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Mobix Labs supplies companies making aerospace, military, defense and healthcare equipment. Its products include connectors and filters that limit electromagnetic interference, alongside wireless communications, sensing and detection systems. Product sales provide most revenue; customers also pay it to research and design wireless systems to their specifications.
For communications projects, Mobix Labs typically designs, prototypes and validates a product, then seeks a supply contract to build, test, ship and maintain it after trial units are deployed. Its SMART Edge programmable radio is one wireless offering. The business relies heavily on Leidos Holdings, its largest customer, which supplies a substantial share of revenue. Its millimeter-wave chipset remains under development, and it has not yet sold integrated circuits.
Mobix Labs needs additional financing to fund operations and product development and says it cannot continue operating without adequate new funding. Export and import controls and sanctions also limit where and with whom it can do business.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Mobix Labs depends heavily on Leidos, which buys its products and services and accounted for approximately 50% of net revenue in the fiscal year ended September 30, 2025. Leidos earns most of its revenue from U.S. government contracts, making its purchases from Mobix a key item to watch.
Amphenol competes for the equipment makers buying Mobix Labs’ connectors for aerospace, defense and other demanding applications. Its ruggedized connectors and interconnect systems are the products to watch, rather than its broader antenna and sensor business.
TE Connectivity competes with Mobix Labs for equipment makers’ connector and filtering-product purchases in demanding applications. Its connector systems and filters, which carry power, signals and data in equipment, are the relevant part of its wider connectivity and sensor offering.
MACOM and Mobix Labs both serve defense-equipment demand: MACOM sells radio-frequency components that customers build into electronics, while Mobix sells wireless systems and interconnects to military and aerospace equipment makers. MACOM’s radar, electronic-warfare and defense-communications business is more relevant to Mobix than its data-center business.
Analog Devices competes with Mobix Labs in the radio-frequency and mixed-signal parts of connected devices’ 5G radios, selling chips and subsystems that customers use in their products. Its radio offerings’ performance, reliability and power use are the competitive features to watch against Mobix’s wireless systems.
Peraso already sells millimeter-wave devices to equipment makers and wireless internet providers in a field Mobix Labs is pursuing, while Mobix had not yet sold any ICs as of its filing. Peraso is also evaluating Mobix’s non-binding acquisition proposal; watch whether it reaches a definitive agreement, not as a completed deal.
Sequans Communications S.A. offers customers radio chips and wireless design support that overlap with Mobix Labs’ programmable SMART Edge radio and paid custom engineering. Its Iris transceivers for radios controlled by software are the clearest product to watch for this overlap.
Skyworks competes with Mobix Labs in wireless systems through analog and mixed-signal chips supplied for connected-device radios. Its products for cellular infrastructure and connected devices are the relevant overlap within a range that also serves aerospace, defense and medical applications.
NXP already sells connectivity chips and radio-frequency amplifiers for customers’ equipment, competing with Mobix Labs’ RF and mixed-signal offerings for connected-device radios. The difference is commercialization: Mobix had not yet sold any ICs as of its filing.
Qualcomm sells manufacturers 5G connectivity chips and components that handle radio signals before they reach the rest of a device—the RF front end—which Mobix Labs identifies as competing offerings. These connected-device radio products are the relevant comparison, while Mobix had not yet sold any ICs as of its filing.
Leidos Holdings, Inc. earningsLDOS
Leidos’s report will show how its U.S. government-contract business is doing, offering a read on demand from the customer that accounted for about half of Mobix Labs’ fiscal 2025 revenue.
Read Leidos’s government-contract activity alongside Mobix Labs’ product and service sales to Leidos. Stronger contract activity with continued buying would show that Mobix’s largest customer is still supporting its revenue; weaker activity or buying would leave Mobix’s revenue and cash flow more exposed to one customer.
