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908 Devices Inc.

MASS

908 Devices Inc. • NASDAQ
$6.35 ▼ -0.94% (-0.06)
Market Cap $229.82 M
52w High $9.34
52w Low $1.81
Dividend Yield 0%
P/E -3.07
Volume 242.27K
Outstanding Shares 36.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.005M ▲ $23.679M ▲ $-14.982M ▼ -106.976% ▼ $-0.41 ▼ $-13.791M ▼
Q2-2025 $13.035M ▲ $21.534M ▲ $-13.306M ▼ -102.079% ▼ $-0.37 ▼ $-7.397M ▼
Q1-2025 $11.777M ▼ $16.567M ▼ $43.603M ▲ 370.239% ▲ $1.23 ▲ $-7.236M ▲
Q4-2024 $18.82M ▲ $29.425M ▼ $-19.446M ▲ -103.326% ▲ $-0.57 ▲ $-9.045M ▼
Q3-2024 $14.519M $32.272M $-29.295M -201.77% $-0.84 $-4.699M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $112.052M ▼ $190.873M ▼ $54.574M ▲ $136.299M ▼
Q2-2025 $118.584M ▼ $191.701M ▼ $42.884M ▲ $148.817M ▼
Q1-2025 $124.315M ▲ $196.027M ▲ $36.603M ▼ $159.424M ▲
Q4-2024 $69.6M ▼ $159.476M ▼ $44.884M ▼ $114.592M ▼
Q3-2024 $71.686M $178.283M $47.244M $131.039M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-14.91M ▼ $-4.204M ▲ $5.211M ▲ $-16K ▲ $1.051M ▲ $-4.884M ▲
Q2-2025 $-12.908M ▼ $-5.784M ▲ $-11.587M ▼ $-78K ▲ $-17.524M ▼ $-5.906M ▲
Q1-2025 $43.603M ▲ $-15.019M ▼ $50.313M ▲ $-189K ▼ $35.132M ▲ $-15.178M ▼
Q4-2024 $-19.446M ▲ $-2.243M ▲ $780K ▼ $529K ▲ $-993K ▲ $-2.433M ▲
Q3-2024 $-29.295M $-5.607M $3.79M $23K $-1.786M $-5.763M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract
Contract
 $0 ▲$0 ▲$0 ▲$0 ▲
Device Sales
Device Sales
 $20.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Recurring
Recurring
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Consumables and service
Consumables and service
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Product and service revenue
Product and service revenue
 $30.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been inching higher each year, but not fast enough to cover the company’s growing cost base. Gross profit has risen in line with sales, which is positive, yet operating expenses have climbed more quickly, leading to steadily larger operating and net losses over time. The most recent year shows a clear step up in losses per share, suggesting that 908 Devices is still very much in an investment and scale‑up phase rather than anywhere near profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that started out with a strong cash and asset position after going public, but has been drawing that down over time. Cash levels have fallen meaningfully from earlier highs, and total assets and shareholders’ equity have both trended lower, reflecting ongoing losses. On the other hand, debt remains very small relative to the business, so financial leverage is low. Overall, the company still appears funded but with a shrinking cushion, making future capital needs an important watchpoint.

Cash Flow

Cash Flow Operating cash flow has been consistently negative, which means the company is consuming cash to run and grow the business rather than generating it. Free cash flow mirrors this pattern, as capital spending has been modest but the core operations have yet to turn cash positive. This is typical for an early‑stage, innovation‑driven company, but it does mean the business is reliant on its existing cash and potential future financing to sustain its plans until it can scale to profitability.

Competitive Edge

Competitive Edge 908 Devices occupies a differentiated niche within medical and analytical devices by focusing on miniaturized, portable mass spectrometry and related tools. Its technology targets point‑of‑need use cases—such as public safety, defense, hazmat, and bioprocessing—where speed and field deployment matter more than traditional lab‑style setups. The company has built barriers through patents, specialized know‑how, and a growing installed base that supports recurring consumables and service revenue. However, it still competes against much larger, well‑funded instrument makers, so maintaining focus on defensible niches and customer relationships is crucial.

Innovation and R&D

Innovation and R&D Innovation is the core of 908 Devices’ story. Its proprietary high‑pressure mass spectrometry platform and microfluidic technologies enable smaller, more user‑friendly devices that can be used outside of traditional labs. The firm is expanding its handheld portfolio—helped by acquisitions—and integrating software, analytics, and connectivity to build ongoing service and data revenue. Programs like the next‑generation MX908 and involvement in defense detection initiatives highlight a pipeline of future products and potential contracts. The trade‑off is that this innovation push is expensive, keeping R&D and related spending high and delaying profitability, but it also underpins the company’s long‑term differentiation.

Summary

908 Devices is a young, innovation‑driven medical and analytical device company that has carved out a clear technological niche in portable mass spectrometry and chemical detection. Financially, it shows gradual revenue growth but persistent and widening losses, with steady cash burn and a declining, though still present, cash cushion and little debt. Strategically, the company is sharpening its focus on handheld, point‑of‑need detection markets, leveraging its patents, specialized products, and growing installed base to build recurring revenue. The main opportunity lies in turning its technology and pipeline—especially in public safety and defense—into sustainable, higher‑margin growth, while the key risks center on continued cash consumption, execution in scaling the business, and competition from much larger industry players.

NEWS

November 10, 2025 · 7:00 AM UTC

908 Devices Reports Third Quarter 2025 Financial Results and Reiterates 2025 Revenue Outlook

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October 30, 2025 · 7:00 AM UTC

908 Devices to Participate in Upcoming Investor Conferences

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October 28, 2025 · 7:00 AM UTC

United States Coast Guard Purchases 908 Devices' Handheld Mass Spec Devices for Chemical Threat Identification

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October 22, 2025 · 7:00 AM UTC

908 Devices to Report Third Quarter 2025 Financial Results on November 10, 2025

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October 16, 2025 · 7:00 AM UTC

United States Marine Corps Purchases 908 Devices' XplorIR Gas Identification Devices

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