908 Devices Inc 10-Q for FY2025 Q3

908 Devices Inc. (MASS)

10-Q 2025-11-10 For: 2025-09-30

Added on April 12, 2026

About this 10-Q

908 Devices Inc filed this 10-Q on November 10, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $14.01M; down 3.5% from $14.52M a year earlier
Net loss: $14.98M; compared with a net loss of $29.3M a year earlier
Diluted EPS: -$0.41; compared with -$0.84 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 Third 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	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	49
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,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	62,802	$	43,355
Marketable securities		49,250		25,568
Accounts receivable, net of allowance for credit losses of $146 and $524 at September 30, 2025 and December 31, 2024		11,000		8,852
Inventory		15,326		10,886
Prepaid expenses and other current assets		6,558		4,184
Current assets of discontinued operations		—		10,210
Total current assets		144,936		103,055
Operating lease, right-of-use assets		4,152		3,842
Property and equipment, net		4,147		1,595
Intangible assets, net		37,144		38,679
Other long-term assets		494		511
Non-current assets of discontinued operations		—		11,794
Total assets	$	190,873	$	159,476
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,811	$	1,368
Accrued expenses		7,067		7,195
Deferred revenue		9,106		10,417
Operating lease liabilities		481		1,473
Contingent consideration		23,012		—
Current liabilities of discontinued operations		—		4,696
Total current liabilities		41,477		25,149
Operating lease liabilities, net of current portion		3,873		2,600
Deferred revenue, net of current portion		9,194		10,213
Contingent consideration, net of current portion		—		2,284
Other long-term liabilities		30		—
Non-current liabilities of discontinued operations		—		4,638
Total liabilities		54,574		44,884
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at September 30, 2025 and December 31, 2024, respectively		—		—
Common stock, $0.001 par value; 100,000,000 shares authorized; 36,118,576 shares and 35,098,493 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		36		35
Additional paid-in capital		363,710		356,216
Accumulated other comprehensive income		43		1,146
Accumulated deficit		(227,490)		(242,805)
Total stockholders' equity		136,299		114,592
Total liabilities and stockholders' equity	$	190,873	$	159,476


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue:
Product revenue	$	10,844	$	11,216	$	28,950	$	24,996
Service and contract revenue		3,161		3,303		9,867		8,407
Total revenue		14,005		14,519		38,817		33,403
Cost of revenue:
Product cost of revenue		5,290		4,967		15,338		11,423
Service and contract cost of revenue		1,360		1,774		4,210		4,153
Total cost of revenue		6,650		6,741		19,548		15,576
Gross profit		7,355		7,778		19,269		17,827
Operating expenses:
Research and development		3,837		4,205		12,071		11,088
Selling, general and administrative		9,134		9,685		29,712		29,001
Change in fair value of contingent consideration		10,708		(12,141)		19,999		(12,141)
Goodwill impairment		—		30,523		—		30,523
Total operating expenses		23,679		32,272		61,782		58,471
Loss from continuing operations		(16,324)		(24,494)		(42,513)		(40,644)
Other income, net:
Interest income		1,101		879		3,114		3,741
Income from transition services agreement, net		431		—		2,073		—
Other expense, net		(89)		(33)		(229)		(213)
Total other income, net		1,443		846		4,958		3,528
Loss from operations before income taxes		(14,881)		(23,648)		(37,555)		(37,116)
Income tax expense		(29)		—		(100)		—
Net loss from continuing operations	$	(14,910)	$	(23,648)		(37,655)		(37,116)
Net income (loss) from discontinued operations, net of tax		(72)		(5,647)		52,970		(15,644)
Net income (loss) attributable to common stockholders	$	(14,982)	$	(29,295)	$	15,315	$	(52,760)
Net loss from continuing operations per share attributable to common stockholders, basic and diluted	$	(0.41)	$	(0.68)	$	(1.05)	$	(1.10)
Net income (loss) from discontinued operations per share attributable to common stockholders, basic and diluted	$	(0.00)	$	(0.16)	$	1.48	$	(0.46)
Net income (loss) per share attributable to common stockholders, basic and diluted	$	(0.41)	$	(0.84)	$	0.43	$	(1.56)
Weighted average common shares outstanding
Basic and diluted		36,101,051		34,670,638		35,791,111		33,817,613


						Accumulated
				Additional		Other				Total
	Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders'
	Shares	Amount		Capital		Income (Loss)		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
Issuance of common stock upon exercise of stock options	100,397		—		207		—		—		207
Stock-based compensation expense	—		—		2,336		—		—		2,336
Issuance of common stock upon ESPP purchase	57,988		—		170		—		—		170
Vesting of restricted stock units	159,635		—		—		—		—		—
Net loss	—		—		—		—		(13,306)		(13,306)
Unrealized loss on marketable securities	—		—		—		(14)		—		(14)
Balances at June 30, 2025	36,057,576	$	36	$	361,305	$	(16)	$	(212,508)	$	148,817
Issuance of common stock upon exercise of stock options	24,746		—		26		—		—		26
Stock-based compensation expense	—		—		2,379		—		—		2,379
Vesting of restricted stock units	36,254		—		—		—		—		—
Net loss	—		—		—		—		(14,982)		(14,982)
Unrealized gains on marketable securities	—		—		—		59		—		59
Balances at September 30, 2025	36,118,576	$	36	$	363,710	$	43	$	(227,490)	$	136,299


		Estimated Useful Life
Laboratory and demonstration equipment		2 to 5 years
Standard tools and machinery		5 to 10 years
Computer equipment and software		3 years
Furniture and fixtures		7 years
Leasehold improvements		Shorter of remaining life of lease or useful life


Consideration received
Payment for fair value transferred for Desktop Portfolio^(1)(2)(3)	$	69,909

