Business Description
908 Devices Inc. is a technology company that develops and manufactures purpose-built handheld and desktop mass spectrometry devices for chemical and biomolecular analysis. The company's products are used at the point-of-need to detect and identify unknown materials, catering primarily to safety, security, and defense applications such as illicit drug detection and hazardous materials response.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 56,197 | 47,746 | 50,229 | 46,852 |
| Cost of Sales | 27,774 | 23,246 | 24,907 | 20,829 |
| Gross Profit | 28,423 | 24,500 | 25,322 | 26,023 |
| Selling, General & Administrative Expenses | 38,528 | 39,462 | 46,069 | 43,879 |
| Research & Development Expenses | 15,575 | 14,988 | 21,904 | 17,526 |
| Other Operating Expenses | 13,741 | 27,443 | 107 | — |
| Operating Profit | (39,421) | (57,393) | (42,758) | (35,382) |
| Interest and Investment Income | 4,136 | 4,494 | 6,480 | 2,031 |
| Interest Expense | — | — | (201) | (129) |
| Non-Operating Income | 2,288 | — | (131) | (83) |
| Total Non-Operating Income | 6,424 | 4,494 | 6,148 | 1,819 |
| Income Before Provision for Income Taxes | (32,997) | (52,899) | (36,610) | (33,563) |
| Provision for Income Taxes | 66 | — | 211 | — |
| Consolidated Net Income | (33,277) | (53,140) | (36,399) | (33,563) |
| Net Income Attributable to Discontinued Operations | 52,766 | (19,066) | — | — |
| Net Income Attributable to Common Shareholders | 19,489 | (72,206) | (36,399) | (33,563) |
| Basic EPS | 0.54 | -2.12 | -1.13 | -1.07 |
| Diluted EPS | 0.54 | -2.12 | -1.13 | -1.07 |
| Basic Weighted Average Shares Outstanding | 35,899 | 34,076 | 32,239 | 31,493 |
| Diluted Weighted Average Shares Outstanding | 35,899 | 34,076 | 32,239 | 31,493 |
| Shares Outstanding | 36,322 | 35,098 | 32,519 | 31,860 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 70,517 | 43,355 | 121,041 | 188,422 |
| Short-Term Investments | 42,453 | 25,568 | 24,641 | — |
| Total Cash and Cash Equivalents | 112,970 | 68,923 | 145,682 | 188,422 |
| Accounts Receivable | 11,327 | 8,852 | 8,989 | 10,033 |
| Total Trade Receivables | 11,327 | 8,852 | 8,989 | 10,033 |
| Inventories | 12,990 | 10,886 | 14,938 | 12,513 |
| Other Current Assets | 7,272 | 14,394 | 4,181 | 4,658 |
| Total Current Assets | 144,559 | 103,055 | 173,790 | 215,626 |
| Net Property, Plant & Equipment | 8,629 | 5,437 | 9,575 | 7,039 |
| Net Intangible Assets | 36,412 | 38,679 | 7,860 | 8,488 |
| Goodwill | — | — | 10,367 | 10,050 |
| Other Long-Term Assets | 471 | 12,305 | 1,389 | 1,384 |
| Total Assets | 190,071 | 159,476 | 202,981 | 242,587 |
| Accounts Payable | 1,586 | 1,368 | 1,191 | 1,397 |
| Accrued Expenses | 6,838 | 7,195 | 8,713 | 8,847 |
| Current Portion of Leases | 681 | 1,473 | 2,016 | 1,468 |
| Unearned Revenue | 8,934 | 10,417 | 10,629 | 7,514 |
| Other Current Liabilities | 16,025 | 4,696 | — | — |
| Total Current Liabilities | 34,064 | 25,149 | 22,549 | 19,226 |
| Long-Term Debt | — | — | — | 15,000 |
| Leases | 3,947 | 2,600 | 3,929 | 3,040 |
| Other Long-Term Liabilities | 8,361 | 17,135 | 11,012 | 14,722 |
| Total Long-Term Liabilities | 12,308 | 19,735 | 14,941 | 32,762 |
