Mobix Labs, Inc.
Information Technology · Semiconductors
STRUCTURAL: GaN-on-SiC is the incumbent RF material for high-power, high-frequency applications; displacing GaAs in 5G sub-6 GHz and mmWave bands. Automotive radar density is rising sharply as ADAS mandates expand globally - 77 GHz + 79 GHz mmWave chipsets are a secular unit-volume driver independent of EV adoption.
Defense RF modernization (AESA radars, EW systems) is a sticky, sole-source-friendly revenue pool. Fabless model keeps capex minimal and lets MOBX ride foundry scale.
• GaN RF TAM expanding across 5G, auto radar, and defense simultaneously - rare three-vector growth setup.
• Compound-semiconductor expertise is a genuine moat; GaN process know-how takes years to replicate.
• Defense contracts carry long qualification cycles that lock out competitors once designed in.
• Automotive radar content per vehicle rising from 1-2 sensors to 5-8 as Level 2+ ADAS becomes standard.
• Small float (~15M shares) means even modest contract wins can move revenue meaningfully as a % of market cap.
• Micro-cap with sub-$40M market cap; cash burn risk is material - any equity raise is dilutive at current prices.
• Competing against $QRVO, $SWKS, and $NXPI which have far greater scale, manufacturing optionality, and customer relationships.
• Auto and defense design cycles are 2-4 years; revenue visibility is limited until design-wins convert.
• GaN foundry supply is concentrated; any fab disruption (e.g., Wolfspeed capacity constraints) hits MOBX hard.
• 5G infrastructure capex cycle is lumpy - carrier spending pauses can stall near-term RF chip demand.
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