MOB

T11.0% portfolio

Mobilicom Ltd

Next est. report 2027-02-19 · BMO

Drones '26: Drone OEMs & C-UAS Modern Warfare '26: Attritable Warfare Modern Warfare '26: Military Connectivity & Tactical Networks Space Supply Chain '26: Ground Systems & Earth Stations Space Supply Chain '26: Space & Satellite Components & Subsystems

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Overview

Mobilicom Ltd provides intelligent, secure hardware and software subsystems for drones, robotics, and autonomous systems, primarily to defense and enterprise ma

Mobilicom Ltd provides intelligent, secure hardware and software subsystems for drones, robotics, and autonomous systems, primarily to defense and enterprise manufacturers. Its solutions include hardened data links and high-margin cybersecurity software (OS3, ICE). The company generates revenue from product sales, with a significant portion from the U.S. defense market, and is expanding its integrated hardware and software offerings to Tier-1 customers.

Key Inputs And Sourcing

1. Specialized Electronic Components (e.g., RF modules, processors, FPGAs)

component · Global, increasingly U.S. and allied nations · 20-30%

Source Core to hardware solutions, data links, and cybersecurity. Identified as 'long lead items' in transcript. Includes components for secure digital communication and electronic warfare resistance.

Confidence: high

2. Software Development Labor

labor · Israel, U.S., Australia · 15-25%

Source Key input for high-margin software solutions (ICE, OS3) and embedded software in hardware. Mobilicom designs and develops its solutions.

Confidence: high

3. Manufacturing Labor (Assembly & Testing)

labor · U.S. (increasingly), global · 10-15%

Source Significant focus on building a 'U.S. manufacturing footprint' and 'U.S. production build-out progress' for assembly and testing of hardware.

Confidence: high

4. Printed Circuit Boards (PCBs)

component · Global · 5-10%

Source Fundamental component for all electronic hardware products. Implicit in 'hardware solution' and 'long lead items'.

Confidence: medium

5. Antennas

component · Global · 3-7%

Source Crucial for communication solutions like SkyHopper and Scarper data links.

Confidence: medium

6. Enclosures/Casings

component · Global · 3-6%

Source For 'hardened hardware' designed to operate in 'harsh environmental conditions' for defense and industrial applications.

Confidence: medium

7. Testing & Certification Services

other · U.S. (especially), global · 2-5%

Source Essential for meeting stringent defense and regulatory requirements (Blue UAS, NDAA, FCC Trusted Drone).

Confidence: medium

8. Logistics & Shipping

logistics · Global · 2-5%

Source Implied by 'monthly delivery cadence' and global customer base (U.S., Asia-Pacific, UAE, India).

Confidence: medium

9. Connectors & Cables

component · Global · 1-3%

Source Essential for integrating subsystems into larger platforms.

Confidence: low

10. Packaging Materials

packaging · Global · unknown

Source Required for shipping finished products to customers.

Confidence: low

Industry Publications

Defense News (defensenews.com) — Comprehensive coverage of global defense policy, budgets, procurement, and major contract awards relevant to attritable warfare, directly impacting Mobilicom's defense customers and programs.
Breaking Defense (breakingdefense.com) — Provides in-depth analysis of defense strategy, emerging technologies, and industry trends, including C-UAS and electronic warfare, which are core to Mobilicom's offerings.
AUVSI's Unmanned Systems Magazine (auvsi.org) — Highlights current global developments and new technologies in air, ground, maritime, and space unmanned systems, covering defense, civil, and commercial markets worldwide, directly aligning with Mobilicom's focus.
National Defense Magazine (nationaldefensemagazine.org) — Offers authoritative, non-partisan coverage of business and technology trends in defense and homeland security, including robotics, autonomous systems, and cybersecurity, all relevant to Mobilicom's market.
DefenseScoop (defensescoop.com) — A premier news source dedicated to the U.S. military's acquisition, development, and use of technology for modern defense, including cybersecurity, providing insights into Mobilicom's key U.S. defense market.

Economic Data Watch

1. Stockholm International Peace Research Institute (SIPRI) Military Expenditure Database — Global Military Expenditure

Metric/field Global Military Expenditure in USD billions

Cadence annually

Why it matters Sustained and increasing global military spending indicates a strong fiscal tailwind for the Modern Warfare '26 theme, supporting investment in advanced defense capabilities.

Signal to watch Increasing trend

Confidence: high

2. Aggregated market research reports (e.g., Mordor Intelligence, Fact.MR, Precedence Research, Coherent Market Insights) — Counter-Unmanned Aerial Systems (C-UAS), Directed Energy Weapons (DEW), and Electronic Warfare (EW) Market Size

Metric/field Total Addressable Market (TAM) for Counter-Unmanned Aerial Systems (C-UAS), Directed Energy Weapons (DEW), and Electronic Warfare (EW) in USD billions

Cadence annually

Why it matters Consistent growth in this combined market size signals increasing adoption and demand for core technological solutions driving 'Attritable Warfare,' indicating a bullish outlook.

Signal to watch Consistent growth

Confidence: high

3. USASpending.gov, SAM.gov (for US contracts); relevant defense ministries/procurement agencies for international contracts — Government Contract Awards

Metric/field Value of Government Contract Awards for Attritable Warfare Technologies (Drones, C-UAS, DEW, Hypersonics) in USD billions

Cadence quarterly

Why it matters Increasing contract awards indicate active government investment and procurement of attritable warfare systems, validating the theme's shift towards these technologies and signaling strong revenue opportunities.

