MASS

MKT CAP:$253M

908 Devices Inc.

Market Cap

$253M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$6.76+$1.67 (+32.81%)

Apr 23, 2026

Company Details

908 Devices Inc., a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry (Mass Spec) devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, indu...

CEO

Kevin J. Knopp

IPO Date

Dec 18, 2020

Website

www.908devices.com

Key Metrics TTM

Revenue

$59M

+24.4% YoY

Net Income

-$20M

EPS (Diluted)

-$0.59

Free Cash Flow

-$28M

Revenue / Share

$1.64

Gross Margin

50.5%

Operating Margin

-121.9%

Net Margin

-34.0%

FCF Margin

-47.8%

P/S

4.3x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Mar 9, 2026

$56M-5.8%EPS $0.54

Q3 2025

Nov 10, 2025

$14M-3.5%EPS -$0.41

Q1 2025

May 13, 2025

$12M+58.7%EPS $1.23

FY 2024

Mar 7, 2025

$60M+18.7%EPS -$2.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$13M	$7M	-$5M
Q4 21	$16M	$9M	-$4M
Q1 22	$8M	$4M	-$10M
Q2 22	$11M	$7M	-$8M
Q3 22	$16M	$9M	-$7M
Q4 22	$12M	$6M	-$10M
Q1 23	$9M	$4M	-$13M
Q2 23	$12M	$6M	-$11M
Q3 23	$14M	$8M	-$9M
Q4 23	$14M	$7M	-$10M
Q1 24	$7M	$4M	-$8M
Q2 24	$11M	$6M	-$9M
Q3 24	$15M	$8M	-$24M
Q4 24	$19M	$9M	-$20M
Q1 25	$12M	$6M	-$11M
Q3 25	$14M	$7M	-$16M

Valuation

Quarter	P/S	P/E
Q3 21	7.9x	—
Q4 21	6.0x	—
Q1 22	5.6x	—
Q2 22	5.3x	—
Q3 22	4.9x	—
Q4 22	5.4x	—
Q1 23	5.3x	—
Q2 23	5.2x	—
Q3 23	5.3x	—
Q4 23	5.0x	—
Q1 24	5.2x	—
Q2 24	5.3x	—
Q3 24	5.3x	—
Q4 24	4.8x	—
Q1 25	4.5x	—
Q3 25	4.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$3M	-$3M
Q4 21	-$9M	-$9M
Q1 22	-$466.0K	-$1M
Q2 22	-$10M	-$10M
Q3 22	-$5M	-$6M
Q4 22	-$5M	-$6M
Q1 23	-$11M	-$12M
Q2 23	-$8M	-$8M
Q3 23	-$5M	-$5M
Q4 23	-$2M	-$2M
Q1 24	-$9M	-$10M
Q2 24	-$13M	-$12M
Q3 24	-$6M	-$6M
Q4 24	-$2M	-$2M
Q1 25	-$15M	-$15M
Q3 25	-$4M	-$5M

