Revenue growth has decelerated significantly, contracting by 61.4% in 2026Q2, while gross margins have experienced extreme volatility, falling from 57.4% in 2025Q3 to 19.0% in 2026Q2.
Mobix Labs, Inc. (MOBX) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 |
|---|
| Sales/Revenue | 5.52M | 9.91M | 6.44M | 1.22M | 3.31M | 435K |
| Revenue Growth % | -49.78% | 53.87% | 426.31% | -63.01% | 660.69% | - |
| Cost of Goods Sold | 3.7M | 4.91M | 3.89M | 1.62M | 2.85M | 297K |
| COGS % of Revenue | - | 49.49% | 60.38% | 132.35% | 86.19% | 68.28% |
| Gross Profit | 1.82M | 5.01M | 2.55M | -396K | 457K | 138K |
| Gross Margin % | 32.96% | 50.51% | 39.62% | -32.35% | 13.81% | 31.72% |
| Gross Profit Growth % | - | 96.2% | 744.44% | -186.65% | 231.16% | - |
| Operating Expenses | 39.79M | 48.58M | 48.95M | 35.15M | 24.17M | 21.87M |
| OpEx % of Revenue | - | 490.09% | 759.81% | 2871.57% | 730.46% | 5027.13% |
| Selling, General & Admin | 37.9M | 46.16M | 41.84M | 24.1M | 11.98M | 5.75M |
| SG&A % of Revenue | - | 465.69% | 649.41% | 1969.28% | 361.98% | 1321.15% |
| Research & Development | 1.88M | 2.42M | 5.78M | 11.04M | 12.19M | 7.69M |
| R&D % of Revenue | - | 24.4% | 89.71% | 902.29% | 368.48% | 1767.13% |
| Other Operating Expenses | 0 | 0 | 1.33M | 0 | 0 | 8.43M |
| Operating Income | -37.97M | -43.57M | -46.4M | -35.54M | -23.71M | -21.73M |
| Operating Margin % | -688.36% | -439.58% | -720.2% | -2903.92% | -716.65% | -4995.4% |
| Operating Income Growth % | - | 6.09% | -30.53% | -49.89% | -9.13% | - |
| EBITDA | -36.18M | -41.51M | -44.38M | -34.25M | -22.35M | -21M |
| EBITDA Margin % | -655.89% | -418.82% | -688.92% | -2798.53% | -675.31% | -4828.05% |
| EBITDA Growth % | 67.1% | 6.46% | -29.56% | -53.29% | -6.4% | - |
| D&A (Non-Cash Add-back) | 1.79M | 2.06M | 2.02M | 1.29M | 1.37M | 728K |
| EBIT | -43.9M | -43.8M | -20.88M | -36.2M | -23.8M | -12.93M |
| Net Interest Income | -4.93M | -2.33M | -1.58M | -3.35M | -343K | -239K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.93M | 2.33M | 1.58M | 3.35M | 343K | 239K |
| Other Income/Expense | -10.53M | -2.55M | 23.93M | -4.01M | -426K | -239K |
| Pretax Income | -48.5M | -46.12M | -22.46M | -39.55M | -24.14M | -21.97M |
| Pretax Margin % | -879.33% | -465.33% | -348.7% | -3231.54% | -729.53% | -5050.34% |
| Income Tax | -2K | 7K | -2.43M | 67K | -273K | -1.98M |
| Effective Tax Rate % | 0% | -0.02% | 10.81% | -0.17% | 1.13% | 9% |
| Net Income | -48.5M | -46.13M | -20.03M | -39.62M | -23.87M | -19.99M |
| Net Margin % | -879.3% | -465.41% | -310.99% | -3237.01% | -721.28% | -4595.63% |
| Net Income Growth % | -15.65% | -130.26% | 49.44% | -66.01% | -19.39% | - |
| Net Income (Continuing) | -48.5M | -46.13M | -20.03M | -39.62M | -23.87M | -19.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -241.92 | -10.10 | -5.90 | -13.80 | -20.00 | -7.00 |
| EPS Growth % | 39.83% | -71.19% | 57.25% | 31% | -185.71% | - |
| EPS (Basic) | - | -10.10 | -7.30 | -13.80 | -20.00 | -32.30 |
| Diluted Shares Outstanding | 200.49K | 4.55M | 3.5M | 1.46M | 1.2M | 1M |
| Basic Shares Outstanding | 200.49K | 4.55M | 2.84M | 1.46M | 1.19M | 1M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying MOBX stock.