Signal to watch Increasing contract awards

Confidence: high

4. US Department of Defense, Congressional Budget Office — US Department of Defense Budget Documents (FY2027+)

Metric/field Specific spending on C-UAS, drones, and electronic warfare (USD billions)

Cadence annually

Why it matters Direct indicator of fiscal realignment and specific spending priorities (e.g., C-UAS, missile defense, space layer), with the FY2027 budget being a key driver.

Signal to watch Increased allocation

Confidence: high

5. Federal Reserve Board (FRED) — Industrial Production: Defense and Space Equipment

Metric/field Industrial Production: Defense and Space Equipment (Series ID: IPG3364S)

Cadence monthly

Why it matters Reflects the production activity in the defense sector, which directly impacts MOB's OEM customers and the overall supply chain.

Signal to watch Increasing production

Confidence: medium

Free Alt Data Watch

1. Google Trends — Search Interest

Metric/field "Blue UAS program" (Search Interest Score)

Cadence weekly

Why it matters Indicates public and industry interest in U.S. government-approved drone programs, directly relevant to MOB's compliance and market positioning.

Signal to watch Rising interest

Confidence: high

2. Google Trends — Search Interest

Metric/field "Trusted Drone status" (Search Interest Score)

Cadence weekly

Why it matters Reflects awareness and importance of the new FCC Trusted Drone regulation, a key differentiator for MOB.

Signal to watch Rising interest

Confidence: high

3. USASpending.gov — Federal Contract Awards

Metric/field Number of contracts and Total obligated amount for keyword "drone cybersecurity"

Cadence daily

Why it matters Direct insight into government procurement of cybersecurity solutions for drones, a core MOB offering.

Signal to watch Increasing number/value

Confidence: high

4. Reddit — Community Posts/Comments (r/CredibleDefense)

Metric/field Mentions of "Mobilicom" or "drone cybersecurity"

Cadence daily

Why it matters Provides qualitative sentiment and discussion volume around the company or its niche, indicating industry buzz or emerging concerns.

Signal to watch Increasing positive mentions

Confidence: medium

5. Google Trends — Search Interest

Metric/field "attritable warfare" (Search Interest Score)

Cadence weekly

Why it matters Indicates broader interest in the strategic shift in modern warfare that drives demand for MOB's products.

Signal to watch Rising interest

Confidence: medium

Paid Alt Data Watch

1. LinkUp (or similar labor market data provider) — Job Postings

Metric/field Number of job postings for "AI/ML Engineer", "RF/EW Specialist", "Manufacturing Engineer" within Aerospace & Defense sector

Cadence weekly

Why it matters Early indicator of R&D and production ramp-ups by defense primes and the broader industry, signaling demand for advanced tech and manufacturing capacity.

Signal to watch Increasing postings

Confidence: high

2. Thinknum (or similar government contract intelligence platform) — Government Contract Data

Metric/field Subcontractor awards or Prime contract awards for MOB's known Tier-1 customers, specifically looking for MOB as a subcontractor or mentions of their products

Cadence daily

Why it matters Provides granular, real-time insights into the actual flow of funds and relationships within the defense supply chain, validating MOB's integration into larger programs.

Signal to watch Increasing awards/mentions

Confidence: high

3. Supply chain intelligence platforms (e.g., Supplyframe, IHS Markit) — Component Lead Times

Metric/field Average lead time for specific electronic components used in secure data links and cybersecurity hardware (e.g., FPGAs, secure microcontrollers, RF modules)

Cadence weekly

Why it matters MOB mentioned "long lead items procurement"; tracking this can indicate potential supply chain constraints or easing, affecting production and delivery.

Signal to watch Stable or decreasing lead times

Confidence: medium

4. Revelio Labs (or similar employee data provider) — Employee Data

Metric/field Employee headcount growth and Attrition rate for MOB and its key competitors/partners (e.g., Silvus, Persistent, Domo Tactical, or Tier-1 OEMs)

Cadence monthly

Why it matters Indicates health and expansion of the defense tech labor market, and MOB's ability to attract and retain talent, crucial for a growing tech company.

Signal to watch Positive growth, low attrition

Confidence: medium

5. GovSpend (or similar government spending analytics platform) — DoD Spending Data

Metric/field Total spending on "Small Unmanned Systems" or "UAS components" by specific DoD agencies (e.g., Marine Corps, Army)

Cadence monthly

Why it matters Provides a direct view of the market size and growth for the specific platforms MOB serves within the U.S. defense sector.

Signal to watch Increasing spending

Confidence: high

Search Keywords Brand Product

SkyHopper Multiband
Scarper Tactical
Scarper data link
ICE software
OS3 cybersecurity
Mobile Ground Control Station
drone cybersecurity
robotics autonomy
autonomous systems security
UAS communications
defense technology
electronic warfare resistance
trusted drone status
Blue UAS
NDAA compliant

