v3.26.1
Net Loss Per Share
 9 Months Ended 12 Months Ended
Jun. 30, 2026
Sep. 30, 2025
Earnings Per Share [Abstract]    
Net Loss Per Share

Note 15 — Net Loss Per Share

 

The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options, warrants, RSAs, RSUs, preferred stock, and other contingently issuable shares. The dilutive effect of outstanding stock options, warrants, RSAs, RSUs and other contingently issuable shares is reflected in diluted earnings per share by application of the more dilutive of (a) the two-class method or (b) the if-converted method and treasury stock method, as applicable. The computation of the diluted net loss per share of Class A Common Stock assumes the conversion of Class B Common Stock, while the diluted net loss per share of Class B Common Stock does not assume the conversion of those shares.

 

In periods where the Company has a net loss, most potentially dilutive securities are not included in the computation as their impact is anti-dilutive; those potentially dilutive securities whose impact is dilutive are included in the computation. In periods where their effect is dilutive, liability-classified warrants are included in the computation of diluted loss per share as if the underlying shares had been issued as of the later of the beginning of the fiscal period or the date of issuance of those securities. Inclusion of those securities increases both the net loss for the period and the number of shares used in the per share computation and is dilutive to the Company’s net loss per share.

  

    Class A    Class B    Class A    Class B 
   Three months ended June 30, 
   2026   2025 
    Class A    Class B    Class A    Class B 
Basic net loss per share:                    
Numerator:                    
Allocation of net loss  $(16,528)  $(267)  $(7,932)  $(340)
Preferred stock dividends   (8)   —    —    — 
Net loss available to common stockholders  $(16,536)  $(267)  $(7,932)  $(340)
Denominator:                    
Weighted-average shares outstanding   12,439,568    200,491    4,678,039    200,491 
Basic net loss per share  $(1.33)  $(1.33)  $(1.70)  $(1.70)
                     
Diluted net loss per share:                    
Numerator:                    
Net loss available to common stockholders  $(16,536)  $(267)  $(7,932)  $(340)
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock   (267)   —    (340)   — 
Allocation of net loss  $(16,803)  $(267)  $(8,272)  $(340)
                     
Denominator:                    
Number of shares used in basic earnings per share calculation   12,439,568    200,491    4,678,039    200,491 
Conversion of Class B to Class A Common Stock   200,491    —    200,491    — 
Number of shares used in per share computation   12,640,059    200,491    4,878,530    200,491 
Diluted net loss per share  $(1.33)  $(1.33)  $(1.70)  $(1.70)

 

 

    Class A    Class B    Class A    Class B 
   Nine months ended June 30, 
   2026   2025 
    Class A    Class B    Class A    Class B 
Basic net loss per share:                    
Numerator:                    
Allocation of net loss  $(32,094)  $(679)  $(28,944)  $(1,458)
Preferred stock dividends   (8)   —   —    — 
Net loss available to common stockholders  $(32,102)   (679)  $(28,944)  $(1,458)
Denominator:                    
Weighted-average shares outstanding   9,483,444    200,491    4,043,700    203,741 
Basic net loss per share  $(3.39)  $(3.39)  $(7.16)  $(7.16)
                     
Diluted net loss per share:                    
Numerator:                    
Allocation of net loss  $(32,102)  $(679)  $(28,944)  $(1,458)
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock   (679)   —    (1,458)   — 
Allocation of net loss  $(32,781)  $(679)  $(30,402)  $(1,458)
                     
Denominator:                    
Number of shares used in basic earnings per share calculation   9,483,444    200,491    4,043,700    203,741 
Conversion of Class B to Class A Common Stock   200,491    —    203,741    — 
Number of shares used in per share computation   9,683,935    200,491    4,247,441    203,741 
Diluted net loss per share  $(3.39)  $(3.39)  $(7.16)  $(7.16)

 

For the purposes of applying the if converted method or treasury stock method for calculating diluted earnings per share, Warrants, RSAs, RSUs, stock options and preferred stock result in anti-dilution. Therefore, these securities are not included in the computation of diluted net loss per share. Shares potentially issuable under earnout arrangements were not included for purposes of calculating the number of diluted shares outstanding because the number of dilutive shares is, in each case, based on a contingency which had not been met during the periods presented herein.

