0001104659-26-024877
SEC filing908 Devices Inc. reported FY 2025 revenue of $56.2 million, an increase from $47.7 million in FY 2024. The company achieved a net income attributable to common stockholders of $19.5 million, a significant improvement from a net loss of $72.2 million in the prior year. This result was driven by a $52.8 million net gain from discontinued operations related to the sale of the Desktop Portfolio, which offset a $33.3 million net loss from continuing operations. Gross profit was $28.4 million, with a gross margin of 50.6%. The company ended the year with $70.5 million in cash and cash equivalents and $42.5 million in marketable securities, providing a strong liquidity position. The sale of the Desktop Portfolio represents a strategic shift, allowing the company to focus on its handheld chemical analysis devices.
908 Devices Inc. reported total revenue of $56.2 million for FY 2025, compared to $47.7 million in FY 2024, representing a 17.7% year-over-year increase. The company reported net income attributable to common stockholders of $19.5 million, a significant improvement from a net loss of $72.2 million in the prior year. This result was primarily driven by a $52.8 million net gain from discontinued operations related to the sale of the Desktop Portfolio, which offset a $33.3 million net loss from continuing operations. The net loss from continuing operations improved from a $53.1 million loss in FY 2024. Gross profit was $28.4 million, with a gross margin of 50.6%, slightly down from 51.3% in the prior year.
The company's revenue is derived from product and service sales. Product revenue was $43.3 million, while service and contract revenue was $12.9 million. The company sells handheld chemical analysis devices, including the MX908, ThreatID, ProtectIR, XplorIR, and VipIR, primarily to government and defense markets. Geographically, the United States accounted for $41.2 million of revenue, with Europe, Middle East and Africa contributing $10.4 million, Asia Pacific $3.0 million, and other Americas $1.5 million. The company's installed base grew to over 3,700 devices worldwide, with more than 700 customers.
Gross profit was $28.4 million on revenue of $56.2 million, resulting in a gross margin of 50.6%. This represents a slight decrease from the 51.3% gross margin in FY 2024. Total operating expenses were $67.8 million, including research and development expenses of $15.6 million and selling, general and administrative expenses of $38.5 million. The company recorded a $13.7 million increase in the fair value of contingent consideration related to acquisitions. The loss from continuing operations was $39.4 million before other income. Other income, net was $6.1 million, primarily from interest income of $4.1 million and income from a transition services agreement of $2.3 million.
Net cash used in operating activities was $23.7 million for FY 2025. Cash flows from investing activities provided $50.7 million, primarily from the $69.9 million proceeds from the sale of the Desktop Portfolio, offset by purchases of marketable securities and property and equipment. Cash flows from financing activities used $0.7 million. The company ended the year with $70.5 million in cash and cash equivalents and $42.5 million in marketable securities. Total current assets were $144.6 million, including $11.3 million in accounts receivable and $13.0 million in inventory. Total liabilities were $46.4 million, with current liabilities of $34.1 million. Stockholders' equity was $143.7 million.
The company's growth strategy focuses on driving enterprise adoption in seeded accounts, expanding commercial channels globally, and continuing investment in research and development. The sale of the Desktop Portfolio represents a strategic shift to focus on handheld chemical analysis devices for point-of-need applications. The company expects to face substantial competition from large established manufacturers and new entrants. Risk factors include dependence on government contracts, lengthy sales cycles, and compliance with export control regulations. The company believes its cash, cash equivalents, and marketable securities will be sufficient to fund operations for at least the next 12 months.