Mobix Labs, Inc. filed a Current Report on Form 8-K on October 16, 2026, disclosing details from an investor update call held on October 8, 2026. The company announced its intention to transform into NSM Labs under a National Security Matters initiative, focusing on critical minerals and rare earths.
During the call, CEO Phil Sansone provided an update on the company's existing business. Following an announcement on September 24, 2026, Mobix Labs now expects revenue for the fiscal fourth quarter 2026 (ending September 30) to be closer to the high end of its $1.4 to $1.8 million guidance range. The company projects more than 100% quarter-over-quarter growth and substantially higher gross margins, driven by wireless system shipments and military demand.
The primary focus of the call was the expansion into the rare earths market. Mobix Labs revealed that Special Project Delivery (SPD), the company it agreed to acquire, has entered into a definitive agreement to acquire Winner Water Services. Winner Water Services is a revenue-generating U.S. rare earth company based in Sharon, Pennsylvania, which recovers scandium and alumina from coal ash.
According to the filing, Winner Water Services has earned six consecutive awards from the U.S. Department of Energy and the Department of Defense totaling $53 million over the past decade. The company has broken ground on a fully funded $25 million rare earth extraction demonstration plant at the National Carbon Capture Center in Wilsonville, Alabama. The company anticipates operations at the demonstration plant to begin no later than the first quarter of 2028.
SPD CEO Paul Singarella described Winner as the first operating company to join the National Security Matters platform. He noted that Winner brings deep technical and chemical engineering expertise, while SPD contributes project execution and finance capabilities. The combination is intended to achieve commercial success for a multibillion-dollar plant capable of producing rare earths at a scale to reduce foreign dependency.
