Wed, May 15, 8:12 PM (72 days ago)
Mobix Labs, Inc. reported its financial results for the quarter ended March 31, 2024. Key highlights include: 1. **Revenue Growth**: Net revenue increased significantly to $1,145, driven by the addition of EMI filtering products following the acquisition of EMI Solutions, Inc. 2. **Cost Control**: Cost of revenue rose to $952, reflecting higher sales volumes. Research and development expenses decreased by 47% to $1,397 due to cost reduction measures. Selling, general, and administrative expenses fell by 19% to $7,358, despite increased costs related to the acquisition and stock-based compensation. 3. **Non-Operating Gains**: The company recognized gains from changes in the fair value of earnout and PIPE make-whole liabilities, totaling $8,510, due to a decrease in stock price. 4. **Net Loss**: The net loss was significantly reduced to $1,753 from $13,142 in the prior year, primarily due to the non-operating gains and cost control measures. 5. **Liquidity**: Cash increased to $2,993, supported by financing activities, including proceeds from the merger and PIPE investment. The company has a working capital deficit of $13,579 and faces substantial doubt about its ability to continue as a going concern without additional financing. 6. **Future Outlook**: Mobix Labs plans to utilize a committed equity facility to raise additional capital and is pursuing acquisitions to expand its product offerings and market presence. Overall, Mobix Labs' financial health showed improvement in revenue and cost management, but it continues to face liquidity challenges.