~ strategic move expanding Mobix Labs’ reach in
aerospace, defense, and transportation ~
~ Acquisition expected to increase Revenue and
Earnings on Close ~
Mobix Labs, Inc. (Nasdaq: MOBX), a global innovator in advanced
connectivity solutions, today announced it has agreed to acquire
Spacecraft Components Corp., a Nevada-based leader in
high-precision, mission-critical components for aerospace, defense,
and commercial applications. The acquisition, which is expected to
close in the first quarter of 2025, represents a significant
strategic milestone for Mobix Labs as it expands its presence into
new markets and strengthens its leadership in key industries.
Spacecraft Components is recognized for its cutting-edge
engineering and manufacturing capabilities. Spacecraft delivers
electrical connector components and accessories that are vital to
mission critical missile technology, submarines, naval ships, oil
rigs, railcars, military and commercial jet aircraft, and many
other applications. Notably, its components are utilized in the
Patriot Missile—the U.S. Army’s primary missile defense system—and
tactical manned and autonomous vehicles. Additionally, Spacecraft
supplies key components for railcar systems in major metropolitan
areas such as Chicago and New York.
Strategic Fit and Market
Expansion
As a long-standing supplier to Mobix Labs, Spacecraft Components
Corp. has provided high-quality components for Mobix Labs’
products. This acquisition is a natural fit, allowing Mobix Labs to
integrate Spacecraft’s expertise and expand into the aerospace,
military, and defense sectors; while also entering the
transportation market as a new revenue stream.
“This acquisition is transformative for Mobix Labs, aligning
with our strategy to diversify our markets and strengthen our
position in mission-critical industries,” said Fabian Battaglia,
CEO of Mobix Labs. “Spacecraft’s exceptional reputation and product
offerings, combined with Mobix Labs’ innovation and expertise, will
drive significant growth opportunities for both companies. We are
thrilled to welcome their talented team to Mobix Labs as we shape a
stronger future together.”
Operational and Financial
Impact
The acquisition is expected to increase Mobix Labs’ workforce by
approximately 150 employees, primarily based in Nevada. Spacecraft
Components reported unaudited revenues of $18.1 million in 2023,
with forecasted growth for the next two years. Spacecraft’s
compiled unaudited non-GAAP financials represent it has positive
earnings and cash flow. The acquisition is expected to be accretive
to Mobix Labs’ earnings. If the transaction closes as anticipated,
it will materially increase Mobix Labs’ revenue in fiscal year
2025.
“This partnership provides an exciting opportunity for
Spacecraft to grow alongside Mobix Labs,” said Craig Wiseman,
President of Spacecraft Components. Wiseman also stated that “by
combining our manufacturing expertise with Mobix Labs’ advanced
technologies, we are poised to deliver even greater value to our
customers across the aerospace, defense, and transportation
sectors.”
Transaction Details and Closing
Conditions
The terms of the transaction include a purchase price ranging
from $18 million to $24 million, with consideration to be paid in a
combination of cash and equity, subject to earnout provisions, all
of which will be finalized subject to completion of due diligence.
The deal remains subject to final due diligence and the approval of
the boards of directors of both companies.
About Mobix Labs, Inc.
Based in Irvine, California, Mobix Labs designs, develops and
sells components and systems for advanced wireless and wired
connectivity, radio frequency (“RF”), switching and filtering
technologies. The Company’s solutions are used in aerospace,
defense, 5G, medical, industrial and other high-reliability
markets. The Company’s True Xero active optical cables are designed
to meet customer needs for high-quality active optical cable
solutions at an affordable price. The Company’s electromagnetic
filtering products are used in military and aerospace applications.
These technologies are designed for large and rapidly growing
markets where there are increasing demands for higher-performance
communication and filtering systems that utilize an expanding mix
of both wireless and connectivity technologies. More information on
the company can be found by visiting http://www.mobixlabs.com or by
following us on X @MobixLabsInc and LinkedIn.
About Spacecraft Components
Corp.
Spacecraft Components Corp., founded in 1962, is a leader in
manufacturing and distributing specialized connectors. The company
serves various industries, including transportation, military,
aerospace, and industrial sectors. The company produces a wide
range of connectors and related accessories, designed to meet
strict industry standards, including MIL-SPEC qualifications.
Spacecraft Components Corp. is known for its ability to provide
custom solutions to meet unique customer needs. With its facility
in Nevada and a team of skilled professionals, Spacecraft
Components Corp. remains a trusted name in the connector industry,
delivering quality products and excellent service to its
clients.
Forward-Looking Statements
This press release contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about capturing
additional opportunities in the future, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties, and a number of factors could cause actual results
to differ materially from those contained in any forward-looking
statement, such as Mobix Labs’ ability to close the Spacecraft
Components acquisition pursuant to the terms of any agreement
entered into by and between the parties, deliver parts or to
develop technology in connection with the systems provided by
Spacecraft Components to its customers. In some cases,
forward-looking statements can be identified by words or phrases
such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “potential,” “continue,”
“is/are likely to” or other similar expressions. All information
provided in this press release is as of the date of this press
release, and Mobix Labs undertakes no duty to update such
information, except as required under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241124322852/en/
Media Contact: Jeff Fox, The Blueshirt Group
jeff@blueshirtgroup.com
Investor Contact: Lori Barker, The Blueshirt Group
lori@blueshirtgroup.com
http://www.mobixlabs.com X: @MobixLabsInc LinkedIn
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