MOBILICOM LIMITED Equity Research | Initiation of Coverage
May 5, 2026
Mobilicom Limited (NASDAQ: MOB) makes the cybersecure data links, mesh networking radios, and electronic warfare software that go inside the US military's next-generation drone platforms. After a decade of quiet R&D and hard-won design wins, three events in late 2025 and early 2026 changed the story completely: a confirmed five-year, $250 million US Department of War Program of Record, a cleaned-up capital structure with $19.1 million cash and zero debt, and a 5.27% stake filed by institutional hedge fund Wexford Capital LP.
The American Security Drone Act, effective December 2025, locked Chinese suppliers out of US federal drone procurement. That single regulation made Mobilicom's Blue UAS-certified, NDAA-compliant product stack exactly what every American drone manufacturer now needs.
The market got bigger. The competition got smaller.
This I3 Capital Group equity research report, authored by Blair Carey, CFA, initiates coverage with a BUY rating and $7.75 price target, representing 18% upside. The report delivers a full business review, four-year financial forecast, three-method valuation analysis, competitive landscape across 10 peers, and a comprehensive risk factor assessment for investors seeking exposure to one of the most strategically positioned companies in the US defense drone supply chain.
