908 Devices Inc 10-Q, filed Nov 10, 2026

908 Devices Inc. (MASS)

10-Q 2026-11-10 For: 2026-09-30

Added on November 10, 2026

About this 10-Q

908 Devices Inc filed this 10-Q on November 10, 2026, covering the quarter ended September 30, 2026.

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $18.95M; up 35.3% from $14.01M a year earlier
Net loss: $4.58M; compared with a net loss of $14.98M a year earlier
Diluted EPS: -$0.11; compared with -$0.41 a year earlier

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	MASS	The Nasdaq Global Market

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Delaware	45-4524096
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

44 3rd Avenue, Burlington, MA	01803
(Address of principal executive offices)	(Zip Code)


Large accelerated filer ☐	Accelerated filer	☐
Non-accelerated filer ☒	Smaller reporting company	☒
	Emerging growth company	☐


		Page
PART I.	FINANCIAL INFORMATION	4
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	4
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income (Loss)	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 4.	Controls and Procedures	48
PART II.	OTHER INFORMATION	50
Item 1.	Legal Proceedings	50
Item 1A.	Risk Factors	50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
Signatures		52


		September 30,			December 31,
		2026			2025
Assets
Current assets:
Cash and cash equivalents		$	63,611		$	70,517
Marketable securities			35,511			42,453
Accounts receivable, net of allowance for credit losses of $401 and $147 at September 30, 2026 and December 31, 2025			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 assets, 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		$	2,759		$	1,586
Accrued expenses			8,246			6,838
Deferred revenue			11,592			8,934
Operating lease liabilities			679			681
Contingent consideration			—			16,025
Other current liabilities			1,611			—
Total current liabilities			24,887			34,064
Operating lease liabilities, net of current portion			4,368			3,947
Deferred revenue, net of current portion			11,291			8,331
Deferred tax liabilities			804			—
Contingent consideration, net of current portion			8,189			—
Other long-term liabilities			16			30
Total liabilities			49,555			46,372
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized. No shares issued or outstanding at September 30, 2026 and December 31, 2025, respectively.			—			—
Common stock, $0.001 par value; 100,000,000 shares authorized; 41,419,014 shares and 36,321,866 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			41			36
Additional paid-in capital			402,869			366,925
Accumulated other comprehensive income (loss)			(1,363)			54
Accumulated deficit			(251,744)			(223,316)
Total stockholders' equity			149,803			143,699
Total liabilities and stockholders' equity		$	199,358		$	190,071


	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 continuing operations		(5,477)		(16,324)		(31,171)		(42,513)
Other income, net:
Interest income		828		1,101		2,702		3,114
Income from transition services agreement, net		—		431		—		2,073
Other income (expense), net		20		(89)		(63)		(229)
Total 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 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


						Accumulated
				Additional		Other				Total
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders'
	Shares	Amount		Capital		Income (Loss)		Deficit		Equity
Balances at December 31, 2025	36,321,866	$	36	$	366,925	$	54	$	(223,316)	$	143,699
Issuance of common stock upon exercise of stock options	53,195		—		80		—		—		80
Stock-based compensation expense	—		—		2,399		—		—		2,399
Vesting of restricted stock units	1,038,792		1		(1)		—		—		—
Net loss	—		—		—		—		(11,955)		(11,955)
Unrealized loss on marketable securities	—		—		—		(52)		—		(52)
Balances at March 31, 2026	37,413,853	$	37	$	369,403	$	2	$	(235,271)	$	134,171
Issuance of common stock upon exercise of stock options	164,686		—		992		—		—		992
Stock-based compensation expense	—		—		2,313		—		—		2,313
Issuance of common stock pursuant to the acquisition of NIRLAB	263,472		1		1,725		—		—		1,726
Issuance of common stock upon ESPP purchase	32,699		—		190		—		—		190
Vesting of restricted stock units	184,298		—		—		—		—		—
Net loss	—		—		—		—		(11,894)		(11,894)
Unrealized loss on marketable securities	—		—		—		(43)		—		(43)
Foreign currency translation adjustments	—		—		—		(689)		—		(689)
Balances at June 30, 2026	38,059,008	$	38	$	374,623	$	(730)	$	(247,165)	$	126,766
Issuance of common stock upon exercise of stock options	100,239		—		590		—		—		590
Shares issued in settlement of contingent consideration	3,213,583		3		25,320		—		—		25,323
Stock-based compensation expense	—		—		2,336		—		—		2,336
Vesting of restricted stock units	46,184		—		—		—		—		—
Net loss	—		—		—		—		(4,579)		(4,579)
Unrealized loss on marketable securities	—		—		—		(31)		—		(31)
Foreign currency translation adjustments	—		—		—		(602)		—		(602)
Balances at September 30, 2026	41,419,014	$	41	$	402,869	$	(1,363)	$	(251,744)	$	149,803


