908 Devices lifts 2026 revenue guidance floor to $68.5M
The results call is scheduled for 8:30 a.m. Eastern Time on November 10, 2026; the webcast replay will be available for at least 90 days after the event.
Sentiment and the balance of points
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Rhea-AI Filing Summary
908 Devices Inc. (MASS) reported third-quarter 2026 revenue of $19.0 million, up 35% year over year, driven by higher FTIR device revenue and the addition of NIRLab revenue. Its installed base grew 26% to 4,409 devices; 308 devices were placed during the quarter, a company record. Recurring revenue represented 27% of quarterly revenue.
GAAP gross profit was $10.0 million versus $7.4 million, while GAAP gross margin was 53% in both periods. Net loss from continuing operations was $4.6 million versus $14.9 million; adjusted EBITDA was a loss of $1.7 million versus $1.8 million. Operating expenses were $15.5 million, down $8.2 million, primarily due to an $11.0 million noncash reduction in expense from the change in fair value of contingent consideration, partly offset by a $2.8 million rise in selling, general and administrative expenses. Cash, cash equivalents and marketable securities were $99.1 million as of September 30, 2026, with no debt outstanding. Full-year 2026 revenue guidance is $68.5 million to $70.0 million, with the low end raised from $68.0 million; the range represents 22% to 25% growth compared with 2025 revenue.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue increased 35% year over year to $19.0 million.
- Moderate pointContinuing-operations net loss narrowed to $4.6 million from $14.9 million.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
FTIR technical
NIRLab technical
Adjusted EBITDA financial
contingent consideration financial
GAAP gross margin financial
Earnings Snapshot
Full-year 2026 revenue guidance is $68.5 million to $70.0 million, with the low end raised from $68.0 million; the range represents 22% to 25% growth compared with 2025 revenue.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 10, 2026, 908 Devices Inc. (“908 Devices”) announced its financial results for the third quarter ended Septemer 30, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.
The information contained in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No. | | Description |
|
| |
99.1 | Press release issued by 908 Devices on November 10, 2026 | |
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 10, 2026 | 908 Devices Inc. | |
|
| |
| By: | /s/ Mark S. Levine |
| Name: Mark S. Levine | |
| Title: Chief Legal and Administrative Officer | |
Exhibit 99.1
908 Devices Reports Third Quarter 2026 Financial Results and Achieves Record Revenue
Revenue increased 35% compared to prior year
Raises low end of 2026 revenue outlook
BURLINGTON, Mass. – November 10, 2026 – 908 Devices Inc. (Nasdaq: MASS), a core small-cap growth company focused on purpose-built handheld chemical analysis tools for vital health, safety, and defense tech applications, today reported financial results for the quarter ended September 30, 2026.
"We had a strong third quarter, driven by our FTIR portfolio, with revenue growing 35% year-over-year to $19 million and device shipments reaching a new company record,” said Kevin J. Knopp, CEO and Co-founder. "Our proven platforms are winning orders across the globe as customers accelerate efforts to modernize their detection capabilities and stay ahead of an evolving threat landscape. NIRLab is also gaining traction, both in unit volumes and pipeline, as we build a growing base of connected, recurring revenue. With continued operational discipline and healthy customer funding supporting demand, we are well positioned as we head toward the end of the year.”
Recent Highlights
| ● | Revenue of $19.0 million for the third quarter of 2026, increasing 35% year-over-year |
| ● | Recurring revenue of $5.1 million, representing 27% of total revenues for the quarter |
| ● | Gross margin of 53% and adjusted gross margin of 58% for the third quarter of 2026 |
| ● | Net loss from continuing operations of $4.6 million and Adjusted EBITDA loss of $1.7 million for the third quarter of 2026 |
| ● | Ended the quarter with a strong balance sheet, with a cash position of $99.1 million |
| ● | Shipped approximately 100 NIRLab devices in the first full quarter following the acquisition |
Third Quarter 2026 Financial Results
Revenue was $19.0 million for the three months ended September 30, 2026, a 35% increase over the prior year period, driven by an increase in product revenue for FTIR devices and the addition of NIRLab revenue. The installed base grew 26% year-over-year to 4,409 devices, with 308 devices placed during the third quarter, a new company record. Recurring revenue represented 27% of total revenues in the quarter.
