MASS · 908 Devices Inc.

908 Devices reported Q1 2026 revenue of $13.4 million, a 14% increase year-over-year, driven by higher product revenue in mass spec and a shift in FTIR product mix. Recurring revenue reached $4.0 million, representing 30% of total revenue. GAAP gross margin improved to 51% from 47% in the prior year, while adjusted gross margin rose to 57% from 54%, reflecting favorable channel mix and consolidated facilities. Operating expenses increased to $19.8 million from $16.6 million, primarily due to a $3.9 million noncash increase in the fair value of contingent consideration. Net loss from continuing operations was $12.0 million, compared to $9.8 million in the prior year. Adjusted EBITDA loss improved to $2.5 million from $4.6 million. The company ended the quarter with $111.7 million in cash and no debt. Management raised full-year 2026 revenue guidance to $67-$70 million, representing 19%-25% growth. Concurrently, the company completed the acquisition of NIRLAB AG, a Swiss developer of NIR spectroscopy solutions for narcotics detection, for $15 million upfront ($13 million cash and $2 million in stock) plus up to $8 million in earn-out shares tied to revenue milestones through December 2027. The acquisition expands 908 Devices' product portfolio into lower-cost, high-volume screening and adds a recurring subscription model. The transaction was funded from existing cash and stock, and the shares issued were unregistered, relying on Section 4(a)(2) and Regulation S exemptions. The acquisition and strong quarterly results position the company for accelerated growth in the law enforcement and defense markets.