By Catalyst IR
Disclosure: Catalyst IR provides investor relations services to Mobix Labs, Inc. (Nasdaq: MOBX). Everything below is drawn from the company’s public press releases and SEC filings and from publicly available government and industry sources. Nothing here is investment advice. Please see the important information at the end of this post.
The critical minerals crisis is real — and Mobix is committed to helping solve it
For years, experts have warned that the United States cannot keep depending on foreign sources for the rare earth elements and critical minerals that are fundamental to our economy and our national defense.
Despite those warnings, the U.S. Geological Survey estimates that America remains 100% net import-reliant on heavy rare earth compounds and metals, including elements such as terbium and lutetium. Nearly all of these materials come from China, which is now restricting exports of heavy rare earths and permanent magnets. As scarcity grows, aerospace and other manufacturers have reported rationing of critical mineral components — the tip of the iceberg for a major national security crisis that we are committed to helping solve. The call to U.S. industry is now clear: mine it here, separate and process it here, and make the components here.
This article is disseminated in partnership with Mobix Labs. It is intended to inform investors and should not be taken as a recommendation or financial advice.
The United States has made critical mineral access and control a national priority, backed by substantial government funding, and Mobix Labs has realigned its focus and mission to address that priority. To launch this new direction, our board unanimously approved the “National Security Matters” Initiative in July, and it is asking stockholders to approve a corporate name change to NSM Labs, Inc. to reflect it.
“NSM Labs is not simply a new name — it is a declaration of our mission.”
— Executive Chairman Jim Peterson
Why Mobix Labs?
Expertise in key markets, a vision for the solutions that are needed, and experience building a large organization.
Our EMI Solutions business builds filtered connectors and EMI protection that live inside mission-critical aircraft electronics for the F-22 Raptor and Gulfstream platforms, works on next-generation anti-drone and smart-munitions programs, and provides secure communications hardware for U.S. Navy ships. Our RaGE Systems business brings industry-leading radio frequency (RF) sensing and connectivity engineering to the same customer base.
These operations give us a unique perspective, understanding and a set of customer relationships that will guide our efforts to source, process and make available the key materials that underlie our national security systems.
The NSM Initiative’s four strategic pillars
The NSM Initiative is a framework for identifying and evaluating opportunities across four strategic pillars:
- Defense, aerospace and autonomous systems — our existing operations, highlighted above;
- Critical resources and advanced materials;
- Energy, water and critical infrastructure; and
- Digital infrastructure and strategic technologies.
Mobix intends to pursue these pillars in a staged approach: focus on initial projects, build from there, and leverage that progress to advance new initiatives — all within a disciplined capital allocation strategy.
Critical resources and advanced materials: Special project delivery
In August, Mobix signed a definitive agreement to acquire Special Project Delivery, LLC (SPD), a project development platform focused on critical minerals, rare earth elements, energy and critical infrastructure. SPD is developing a range of project opportunities, including the recovery of rare earth elements from domestic feedstock — including industrial waste streams — using extraction technologies validated by U.S. defense-research partners.
SPD brings deep expertise, a strong base of relationships and a number of projects in development to flesh out the Critical Resources & Advanced Materials pillar of the NSM Initiative.
Mobix has agreed to acquire SPD for up to 4.8 million shares in an all-stock transaction expected to close by year-end 2026, subject to stockholder approval and customary closing conditions. Underscoring the importance and urgency of its work, SPD CEO Paul Singarella put it plainly: “The U.S. cannot rebuild defense on supply chains it does not control.”
American-built drones: Vision Aerial
Building out the first pillar of the NSM platform is Vision Aerial, a Bozeman, Montana designer and U.S. manufacturer of NDAA-compliant unmanned aerial systems since 2013. Its customers include the U.S. Air Force, U.S. Navy, USDA Forest Service and L3Harris, plus major energy and utility operators.
Mobix signed a definitive agreement to acquire Vision Aerial in July for approximately $15 million in stock and cash, subject to stockholder approval and customary closing conditions. Vision Aerial has secured initial orders for its new Vulcan aircraft family and expects unaudited revenue growth of more than 40% in calendar 2026 and more than 90% in 2027. Vision Aerial’s estimates are preliminary and unaudited, and actual results may differ materially.