Net assets transferred
Cash	$	189
Accounts receivable⁽³⁾		1,080
Inventory		5,418
Prepaid expenses and other current assets⁽³⁾		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, 2025 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents - Money market funds	$	22,779	$	—	$	—	$	22,779
Marketable securities - U.S. Treasury securities due in 3 - 12 months		—		49,250		—		49,250
Total assets measured at fair value	$	22,779	$	49,250	$	—	$	72,029
Other current liabilities:
Acquisition-related contingent consideration		—		—		23,012		23,012
Total liabilities measured at fair value	$	—	$	—	$	23,012	$	23,012


	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 long-term 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
Acquisition date fair value of contingent consideration - KAF		729
Increase in fair value of contingent consideration earnouts		19,999
Balance as of September 30, 2025	$	23,012


	September 30, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Credit Losses		Fair Value
Marketable securities - U.S. Treasury securities	$	49,207	$	43	$	—	$	—	$	49,250


	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


	September 30, 2025
	Cost		Accumulated Amortization		Net Book Value
Customer Relationships	$	3,122	$	(461)	$	2,661
Developed Technology		38,080		(3,597)		34,483
	$	41,202	$	(4,058)	$	37,144


2025	$	732
2026		2,929
2027		2,929
2028		2,929
2029		2,929
Thereafter		24,696
	$	37,144


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States federal and defense	$	4,741	$	6,221	$	9,356	$	14,026
United States state authorities and local municipalities		6,098		5,779		18,346		13,184
Rest of world national and provincial organizations		2,426		2,018		9,133		5,331
Global pharmaceutical, industrial and other		740		501		1,982		862
Total revenue	$	14,005	$	14,519	$	38,817	$	33,403


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
United States	$	11,231	$	12,499	$	29,173	$	27,861
Europe, Middle East and Africa		1,538		1,747		7,358		4,602
Asia Pacific		793		72		1,645		433
Americas other		443		201		641		507
Total revenue	$	14,005	$	14,519	$	38,817	$	33,403


	Nine Months Ended September 30,
	2025		2024
Balances at beginning of period	$	20,630	$	17,104
Recognition of revenue included in balance at beginning of the period		(8,353)		(6,346)
Deferred revenue acquired, net of revenue recognized		—		3,263
Revenue deferred during the period, net of revenue recognized		6,023		8,462
Balances at end of period	$	18,300	$	22,483


	September 30,		December 31,
	2025		2024
Deferred revenue expected to be recognized in:
One year or less	$	9,106	$	10,417
One to two years		4,570		5,005
Three years and beyond		4,624		5,208
	$	18,300	$	20,630


	Facility, moving and related costs		Abandonment charges and related costs		Severance & Employee related costs		Total
Balance at December 31, 2024	$	—	$	—	$	69	$	69
Restructuring charges		314		724		450		1,488
Cash payments		(314)		(9)		(475)		(798)
Other, non-cash adjustments		—		(715)		—		(715)
Balance at September 30, 2025	$	—	$	—	$	44	$	44


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


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 September 30,						Change
	2025			2024			Amount			%

	(dollars in thousands)
Product revenue	$	10,844		$	11,216		$	(372)		(3)	%
Product cost of revenue		5,290			4,967			323		7	%
Gross profit	$	5,554		$	6,249		$	(695)		(11)	%
Gross profit margin		51	%		56	%		(5)	%


Exhibit Number		Description

10.1		Short-Term Extension Agreement between the Registrant and Silicon Valley Bank, dated September 15, 2025 to the Loan and Security Agreement between the Registrant and Silicon Valley Bank, dated November 2, 2022.
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)

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: November 10, 2025	By:	/s/ Kevin J. Knopp, Ph.D.
		Kevin J. Knopp, Ph.D. Chief Executive Officer (Principal Executive Officer)

Date: November 10, 2025	By:	/s/ Joseph H. Griffith IV
		Joseph H. Griffith IV Chief Financial Officer (Principal Financial Officer)


Agreement Date:	September 15, 2025
Loan Agreement Date:	November 2, 2022
Borrower:	908 Devices Inc.

	☐	If this box is checked, additional Borrowers (“Additional Borrowers”, Borrower and such Additional Borrowers, collectively, “Borrower”) are listed in Annex I attached hereto.
Loan Agreement:		That certain Loan and Security Agreement dated as of the Loan Agreement Date, between Borrower and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)) (“Bank”), as amended, restated or otherwise modified from time to time.
Guarantor(s) or Pledgor(s):	☐	If this box is checked, the obligations of Borrower are guaranteed or secured by a pledge of assets and the Consent and Ratification attached hereto shall apply and must be completed for each Guarantor and/or Pledgor.
Defined Maturity Date Term:	☑	Revolving Line Maturity Date
	☐	Other:
Customer Due Diligence:	☐	CDD requirements previously satisfied in connection with the Loan Agreement.
New Maturity Date:	☐	1 calendar month following the Prior Maturity Date
	☐	2 calendar months following the Prior Maturity Date
	☑	3 calendar months following the Prior Maturity Date
Extension Fee:		$ 2,000.00


© 2025 First-Citizens Bank & Trust Company. Silicon Valley Bank, a division of First-Citizens Bank & Trust Company. Member FDIC.
Rev. March 2025	Technology / Healthcare / Wine Banking Extension Agreement	Page 1 of 4


BANK:		BORROWER:

FIRST-CITIZENS BANK & TRUST COMPANY		908 Devices Inc.
(successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank))

By:	/s/ Karen Sperling	By:	/s/ Joseph H Griffith IV


Karen Sperling		Joseph H Griffith IV
Name		Name

Director		CFO
Title		Title


		By:



		Name


		Title

/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)