Search Keywords Event Phrases

Northern Strike 2026

Search Keywords Policy Regulatory

FCC Trusted Drone exemption
National Defense Authorization Act
DD 1494

What They Do (Plain English & Analogies): Mobilicom is like the specialized brain and communication system for advanced drones, robots, and other self-driving machines, especially those used by the military and large companies. They don't build the actual drone or robot; instead, they provide the crucial internal components – secure hardware and smart cybersecurity software – that allow these autonomous systems to operate safely, communicate reliably, and resist hacking or electronic attacks. Think of them as providing the 'guts' that make these machines intelligent, connected, and protected, similar to how a high-tech car needs a secure, advanced engine and computer system to drive itself and communicate without being compromised.
Very Brief History: Mobilicom Limited was founded in 2017 and is headquartered in Melbourne, Australia. The company was co-founded by Oren Elkayam, who serves as the CEO, and Yossi Segal, who leads technology and innovation. Since its inception, Mobilicom has focused on developing intelligent and secure technologies for unmanned aerial vehicles, robotic systems, and autonomous platforms, primarily serving defense and enterprise manufacturers.
"Street Stereotype": Mobilicom is generally perceived as a niche, yet promising, defense communications and cybersecurity supplier for small drones. Investors and analysts view the company as benefiting from its inclusion in the U.S. Blue UAS program and securing increasing orders from Tier-1 OEMs. The market is keenly focused on Mobilicom's ability to convert these design wins into full-scale DoD Programs of Record and to demonstrate consistent, recurring software revenue from its ICE and OS3 cybersecurity platforms. Despite its relatively small revenue base, the rising backlog and defense validations are seen as a potential turning point, leading to positive market sentiment.
Subsidiaries On Linked In*: {"subsidiaries":[]}
Customer Sectors & Example Clients: Mobilicom's customers are primarily in the Defense and Enterprise sectors, specifically targeting manufacturers of drones, robotics, and autonomous systems. Key clients include a U.S. Tier 1 defense contractor, for whom Mobilicom is providing solutions for a U.S. Department of War program of record, including the U.S. Marine Corps program and advancing on the Army LASSO validation phase. They also have an Israeli Tier 1 defense player as a customer for a new short to mid-range loitering munition platform.
New Customers / Segments They'Re Targeting: Mobilicom is actively targeting new customer segments, including those involved in AI-enabled autonomous weapon systems, where they have secured a design win by selling both hardware and software. They are also closely monitoring and positioning for future phases of the U.S. Department of War's 'Drone Dominance Program' (DDP), which focuses on building a U.S. ecosystem for high-volume, lower-value FPV (first-person view) class drones. While this FPV market is highly competitive and price-sensitive, Mobilicom is identifying its unique selling points as the program's requirements shift towards secure, encrypted digital communication and cybersecurity compliance.
Sales Geographies And Expansion Plans: Mobilicom currently generates the majority of its revenue from the U.S. market. The company also has initial orders and sales across the Asia-Pacific region, UAE, India, and Israel. For expansion, Mobilicom is making significant progress in establishing a U.S. manufacturing footprint, having narrowed down potential partners to two candidates and aiming for its first U.S. production run in 2026. This onshoring plan is closely monitored by The Pentagon and is crucial for meeting U.S. federal and Department of War requirements.
How Key Themes May Help/Hurt: The 'Modern Warfare '26: Attritable Warfare' theme significantly benefits Mobilicom. The massive global fiscal realignment towards defense spending, with the FY2026 US defense budget exceeding $1 trillion, directly fuels demand for Mobilicom's secure communication and cybersecurity solutions for drones and autonomous systems. The emphasis on low-cost, high-impact attritable assets and the urgent need for Counter-UAS (C-UAS) and Electronic Warfare (EW) capabilities align perfectly with Mobilicom's offerings, particularly its electronic warfare resistance and cybersecurity software. Regulatory tailwinds, such as the Pentagon's Replicator 2.0 program and the $693 million C-UAS fund, coupled with Mobilicom's FCC Trusted Drone status and NDAA validation, position them favorably for government contracts. The theme's drive for integrated defense systems also supports Mobilicom's 'one-stop-shop' strategy. However, the theme could hurt Mobilicom through intense price sensitivity in very high-volume, low-cost drone segments (like the FPV market targeted by the Drone Dominance Program), potentially challenging their high-margin model. Additionally, competition from larger incumbents in broader defense radio ecosystems and the continuous need for R&D to counter rapidly evolving threats could strain resources.

3 Main Long-Term Bull Details

Regulatory Moat & U.S. Defense Market Penetration: Mobilicom's comprehensive U.S. certifications, including Blue UAS Select, NDAA validation, and FCC Trusted Drone exemption status, create a significant regulatory barrier to entry for competitors. This enables them to secure and expand Tier-1 OEM orders for critical U.S. Department of War programs, such as the U.S. Marine Corps and Army LASSO initiatives, ensuring a strong and compliant position in the rapidly growing U.S. defense market.
High-Margin Integrated Hardware & Software Stack: The company's unique business model involves leading with secure, hardened hardware (50-60% gross margin) and then cross-selling proprietary cybersecurity and software solutions (up to 90% gross margin). This 'integrated stack' approach increases Mobilicom's content and value per platform, drives higher overall gross margins, and significantly enhances customer retention, as evidenced by recent design wins where both hardware and software were selected concurrently.
Strong Financial Position & Rapid Innovation-to-Market: Mobilicom maintains a robust, debt-free balance sheet with nearly $16 million in cash (adjusted), providing a multi-year runway for strategic execution without immediate dilution. This financial strength, combined with a proven ability to rapidly convert new product launches (like SkyHopper Multiband and Scarper Tactical) into design wins and initial orders within the same half-year, positions them for accelerated growth and expansion onto multiple platforms with existing Tier-1 customers.

