908 Devices Inc. Financials
908 Devices Inc. (MASS) reported $56.2M in revenue for fiscal year 2025, up 17.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Accounting earnings diverged from cash generation: operating losses narrowed, but equity still supports a cash-consuming operating model.
In FY2025, net income of$19.5M arrived alongside operating cash flow of-$23.7M , showing the earnings reversal did not come from operations converting profit into cash. Meanwhile, free cash flow was-$24.6M while investing cash flow was$50.7M , so reported cash movement was shaped more by investing activity than by recurring operations.
Revenue reached
The balance sheet remains equity-funded: debt-to-equity was 0.3x, making the operating deficit less dependent on recorded debt. Assets expanded from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of 908 Devices Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for 908 Devices Inc., and counted as zero in the overall score.
Not available for 908 Devices Inc., and counted as zero in the overall score.
908 Devices Inc. scores 4.55, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($454.7M) relative to total liabilities ($46.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
908 Devices Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, 908 Devices Inc. used $1.22 of operating cash (-$23.7M OCF vs $19.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
908 Devices Inc. generated $56.2M in revenue in fiscal year 2025. This represents an increase of 17.7% from the prior year.
908 Devices Inc.'s EBITDA was -$35.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 33.7% from the prior year.
908 Devices Inc. reported $19.5M in net income in fiscal year 2025. This represents an increase of 127.0% from the prior year.
908 Devices Inc. earned $0.54 per diluted share (EPS) in fiscal year 2025. This represents an increase of 125.5% from the prior year.
Cash & Balance Sheet
908 Devices Inc. recorded an outflow of $24.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 20.1% from the prior year.
908 Devices Inc. held $70.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
908 Devices Inc.'s gross margin was 50.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.7 percentage points from the prior year.
908 Devices Inc.'s operating margin was -70.2% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
908 Devices Inc.'s net profit margin was 34.7% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
908 Devices Inc.'s ROE was 13.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 76.6 percentage points from the prior year.
Capital Allocation
908 Devices Inc. invested $15.6M in research and development in fiscal year 2025. This represents an increase of 3.9% from the prior year.
908 Devices Inc. invested $955K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 58.6% from the prior year.
Not reported for fiscal year 2025.
MASS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $60.8M | $56.2M+17.7% | $47.7M-4.9% | $50.2M+7.2% | $46.9M+11.0% | $42.2M+56.9% | $26.9M |
| Cost of Revenue | $29.1M | $27.8M+19.5% | $23.2M-6.7% | $24.9M+19.6% | $20.8M+9.8% | $19.0M+58.5% | $12.0M |
| Gross Profit | $31.7M | $28.4M+16.0% | $24.5M-3.2% | $25.3M-2.7% | $26.0M+12.0% | $23.2M+55.7% | $14.9M |
| R&D Expenses | $14.4M | $15.6M+3.9% | $15.0M-31.6% | $21.9M+25.0% | $17.5M+34.1% | $13.1M+58.7% | $8.2M |
| SG&A Expenses | $39.0M | $38.5M-2.4% | $39.5M-14.3% | $46.1M+5.0% | $43.9M+36.1% | $32.2M+157.8% | $12.5M |
| Operating Income | -$38.9M | -$39.4M+31.3% | -$57.4M-34.2% | -$42.8M-20.8% | -$35.4M-60.3% | -$22.1M-279.5% | -$5.8M |
| Interest Expense | N/A | N/A | N/A | $201K+55.8% | $129K-73.5% | $486K-50.2% | $976K |
| Income Tax | N/A | -$66K+76.6% | -$282K-33.6% | -$211K | $0 | N/A | N/A |
| Net Income | -$34.7M | $19.5M+127.0% | -$72.2M-98.4% | -$36.4M-8.4% | -$33.6M-51.4% | -$22.2M-72.9% | -$12.8M |
| EPS (Diluted) | — | $0.54+125.5% | -$2.12-87.6% | -$1.13-5.6% | -$1.07-35.4% | -$0.79 | -$2.35 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MASS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $190.1M+19.2% | $159.5M-21.4% | $203.0M-16.3% | $242.6M-7.0% | $260.9M+45.9% | $178.8M |
| Current Assets | $144.6M+40.3% | $103.1M-40.7% | $173.8M-19.4% | $215.6M-14.7% | $252.9M+47.9% | $171.0M |
| Cash & Equivalents | $70.5M+60.1% | $44.0M-63.6% | $121.0M-35.8% | $188.4M-15.9% | $224.1M+40.7% | $159.2M |
| Inventory | $13.0M+19.3% | $10.9M-27.1% | $14.9M+19.4% | $12.5M+58.0% | $7.9M+73.3% | $4.6M |
| Accounts Receivable | $11.3M+28.0% | $8.9M-1.5% | $9.0M-10.4% | $10.0M-38.7% | $16.4M+139.9% | $6.8M |
| Goodwill | $0 | $0-100.0% | $10.4M+3.2% | $10.1M | N/A | N/A |
| Total Liabilities | $46.4M+3.3% | $44.9M+19.7% | $37.5M-27.9% | $52.0M+12.3% | $46.3M+16.4% | $39.8M |
| Current Liabilities | $34.1M+35.4% | $25.1M+11.5% | $22.5M+17.3% | $19.2M+29.6% | $14.8M+37.0% | $10.8M |
