908 Devices (MASS) investor relations material

Executive summary

• Q3 2026 revenue was $19.0M, up 35% YoY; FY 2026 revenue guidance increased at the low end to $68.5M–$70.0M.

• Record Q3 placements of 308 expanded the installed base to 4,409 devices; adjusted EBITDA loss was $1.7M.

Financial highlights

• Q3 product revenue rose to $15.8M from $10.8M; service and contract revenue was $3.2M, unchanged YoY.

• Q3 gross profit was $10.0M vs. $7.4M; GAAP gross margin was 53% and adjusted gross margin was 58%, both flat YoY.

• Operating expenses were $15.5M vs. $23.7M, including an $11.0M noncash year-over-year benefit from lower contingent-consideration expense.

• Nine-month revenue was $48.4M vs. $38.8M; product revenue was $39.5M vs. $29.0M, and service and contract revenue was $8.9M vs. $9.9M.

• Q3 continuing-operations net loss was $4.6M vs. $14.9M; adjusted EBITDA loss was $1.7M vs. $1.8M.

Outlook and guidance

• FY 2026 revenue guidance is $68.5M–$70.0M, implying 22%–25% growth; handheld product and service revenue is expected at $65.5M–$67.0M.

• FY 2026 adjusted gross margin is projected in the mid-to-high 50% range; adjusted EBITDA loss is expected in the mid-single-digit millions, roughly one-third below 2025.

• Reaching the guidance high end depends on key VipIR and Mass Spec opportunities and customer funding timing; AVCAD revenue is excluded.

• 2027 growth drivers include NIRLab, next-generation MX908 and potential AVCAD COTS orders; MX908 pilot manufacturing is underway, with early-access shipments targeted for Q4 2026.