3 Main Long-Term Bear Details

Small & Volatile Revenue Base with Customer Concentration: Mobilicom's current revenue base remains very small and can be lumpy, leading to significant quarter-to-quarter volatility. The company's heavy reliance on one or two Tier-1 customers for major programs introduces substantial concentration risk, meaning that any delays or cancellations in these key programs could disproportionately impact overall revenue and financial performance.
Intense Competition from Incumbents & Price Pressure: While Mobilicom holds a leadership position in embedded drone cybersecurity, it faces formidable competition from larger, established incumbents like Silvus Technologies, Persistent Systems, and Domo Tactical Communications in the broader U.S. defense radio ecosystems. Furthermore, the pursuit of high-volume, low-cost market segments, such as the FPV drones in the Drone Dominance Program, could expose Mobilicom to significant price pressure, potentially eroding its high gross margins.
Execution Risk in Scaling Production & Software Monetization: The company faces execution risks in rapidly scaling its U.S. manufacturing footprint to meet anticipated demand and regulatory requirements. Additionally, while the integrated software stack offers high-margin potential, successfully demonstrating consistent recurring revenue traction from its ICE and OS3 cybersecurity platforms and converting software-led selections into sustained deployments remains a critical challenge for long-term profitability.

Competitors And Differentiation: In the broader U.S. defense radio ecosystems, Mobilicom faces competition from larger incumbents such as Silvus Technologies, Persistent Systems, and Domo Tactical Communications. However, in the niche market of embedded drone cybersecurity for small autonomous systems, Mobilicom states it faces very limited direct competition. Their differentiation strategy is built on four key pillars: 1) **Performance in Contested Environments:** Delivering superior range, resilience, and electronic warfare resistance. 2) **Compliance and Certification:** Achieving U.S. approvals like Blue UAS Select, NDAA validation, and FCC Trusted Drone exemption status, which reduces risk for OEMs. 3) **Price and Supply Capacity:** Offering competitive pricing and scalable supply capacity, including a U.S.-approved supply chain, to support mass production. 4) **Integrated Stack/One-Stop-Shop:** Providing a comprehensive solution that combines secure data links, electronic warfare resistance, and cybersecurity (both hardware and software) as a single offering, which increases content per platform, delivers higher value, and fosters strong customer retention.
Recent Performance & What The Market'S Focused On: Mobilicom reported Q2 FY2026 revenue of approximately $1.2 million, entirely from off-the-shelf product sales to enterprise and defense customers, with the majority from the U.S. market. The company maintained high gross margins on both hardware and software. For the first half of 2026, revenue grew 19% year-over-year to $1.73 million, driven by a new monthly delivery cadence for a U.S. defense program. Despite a widened net loss primarily due to non-cash items, Mobilicom highlighted a strong adjusted cash position of nearly $16 million and exceeded its design-win targets. The market reacted positively, with the stock outperforming the SPY. The market is currently focused on Mobilicom's ability to convert its strategic design wins into full production or DoD Programs of Record, demonstrate recurring revenue traction from its ICE and OS3 cybersecurity/software platforms, and ensure backlog growth translates into sustained revenue acceleration without further dilution. Key areas of attention also include the finalization of U.S. manufacturing agreements, building domestic production capacity, and deepening the software layer for higher-margin recurring licensing models.

Revenue Segments And Estimated Mix: Hardened Hardware Solutions — Mix: n/m (significant portion); Source: Q2 FY2026 earnings transcript; Trend: Yields 50%-60% gross margin; acts as initial entry point for customers.
Cybersecurity and Software Solutions — Mix: n/m (growing portion); Source: Q2 FY2026 earnings transcript; Trend: Yields up to 90% gross margin; cross-sold after hardware, minimal competition; selected with hardware in recent design wins.
Product Brands: SkyHopper Multiband
Scarper Tactical
Scarper data link
ICE (electronic warfare resistance solution)
OS3 (cybersecurity for autonomy)
10-inch Mobile Ground Control Station

Bull / Bear Details

Mobilicom is solidifying its position as a critical provider of secure communications and cybersecurity subsystems for autonomous defense platforms. Driven by U

Thesis

Mobilicom is solidifying its position as a critical provider of secure communications and cybersecurity subsystems for autonomous defense platforms. Driven by U.S. Blue UAS and FCC Trusted Drone status, the company is converting Tier-1 OEM design wins into ongoing programs of record, evidenced by monthly deliveries and integrated hardware/software solutions. The focus on U.S. manufacturing and high-margin software is key for scalable growth. (Updated: 2026-09-02)

Bull case

Mobilicom's strong regulatory compliance, including Blue UAS Select, NDAA validation, and new FCC Trusted Drone status, significantly differentiates it in the U.S. defense market. These certifications are crucial for participation in federal programs, reducing risk for OEM partners and providing a competitive moat against non-compliant or foreign-linked solutions, directly enabling its expanding U.S. market penetration.
The company is successfully converting design wins into sustained revenue, as demonstrated by the monthly delivery cadence for a U.S. Department of War program of record and exceeding its full-year target with nine Tier-1 customer platforms already secured. This indicates deeper integration into critical defense programs and a clear pathway to scalable production volumes for both hardware and integrated software stacks.
Mobilicom's integrated hardware and high-margin cybersecurity software (OS3, ICE) strategy is proving effective, securing design wins for AI-enabled autonomous systems that include both components from day one. This approach increases content per platform, enhances customer retention, and positions the company for higher-margin recurring revenue as new cybersecurity mandates drive demand for its unique, unmatched offerings.

