Mobix Labs, Inc. Class A Common Stock Status update

Sir, please go ahead. Good afternoon, and thank you for joining us.

This is Phil Sansone, the CEO of Mobix Labs. The purpose of today's call is to explain the rationale behind Mobix Labs' new direction and focus, and how we believe this new expanded strategy positions the company for significant long-term growth in much larger total addressable markets. Following my remarks, I will introduce Paul Singarella, a co-founder of Special Project Delivery, or SPD, a project development platform that we are in the process of acquiring, and who we expect to play a leadership role in our pursuit of critical minerals, rare earths, energy, and other infrastructure development opportunities. Paul will provide greater detail on his background, SPD, and the opportunities we see within this platform, and the areas where his experience and expertise can help us execute on this strategy.

Before we begin, I do want to touch on our Q3 financial results, which we expect to file with the SEC in a timely fashion. Despite solid new order activity to date in 2026, our production and shipments to several major defense and aerospace prime contractors were delayed by industry-wide supply chain pressures, resulting in extended lead times for critical components. These constraints limited product shipments in the third quarter, pushing orders into future periods. Reflecting these factors, our Q3 revenue will be in the range of $750K-$850K. We currently expect fiscal fourth quarter revenue of $1.4 million-$1.8 million, which at the midpoint would represent an approximately 100% sequential increase. Our Form 10-Q contains the complete results and the related disclosures, and I would refer you to it.

Frankly, these and other systemic challenges within our existing markets have helped to reshape our thinking on the best path forward for Mobix Labs and our shareholders. Over the past several months, our board and management have formulated an expanded strategy along with a new corporate name. We have communicated elements of this in various releases, but we recognize the need to speak directly with our investors about our exciting new direction, which is the purpose of today's call. The best place to start is our plan to rename the company as NSM Labs to telegraph our commitment to our National Security Matters initiative. A new name is a promise, and I want to spend the next few minutes explaining exactly what we are promising, because the name is not a rebrand. It is a statement of the problem we have decided to solve.

Many of you have followed this company for a while, so you know our business today is really two companies. EMI Solutions, which builds the filters that let sensitive electronics survive inside a military platform, qualified in production and deployed in aerospace and defense programs right now. RaGE Systems, which is a proven innovator in delivering system-level wireless capabilities, both sell into aerospace defense and homeland security. A third is on the way. We have signed a definitive agreement to acquire Vision Aerial, an American-built drone developer based in Bozeman, Montana, whose products are designed to meet National Defense Authorization Act domestic sourcing requirements. That compliance matters more than it sounds. It is the difference between being permitted to sell to the U.S. government or not.

What unites these companies and provides synergies and significant competitive advantage is the experience, expertise, and customer relationships we have built by working on many U.S. government programs. Being a supplier to those programs teaches you something you cannot learn from the outside, providing invaluable experience that guides our future efforts. This includes our recognition of the immense importance of rare earths and critical minerals to our collective national security. Let me give you the clearest example I know. Inside nearly every modern defense system, the motors, the actuators, the guidance and sensing packages are components that only exist because of rare earth and critical minerals. Those materials are rarely mentioned in the program brief, but without them, the platform does not fly or steer or see. Everything else, the airframe, the software, the years of engineering is just cargo.

Yet, by most published estimates, roughly 90% of the world's rare earth refining and processing capacity sits in China. Our dependence on rare earths becomes increasingly apparent the longer you work inside that supply chain. Once we started looking, we found the same pattern again and again. Programs worth hundreds of millions of USD being held up by limited access to a material from a source we do not control. We came to recognize that a supply chain is not secure because most of it is secure. It is secure when all of it is. You can build an aircraft entirely in America, but the whole program can still grind to a stop over access to a few pounds of refined material. From this recognition, we came to the decision that as a company, we needed to solve this problem rather than keep working around it.

From there, National Security Matters emerged as our guiding idea. Which brings me to today's news release regarding our signing of a definitive agreement with Special Project Delivery. Special Project Delivery gives us a dedicated capability to identify, evaluate, and acquire operating businesses in domestic rare earth, critical minerals, and energy supply chains, businesses that already know how to process this material here in the United States. SPD was built by two exceptional leaders, Paul Singarella and John Dewey, who bring decades of experience in industrial project execution and the legal, regulatory, and environmental work that determines whether domestic projects actually get built. Our expansion into critical minerals essential to our national security is the reason we asked you to join us today, and in a moment, I will introduce Paul so he can help fill you in on the opportunities we see.

This is a powerful transformation of our company with an enormous amount of work ahead of us. I want to be clear about that. But over my decades-long career, I have never seen a window like this one. Our country has decided it needs what we are building and is very actively putting in place needed funding. Our job now is to go build it. With that, let me hand the call to Paul Singarella to walk you through the materials layer, why it has been so hard to build in this country, and what we look for when we buy.

Paul? Thank you, Phil. Why has it been so hard to establish a rare earth industry in America?

What do we look for when we shop for the right opportunity in this space? I will answer both of these questions. First, a minute on my background, because it shapes everything we do as we continue to lean into this space. I am proudly a contractor's son. I was operating a steamroller by the time I was 11. I was a National Chemistry scholar in college, bench scale synthesis and separation chemistry as it happens. I became a civil engineer and then a lawyer, and ultimately a partner at Latham & Watkins, the law firm, where I spent 25 years advancing large industrial infrastructure, natural resource, and environmental projects, which means I know how to position a project for success.

I have seen what can happen when project proponents don't take the right approach. The right approach requires relentless execution, staying on top of and directing the engineering, the permitting, the financing, building and managing a world-class team, and persuading the regulators that they want to give your project that all important permit, all at once over years of execution. Building that team and holding it together around the right project vision is what actually determines the outcome. Phil explained where the name NSM comes from. Let me add a phrase that matters a lot to me, and that is, economic security is national security. Supply chains, advanced materials, energy, water, the infrastructure that makes all of it function. Those are national security questions now, and they increasingly drive general policy, capital allocation, and industrial planning. NSM is not assembling unrelated businesses.