Mobix Labs (MOBX) Status update summary

Strategic transformation and new direction

• Announced a shift to an expanded strategy focused on national security, critical minerals, rare earths, energy, and infrastructure, with a planned corporate name change to NSM Labs to reflect this commitment.

• Signed a definitive agreement to acquire Special Project Delivery (SPD), enhancing U.S. supply chains for rare earth elements, critical minerals, and energy storage, with the deal structured as an all-stock transaction not exceeding 4.8 million shares, expected to close by year-end 2026 pending approvals.

• Acquisition of Vision Aerial, a U.S.-based drone developer, to strengthen compliance with domestic sourcing requirements for defense contracts.

• Emphasized leveraging deep experience and relationships from U.S. government programs to drive future growth.

Financial and operational update

• Q3 revenue expected between $750K-$850K, impacted by supply chain delays in defense and aerospace sectors.

• Q4 revenue guidance set at $1.4M-$1.8M, representing a projected 100% sequential increase at the midpoint.

• New order activity remains solid, but shipment delays have pushed revenue into future periods.

Supply chain and market positioning

• Identified U.S. dependence on China for rare earth processing as a critical vulnerability, with 90% of global capacity in China.

• Strategy centers on acquiring operating businesses with proven domestic processing capabilities, focusing on the midstream (separation and refining) as the key value and leverage point.

• Plans to be feedstock agnostic, sourcing from mines, industrial stockpiles, and potential friend-shoring, to reduce supply risk.

• The combined platform will address upstream resources and infrastructure, positioning across the entire supply chain.