MOBX // Mobix Labs Inc. (Class A)

Technology • Semiconductors

$0.60 ▼ -0.03 (-4.78%)

MKT CAP: $14.8M • VOL: 784.5K

52W L $1 52W H $13

PIOTROSKI

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MOBX // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

MOBX // Mobix Labs Inc. (Class A)

GROSS MARGIN

50.5%

OP MARGIN

-60.0%

ROIC %

-35.0%

MKT CAP

$14.8M

UPSTREAM INPUTS ──► MOBX OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
MOBX ★	Mobix Labs Inc. (Class A)	$0.60	$14.8M	50.5%	-60.0%	-35.0%	—	+53.9%	SUBJECT ISSUER
AAPL	Apple Inc.	$338.32	$4.94T	48.8%	33.0%	81.1%	28.4x	+15.1%	MOBX VS AAPL <GO>
NVDA	NVIDIA Corporation	$202.06	$4.87T	74.7%	65.2%	65.1%	22.9x	+83.4%	MOBX VS NVDA <GO>
MSFT	Microsoft Corporation	$507.12	$3.77T	67.7%	47.1%	26.5%	19.4x	+17.9%	MOBX VS MSFT <GO>
TSM	Taiwan Semiconductor Manufacturing Company Ltd.	$398.63	$2.07T	—	21.1%	14.9%	14.9x	-3.3%	MOBX VS TSM <GO>
SPCX	Space Exploration Technologies Corp.	$136.37	$1.85T	—	21.1%	58.3%	14.3x	+20.9%	MOBX VS SPCX <GO>