Customer Relationships		8 years
Developed Technology		15 years
Trade Name		2 years


Consideration received
Payment for fair value transferred for Desktop Portfolio⁽¹⁾⁽²⁾	$	69,909

Net assets transferred
Cash	$	189
Accounts receivable⁽²⁾		1,080
Inventory		5,418
Prepaid expenses and other current assets⁽²⁾		333
Property and equipment, net		1,668
Operating lease right-of-use assets		2,983
Intangible assets and other long-term assets		6,489
Accounts payable		(208)
Accrued expenses and other current liabilities		(552)
Deferred revenue		(2,362)
Operating lease liabilities		(2,471)
Deferred income taxes		(2,034)
Net assets transferred	$	10,533

Transaction costs	$	(4,373)
Release of cumulative translation adjustment under 908 Devices GmbH		1,125
Gain on sale, pre-tax	$	56,128
Income tax		—
Gain on sale, net of tax	$	56,128


		Fair Value Measurements at September 30, 2026 Using:
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents - Money market funds		$	10,147		$	—		$	—		$	10,147
Marketable securities - U.S. Treasury securities due in 3 to 12 months			—			30,531			—			30,531
Marketable securities - agency bond due in 3 to 12 months			—			4,980			—			4,980
Total assets measured at fair value		$	10,147		$	35,511		$	—		$	45,658
Other current liabilities:
Holdback shares - NIRLAB acquisition		$	369		$	—		$	—		$	369
		$	369		$	—		$	—		$	369
Other long-term liabilities:
Acquisition-related contingent consideration		$	—		$	—		$	8,189		$	8,189
Total liabilities measured at fair value		$	369		$	—		$	8,189		$	8,558


	Fair Value Measurements at December 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents - Money market funds	$	30,040	$	—	$	—	$	30,040
Marketable securities - U.S. Treasury securities due in 3 to 12 months		—		42,453		—		42,453
Total assets measured at fair value	$	30,040	$	42,453	$	—	$	72,493
Other current liabilities:
Acquisition-related contingent consideration	$	—	$	—	$	16,025	$	16,025
Total liabilities measured at fair value	$	—	$	—	$	16,025	$	16,025


Balance as of December 31, 2025	$	16,025
Contingent consideration - NIRLAB acquisition		4,969
Increase in fair value of contingent consideration earnouts - NIRLAB		3,220
Increase in fair value of contingent consideration earnouts - RedWave		9,298
Settlement of contingent consideration through issuance of common stock		(25,323)
Balance as of September 30, 2026	$	8,189


	September 30, 2026
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Credit Losses		Fair Value
Marketable securities - U.S. Treasury securities	$	30,581	$	—	$	(50)	$	—	$	30,531
Marketable securities - Agency bond		5,002		—		(22)		—		4,980
	$	35,583	$	—	$	(72)	$	—	$	35,511


	December 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Credit Losses		Fair Value
Marketable securities - U.S. Treasury securities	$	42,399	$	54	$	—	$	—	$	42,453


	Nine Months Ended September 30,
	2026
Balances at beginning of period	$	—
Goodwill acquired - preliminary allocation		11,428
Goodwill acquired - measurement period adjustments		(497)
Foreign currency impact		(687)
Balances at end of period	$	10,244


	September 30, 2026
	Cost		Accumulated Amortization		Translation adjustments		Net Book Value
Customer Relationships	$	4,022	$	(901)	$	(52)	$	3,069
Developed Technology		47,270		(6,383)		(565)		40,322
Trade Name		910		(186)		(49)		675
	$	52,202	$	(7,470)	$	(666)	$	44,066


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
United States federal and defense	$	5,545		$	4,741		$	11,365		$	9,356
United States state authorities and local municipalities		4,885			6,098			20,573			18,346
Rest of world national and provincial organizations		7,462			2,426			14,315			9,133
Global pharmaceutical, industrial and other		1,058			740			2,153			1,982
Total revenue	$	18,950		$	14,005		$	48,406		$	38,817