Bear case

Despite progress, Mobilicom's revenue base remains relatively small and inherently lumpy, with Q2 FY2026 revenue at $1.2 million. While monthly delivery cadences are established, the overall scale makes quarter-to-quarter results volatile and susceptible to program delays or changes in customer procurement schedules, impacting near-term financial predictability.
The company faces execution risk in scaling its U.S. manufacturing footprint and converting the remaining two candidates into a definitive agreement and first production run in 2026. Delays in establishing onshore production could hinder its ability to fully capitalize on U.S. defense mandates and potentially impact its "Trusted Drone" status and future program eligibility.
While Mobilicom highlights minimal competition in its cyber/software offerings, the broader market for data links and communication systems still includes larger, established incumbents like Silvus and Persistent. Furthermore, the company acknowledges the highly competitive, low-margin nature of the high-volume FPV drone market (Drone Dominance Program Phase I), where its sophisticated solutions may struggle on price.

Bull / Bear Case

Bear Case: Despite strategic progress, Mobilicom's revenue base remains very small ($1.73M H1 2026) and inherently lumpy, leading to volatile quarter-to-quarter results and an ongoing EBITDA loss of approximately $0.5 million per month. The company missed its own rerating thresholds for H1 2026 in critical areas like revenue growth (19% vs. 100% target), gross margin (55% vs. 60% target), and cash position ($15.1M vs. $19.0M target), indicating a slower financial acceleration than anticipated. Significant execution risk persists in finalizing U.S. manufacturing and scaling production to meet defense mandates. Furthermore, the broader market includes larger, established competitors, and the high-volume FPV drone segment presents intense pricing pressure, potentially limiting Mobilicom's penetration despite its sophisticated offerings.
Bull Case: Mobilicom is strategically positioned at the convergence of drones, cybersecurity, and robotics autonomy, benefiting from robust U.S. defense regulatory compliance including Blue UAS Select, NDAA validation, and new FCC Trusted Drone status, creating a significant competitive moat. The company has successfully exceeded its full-year design win target with nine Tier-1 customer platforms and established a monthly delivery cadence for a U.S. Department of War program, demonstrating strong traction and conversion of opportunities. Its integrated hardware and high-margin cybersecurity software (OS3, ICE) strategy is proving effective, securing design wins for AI-enabled autonomous systems that include both components, promising higher-margin recurring revenue. A fortress balance sheet with $16 million cash and no debt provides a multi-year runway to fund ongoing U.S. manufacturing build-out and capitalize on accelerating market mandates.
More Compelling & Why: Bear. Given the small revenue base ($1.73M H1 2026) and ongoing EBITDA loss, the implied Price/Sales (P/S) valuation is likely stretched. The strongest argument for the bear case is Mobilicom's failure to meet its own rerating thresholds for H1 2026 across revenue growth, gross margin, and cash position, suggesting that financial acceleration is not materializing at the pace needed to justify a premium valuation. My view would flip to Bull with a sustained period of significantly accelerated revenue growth (e.g., exceeding 100% YoY for two consecutive quarters) driven by new DoD program of record conversions, coupled with a clear trajectory towards positive EBITDA and gross margins consistently above 60%.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Finalization of U.S. Manufacturing Agreement and Commencement of First U.S. Production Run	This is crucial for meeting U.S. onshore production requirements (e.g., FCC Trusted Drone, NDAA) and scaling capacity, de-risking supply chains, and strengthening Mobilicom's position in the U.S. defense market.	Company press releases or earnings call commentary confirming the finalization of a U.S. manufacturing agreement and the successful initiation of the first U.S. production run in 2026.	Bullish: Announcement of a definitive U.S. manufacturing partnership and confirmation of initial U.S. production in 2026.	Company press releases, quarterly earnings reports (Form 6-K), investor relations section of Mobilicom's website.	USASpending.gov: Government contract awards mentioning 'U.S. manufacturing' or 'onshore production' in relation to Mobilicom's partners.	Thinknum: Job postings for manufacturing roles in the U.S. by Mobilicom or its potential partners. Supply chain intelligence platforms.
Significant increase in backlog or new purchase order announcements from U.S. Tier-1 OEMs	Backlog growth indicates strong ongoing demand and future revenue visibility, especially from critical U.S. defense customers, confirming the conversion of design wins into tangible orders.	Mobilicom's quarterly earnings reports and press releases for updates on backlog figures and new purchase order announcements, particularly from U.S. Tier-1 customers.	Bullish: Backlog exceeds $2 million or new individual purchase orders from Tier-1 U.S. OEMs are announced with values exceeding $1 million. Bearish: Backlog continues to decline without substantial new orders.	Company press releases, quarterly earnings reports (Form 6-K), investor relations section of Mobilicom's website.	Defense News, Breaking Defense: Industry reports on defense procurement trends and new contracts.	S&P Global Market Intelligence: Analyst estimates for future revenue and backlog. Bloomberg Terminal: News sentiment and company-specific alerts.
Formal DoD Program of Record or Full Production Announcement by Tier-1 U.S. OEM	This validates Mobilicom's technology integration into critical defense platforms, signaling a transition from pilot orders to sustained, large-scale revenue generation and de-risking customer concentration.	Press releases or DoD award notices confirming production contracts tied to Mobilicom's SkyHopper or Scarper integration with U.S. Tier-1 OEMs, specifically mentioning the U.S. Marine Corps program or Army LASSO validation.	Bullish: Public confirmation of a new or existing Tier-1 U.S. OEM program moving to full production or formal DoD Program of Record status, beyond the current monthly delivery cadence.	Company press releases, SEC filings (Form 6-K), DoD contract announcements (e.g., USASpending.gov, SAM.gov), investor relations section of Mobilicom's website.	USASpending.gov: Government contract awards >$1M mentioning 'Mobilicom' or relevant product names. Breaking Defense, Defense News: Industry articles on U.S. drone programs.	Thinknum: Mentions of 'Mobilicom' in defense contractor job postings (indicating project ramp-up). S&P Global Market Intelligence: News sentiment analysis for 'Mobilicom' and 'DoD contracts'.
New design wins explicitly including both hardware and software (OS3/ICE) and evidence of recurring software revenue	Expanding integrated stack sales increases content per platform and customer retention, while growing software licensing (OS3, ICE) offers higher margins and recurring revenue, improving overall profitability and valuation.	Company commentary in earnings calls or press releases detailing new design wins that specifically include both hardware and software solutions, and any metrics or guidance related to software licensing revenue or recurring revenue.	Bullish: Announcement of new design wins explicitly stating the inclusion of both hardware and software (OS3/ICE) components, or reporting of increasing software licensing revenue.	Company press releases, quarterly earnings reports (Form 6-K), investor presentations, investor relations section of Mobilicom's website.	Industry reports on cybersecurity for autonomous systems. Google Trends: 'Mobilicom OS3', 'Mobilicom ICE'.	S&P Global Market Intelligence: Analyst reports focusing on Mobilicom's software segment growth. Tech job postings for cybersecurity engineers at Mobilicom.
Selection of Mobilicom or its OEM partners for secure digital communication or cybersecurity components in Drone Dominance Program (DDP) Phase II/III	The DDP represents a massive, high-volume market for FPV drones in the U.S. defense ecosystem. Mobilicom's alignment with Phase II's secure communication requirements could unlock significant future revenue opportunities.	DoD announcements or industry reports regarding DDP Phase II/III selections, specifically looking for mentions of secure digital data links, encrypted communication, or cybersecurity compliance where Mobilicom's Scarper family or OS3/ICE software could be integrated.	Bullish: Public announcement of Mobilicom or its OEM partners being selected for DDP Phase II or III, indicating market penetration into this high-volume segment.	DoD official announcements, industry defense publications (e.g., Breaking Defense, Defense News), company press releases (if Mobilicom is directly involved).	Breaking Defense, Defense News: Articles and analysis on the Drone Dominance Program. Google Trends: 'Drone Dominance Program' search volume.	S&P Global Market Intelligence: News sentiment analysis for 'Drone Dominance Program' and 'Mobilicom'.

