assets | $37,271 | $39,088 | | Total Liabilities | $40,310 | $33,558 | | Total stockholders' equity (deficit) | $(3,039) | $5,530 | - The company held $405 thousand in cash at the end of the quarter[16] - Current liabilities of $28.4 million significantly exceeded current assets of $3.8 million as of December 31, 2024[16] Non-GAAP Financial Measures Mobix Labs utilizes non-GAAP measures like Adjusted Gross Profit and Adjusted Loss from Operations to provide a clearer view of core business performance, showing improved profitability in Q1 2025 - The company provides non-GAAP financial measures to offer more transparency into business trends, excluding effects of non-cash expenses and acquisition-related charges[3] Reconciliation to Adjusted Loss from Operations | Reconciliation to Adjusted Loss from Operations (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP loss from operations | $(14,630) | $(17,269) | | Stock-based compensation expense | $9,802 | $12,705 | | Merger & acquisition- related expenses | $1,646 | $117 | | Adjusted loss from operations | $(2,588) | $(4,097) | Reconciliation to Adjusted Gross Profit | Reconciliation to Adjusted Gross Profit (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP gross profit | $1,687 | $(44) | | Adjusted Gross Profit | $1,715 | $24 | | Adjusted Gross Margin % | 54.1% | 8.4% | Company Overview and Outlook Mobix Labs specializes in advanced wireless and wired connectivity components, targeting diverse markets, with a growth strategy focused on strategic acquisitions and product portfolio expansion - The company designs, develops, and sells components and systems for advanced wireless (RF, mmWave 5G) and wired connectivity (EMI filtering)[9] - Key target markets include consumer, commercial, industrial, automotive, medical, aerospace, and defense[9] - The company's growth strategy includes pursuing acquisitions of companies with existing revenue and technologies that can accelerate its market position[9] Conference Call Information Mobix Labs will host a conference call and webcast on Tuesday, February 18, 2025, at 2:00 PM Pacific Time to discuss its Q1 2025 financial results Conference Call Details | Detail | Information | | :--- | :--- | | Event | First Quarter 2025 Earnings Call | | Date | Tuesday, February 18, 2025 | | Time | 2:00pm Pacific Time / 5:00pm Eastern Time | | Webcast | Available on the Company's investor relations website |