Vision Aerial fits our NSM strategy by providing U.S.-made autonomous vehicles that are critical to national security. It also connects directly to our materials work: the rare earth magnets essential to drone operation are themselves a national security priority, given forthcoming restrictions on Chinese-origin magnet materials. An American drone maker will need an American magnet supply chain — a potential opportunity for our NSM initiatives.
What is the long-term potential of the NSM Initiative?
Although Mobix Labs (soon to be NSM Labs, pending stockholder approval) is still at an early stage, there are compelling examples of value creation in the rare earths space, particularly among companies that have been able to tap substantial government funding support.
MP Materials (NYSE: MP). In July 2025, the Department of Defense launched a public-private partnership with MP that included a $400 million convertible preferred investment, a ten-year price floor of $110 per kilogram for NdPr, a commitment to purchase 100% of the magnet output of MP’s planned “10X” facility, and a $150 million DoD loan for heavy rare earth separation. JPMorgan Chase and Goldman Sachs committed $1 billion toward construction. Days later, Apple announced a $500 million partnership with MP to produce recycled rare earth magnets in Texas. In February 2026, MP selected Texas for the 10X facility, expected to produce roughly 10,000 metric tons of magnets a year when commissioned in 2028. Reflecting that support and progress, MP’s market cap has grown to more than $9 billion.[$8.8B today]
USA Rare Earth (Nasdaq: USAR). In January 2026, the U.S. government agreed to a $1.6 billion funding package — including an equity stake through the Commerce Department alongside senior secured lending — to accelerate the company’s magnet plant in Stillwater, Oklahoma and its heavy rare earth deposit in Texas. USAR commissioned Phase 1a magnet production at Stillwater in March. In April, it agreed to acquire Serra Verde, a Brazilian producer of all four key magnetic rare earths, for $2.9 billion, backed in part by U.S. International Development Finance Corporation financing and a long-term government offtake. USAR’s market cap now exceeds $4 billion.
The pattern is the same in both cases. Each company commits to developing a critical piece of the domestic supply chain the government needs. It achieves real milestones, and along the way customers, lenders and the federal government show up with capital, offtake and long-term commitments that support the company’s progress.
To be clear: MP and USAR are different companies, far larger and much further along than Mobix, and nothing about their experience guarantees a similar outcome for us. But they do illustrate the financial and strategic backing currently available in the rare earths sector.
Where we go from here
National security matters. We believe economic security and national security have become inseparable, and we are building a public-company platform that strengthens both. It is a big vision, and there is a great deal still to accomplish. We thank you for your interest and are grateful for the support of the stockholders who have gotten us this far.
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Forward-Looking Statements
This post contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed name change to NSM Labs, Inc.; the proposed acquisitions of Vision Aerial, Inc. and Special Project Delivery, LLC, including the expected timing and benefits of those transactions; Vision Aerial’s preliminary revenue estimates; the National Security Matters Initiative and future opportunities under it; and industry, market and government policy trends. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including the risk that required stockholder or other approvals are not obtained; that the transactions are delayed or not completed; that anticipated benefits are not realized; integration challenges; dilution from the issuance of shares; that SPD, which is pre-revenue, does not advance its pipeline or achieve milestones; changes in government funding, policy or regulation; competition; capital markets conditions; and the other risks described in Mobix Labs’ filings with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this post, and the company undertakes no obligation to update them except as required by law. Statements about MP Materials and USA Rare Earth are drawn from those companies’ public announcements and third-party reporting; Mobix Labs has no affiliation with either company and makes no representation about their businesses or prospects.
Additional Information and Where to Find It
In connection with the proposed name change and the proposed acquisitions of Vision Aerial and SPD, Mobix Labs intends to file a proxy statement with the SEC. Stockholders are urged to read the proxy statement and any other relevant documents filed with the SEC when they become available, because they will contain important information. Stockholders may obtain free copies of these documents at www.sec.gov and at investors.mobixlabs.com. Mobix Labs and its directors and executive officers may be deemed participants in the solicitation of proxies from stockholders in connection with these matters. Information about those individuals, including their interests, is set forth in Mobix Labs’ filings with the SEC and will be included in the proxy statement when it is filed. This post is not a solicitation of a proxy and is not an offer to sell or a solicitation of an offer to buy any securities.