908 Devices Inc.
NASDAQ:MASS
908 Devices Inc.
908 Devices, Inc. engages in the development of measurement devices for chemical and biochemical analysis. The company is headquartered in Boston, Massachusetts and currently employs 177 full-time employees. The company went IPO on 2020-12-18. The firm's Mass Spec devices are used at the point-of-need to interrogate unknown and invisible materials and provide answers to address problems in life sciences research, bioprocessing, industrial biotechnology, forensics and adjacent markets. Its products include MX908, Rebel and ZipChip. MX908 is a handheld Mass Spec device designed for analysis of gas, liquid and solid materials of unknown identity. MX908 is a multi-purpose device utilized by a spectrum of user segments for a variety of forensic field applications, including chemical, explosive, priority drug and hazardous materials operations, detecting materials at the trace level. The Rebel is a desktop analyzer providing real-time information on the extracellular environment in bioprocesses. ZipChip is a plug-and-play separation platform that optimizes Mass Spec sample analysis.
908 Devices, Inc. engages in the development of measurement devices for chemical and biochemical analysis. The company is headquartered in Boston, Massachusetts and currently employs 177 full-time employees. The company went IPO on 2020-12-18. The firm's Mass Spec devices are used at the point-of-need to interrogate unknown and invisible materials and provide answers to address problems in life sciences research, bioprocessing, industrial biotechnology, forensics and adjacent markets. Its products include MX908, Rebel and ZipChip. MX908 is a handheld Mass Spec device designed for analysis of gas, liquid and solid materials of unknown identity. MX908 is a multi-purpose device utilized by a spectrum of user segments for a variety of forensic field applications, including chemical, explosive, priority drug and hazardous materials operations, detecting materials at the trace level. The Rebel is a desktop analyzer providing real-time information on the extracellular environment in bioprocesses. ZipChip is a plug-and-play separation platform that optimizes Mass Spec sample analysis.
Revenue: Fourth-quarter continuing-operations revenue was $17.4 million, up 21% year‑over‑year; full‑year 2025 revenue was $56.2 million, up 18% YoY.
Profitability: Management delivered positive adjusted EBITDA of $0.7 million in Q4 (versus a $4.0 million adjusted EBITDA loss a year earlier) after a year of structural cost reductions.
Product momentum: Strong demand for EXPLORER and initial traction for VipIR (more than 40 units shipped in Q4, >$3 million revenue) drove FTIR-related growth; Explorer placements exceeded 150 units in 2025.
Recurring revenue: Recurring revenues grew (Q4 $5.5 million, 32% of revenues; full year $19.5 million, 35% of revenues), improving revenue visibility.
Balance sheet: Company exited 2025 with $113 million in cash and no debt, providing flexibility to invest behind growth.
2026 outlook: Revenue guidance of $64.5 million to $67.5 million (15%–20% growth); adjusted gross margin targeted in the mid‑ to high‑50% range and adjusted EBITDA loss expected to be cut roughly in half to mid‑single‑digit millions.
Operational moves: Consolidated U.S. federal contracting partners to Mountain Horse Solutions and completed manufacturing consolidation to Danbury to improve forecasting, logistics and margins.