| Total Liabilities | 46,372 | 44,884 | 37,490 | 51,988 |
| Common Stock | 36 | 35 | 33 | 32 |
| Additional Paid-in Capital | 366,925 | 356,216 | 334,692 | 323,969 |
| Accumulated Other Comprehensive Income | 54 | 1,146 | 1,365 | 798 |
| Retained Earnings | (223,316) | (242,805) | (170,599) | (134,200) |
| Total Common Shareholders' Equity | 143,699 | 114,592 | 165,491 | 190,599 |
| Total Shareholders' Equity | 143,699 | 114,592 | 165,491 | 190,599 |
| Total Liabilities and Shareholders' Equity | 190,071 | 159,476 | 202,981 | 242,587 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 19,489 | (72,206) | (36,399) | (33,563) |
| Depreciation & Amortization | 4,465 | 4,682 | 2,384 | 1,614 |
| Share-Based Compensation Expense | 9,845 | 11,763 | 9,787 | 7,207 |
| Other Adjustments | (42,190) | 28,056 | 1,436 | 455 |
| Changes in Trade Receivables | 220 | (2,927) | 680 | 5,930 |
| Changes in Inventories | (3,731) | (1,664) | (3,902) | (5,475) |
| Changes in Accounts Payable | (5,931) | 2,319 | 2,033 | 452 |
| Changes in Unearned Revenue | (3,177) | (368) | 179 | 1,892 |
| Changes in Other Operating Activities | (2,678) | 98 | (563) | 558 |
| Cash from Operating Activities | (23,688) | (30,247) | (25,059) | (20,930) |
| Capital Expenditure | (955) | (602) | (2,045) | (2,045) |
| Purchases of Investments | (64,005) | (55,500) | (48,874) | — |
| Proceeds from Sale of Investments | 47,798 | 54,564 | 24,519 | — |
| Payments for Business Acquisitions | (2,000) | (44,783) | — | (13,762) |
| Proceeds from Business Divestments | 69,909 | — | — | — |
| Cash from Investing Activities | 50,747 | (46,321) | (26,400) | (15,807) |
| Issuance of Short-Term Debt | — | — | — | 60,000 |
| Repayments of Short-Term Debt | — | — | (15,000) | (60,000) |
| Net Issuance / (Repayments) of Short-Term Debt | — | — | (15,000) | 0 |
| Issuance of Common Shares | 864 | 1,146 | 936 | 1,553 |
| Repurchases of Common Shares | (833) | (1,105) | (776) | (262) |
| Net Issuance / (Repurchases) of Common Shares | 31 | 41 | 160 | 1,291 |
| Other Financing Activities | (728) | (417) | (1,095) | (112) |
| Cash from Financing Activities | (697) | (376) | (15,935) | 1,179 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 27 | (65) | 13 | 18 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 26,389 | (77,009) | (67,381) | (35,540) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $191M |
| P/E | 9.72x |
| P/S | 3.39x |
| EV/EBITDA | -2.36x |
| Return on Equity | -25.8% |
| Return on Invested Capital | -69.9% |
| Current Ratio | 4.24x |
| Free Cash Flow Margin | -43.9% |
Margins
Gross margin
50.6%
Operating margin
-70.1%
Net margin
-59.2%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $13M | +13.6% | -96.3% | $-13M |
| Q4 2025 | $17M | +21.2% | 17.8% | $3M |
| Q3 2025 | $14M | -3.5% | -116.6% | $-16M |
| Q2 2025 | $13M | +13.7% | -116.3% | $-15M |
| Q1 2025 | $12M | — | -93.6% | $-11M |
| Q4 2024 | $14M | — | -116.8% | $-17M |
| Q3 2024 | $15M | — | -168.7% | $-24M |
| Q2 2024 | $11M | — | -74.5% | $-9M |
More on 908 Devices Inc.
Figures compiled from public company filings.
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