908 Devices (MASS) investor relations material

Business transformation and strategic focus

• Completed a major transformation, shifting from broad instrumentation to innovation-focused handheld chemical detection for public health, safety, and defense markets.

• Divested the desktop business to sharpen focus and improve operational alignment, now targeting high-impact, field-ready applications.

• Streamlined operations, consolidated manufacturing to Connecticut, and improved gross margins.

• Expanded handheld product portfolio from one to five devices in 18 months, with more in development.

• Collaborations with drone and autonomous platform partners extend long-term market potential.

Financial performance and outlook

• Achieved 16% year-to-date revenue growth, driven by new product launches and strong state/local sales.

• Gross margins improved to 56% YTD and 58% in Q3, aided by manufacturing consolidation.

• Adjusted EBITDA loss improved 32% YoY and 53% QoQ in Q3; on track for positive adjusted EBITDA in Q4.

• Reiterated full-year revenue guidance of $54M–$56M, with Q4 performance dependent on government contract timing and export licenses.

• Ended Q3 with $112M in cash and no debt, enabling flexibility for organic and selective inorganic investments.

Product innovation and market adoption

• Launched Viper handheld analyzer in Q3, integrating FTIR and Raman technologies for unified chemical identification; 35 units in Q4 backlog.

• Explorer device, focused on VOC gas detection, saw 30% QoQ growth and strong adoption among fire departments and defense customers.

• Recurring revenue from service and support contracts represents about one-third of total revenue, with Team Leader connected services expected to drive future growth.

• State and local government sales remain robust, supported by dedicated teams, remote demos, and multi-year grant funding.

• Cross-selling across product lines and new account wins are contributing to portfolio momentum.