Mobix Labs (NASDAQ:MOBX) said it expects fiscal fourth-quarter 2026 revenue to approach the high end of its previously issued $1.4 million to $1.8 million guidance range, citing stronger wireless system shipments and continued military demand.
Chief Executive Officer Phil Sansone said the quarter, which ended Sept. 30, would represent more than 100% quarter-over-quarter growth if results meet the company’s expectations. He also said gross margins are expected to be substantially higher and that the company anticipates growth will continue into fiscal first quarter 2027.
Sansone emphasized that the Mobix-SPD and SPD-Winner transactions are separate and remain subject to their own closing conditions and approval requirements. He said any required Mobix shareholder approval related to the SPD transaction or issuance of Mobix securities would be presented through the applicable proxy process.
Winner Water Services and rare earth recovery
Winner recovers rare earth elements, scandium and alumina from coal ash that is already above ground, according to the companies. Sansone said the model does not require permitting a new mine. He said Winner has received six consecutive awards from the Department of Energy and Department of Defense over the past decade, totaling $53 million.
Winner broke ground in August on a rare earth extraction demonstration plant at the National Carbon Capture Center in Wilsonville, Alabama. Paul Singarella, co-founder and CEO of SPD, said the fully funded demonstration facility has a $25 million cost and is expected to begin operating no later than the first quarter of 2028.
Singarella said Winner’s process uses multiple steps, including acid leaching of coal ash, solvent extraction, oxalate precipitation and calcining, to produce a mixed rare earth oxide concentrate. The company intends for the demonstration plant to further separate heavy and light rare earth fractions and produce a scandium product.
He said coal combustion concentrates rare earth content compared with the original coal material, though the initial concentrations remain relatively low. Winner also expects to evaluate byproducts after rare earth extraction, including material that may be suitable for use as aggregate in concrete if it meets applicable standards.
- SPD said Winner is its first and intended anchor critical-minerals business.
- Singarella said the combined companies are pursuing public, federal and partner capital to support larger-scale projects.
- He said the parties have grants pending and hope federal partnerships could eventually provide hundreds of millions of dollars in funding.
Feedstock, federal relationships and defense efforts
Singarella said Winner has a utility partner for its coal ash feedstock but declined to identify the utility. He said utilities face environmental liabilities associated with coal ash impoundments and may benefit from projects that repurpose the material.
He also said the company is evaluating other materials that may be recoverable from coal ash, including germanium, gallium and aluminum. According to Singarella, coal ash can contain approximately 15% to 20% aluminum.
On federal support, Singarella said both the DOE and DOD have been important to Winner’s development. He said the companies recently added a governmental affairs partner, Continental, to help raise their profile in Washington and support their projects.
The National Security Matters initiative also aims to build on Mobix’s existing defense technology business. Singarella said Mobix has radio-frequency and filtering technology used in the Tomahawk program and other programs, including the F-16. Sansone added that Mobix is already an approved vendor to multiple Tier 1 defense contractors in the U.S. and overseas.
Revenue outlook
Looking ahead, Sansone said that if the announced transactions close successfully, Mobix could have a $30 million to $50 million revenue run rate by this time next year. He characterized the company’s expansion into rare earths through SPD and Winner as transformational, while noting that the transactions have not yet closed.
About Mobix Labs (NASDAQ:MOBX)
Mobix Labs, Inc is a semiconductor company that develops connectivity and electromagnetic interference (EMI) mitigation solutions for communications and electronic systems. Its technology is designed to support high-speed data transmission, wireless connectivity and the integration of electronic components in space-constrained applications.
The company’s product portfolio includes semiconductor and module solutions for 5G and millimeter-wave communications, radio-frequency connectivity and signal management.