| Long-Term Debt | N/A | N/A | N/A | $15.0M0.0% | $15.0M+4.7% | $14.3M |
| Total Equity | $143.7M+25.4% | $114.6M-30.8% | $165.5M-13.2% | $190.6M-11.2% | $214.6M+54.3% | $139.0M |
| Retained Earnings | -$223.3M+8.0% | -$242.8M-42.3% | -$170.6M-27.1% | -$134.2M-33.4% | -$100.6M-28.3% | -$78.5M |
MASS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5M | -$23.7M+21.7% | -$30.2M-20.7% | -$25.1M-19.7% | -$20.9M+28.0% | -$29.1M-804.0% | $4.1M |
| Capital Expenditures | $876K | $955K+58.6% | $602K-70.6% | $2.0M0.0% | $2.0M+177.5% | $737K+8088.9% | $9K |
| Free Cash Flow | $603K | -$24.6M+20.1% | -$30.8M-13.8% | -$27.1M-18.0% | -$23.0M+23.0% | -$29.8M-823.4% | $4.1M |
| Investing Cash Flow | $2.7M | $50.7M+209.6% | -$46.3M-75.5% | -$26.4M-67.0% | -$15.8M-2044.8% | -$737K-8088.9% | -$9K |
| Financing Cash Flow | -$1.6M | -$697K-85.4% | -$376K+97.6% | -$15.9M-1451.6% | $1.2M-98.8% | $94.7M-31.0% | $137.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MASS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 50.6%-0.7pp | 51.3%+0.9pp | 50.4%-5.1pp | 55.5%+0.5pp | 55.0%-0.4pp | 55.5% |
| Operating Margin | -70.2% | -120.2% | -85.1%-9.6pp | -75.5%-23.2pp | -52.3%-30.7pp | -21.6% |
| Net Margin | 34.7% | -151.2% | -72.5%-0.8pp | -71.6%-19.1pp | -52.5%-4.9pp | -47.7% |
| Return on Equity | 13.6%+76.6pp | -63.0%-41.0pp | -22.0%-4.4pp | -17.6%-7.3pp | -10.3%-1.1pp | -9.2% |
| Return on Assets | 10.3%+55.5pp | -45.3%-27.3pp | -17.9%-4.1pp | -13.8%-5.3pp | -8.5%-1.3pp | -7.2% |
| Current Ratio | 4.24+0.1x | 4.10-3.6x | 7.71-3.5x | 11.22-5.8x | 17.05+1.3x | 15.78 |
| Debt-to-Equity | 0.32-0.1x | 0.39+0.2x | 0.23+0.1x | 0.080.0x | 0.070.0x | 0.10 |
| FCF Margin | -43.9%+20.8pp | -64.6%-10.7pp | -54.0%-4.9pp | -49.0%+21.6pp | -70.7%-86.0pp | 15.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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Where 908 Devices Inc. Ranks
Frequently Asked Questions
What is 908 Devices Inc.'s annual revenue?
908 Devices Inc. (MASS) reported $56.2M in total revenue for fiscal year 2025. This represents a 17.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is 908 Devices Inc.'s revenue growing?
908 Devices Inc. (MASS) revenue grew by 17.7% year-over-year, from $47.7M to $56.2M in fiscal year 2025.
Is 908 Devices Inc. profitable?
Yes, 908 Devices Inc. (MASS) reported a net income of $19.5M in fiscal year 2025, with a net profit margin of 34.7%.
What is 908 Devices Inc.'s EBITDA?
908 Devices Inc. (MASS) had EBITDA of -$35.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is 908 Devices Inc.'s gross margin?
908 Devices Inc. (MASS) had a gross margin of 50.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is 908 Devices Inc.'s operating margin?
908 Devices Inc. (MASS) had an operating margin of -70.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is 908 Devices Inc.'s net profit margin?
908 Devices Inc. (MASS) had a net profit margin of 34.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is 908 Devices Inc.'s return on equity (ROE)?
908 Devices Inc. (MASS) has a return on equity of 13.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is 908 Devices Inc.'s free cash flow?
908 Devices Inc. (MASS) recorded an outflow of $24.6M in free cash flow during fiscal year 2025. This represents a 20.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is 908 Devices Inc.'s operating cash flow?
908 Devices Inc. (MASS) recorded an outflow of $23.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are 908 Devices Inc.'s total assets?
908 Devices Inc. (MASS) had $190.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are 908 Devices Inc.'s capital expenditures?
908 Devices Inc. (MASS) invested $955K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does 908 Devices Inc. spend on research and development?
908 Devices Inc. (MASS) invested $15.6M in research and development during fiscal year 2025.
What is 908 Devices Inc.'s current ratio?
908 Devices Inc. (MASS) had a current ratio of 4.24 as of fiscal year 2025, which is generally considered healthy.
What is 908 Devices Inc.'s debt-to-equity ratio?
908 Devices Inc. (MASS) had a debt-to-equity ratio of 0.32 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is 908 Devices Inc.'s return on assets (ROA)?
908 Devices Inc. (MASS) had a return on assets of 10.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is 908 Devices Inc.'s Altman Z-Score?
908 Devices Inc. (MASS) has an Altman Z-Score of 4.55, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is 908 Devices Inc.'s Piotroski F-Score?
908 Devices Inc. (MASS) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are 908 Devices Inc.'s earnings high quality?
For every $1 of reported earnings, 908 Devices Inc. (MASS) used $1.22 of operating cash (-$23.7M OCF vs $19.5M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is 908 Devices Inc.?
908 Devices Inc. (MASS) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.