Gross profit was $10.0 million for the third quarter of 2026, compared to $7.4 million for the corresponding period in the prior year. GAAP gross margin was 53% as compared to 53% for the corresponding prior year period. Adjusted gross profit was $10.9 million for the third quarter of 2026, compared to $8.1 million for the corresponding period in the prior year. Adjusted gross margin was 58%, as compared to 58% for the corresponding prior year period.
Operating expenses were $15.5 million for the third quarter of 2026, compared to $23.7 million for the corresponding prior year period. The $8.2 million decrease was primarily driven by an $11.0 million noncash reduction in expense related to the change in fair value of contingent consideration, partially offset by a $2.8 million increase in selling, general and administrative expenses.
Net loss from continuing operations was $4.6 million for the third quarter of 2026, compared to a net loss from continuing operations of $14.9 million for the corresponding prior year period. Adjusted EBITDA was a loss of $1.7 million for the third quarter of 2026, compared to a loss of $1.8 million for the corresponding period in the prior year.
Net loss attributable to common stockholders was $4.6 million for the third quarter of 2026, compared to $15.0 million for the corresponding prior year period.
Cash, cash equivalents and marketable securities were $99.1 million as of September 30, 2026, with no debt outstanding.
2026 Guidance
908 Devices updates its full year revenue guidance range to $68.5 million to $70.0 million (from $68.0 million to $70.0 million previously), raising the low end of the range and representing 22% to 25% growth compared to 2025 revenue.
Webcast Information
908 Devices will host a conference call to discuss the third quarter 2026 financial results before market open on Tuesday, November 10, 2026 at 8:30 am Eastern Time. A webcast of the conference call can be accessed in the Investor Relations section of 908devices.com. The webcast will be archived and available for replay for at least 90 days after the event.
About 908 Devices
908 Devices is revolutionizing chemical analysis with its simple handheld devices, addressing life-altering applications. The Company’s devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats. The Company designs and manufactures innovative products that bring together the power of complementary analytical technologies, software automation, and machine learning. For more information, visit www.908devices.com.
Non-GAAP Measures of Financial Performance
To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release and presented with detailed reconciliations to comparable GAAP financial results in the tables below:
| ● | Adjusted gross profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation. |
| ● | Adjusted gross margin is defined as adjusted gross profit expressed as a percentage of total revenue. |
| ● | Adjusted EBITDA is defined as net income (loss) from continuing operations excluding other income, benefit for income taxes, depreciation, intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), non-cash expenses related to stock-based compensation, and costs associated with contingent consideration related to the Company’s acquisitions and for which the conditions for payment have not yet been achieved. |
The Company has not reconciled its guidance for adjusted gross margin and adjusted EBITDA to GAAP gross margin and GAAP net loss from continuing operations, respectively, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, because certain reconciling items that affect these measures, including changes in the fair value of contingent consideration related to the NIRLAB acquisition, acquisition and integration related costs, and income tax effects, have not occurred, are outside the Company’s control, or cannot be reasonably predicted. Accordingly, reconciliations to the most directly comparable GAAP measures are not available without unreasonable effort. These unavailable items could significantly affect the Company’s GAAP results.
The Company’s non-GAAP financial results presented in this earnings release exclude certain costs that management believes do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of ongoing operations for the period in which such charges are recorded, nor do the resulting charges recorded accurately reflect the anticipated cash flows of ongoing operations, and as such, excluding these costs allows management to understand and evaluate core operating performance and trends. However, as there are no standardized methods of calculating these non-GAAP financial measures, the Company’s methods may differ from those used by other companies in its industry, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness for purposes of comparison. Furthermore, these non-GAAP measures have certain limitations since they do not include the impact of certain expenses and cash flows that are reflected in the Company’s GAAP financial results. Accordingly, when analyzing the Company’s operating performance and guidance, investors should not consider non-GAAP measures in isolation or as a substitute for, or superior to, comparable financial measures prepared in accordance with GAAP. Rather, the Company believes that these non-GAAP financial measures, when viewed in addition to and not in lieu of reported GAAP financial results, provide investors with additional meaningful information to assess financial performance and trends, enable comparison of financial results between periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating the Company’s business.
Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the Company’s future revenue and growth and future business prospects and market opportunities. Words such as “may,”
“will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including the risks outlined under “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission (SEC) which are available on the SEC's website at www.sec.gov. Additional information will be made available in our annual and quarterly reports and other filings that we make from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law.
Contact:
Matt Roache
VP, Investor Relations
mroache@908devices.com
908 DEVICES INC.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenue: | | | | | | | | | | | | |
Product revenue | | $ | 15,758 | | $ | 10,844 | | $ | 39,469 | | $ | 28,950 |
Service and contract revenue | | | 3,192 | | | 3,161 | | | 8,937 | | | 9,867 |
Total revenue | |
| 18,950 | |
| 14,005 | |
| 48,406 | |
| 38,817 |
Cost of revenue: | |
| | |
| | |
| | |
| |
Product cost of revenue | |
| 7,594 | |
| 5,290 | |
| 19,167 | |
| 15,338 |
Service and contract cost of revenue | | | 1,339 | | | 1,360 | | | 3,997 | | | 4,210 |
Total cost of revenue | |
| 8,933 | |
| 6,650 | |
| 23,164 | |
| 19,548 |
Gross profit | |
| 10,017 | |
| 7,355 | |
| 25,242 | |
| 19,269 |
Operating expenses: | |
| | |
| | |
| | |
| |
Research and development | |
| 3,819 | |
| 3,837 | |
| 10,888 | |
| 12,071 |
Selling, general and administrative | |
| 11,980 | |
| 9,134 | |
| 33,007 | |
| 29,712 |
Change in fair value of contingent consideration | |
| (305) | |
| 10,708 | |
| 12,518 | |
| 19,999 |
Total operating expenses | |
| 15,494 | |
| 23,679 | |
| 56,413 | |
| 61,782 |
Loss from operations | | | (5,477) | | | (16,324) | | | (31,171) | | | (42,513) |
Other income, net | | | 848 | | | 1,443 | | | 2,639 | | | 4,958 |
Loss from continuing operations before income taxes | | | (4,629) | | | (14,881) | | | (28,532) | | | (37,555) |
Income tax benefit (expense), net | | | 50 | | | (29) | | | 104 | | | (100) |
Net loss from continuing operations | | | (4,579) | | | (14,910) | | | (28,428) | | | (37,655) |
Net income (loss) from discontinued operations, net of tax | |
| — | |
| (72) | |
| — | |
| 52,970 |
Net income (loss) attributable to common stockholders | | $ | (4,579) | | $ | (14,982) | | $ | (28,428) | | $ | 15,315 |
Net income (loss) from continuing operations per share attributable to common stockholders, basic and diluted | | $ | (0.11) | | $ | (0.41) | | $ | (0.74) | | $ | (1.05) |
Net income (loss) from discontinued operations per share attributable to common stockholders, basic and diluted | | $ | — | | $ | — | | $ | — | | $ | 1.48 |
Net income (loss) per share attributable to common stockholders, basic and diluted | | $ | (0.11) | | $ | (0.41) | | $ | (0.74) | | $ | 0.43 |
Weighted average common shares outstanding | | | | | | | | | | | | |
Basic and diluted | | | 41,069,053 | | | 36,101,051 | | | 38,554,027 | | | 35,791,111 |
908 DEVICES INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| | September 30, | | December 31, | ||
| | 2026 | | 2025 | ||
Assets |
| | |
| | |
Current assets: |
| | |
| | |
Cash, cash equivalents and marketable securities | | $ | 99,122 | | $ | 112,970 |
Accounts receivable, net | |
| 17,219 | |
| 11,327 |
Inventory | |
| 14,693 | |
| 12,990 |
Prepaid expenses and other current assets | | | 4,111 | |
