908 Devices Inc. MASS
We are making chemical analysis simple, smart and speedy with our purpose-built handheld devices that empower people to take swift action in life-altering applications.
We have developed an innovative suite of purpose-built handheld devices for point-of-need chemical analysis. Leveraging mass spectrometry, or Mass Spec, and optical spectroscopy, analytics and machine learning technologies, we make devices that are significantly smaller and more accessible than conventional laboratory instruments. Our devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats. The term "products" or "devices" used in this "Business" section each refer to the MX908, ThreatID, ProtectIR, XplorIR, and VipIR.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $56.2M | $47.7M | $50.2M | $46.9M | $42.2M | $26.9M | — |
| Cost of revenue | $27.8M | $23.2M | $24.9M | $20.8M | $19.0M | $12.0M | — |
| Gross profit | $28.4M | $24.5M | $25.3M | $26.0M | $23.2M | $14.9M | — |
| R&D | $15.6M | $15.0M | $21.9M | $17.5M | $13.1M | $8.2M | — |
| SG&A | $38.5M | $39.5M | $46.1M | $43.9M | $32.2M | $12.5M | — |
| Total operating expenses | $67.8M | $81.9M | $68.1M | $61.4M | $45.3M | $20.7M | — |
| Operating income | -$39.4M | -$57.4M | -$42.8M | -$35.4M | -$22.1M | -$5.8M | — |
| Interest expense | — | — | $201.0K | $129.0K | $486.0K | $976.0K | — |
| Pre-tax income | -$33.3M | -$53.1M | -$36.6M | -$33.6M | — | — | — |
| Income tax | $66.0K | $282.0K | $211.0K | $0 | — | — | — |
| Net income | $19.5M | -$72.2M | -$36.4M | -$33.6M | -$22.2M | -$12.8M | — |
| EPS, basic | 0.54 | -2.12 | -1.13 | -1.07 | -0.79 | -2.35 | — |
| EPS, diluted | 0.54 | -2.12 | -1.13 | -1.07 | -0.79 | -2.35 | — |
| Shares, diluted (wtd. avg.) | $35.9M | $34.1M | $32.2M | $31.5M | $28.0M | $5.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.5M | $44.0M | $121.2M | $188.6M | $224.1M | $159.2M | $17.9M |
| Short-term investments | $42.5M | $25.6M | $24.6M | — | — | — | — |
| Receivables | $11.3M | $8.9M | $9.0M | $10.0M | $16.4M | $6.8M | — |
| Inventory | $13.0M | $10.9M | $14.9M | $12.5M | $7.9M | $4.6M | — |
| Total current assets | $144.6M | $103.1M | $173.8M | $215.6M | $252.9M | $171.0M | — |
| Property, plant and equipment | $4.2M | $1.6M | $3.3M | $3.1M | $1.6M | $850.0K | — |
| Goodwill | $0 | $0 | $10.4M | $10.1M | — | — | — |
| Other intangibles | $36.4M | $38.7M | $7.9M | $8.5M | — | — | — |
| Total assets | $190.1M | $159.5M | $203.0M | $242.6M | $260.9M | $178.8M | — |
| Accounts payable | $1.6M | $1.4M | $1.2M | $1.4M | $1.4M | $1.0M | — |
| Short-term debt | — | — | — | — | — | $500.0K | — |
| Total current liabilities | $34.1M | $25.1M | $22.5M | $19.2M | $14.8M | $10.8M | — |
| Long-term debt | — | — | — | $15.0M | $15.0M | $14.3M | — |
| Total liabilities | $46.4M | $44.9M | $37.5M | $52.0M | $46.3M | $39.8M | — |
| Retained earnings | -$223.3M | -$242.8M | -$170.6M | -$134.2M | -$100.6M | -$78.5M | — |
| Total equity | $143.7M | $114.6M | $165.5M | $190.6M | $214.6M | $139.0M | -$63.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$23.7M | -$30.2M | -$25.1M | -$20.9M | -$29.1M | $4.1M | — |
| Depreciation and amortisation | $4.5M | $4.7M | $2.4M | $1.6M | $925.0K | $831.0K | — |
| Stock-based compensation | $9.8M | $11.8M | $9.8M | $7.2M | $2.5M | $525.0K | — |
| Capital expenditure | $955.0K | $602.0K | $2.0M | $2.0M | $737.0K | $9.0K | — |
| Investing cash flow | $50.7M | -$46.3M | -$26.4M | -$15.8M | -$737.0K | -$9.0K | — |
| Financing cash flow | -$697.0K | -$376.0K | -$15.9M | $1.2M | $94.7M | $137.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050795.
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