Key Reported Metrics, Reratings Triggers & Results3 rows

Crucial for a small company, this metric indicates financial runway and the ability to fund strategic growth initiatives and Tier-1 platform integrations withou

Upcoming print · 2027-02-19

Key reported metrics
Metric	Last period	Why it matters
Cash Position Growth	$15.1 million	Crucial for a small company, this metric indicates financial runway and the ability to fund strategic growth initiatives and Tier-1 platform integrations without immediate dilution.
Gross Margin (%)	52%	Gross margin reflects pricing power and the mix between lower-margin hardware and higher-margin software/cyber solutions. Its trajectory indicates success in shifting towards more profitable offerings and overall business health.
Total Revenue Growth	$1.73 million (19% y/y growth)	This metric directly indicates Mobilicom's ability to convert design wins and program of record deliveries into recognized sales, validating its traction with U.S. defense customers and the overall investment thesis.

Last reported · 2026-08-13

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Cash Position Growth	120%	Crucial for a small company, indicating financial runway and the ability to fund strategic growth initiatives and Tier-1 platform integrations without immediate dilution.	Mobilicom Ltd (MOB) needs to report a cash balance at June 30, 2026, of at least $19.0 million. This would represent a positive or flat cash position compared to December 31, 2025, and an increase from the $17.7 million reported at March 31, 2026.	Achieving a cash position of at least $19.0 million is crucial for Mobilicom, a small company, as it demonstrates effective cash generation or conservation. This significantly extends its operational runway without immediate dilutive financing, which is vital for funding ongoing Tier-1 OEM integrations and growth initiatives, thereby de-risking the investment thesis and justifying a higher valuation.	2026-08-13	$15.1 million	No	The company reported cash and cash equivalents of $15.1 million as of June 30, 2026. This is below the rerating target of at least $19.0 million. While management highlighted a strong financial cash position and a 'fortress balance sheet' with a multi-year runway, and potential additional capital from outstanding warrants, the actual reported cash balance for the period did not meet the specified threshold.
Gross Margin (%)	-8.6%	Reflects pricing power and the mix between lower-margin hardware and higher-margin software/cyber solutions. Growth in this metric signals a successful shift towards more profitable offerings.	Mobilicom Ltd (MOB) needs to report a Gross Margin (%) of 60% or higher for the six months ended June 30, 2026. Ideally, the company should also provide guidance or commentary indicating a clear trajectory towards the mid-60s in subsequent periods, aligning with successful peers like DroneShield.	Achieving 60%+ gross margin validates Mobilicom's thesis of shifting to high-margin software/cyber solutions (ICE/OS3). This signals enhanced pricing power and a profitable revenue mix, improving competitive position and indicating a sustainable business model, justifying a higher valuation. Investors are watching for this path to profitability.	2026-08-13	52%	No	Mobilicom reported a gross margin of 52% for the first half of 2026, which is below the rerating target of 60% or higher. The company noted that gross margins remained within its targeted hardware range as production increased, and that hardware solutions typically yield 50% to 60% gross margins, while software solutions can reach up to 90%. The gross margin slipped from 55% in the prior year as cost of goods sold increased to support scaled production.
Total Revenue Growth	7%	Indicates whether the company is converting backlog and new Tier-1 orders into recognized sales, serving as a core signal of traction with U.S. defense customers and validating the investment thesis.	Mobilicom Ltd (MOB) needs to report H1 2026 Total Revenue Growth of at least 100% year-over-year. Additionally, providing strong full-year 2026 revenue guidance that confirms or exceeds current analyst consensus (ranging from approximately $7.92 million to $10.6 million) is crucial.	Achieving this threshold confirms Mobilicom's ability to convert strategic design wins and 'Trusted Drones' status into tangible, accelerating revenue. This validates the investment thesis, signals strong traction with U.S. defense customers, and demonstrates a clear path towards sustainable growth and improved competitive positioning, justifying a higher valuation.	2026-08-13	$1.73 million (19% y/y growth)	No	Mobilicom reported first-half 2026 revenue of $1.73 million, representing a 19% year-over-year growth from $1.45 million in 2025. This growth was primarily driven by a shift to a monthly delivery cadence for a Tier-1 U.S. Department of War program customer. However, this fell significantly short of the rerating target of at least 100% year-over-year growth for H1 2026.