 

The potential shares of Class A Common Stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have an antidilutive effect were as follows:

  

   2026   2025 
  

Nine months ended June 30,

 
   2026   2025 
Warrants   2,555,074    2,107,840 
Shares potentially issuable upon conversion of preferred stock or exercise of warrants on preferred stock3   —    — 
Shares potentially issuable upon conversion of convertible notes payable measured at fair value4   —    — 
Shares potentially issuable under earnout arrangements   350,000    414,281 
RSAs   342,500    510,000 
RSUs   506,120    620,414 
Stock options   205,097    245,262 
Total   3,958,791    3,897,797 

 

 

3The amounts issuable upon conversion of the preferred shares or the exercise of the warrants for the preferred shares were not included here as of June 30, 2026, as the number of dilutive shares is not determinable until conversion or exercise. Using the lowest eight day volume weighted average price of the Class A Common Shares on June 30, 2026, the Company estimates that approximately 6,367,975 shares would be issuable upon conversion of the preferred shares and exercise of the warrants as of June 30, 2026.
4The amounts issuable upon conversion of the convertible notes measured at fair value were not included here as of June 30, 2026, as the number of dilutive shares is not determinable until conversion Using the lowest eight-day volume weighted average price of the Class A Common Shares on June 30, 2026, the Company estimates that approximately 2,570,688 shares would be issuable upon conversion as of June 30, 2026.

 

Note 18 — Net Loss Per Share

 

The Company computes net loss per share of Class A and Class B Common Stock using the two-class method. Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of shares and the effect of potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of stock options, warrants, RSAs, RSUs and other contingently issuable shares. The dilutive effect of outstanding stock options, warrants, RSAs, RSUs and other contingently issuable shares is reflected in diluted earnings per share by application of the more dilutive of (a) the two-class method or (b) the if-converted method and treasury stock method, as applicable. The computation of the diluted net loss per share of Class A Common Stock assumes the conversion of Class B Common Stock, while the diluted net loss per share of Class B Common Stock does not assume the conversion of those shares.

 

In periods where the Company has a net loss, most potentially dilutive securities are not included in the computation as their impact is anti-dilutive; those potentially dilutive securities whose impact is dilutive are included in the computation. In periods where their effect is dilutive, the PIPE make-whole liability and the liability-classified warrants are included in the computation of diluted loss per share as if the underlying shares had been issued as of the later of the beginning of the fiscal period or the date of issuance of those securities. Inclusion of those securities increases both the net loss for the period and the number of shares used in the per share computation and is dilutive to the Company’s net loss per share.

 

 

MOBIX LABS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in thousands, except share and per share amounts)

 

   Class A   Class B   Class A   Class B 
   Year ended September 30, 
   2025   2024 
   Class A   Class B   Class A   Class B 
Basic net loss per share:                    
Numerator:                    
Allocation of net loss  $(44,072)  $(2,059)  $(18,452)  $(1,582)
Deemed dividend from warrant price adjustment   —    —    (609)   (52)
Net loss available to common
stockholders		  $(44,072)  $(2,059)  $(19,061)  $(1,634)
Denominator:                    
Weighted-average shares outstanding   4,343,588    202,921    2,617,527    224,431 
Basic net loss per share  $(10.15)  $(10.15)  $(7.28)  $(7.28)
                     
Diluted net loss per share:                    
Numerator:                    
Net loss available to common
stockholders		  $(44,072)  $(2,059)  $(19,061)  $(1,634)
Change in fair value of PIPE make-whole liability   —    —    (764)   (66)
Change in fair value of liability-classified warrants   —    —    (634)   (54)
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock   (2,059)   —    (1,754)   — 
Reallocation of net loss as a result of conversion of Class B to Class A Common Stock   —    —    —    63 
Allocation of net loss  $(46,131)  $(2,059)  $(22,213)  $(1,691)
Denominator:                    
Number of shares used in basic earnings per share calculation   4,343,588    202,921    2,617,527    224,431 
Shares issuable in satisfaction of PIPE make-whole liability   —    —    72,722    — 
Shares issuable under liability-classified warrants   —    —    33,620    — 
Conversion of Class B to Class A Common Stock   202,921    —    224,431    — 
Number of shares used in per share computation   4,546,509    202,921    2,948,302    224,431 
Diluted net loss per share  $(10.15)  $(10.15)  $(7.53)  $(7.53)

 

For the purposes of applying the if converted method or treasury stock method for calculating diluted earnings per share, the Public Warrants, Private Warrants, PIPE Common Warrants, Placement Agent Warrants, RSAs, RSUs and stock options result in anti-dilution. Therefore, these securities are not included in the computation of diluted net loss per share. The Earnout Shares and shares issuable under the Rage Earnout were not included for purposes of calculating the number of diluted shares outstanding because the number of dilutive shares is, in each case, based on a contingency which had not been met during the periods presented herein. The potential shares of Class A Common Stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have an antidilutive effect were as follows:

 

 

MOBIX LABS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(in thousands, except share and per share amounts)

 

   2025   2024 
   Year ended
September 30,		 
   2025   2024 
         
Public Warrants and Private Warrants   900,000    900,000 
Other common stock warrants   1,570,568    751,878 
Earnout Shares   350,000    350,000 
Shares potentially issuable under Rage Earnout   64,280    128,560 
RSAs   487,250    — 
RSUs   954,599    446,318 
Stock options   245,218    274,063 
Total   4,571,915    2,850,819