908 Devices Inc 10-Q for FY2025 Q1

908 Devices Inc. (MASS)

10-Q 2025-05-13 For: 2025-03-31

Added on April 12, 2026

About this 10-Q

908 Devices Inc filed this 10-Q on May 13, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $11.78M; up 58.7% from $7.42M a year earlier
Net income: $43.6M; compared with a net loss of $10.92M a year earlier
Diluted EPS: $1.23; compared with -$0.33 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.)

645 Summer Street, Boston, MA	02210
(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	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	42
PART II.	OTHER INFORMATION	43
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44
Signatures		45


	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	79,164	$	43,355
Marketable securities		45,151		25,568
Accounts receivable, net of allowance for credit losses of $544 and $524 at March 31, 2025 and December 31, 2024		6,930		8,852
Inventory		12,738		10,886
Prepaid expenses and other current assets		5,021		4,184
Current assets of discontinued operations		—		10,210
Total current assets		149,004		103,055
Operating lease, right-of-use assets		3,574		3,842
Property and equipment, net		1,509		1,595
Intangible assets, net		37,967		38,679
Other long-term assets		3,973		511
Non-current assets of discontinued operations		—		11,794
Total assets	$	196,027	$	159,476
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	3,846	$	1,368
Accrued expenses		4,963		7,195
Deferred revenue		9,699		10,417
Operating lease liabilities		1,053		1,473
Current liabilities of discontinued operations		—		4,696
Total current liabilities		19,561		25,149
Operating lease liabilities, net of current portion		2,714		2,600
Deferred revenue, net of current portion		9,545		10,213
Contingent consideration		4,783		2,284
Non-current liabilities of discontinued operations		—		4,638
Total liabilities		36,603		44,884
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at March 31, 2025 and December 31, 2024, respectively		—		—
Common stock, $0.001 par value; 100,000,000 shares authorized; 35,739,556 shares and 35,098,493 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		36		35
Additional paid-in capital		358,592		356,216
Accumulated other comprehensive (loss) income		(2)		1,146
Accumulated deficit		(199,202)		(242,805)
Total stockholders' equity		159,424		114,592
Total liabilities and stockholders' equity	$	196,027	$	159,476


	Three Months Ended March 31,
	2025		2024
Revenue:
Product revenue	$	8,529	$	5,232
Service and contract revenue		3,248		2,190
Total revenue		11,777		7,422
Cost of revenue:
Product cost of revenue		4,725		2,419
Service and contract cost of revenue		1,511		1,116
Total cost of revenue		6,236		3,535
Gross profit		5,541		3,887
Operating expenses:
Research and development		3,829		3,292
Selling, general and administrative		10,239		8,206
Change in fair value of contingent consideration		2,499		—
Total operating expenses		16,567		11,498
Loss from continuing operations		(11,026)		(7,611)
Other income, net:
Interest income		816		1,729
Income from transition services agreement, net		406		—
Other expense, net		(33)		(13)
Total other income, net		1,189		1,716
Net loss from continuing operations		(9,837)		(5,895)
Net income (loss) from discontinued operations, net of tax		53,440		(5,022)
Net income (loss) attributable to common stockholders	$	43,603	$	(10,917)
Net loss from continuing operations per share attributable to common stockholders, basic and diluted	$	(0.28)	$	(0.18)
Net income (loss) from discontinued operations per share attributable to common stockholders, basic and diluted	$	1.51	$	(0.15)
Net income (loss) per share attributable to common stockholders, basic and diluted	$	1.23	$	(0.33)
Weighted average common shares outstanding
Basic and diluted		35,386,483		32,710,894


						Accumulated
				Additional		Other				Total
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders'
	Shares	Amount		Capital		Income		Deficit		Equity
Balances at December 31, 2024	35,098,493	$	35	$	356,216	$	1,146	$	(242,805)	$	114,592
Issuance of common stock upon exercise of stock options	8,266		—		11		—		—		11
Stock-based compensation expense	—		—		2,365		—		—		2,365
Vesting of restricted stock units	632,797		1		—		—		—		1
Net income	—		—		—		—		43,603		43,603
Foreign currency translation adjustments	—		—		—		(7)		—		(7)
Foreign currency translation adjustments reclassed out of accumulated other comprehensive income related to discontinued operations	—		—		—		(1,125)		—		(1,125)
Unrealized loss on marketable securities	—		—		—		(16)		—		(16)
Balances at March 31, 2025	35,739,556	$	36	$	358,592	$	(2)	$	(199,202)	$	159,424


Consideration received
Upfront payment for fair value transferred for Desktop Portfolio⁽¹⁾⁽²⁾	$	69,917

Net assets transferred
Cash	$	189
Accounts receivable		1,065
Inventory		5,418
Prepaid expenses and other current assets		284
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	$	10,469

Transaction costs	$	(3,975)
Release of cumulative translation adjustment under 908 Devices GmbH		1,125
Gain on sale, pre-tax	$	56,598
Income tax		—
Gain on sale, net of tax	$	56,598

	Fair Value Measurements at March 31, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents - Money market funds	$	45,777	$	—	$	—	$	45,777
Cash equivalents - U.S. Treasury securities		—		9,970		—		9,970
Marketable securities - U.S. Treasury securities due in 3 - 12 months		—		45,151		—		45,151
Total assets measured at fair value	$	45,777	$	55,121	$	—	$	100,898
Other long-term liabilities:
Acquisition-related contingent consideration		—		—		4,783		4,783
Total liabilities measured at fair value	$	—	$	—	$	4,783	$	4,783