Key Questions

Can Mobilicom sustain and expand its monthly delivery cadence for existing U.S. DoD programs of record and convert new Tier-1 design wins into similar productio

Can Mobilicom sustain and expand its monthly delivery cadence for existing U.S. DoD programs of record and convert new Tier-1 design wins into similar production volumes?

Question 2: Will Mobilicom's high-margin OS3 and ICE cybersecurity software solutions significantly increase their contribution to overall revenue and gross margin through broader adoption and recurring licensing?
Question 3: Can Mobilicom's operational model, including its U.S. manufacturing build-out, consistently drive sustained revenue acceleration while maintaining its strong cash position without dilution?

Earnings Transcript SummaryTable

2026-08-13 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Expanding to new platforms and design wins: Management is focused on leveraging existing Tier-1 relationships to expand into new platform categories, such as the larger munition win, and securing integrated stack design wins (hardware and software together) for AI-enabled autonomous systems. This strategy aims to increase Mobilicom's content per platform and enhance customer retention. 2. Speed of conversion from new products to design wins and initial orders: A key focus is the rapid conversion of newly launched products, like the SkyHopper Multiband and Scarper Tactical, into design wins and initial orders within the same half-year. This demonstrates the company's ability to quickly innovate and bring solutions to market. 3. Strengthening U.S. market position and manufacturing: Management is prioritizing the ongoing monthly delivery cadence for the U.S. Marine Corps program, advancing validation for the Army LASSO program, maintaining FCC Trusted Drone status, and finalizing U.S. manufacturing agreements to meet onshore production requirements and support future growth in the U.S. defense market.	Call Takeaway & ToneThe overall takeaway of the call was highly positive and confident. Mobilicom demonstrated strong operational execution in Q2 FY2026, marked by the establishment of a monthly delivery cadence for a key U.S. defense program, exceeding design win targets, and significant progress in building out U.S. manufacturing capabilities and securing crucial regulatory certifications like FCC Trusted Drone status. Management emphasized the proven integrated hardware and software stack, a robust, debt-free balance sheet providing a multi-year runway, and strategic positioning to capitalize on new cybersecurity mandates in the autonomous systems market. The tone was optimistic, focusing on converting strategic achievements into sustained revenue acceleration and leveraging a unique market position.	Prior Quarter'S Y/Y Growth By SegmentFor the prior quarter, Q1 2026, Mobilicom reported revenue of $548,000, which was a 35% decrease year-over-year compared to Q1 2025 revenue of $844,000. This decline was attributed to temporary procurement schedule adjustments by customers as they transitioned to scaled program of record production. Segment-specific year-over-year growth for Q1 2026 was not provided.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. How the program of record ramp-up converted in Q2: Mike McCormack asked how the customer moving into a program of record ramp-up converted into Q2 revenue. Liad Gelfer responded that Q2 revenue of approximately $1.2 million reflected the chosen model, with deliveries under the U.S. program of record moving to a monthly cadence, which also explained the backlog movement as orders shipped. 2. Under what circumstances Mobilicom would raise capital: Mike McCormack inquired about the conditions under which the company would raise capital, given its runway, no debt, and terminated ATM. Liad Gelfer stated that they do not need to raise capital for their current plan, citing a multi-year runway, no debt, and $20.6 million in potential additional funding from outstanding warrants. New capital would only be considered for significant opportunities like M&A, not out of necessity. 3. Typical timeline from design win to volume revenue: Barry Sine asked about the typical timeline from securing a design win to achieving initial low-rate production and then volume revenue. Oren Elkayam explained a three-stage pipeline: integration and qualification (several months, now faster), initial production orders (low rate, spanning a few quarters), and volume scaling (aligned with customer program milestones). He noted that new wins are entering this funnel, with some already in volume scalability or initial production.	Revenue SegmentsMobilicom reported overall first-half 2026 revenue of $1.73 million, representing a 19% year-over-year growth. Second-quarter 2026 revenue was $1.2 million. The company's revenue for this period was 100% from off-the-shelf product sales to enterprise and defense customers, primarily in the U.S. market. While the company operates in 'hardened hardware' and 'cybersecurity and software' segments, specific year-over-year growth figures for these individual segments were not provided in the transcript for Q2 or H1 2026.