For fiscal year 2025, Mobix Labs, Inc. (MOBX) reported total revenue of $9.9M. This represents a 2178.6% increase compared to $0.4M in 2021.
Mobix Labs, Inc. (MOBX) reported a net loss of $46.1M for the fiscal year ending 2025.
Mobix Labs, Inc. (MOBX) reported an operating income of $-43.6M, resulting in an operating profit margin of -439.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Mobix Labs, Inc. (MOBX) generated $5.0M in gross profit for the year, representing a gross profit margin of 50.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Imminent liquidity and dilution
Metrics are mathematically derived from official filings.
Revenue Growth Facing Significant Headwinds
As reported in recent financial filings, Mobix Labs has experienced a sharp deceleration in top-line performance, with quarterly revenue contracting to $0.97 million in 2026Q2, representing a significant decline from the $3.2 million peak observed in 2025Q1, signaling potential volatility in its core product adoption.
The inconsistent revenue trajectory suggests that the company's reliance on project-based design wins creates lumpy and unpredictable cash inflows. Investors should monitor whether this contraction reflects a structural loss of market share or merely the timing of specific aerospace and defense contract milestones.
Gross Margin Volatility Hinders Scalability
Based on the provided income statement data, gross margins have fluctuated wildly, dropping from a peak of 57.4% in 2025Q3 to 19.0% in 2026Q2, which indicates a lack of pricing power and potential vulnerability to foundry cost pressures in their fabless semiconductor model.
The inability to maintain consistent gross margins suggests that the company lacks the scale-based bargaining power required to offset variable production costs. This volatility complicates the path to profitability, as the firm appears unable to pass through input cost increases to its specialized customer base.
Operating Leverage Remains Deeply Negative
According to the company's historical income statements, Mobix Labs continues to struggle with extreme operating inefficiency, as evidenced by an operating margin that reached -439.58% in recent periods, highlighting a fundamental misalignment between current revenue generation and the firm's heavy fixed cost structure.
The massive operating deficit suggests that the company is currently sized for a much larger revenue base than it has achieved. Without a substantial increase in top-line volume, the current SG&A and R&D expenditure levels appear unsustainable and may necessitate further aggressive cost-cutting measures.
Earnings Quality Obscured by Compensation
Financial statements reveal that Mobix Labs relies heavily on stock-based compensation, with quarterly figures reaching as high as $12.7 million in 2024Q1, which significantly masks the true economic cost of operations and dilutes existing shareholders while preserving limited cash reserves for ongoing development.
The persistent gap between net income and operating cash flow, exacerbated by high non-cash expenses, warrants caution regarding the quality of reported earnings. Investors should interpret these figures as indicative of a firm prioritizing talent retention and survival over near-term profitability or shareholder value creation.
Binary Risks in 5G Strategy
While management emphasizes the potential of its 5G chipset portfolio, the market's focus on this high-beta segment may overlook the precarious nature of the company's $3.27 million cash position, which appears insufficient to support the current burn rate without immediate and dilutive external financing.
Short-sellers would likely focus on the disconnect between the company's speculative 5G growth narrative and the reality of its shrinking revenue base. The reliance on a narrow set of defense contracts suggests that the firm's survival may be more dependent on niche government spending than broad 5G adoption.