	Fair Value Measurements at December 31, 2024 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents - Money market funds	$	20,857	$	—	$	—	$	20,857
Marketable securities - U.S. Treasury securities due in 3 - 12 months		—		25,568		—		25,568
Total assets measured at fair value	$	20,857	$	25,568	$	—	$	46,425
Other current liabilities:
Acquisition-related contingent consideration		—		—		2,284		2,284
Total liabilities measured at fair value	$	—	$	—	$	2,284	$	2,284


Balance as of December 31, 2024	$	2,284
Increase in fair value of contingent consideration earnouts		2,499
Balance as of March 31, 2025	$	4,783


	March 31, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Credit Losses		Fair Value
Marketable securities - U.S. Treasury securities	$	45,153	$	—	$	(2)	$	—	$	45,151


	December 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Credit Losses		Fair Value
Marketable securities - U.S. Treasury securities	$	25,555	$	13	$	—	$	—	$	25,568


	March 31, 2025
	Cost		Accumulated Amortization		Net Book Value
Customer Relationships	$	2,500	$	(286)	$	2,214
Developed Technology		38,080		(2,327)		35,753
	$	40,580	$	(2,613)	$	37,967


2025	$	2,138
2026		2,851
2027		2,851
2028		2,851
2029		2,851
Thereafter		24,425
	$	37,967


2025	$	1,215
2026		404
2027		416
2028		470
2029		484
Thereafter		2,098
Total future minimum lease payments		5,087
Less: imputed interest		(1,320)
Total operating lease liabilities	$	3,767


	Three Months Ended March 31,
	2025		2024
United States federal and defense	$	1,729	$	4,152
United States State authorities and local municipalities		4,687		2,036
Rest of world national and provincial organizations		4,674		1,234
Global pharmaceutical, industrial and other		687		—
Total revenue	$	11,777	$	7,422


	Three Months Ended March 31,
	2025		2024
United States	$	7,012	$	6,015
Europe, Middle East and Africa		4,454		1,001
Asia Pacific		181		114
Americas other		130		292
Total revenue	$	11,777	$	7,422


	Three Months Ended March 31,
	2025		2024
Balances at beginning of period	$	20,630	$	17,104
Recognition of revenue included in balance at beginning of the period		(3,144)		(2,571)
Revenue deferred during the period, net of revenue recognized		1,758		1,369
Balances at end of period	$	19,244	$	15,902


	March 31,		December 31,
	2025		2024
Deferred revenue expected to be recognized in:
One year or less	$	9,699	$	10,417
One to two years		4,682		5,005
Three years and beyond		4,863		5,208
	$	19,244	$	20,630


Consideration Transferred:
Cash paid	$	45,000
Fair value of common stock shares issued ⁽¹⁾		8,616
Contingent consideration - earnout		15,500
Total consideration transferred	$	69,116

Assets acquired and liabilities assumed:
Cash and cash equivalents	$	217
Accounts receivable		950
Inventory		1,416
Prepaid expenses and other current assets		50
Property and equipment		328
Identifiable Intangible assets
Customer Relationships		2,500
Developed Technology		38,080
Goodwill		30,160
Operating lease right-of-use assets		29
Accounts payable, accrued expenses and other current liabilities		(596)
Deferred revenue		(3,989)
Operating lease liabilities		(29)
Total	$	69,116


	Three Months Ended March 31,						Change
	2025			2024			Amount			%

	(dollars in thousands)
Product revenue	$	8,529		$	5,232		$	3,297		63	%
Product cost of revenue		4,725			2,419			2,306		95	%
Gross profit	$	3,804		$	2,813		$	991		35	%
Gross profit margin		45	%		54	%		(9)	%


Exhibit Number		Description

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#		Second Amendment to Executive Employment Agreement, dated as of March 4, 2025, by and between the Registrant and Kevin J. Knopp, Ph.D. (incorporated by reference to Exhibit 10.21 to the Registrant’s Annual Report on Form 10-K (File No. 001-39815) filed with the SEC on March 7, 2025)

10.2#		Second Amendment to Executive Employment Agreement, dated as of March 4, 2025, by and between the Registrant and Joseph H. Griffith IV (incorporated by reference to Exhibit 10.22 to the Registrant’s Annual Report on Form 10-K (File No. 001-39815) filed with the SEC on March 7, 2025)

10.3#		Second Amendment to Executive Employment Agreement, dated as of March 4, 2025, by and between the Registrant and Michael S. Turner (incorporated by reference to Exhibit 10.23 to the Registrant’s Annual Report on Form 10-K (File No. 001-39815) filed with the SEC on March 7, 2025)

10.4		Securities and Asset Purchase Agreement, dated as of March 4, 2025, by and among the Registrant, Repligen Corporation and Repligen GmbH (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 March 4, 2025)

31.1		Certification of Chief Executive Officer of the Registrant Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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

32.1†		Certification of Chief 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 Chief 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: May 13, 2025	By:	/s/ Kevin J. Knopp, Ph.D.
		Kevin J. Knopp, Ph.D. Chief Executive Officer (Principal Executive Officer)

Date: May 13, 2025	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)