5G chip company Mobix Labs says it expects to enter a new growth phase with its recently appointed CEO Phil Sansone, aiming to further expand into defense, military, aerospace and high-speed wireless innovation.
Sansone took over the top job on July 25, after holding the post on an interim basis since April.
The fabless semiconductor company (Nasdaq: MOBX), backed by OC tech entrepreneur James “Jimmy P” Peterson, went public in December 2023.
The shares closed at 82 cents apiece on Aug. 1, far below the approximately $3.50 per share shortly after the company was listed.
Mobix Labs has faced various challenges since its public listing. The company, which had $405,000 in cash on hand as of Dec. 31, in April raised $4 million by issuing 4.9 million shares at 82 cents each. Newport Beach-based Roth Capital was the exclusive placement agent for the offering.
Despite the fund raise, its most recent quarterly report issued on May 15 repeated prior warnings that “management believes that there is substantial doubt concerning the company’s ability to continue as an ongoing concern.”
World Class Talent
“We have extraordinary technology, world-class talent and a clear vision,” Sansone said in the announcement of his appointment.
Previously, Sansone held senior roles at Microsemi and MaxLinear and spent nearly two decades at Avnet, ultimately serving as senior vice president of North American sales and engineering.
Sansone has already expanded the company’s footprint in the military, defense and aerospace sectors, securing key orders for technologies utilized in critical U.S. military and defense platforms. He joined Mobix in October 2021 as vice president of sales.
Sansone’s predecessor, Fabian Battaglia, retired from his role as CEO and transitioned to the position of senior adviser to the CEO.
Mobix Labs, founded in 2020, designs, develops and sells components and systems for advanced wireless and wired connectivity, radio frequency, switching and filtering technologies.
The company’s electromagnetic filtering products are used in military, aerospace and medical applications. The market cap was $44 million on Aug. 1.
Bids for Peraso of Silicon Valley
Separately, Mobix Labs has made an unsolicited bid to acquire wireless technology firm Peraso of Silicon Valley in an all stock offer, Peraso has a $4.2 million market cap.
Peraso (Nasdaq: PRSO) specializes in the millimeter wave technology that is key for high-speed communications.
The combined company could command approximately $20 million in annual revenue, enhancing scale and accelerating profitability, according to Mobix. The company has not said whether it has received a response from Peraso.
Mobix reported $3.2 million in revenue for the quarter ended Dec. 31, up from $285,000 in the same period a year earlier. The quarterly net loss widened to $19.4 million from $935,000.