Capital Expenditures

Quarter	CapEx
Q3 21	$58.0K
Q4 21	$54.0K
Q1 22	$617.0K
Q2 22	$72.0K
Q3 22	$744.0K
Q4 22	$612.0K
Q1 23	$1M
Q2 23	$320.0K
Q3 23	$207.0K
Q4 23	$333.0K
Q1 24	$903.0K
Q2 24	$647.0K
Q3 24	$156.0K
Q4 24	$190.0K
Q1 25	$159.0K
Q3 25	$680.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+107.4%	+142.8%
Q4 21	+177.1%	+101.7%
Q1 22	+49.8%	+57.0%
Q2 22	+34.2%	+23.8%
Q3 22	+25.9%	+28.8%
Q4 22	-26.5%	+13.5%
Q1 23	+14.2%	+26.2%
Q2 23	+8.9%	+18.3%
Q3 23	-9.5%	+1.9%
Q4 23	+23.3%	+9.5%
Q1 24	-21.8%	-33.2%
Q2 24	-5.2%	-13.2%
Q3 24	+1.6%	+66.8%
Q4 24	+31.1%	+62.4%
Q1 25	+58.7%	+51.7%
Q3 25	+22.2%	+51.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$811.0K	6.5%
Q4 21	$873.0K	5.5%
Q1 22	$1M	15.5%
Q2 22	$2M	17.1%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$2M	22.8%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$2M	16.3%
Q1 24	$3M	35.6%
Q2 24	$3M	27.0%
Q3 24	$3M	22.0%
Q4 24	$3M	15.0%
Q1 25	$2M	20.1%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	$3M	—
Q4 21	$4M	—
Q1 22	$4M	$10M
Q2 22	$4M	$11M
Q3 22	$5M	$12M
Q4 22	$5M	$12M
Q1 23	$5M	$12M
Q2 23	$6M	—
Q3 23	$6M	—
Q4 23	$5M	—
Q1 24	$3M	—
Q2 24	$4M	—
Q3 24	$4M	—
Q4 24	$7M	—
Q1 25	$4M	—
Q3 25	$4M	$9M

Revenue Segments

Quarter	Consumables and service	Contract	Product	Device Sales	Recurring
Q1 25	$3M	$63.0K	$9M	—	—
Q3 25	—	$54.0K	—	$9M	$5M

Revenue by Geography

Quarter	Americas	Asia Pacific	Europe, Middle East and Africa	Americas other	United States
Q1 22	$6M	$883.0K	$1M	—	—
Q2 22	$9M	$391.0K	$1M	—	—
Q1 23	—	$576.0K	$2M	$430.0K	$6M
Q2 23	—	$221.0K	$4M	$62.0K	$8M
Q3 23	—	$394.0K	$1M	$30.0K	$12M
Q1 25	—	$181.0K	$4M	$130.0K	$7M
Q3 25	—	$793.0K	$2M	$443.0K	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$223M	$0	$223M
Q2 22	$213M	$0	$213M
Q3 22	$194M	$0	$194M
Q4 22	$188M	$0	$188M
Q1 23	$161M	$0	$161M
Q2 23	$133M	$20M	$153M
Q3 23	$118M	$30M	$148M
Q4 23	$121M	$25M	$146M
Q1 24	$105M	$30M	$134M
Q2 24	$47M	$31M	$77M
Q3 24	$45M	$27M	$72M
Q4 24	$44M	$26M	$70M
Q1 25	$79M	$45M	$124M
Q2 25	$62M	$57M	$119M
Q3 25	$63M	$49M	$112M
Q4 25	$113M	$42M	$155M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	28M	+1.4%	+6.8%
Q4 21	29M	+6.4%	+25.5%
Q1 22	31M	+5.9%	+14.4%
Q2 22	31M	+0.6%	+14.9%
Q3 22	32M	+0.6%	+14.1%
Q4 22	32M	+0.5%	+7.7%
Q1 23	32M	+0.7%	+2.4%
Q2 23	32M	+0.7%	+2.5%
Q3 23	32M	+0.5%	+2.3%
Q4 23	32M	+0.3%	+2.2%
Q1 24	33M	+0.8%	+2.3%
Q2 24	34M	+4.1%	+5.8%
Q3 24	35M	+1.8%	+7.2%
Q4 24	35M	0.0%	+6.9%
Q1 25	35M	+2.1%	+8.2%
Q3 25	36M	+2.0%	+6.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$313.6K	40
Q4 21	$282.9K	56
Q1 22	$148.3K	56
Q2 22	$198.3K	56
Q3 22	$282.1K	56
Q4 22	$171.2K	68
Q1 23	$139.5K	68
Q2 23	$177.9K	68
Q3 23	$210.3K	68
Q4 23	$202.1K	71
Q1 24	$104.5K	71
Q2 24	$161.4K	71
Q3 24	$204.5K	71
Q4 24	$265.1K	71
Q1 25	$165.9K	71
Q3 25	$197.3K	71

Revenue / Employee