Mobix Labs continues to burn cash, with quarterly outflows frequently exceeding $4 million and a total lack of positive free cash flow over the last ten quarters.
Mobix Labs, Inc. (MOBX) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 |
|---|
| Cash from Operations | -19.23M | -10.11M | -18.39M | -14.63M | -321.01K | -10.94M |
| Operating CF Margin % | - | -102.03% | -285.44% | -1194.93% | -9.7% | -2515.17% |
| Operating CF Growth % | -1102.21% | 45% | -25.72% | -4456.27% | 97.07% | - |
| Net Income | -48.5M | -46.13M | -20.03M | -39.62M | -776.13K | -19.99M |
| Depreciation & Amortization | 1.79M | 2.06M | 2.02M | 1.29M | 0 | 728K |
| Stock-Based Compensation | 15.3M | 25.62M | 21.38M | 15.48M | 0 | 307K |
| Deferred Taxes | -6K | 1K | -2.43M | 66K | 0 | -1.98M |
| Other Non-Cash Items | 16.14M | 6.97M | -24.17M | 3.52M | -266.73K | 8.43M |
| Working Capital Changes | -3.96M | 1.37M | 4.85M | 4.64M | 721.85K | 1.56M |
| Change in Receivables | 687K | 1.43M | -1.82M | 385K | 0 | -47K |
| Change in Inventory | -216K | 290K | -105K | 251K | 0 | 84K |
| Change in Payables | -4.49M | -1.28M | 3.86M | 1.39M | 0 | 1.26M |
| Cash from Investing | -19K | 1K | -1.11M | -633K | 70.17M | -1.39M |
| Capital Expenditures | -19K | -26K | -44K | -633K | -56K | -1.45M |
| CapEx % of Revenue | 0.34% | 0.26% | 0.68% | 51.72% | 1.69% | 332.64% |
| Acquisitions | 0 | 27K | -1.06M | 0 | 0 | 53K |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 70.57M | 0 |
| Cash from Financing | 21.15M | 13.12M | 19.67M | 15.17M | -69.91M | 13.07M |
| Debt Issued (Net) | 7.01M | 3.53M | -1.56M | 1.68M | 662K | 0 |
| Equity Issued (Net) | 8.04M | 3.65M | 3.58M | 13.51M | -70.57M | 11.27M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -70.57M | 0 |
| Other Financing | 6.1M | 5.95M | 17.65M | -24K | 0 | 1.8M |
| Net Change in Cash | 1.9M | 3.01M | 177K | -89K | -64.92K | 733K |
| Free Cash Flow | -19.24M | -10.14M | -18.43M | -15.26M | -321.01K | -12.39M |
| FCF Margin % | -348.84% | -102.29% | -286.12% | -1246.65% | -9.7% | -2847.82% |
| FCF Growth % | -108.31% | 44.99% | -20.79% | -4653.43% | 97.41% | - |
| FCF per Share | -95.97 | -2.23 | -5.27 | -10.44 | -0.27 | -12.38 |
| FCF Conversion (FCF/Net Income) | 0.40x | 0.22x | 0.92x | 0.37x | 0.01x | 0.55x |
| Interest Paid | -693K | 0 | 521K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MOBX stock.
Mobix Labs, Inc. (MOBX) generated $-10.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mobix Labs, Inc. (MOBX) reported negative free cash flow of $10.1M in 2025, indicating capital requirements exceeded cash from operations.
Mobix Labs, Inc. (MOBX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Compensation
As reported in financial statements, the persistent gap between net income and operating cash flow is heavily distorted by stock-based compensation, which reached $12.7 million in 2024Q1, effectively obscuring the true economic cost of operations and the company's inability to generate organic cash from core activities.
The consistent divergence between net losses and operating cash flow suggests that the company relies on equity-based incentives to preserve its limited cash reserves. Investors should monitor this relationship, as the reliance on non-cash compensation to bridge the gap between accounting losses and cash burn may not be sustainable in the long term.
Persistent Free Cash Flow Deficits
Based on Mobix Labs' reported figures, the company has failed to achieve positive free cash flow in any of the last ten quarters, with quarterly cash outflows frequently exceeding $4 million, underscoring a structural inability to fund operations through internal revenue generation or efficient capital management.
The negative FCF trajectory indicates that the firm remains in a high-burn phase with no clear path to self-sufficiency. This trend suggests that the company is entirely dependent on external financing to maintain its current operational footprint, which warrants further investigation into the timing of potential capital raises.
Volatile Working Capital Management Trends
According to recent SEC filings, working capital changes have swung from a $3.4 million inflow in 2025Q1 to a $3.6 million outflow in 2025Q3, indicating significant instability in the company's ability to manage its cash conversion cycle and effectively align its payables with incoming revenue streams.
Such volatility in working capital suggests potential inefficiencies in inventory management or collection cycles, which are particularly dangerous for a firm with limited liquidity. The erratic nature of these shifts may indicate that the company is struggling to stabilize its operational processes as it attempts to scale.
Cash Flow Statement Obscures Reality
As evidenced by the provided data, the cash flow statement masks the severity of the company's financial position by highlighting non-cash adjustments, while the actual cash and equivalents balance of $3.27 million remains dangerously low relative to the ongoing quarterly burn rate observed in recent periods.
The reliance on stock-based compensation to inflate operating cash flow figures may mislead investors regarding the company's true liquidity position. This practice warrants further investigation, as it appears to be a primary mechanism for deferring the inevitable need for dilutive financing to cover operational shortfalls.