| 7,272 |
Total current assets | |
| 135,145 | |
| 144,559 |
Operating lease, right-of-use assets | |
| 4,729 | |
| 4,397 |
Property and equipment, net | |
| 4,440 | |
| 4,232 |
Goodwill | | | 10,244 | | | — |
Intangible, net | | | 44,066 | | | 36,412 |
Other long-term assets | |
| 734 | |
| 471 |
Total assets | | $ | 199,358 | | $ | 190,071 |
Liabilities and Stockholders' Equity | |
| | |
| |
Current liabilities: | |
| | |
| |
Accounts payable and accrued expenses | | $ | 11,005 | | $ | 8,424 |
Deferred revenue | |
| 11,592 | |
| 8,934 |
Operating lease liabilities and other liabilities | | | 2,290 | |
| 16,706 |
Total current liabilities | |
| 24,887 | |
| 34,064 |
Deferred revenue, net of current portion | |
| 11,291 | |
| 8,331 |
Contingent consideration, net of current portion | | | 8,189 | | | — |
Other long-term liabilities | | | 5,188 | | | 3,977 |
Total liabilities | |
| 49,555 | |
| 46,372 |
Total stockholders' equity | |
| 149,803 | |
| 143,699 |
Total liabilities and stockholders' equity | | $ | 199,358 | | $ | 190,071 |
908 DEVICES INC.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited, amounts in thousands, except percentage and per share data)
In all tables below, totals may not add due to rounding
Reconciliation from Gross Profit (GAAP) to Adjusted Gross Profit (Non-GAAP) and Margin Percentage:
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
| | | | | | | | | | | | |
Gross Profit (GAAP) | | $ | 10,017 | | | 7,355 | | | 25,242 | | | 19,269 |
| | | | | | | | | | | | |
Intangible amortization | | | 785 | | | 635 | | | 2,154 | | | 1,904 |
Acquisition and integration costs | | | - | | | - | | | - | | | 50 |
Restructuring | | | 9 | | | - | | | 9 | | | 288 |
Stock-based compensation | | | 136 | | | 158 | | | 397 | | | 381 |
| | | | | | | | | | | | |
Adjusted Gross Profit (Non-GAAP) | | $ | 10,947 | | $ | 8,148 | | $ | 27,802 | | $ | 21,892 |
| | | | | | | | | | | | |
Gross Margin Percentage (GAAP) | | | 53% | | | 53% | | | 52% | | | 50% |
| | | | | | | | | | | | |
Adjusted Gross Margin Percentage (Non-GAAP) | | | 58% | | | 58% | | | 57% | | | 56% |
| | | | | | | | | | | | |
Reconciliation from Net Income (Loss) from Continuing Operations (GAAP) to Adjusted EBITDA (Non-GAAP):
| | Three Months Ended | | Nine Months Ended | ||||||||
| | September 30, | | September 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
| | | | | | | | | | | | |
Net Loss from continuing operation (GAAP) | | $ | (4,579) | | | (14,910) | | | (28,428) | | | (37,655) |
| | | | | | | | | | | | |
Adjustments: | | | | | | | | | | | | |
Other income, net | | | (848) | | | (1,443) | | | (2,639) | | | (4,958) |
Benefit (Provision) for income taxes | | | (50) | | | 29 | | | (104) | | | 100 |
Depreciation | | | 485 | | | 358 | | | 1,333 | | | 909 |
Intangible amortization | | | 1,019 | | | 732 | | | 2,680 | | | 2,158 |
Acquisition and integration costs | | | 62 | | | 63 | | | 1,196 | | | 703 |
Restructuring | | | 93 | | | 242 | | | 93 | | | 1,507 |
Stock-based compensation | | | 2,337 | | | 2,379 | | | 7,049 | | | 6,935 |
Change in fair value of NIRLAB holdback shares | | | 109 | | | - | | | 173 | | | - |
Change in fair value of contingent consideration | | | (305) | | | 10,708 | | | 12,518 | | | 19,999 |
| | | | | | | | | | | | |
Adjusted EBITDA (Non-GAAP) | | $ | (1,677) | | $ | (1,842) | | $ | (6,129) | | $ | (10,302) |