## Why a “Tomahawk program” order matters more than the headline Mobix’s latest SEC disclosures frame its EMI filtering/interconnect business as explicitly tied to **defense and mission-critical platforms**, where qualification cycles are long and incumbency can become durable. In its most recent annual filing, the company describes its **interconnect products (including EMI filter inserts and filtered connectors)** as being “currently used” in **aerospace, military, [and] defense** applications—i.e., not an aspirational market, but a served one. ["interconnect products, including EMI filter inserts"](0001493152-26-001921|0) ["currently used in aerospace, military, defense"](0001493152-26-001921|0) ## “Production order” subtext: pull-through, not one-off prototyping The “hidden alpha” in a production order tied to a U.S. Navy missile program is that it typically implies the supplier has already cleared early-stage hurdles (design-in / qualification) and is now participating in **repeatable production pull**. Mobix’s filings highlight that, in military/aerospace markets, **product lifecycles can keep components in production for more than seven years** on a single design—exactly the kind of duration that can turn a single program win into a multi-year revenue stream. ["may remain in production… more than seven years"](0001493152-26-001921|0) ## Evidence Mobix is already “in the stack” on Tomahawk-related content Even though the newest filings don’t (in the excerpts we reviewed) spell out a fresh Tomahawk purchase order amount, Mobix has previously disclosed program-level traction that supports the credibility of the claim: * Management disclosed that it had **delivered military connectivity solutions including filtered connector parts** “in connection with the Tomahawk Missile System.” ["filtered connector parts… Tomahawk Missile System"](0001213900-24-043002|1) * In another SEC-filed disclosure, the company stated demand for its filtering/connectivity products remained **“robust,” driven by key programs such as the Tomahawk** (along with Javelin and an Abrams contract). ["demand… remains robust… Tomahawk"](0001213900-24-021522|1) ## What’s “between the lines”: barriers to entry and strategic value of being U.S.-made Mobix’s latest 10-K also points to structural advantages that can amplify the value of a defense production ramp: * The company believes **only a limited number of companies** (including Mobix) are **approved vendors** for products incorporated into certain defense/aerospace solutions—an understated indicator of competitive scarcity. ["only a limited number of companies, including us"](0001493152-26-001921|0) * It discloses that, due to **national security and defense applications**, its interconnect products **must be manufactured in the United States** (with limited exceptions), which can act as a gating factor in defense supply chains. ["must be manufactured in the United States"](0001493152-26-001921|0) * Separately, Mobix explicitly positions itself as a **U.S.-based supplier of interconnect products** that defense customers may prefer to source domestically—another subtle reinforcement that “program ramps” can disproportionately reward qualified domestic suppliers. ["U.S.-based supplier of interconnect products"](0001493152-26-001921|0) ## The risk/return profile: durable programs, but customer concentration cuts both ways The same disclosure set suggests why investors can misread defense exposure as “just another order,” when it can be more like an annuity—*but also why execution matters*. Mobix flags that it can be exposed to concentration, noting it generated **~50% of net revenues from one customer** in FY ended Sept. 30, 2025. ["accounted for approximately 50% of our net revenues"](0001493152-26-001921|0) Net: if Tomahawk production is indeed ramping and Mobix is receiving meaningful production orders, the filings imply the bigger story is **qualification + approved-vendor positioning + long lifecycle pull-through**—not merely the incremental units in a single PO. ["approved vendors"](0001493152-26-001921|0) ["more than seven years"](0001493152-26-001921|0)

## Why a “Tomahawk program” order matters more than the headline Mobix’s latest SEC disclosures frame its EMI filtering/interconnect business as explicitly tied to **defense and mission-critical platforms**, where qualification cycles are long and incumbency can become durable. In its most recent annual filing, the company describes its **interconnect products (including EMI filter inserts and filtered connectors)** as being “currently used” in **aerospace, military, [and] defense** applications—i.e., not an aspirational market, but a served one. ["interconnect products, including EMI filter inserts"](0001493152-26-001921|0) ["currently used in aerospace, military, defense"](0001493152-26-001921|0) ## “Production order” subtext: pull-through, not one-off prototyping The “hidden alpha” in a production order tied to a U.S. Navy missile program is that it typically implies the supplier has already cleared early-stage hurdles (design-in / qualification) and is now participating in **repeatable production pull**. Mobix’s filings highlight that, in military/aerospace markets, **product lifecycles can keep components in production for more than seven years** on a single design—exactly the kind of duration that can turn a single program win into a multi-year revenue stream. ["may remain in production… more than seven years"](0001493152-26-001921|0) ## Evidence Mobix is already “in the stack” on Tomahawk-related content Even though the newest filings don’t (in the excerpts we reviewed) spell out a fresh Tomahawk purchase order amount, Mobix has previously disclosed program-level traction that supports the credibility of the claim: * Management disclosed that it had **delivered military connectivity solutions including filtered connector parts** “in connection with the Tomahawk Missile System.” ["filtered connector parts… Tomahawk Missile System"](0001213900-24-043002|1) * In another SEC-filed disclosure, the company stated demand for its filtering/connectivity products remained **“robust,” driven by key programs such as the Tomahawk** (along with Javelin and an Abrams contract). ["demand… remains robust… Tomahawk"](0001213900-24-021522|1) ## What’s “between the lines”: barriers to entry and strategic value of being U.S.-made Mobix’s latest 10-K also points to structural advantages that can amplify the value of a defense production ramp: * The company believes **only a limited number of companies** (including Mobix) are **approved vendors** for products incorporated into certain defense/aerospace solutions—an understated indicator of competitive scarcity. ["only a limited number of companies, including us"](0001493152-26-001921|0) * It discloses that, due to **national security and defense applications**, its interconnect products **must be manufactured in the United States** (with limited exceptions), which can act as a gating factor in defense supply chains. ["must be manufactured in the United States"](0001493152-26-001921|0) * Separately, Mobix explicitly positions itself as a **U.S.-based supplier of interconnect products** that defense customers may prefer to source domestically—another subtle reinforcement that “program ramps” can disproportionately reward qualified domestic suppliers. ["U.S.-based supplier of interconnect products"](0001493152-26-001921|0) ## The risk/return profile: durable programs, but customer concentration cuts both ways The same disclosure set suggests why investors can misread defense exposure as “just another order,” when it can be more like an annuity—*but also why execution matters*. Mobix flags that it can be exposed to concentration, noting it generated **~50% of net revenues from one customer** in FY ended Sept. 30, 2025. ["accounted for approximately 50% of our net revenues"](0001493152-26-001921|0) Net: if Tomahawk production is indeed ramping and Mobix is receiving meaningful production orders, the filings imply the bigger story is **qualification + approved-vendor positioning + long lifecycle pull-through**—not merely the incremental units in a single PO. ["approved vendors"](0001493152-26-001921|0) ["more than seven years"](0001493152-26-001921|0)