MOBILICOM LIMITED | Q2 Report | Equity Research

August 28, 2026

Mobilicom Limited (NASDAQ: MOB) is back in focus after its Q2 2026 results, and I3 Capital has published an update to the coverage that began with our initiation report (available in our research section) rating the stock a BUY with a $7.75 target.

The picture has shifted. Revenue is growing, but slower than expected, up 19% year-over-year to $1.7 million in H1 2026, with 82% of that concentrated in a single US Tier 1 customer tied to the $250 million, five-year Department of War Program of Record. Design wins keep piling up faster than they convert into production orders, an 18-to-24-month cycle that is pushing most new customer revenue into 2027. Meanwhile, a 7% appreciation in the shekel against the dollar added roughly $400,000 in costs during the half, and $5.4 million in front-loaded stock-based compensation is driving meaningful shareholder dilution, with fully diluted share count approaching 20.7 million.

Layered onto a peer group whose valuation multiples compressed from 8.4x to 5.3x EV/Revenue, I3 Capital's updated blended valuation lands at $4.50 a share, down from $7.75. With MOB trading near $5.73, the report now carries a SELL rating and roughly 21% downside over the next 12 months.