Transcript TidbitsTable

2026-08-13

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketMobilicom expanded onto new platforms, including a new short to mid-range loitering munition platform with an Israeli tier 1 player, which is anticipated to have large volumes in the future. The company also secured an AI-enabled autonomous system design win, providing both hardware and software (ICE electronic warfare resistance solution and OS3 cybersecurity for autonomy) for a new program spanning drone and ground robotics. Initial orders were also received from across the Asia-Pacific, UAE, and India. The second phase of the U.S. Department of War's Drone Dominance Program (DDP) has shifted requirements to secured, encrypted digital communication, aligning with Mobilicom's Scarper family of solutions and signaling a need for cybersecurity compliance in mass production. Mobilicom believes that phases III and IV of the DDP in 2027 will be even more appealing to its offerings.	About CompetitionMobilicom maintains a very high gross margin with its hardware solutions and software licensing, noting minimal competition in its cyber/software solution offerings. The company positions itself as a leader in cybersecurity for small-sized autonomous systems, benefiting from new standards. Its integrated stack approach, combining hardware and software, provides substantially more content and value per platform, leading to high customer retention rates and an unmatched unique position in the market. Very few suppliers can offer a combined security, secure data link, electronic warfare resistance, and cybersecurity solution as a single offering. Mobilicom emphasizes its critical differentiation as a one-stop-shop with hardware, software, and cyber capabilities that can span generations and platforms, making it an ideal partner for large OEMs. The company noted that Phase I of the Drone Dominance Program was not relevant for Mobilicom due to its purely price-driven and minimal requirements.	About The Broader IndustryMobilicom's business is positioned at the convergence of three major market trends: drones, cybersecurity, and robotics autonomy. The company received FCC Trusted Drone exemption status for all its products, following a new regulation initiated this year to build a U.S. ecosystem for the future. The market is moving towards Mobilicom, with new cybersecurity mandates released in recent months converging on the company's core offerings. The Drone Dominance Program (DDP) by the Department of War aims to build a U.S. ecosystem for small, high-volume, lower-value FPV (first-person view) drones, learning from rapid industry scaling seen in Ukraine. Platform development cycles are accelerating, with new platforms potentially being initiated every 12 to 24 months, driving immense value from working with one-stop-shop partners.	Where Things Are HeadedMobilicom anticipates large volumes from new design wins, such as the loitering munition platform. The monthly delivery cadence under the U.S. Department of War program of record is expected to continue through the second half of the year, with new orders already building backlog for future fulfillment. The company has a multi-year runway and financial strength to execute its plans for the second half. Mobilicom is strengthening its U.S. position for the future, including supporting its first U.S. production run in 2026 with long lead items procurement. The company expects customer demand to ramp up quarter-to-quarter and aims to deliver its first U.S. production run in 2026. Mobilicom's technology showcase at Northern Strike 2026 is expected to build its brand and lead to new programs and operations with military end-users. The company's focus for coming quarters includes assisting OEMs with integration and validation to accelerate initial production and deployment, maintaining monthly delivery cadence and encouraging new orders, finalizing U.S. manufacturing agreements, and deepening its software layer (OS3 cybersecurity for autonomy and secured autonomy framework) for higher-margin recurring revenue.	Updates On ThemeAttritable	Broader Themes EmergingWar from Home, Cost Asymmetry in Defense	Bullish-Leaning Quotes (Short)It was a good quarter with continuous execution of our vision. We maintain a very high growth margin with our hardware solution in addition to the software licensing. We maintain strong financial cash position with nearly $16 million cash in hand. Mobilicom in the cybersecurity for small size autonomous system is a leader in this market and well-positioned to the success. We don't need to raise capital to execute the plan we have described today. The designing engine running ahead of plan. We have a fortress balance sheet, debt-free, multi-year runway. The market is moving toward us.	Bearish-Leaning Quotes (Short)Backlog. It is lower than the end of the first quarter, precisely because it shipped under monthly delivery cadence. Our EBITDA loss works out to roughly half a million USD a month, in line with our adjusted cash burn. The IFRS net loss is a much larger figure, but the substantial majority of it is non-cash. For this FPV market segment, it provides optionality that we can choose to pursue if we want to, especially as they are moving more and more to Mobilicom capabilities as mandate for the future.

Notes3 rows

Date	Comment	Comment Type	Comment Sentiment	Price Reaction
2025-08-12	Mobilicom reported H1 2025 revenue of $1.5 M (vs $1.8 M y/y) with ~55% gross margins and $1.6 M backlog. The market focused on new U.S. Tier-1 drone OEM orders and Blue UAS status, signaling traction in U.S. defense programs. Despite small scale, investors viewed the rising backlog and defense validation as a turning point, sending shares higher.	Earnings Transcript	Bullish	+8.64% (vs SPY: +7.22%)
2026-08-13	Mobilicom's H1 2026 earnings reported 19% revenue growth to $1.73M, driven by a new monthly delivery cadence for a U.S. defense program. Despite a widened net loss primarily from non-cash items, the company highlighted a strong cash position ($15.1M), exceeding design-win targets, and achieving FCC Trusted Drone status. The stock outperformed SPY (2.52% vs 0.47%), indicating market approval of strategic progress and improved revenue visibility.	Earnings Transcript	Neutral	+2.52% (vs SPY: +2.05%)
2026-08-13	Mobilicom reported Q2 FY2026 revenue of $1.2M, driven by monthly deliveries to a U.S. defense program. The company exceeded design-win targets, secured FCC Trusted Drone status, and maintained a strong cash position. Management emphasized integrated hardware/software solutions and U.S. manufacturing progress. The stock outperformed SPY by 2.50% (t+2 days), indicating market approval of strategic execution and improved revenue visibility, aligning with the positive messaging.	Earnings Transcript	Neutral	+2.52% (vs SPY: +2.50%)