Mobix Labs acquisition target signs deal for Winner Water Services

Special Project Delivery announced a definitive agreement to acquire Winner Water Services. SPD is the pending acquisition target of Mobix Labs (MOBX). This move positions Winner as the first operating company to join Mobix's National Security Matters platform. The initiative aims to transform the company into NSM Labs.

CEO Phil Sansone stated that the company expects fiscal fourth quarter 2026 revenue to land near the high end of its guidance range. This projection exceeds the $1.6 million midpoint. It indicates more than 100% quarter-over-quarter growth. The growth is driven by increased wireless system shipments and sustained military demand. Sansone noted that gross margins are expected to be substantially higher. Similar growth is anticipated for fiscal first quarter 2027.

Winner Water Services is based in Sharon, Pennsylvania. It recovers rare earth elements, specifically scandium and alumina, from coal ash material. Because the feedstock is already above ground, the process avoids the permitting complexities associated with opening new mines. Over the past decade, Winner has secured six consecutive awards from the U.S. Department of Energy and the Department of Defense. These total $53 million. In August 2026, the company broke ground on a rare earth extraction demonstration plant at the National Carbon Capture Center in Wilsonville, Alabama.

Paul Singarella, co-founder and CEO of Special Project Delivery, described Winner as an anchor for the critical minerals business. He emphasized that Winner is constructing a fully funded $25 million demonstration plant in Alabama. Singarella highlighted that the partnership combines Winner's decade of rare earth recovery experience with Special Project Delivery's project execution and finance expertise. The objective is to build a multibillion-dollar plant capable of producing rare earths at a scale that reduces foreign dependency.

The acquisition remains subject to stockholder approvals, the effectiveness of a registration statement, and other closing conditions. Mobix Labs filed a Form S-1 on July 9, 2026. It includes risk factors related to these forward-looking statements. A rare earths investor presentation is available on the Mobix Labs website following the conference call.