MOBX

Mobix Labs is an early-stage RF/mmWave semiconductor company that reached commercial revenue only via its Dec-2023 SPAC merger, and the numbers show a business nowhere near self-sustaining. FY2025 revenue of $9.91M grew a healthy +53.9% and gross margin is a respectable 50.5%, but that is the entire good news. Below the gross line the model collapses: operating margin is -380% and net margin -465%, producing a -$46.1M net loss that is actually 130% *wider* than the prior year. Operating cash flow was -$10.1M against just $3.27M of cash on hand — roughly four months of runway at the current burn — and the 10-K itself states there is 'substantial doubt about our ability to continue as a going concern' and that the company 'will need to raise additional capital.'

The balance sheet is already impaired. Stockholders' equity is *negative* (-$336K) on a -$151M accumulated deficit, so liabilities-to-equity is not meaningfully computable. Working capital is deeply negative — $6.71M current assets versus $27.8M current liabilities — and the current portion of debt jumped +137.6% to $5.09M, exceeding total cash. Management's fix is the October 2025 $15.8M ATM offering with Roth; diluted shares already rose 60% YoY, so existing holders face heavy, ongoing dilution just to keep the lights on. The filing also flags material weaknesses in internal controls, heavy customer concentration ('a substantial portion of our revenues from one customer'), a lengthy product qualification cycle, and undeveloped mmWave end-markets — a stack of risks on top of the funding gap.