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
United States	$	11,399		$	11,231		$	33,840		$	29,173
Europe, Middle East and Africa		2,341			1,538			5,771			7,358
Asia Pacific		4,779			793			6,904			1,645
Americas other		431			443			1,891			641
Total revenue	$	18,950		$	14,005		$	48,406		$	38,817


		September 30,			December 31,
		2026			2025
Deferred revenue expected to be recognized in:
One year or less		$	11,592		$	8,934
One to two years			4,387			4,295
Two years and beyond			6,904			4,036
		$	22,883		$	17,265


		September 30,			December 31,
		2026			2025
Raw materials		$	11,018		$	9,560
Work-in-progress			1,937			988
Finished goods			1,738			2,442
		$	14,693		$	12,990


Remainder of 2026	$	1,016
2027		4,065
2028		3,755
2029		3,627
2030		3,627
Thereafter		27,976
	$	44,066


Remainder of 2026	$	255
2027		1,073
2028		1,165
2029		989
2030		683
Thereafter		2,266
Total future minimum lease payments		6,431
Less: imputed interest		(1,384)
Total operating lease liabilities	$	5,047


Consideration Transferred:
Cash paid ⁽¹⁾	$	13,000
Common stock shares issued and holdback ⁽²⁾		1,922
Net cash and working capital adjustment ⁽³⁾		(102)
Contingent consideration - earnout		4,969
Total consideration transferred	$	19,789

Assets acquired and liabilities assumed:
Cash and cash equivalents	$	383
Accounts receivable		766
Inventory		1,087
Prepaid expenses and other current assets		61
Property and equipment		207
Identifiable intangible assets
Trade Name		910
Customer Relationships		900
Developed Technology		9,190
Goodwill		10,931
Accounts payable, accrued expenses and other current liabilities		(356)
Deferred tax liabilities, net		(965)
Deferred revenue		(3,325)
Total	$	19,789


Consideration Transferred:
Cash paid	$	2,000
Contingent consideration - earnout		729
Total consideration transferred	$	2,729

Assets acquired:
Standard tools and machinery	$	2,107
Identifiable intangible assets
Customer Relationships		622
Total	$	2,729


		Three Months Ended September 30,						Change
		2026			2025			Amount			%

		(dollars in thousands)
Product revenue		$	15,758		$	10,844		$	4,914		45	%
Product cost of revenue			7,594			5,290			2,304		44	%
Gross profit		$	8,164		$	5,554		$	2,610		47	%
Gross profit margin			52	%		51	%		1	%


Exhibit Number		Description

2.1#		Share Purchase Agreement, dated as of May 4, 2026, among 908 Devices Inc., Florentin Coppey, Pierre Esseiva, Matteo Delbrück, Parkview Invest AG, Matthieu Girod and NIRLAB SA (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (File No. 001-39815) filed with the SEC on May 6, 2026)
3.1		Sixth Amended and Restated Certificate of Incorporation of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.3 to the Registrant’s Registration Statement on Form S-1 (File No. 333-250954) filed with the SEC on November 25, 2020)

3.2		Amended and Restated By-laws of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.5 to the Registrant’s Registration Statement on Form S-1 (File No. 333-250954) filed with the SEC on December 14, 2020)

10.1+*		Non-Employee Director Compensation Policy Amended and Restated Effective October 29, 2026
31.1		Certification of Principal Executive Officer of the Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Principal Financial Officer of the Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1†		Certification of Principal Executive Officer of the Registrant Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2†		Certification of Principal Financial Officer of the Registrant Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

104		Cover Page Data File (the cover page XBRL tags are embedded within the iXBRL document).


	908 DEVICES INC.

Date: November 10, 2026	By:	/s/ Kevin J. Knopp, Ph.D.
		Kevin J. Knopp, Ph.D. Chief Executive Officer (Principal Executive Officer)

Date: November 10, 2026	By:	/s/ Joseph H. Griffith IV
		Joseph H. Griffith IV Chief Financial Officer (Principal Financial Officer)

/s/ Kevin J. Knopp, Ph.D.
Kevin J. Knopp, Ph.D.
Chief Executive Officer
(Principal Executive Officer)

/s/ Joseph H. Griffith IV
Joseph H. Griffith IV
Chief Financial Officer
(Principal Financial Officer)