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Mobix Labs Inc. (MOBX-4.89%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing net revenue of $3,169,000, a significant increase from $285,000 in the same quarter the previous year. This increase is attributed to the acquisition of EMI Solutions and RaGE Systems.
Cost of revenue for the quarter was $1,482,000, compared to $329,000 in the previous year, reflecting the addition of new product lines.
The company reported a gross profit of $1,687,000, compared to a gross loss of $44,000 in the previous year.
Research and development expenses decreased to $611,000 from $1,562,000, reflecting cost reduction actions.
Selling, general, and administrative expenses were $15,706,000, compared to $15,663,000 in the previous year, with the increase attributed to acquisition-related costs.
Interest expense decreased to $211,000 from $857,000, primarily due to lower costs associated with warrants issued in connection with borrowings.
A non-cash loss of $1,940,000 was recorded from the change in fair value of the earnout liability.
A non-cash loss of $2,658,000 was recorded from the change in fair value of warrants.
Net loss for the quarter was $19,839,000, compared to a net income of $935,000 in the previous year.
Cash used in operating activities was $930,000, while cash provided by financing activities was $1,069,000.
Mobix Labs had a working capital deficit of $24,615,000 as of December 31, 2024. The company acknowledges its need to raise additional capital to continue operations.
The filing also details the company's acquisitions of EMI Solutions and RaGE Systems, which are expected to expand its product offerings and customer base.
Mobix Labs identified material weaknesses in its internal controls over financial reporting due to insufficient personnel and ineffective risk assessment processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mobix Labs Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.