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Mar 31, 2024
908 Devices Q1 2024 Earnings Report
908 Devices reported a revenue increase of 5% driven by handheld device sales and acquired RedWave Technology to expand its forensics product portfolio.
Key Takeaways
908 Devices reported a solid start to 2024 with a 5% increase in revenue to $10 million. The acquisition of RedWave Technology is expected to bolster their forensics product offerings.
Revenue increased by 5% year-over-year, reaching $10.0 million.
Handheld device revenue increased, offsetting a decrease in desktop device revenue.
Gross profit increased to $5.0 million, with a gross margin of 50%.
Net loss decreased to $10.9 million, or $0.33 per share.
908 Devices
908 Devices
Forward Guidance
908 Devices anticipates full year 2024 revenue to be in the range of $63.0 million to $65.0 million, representing 25% to 29% growth over 2023, including $11 million from RedWave Technology.
Positive Outlook
- Full year revenue expected to grow 25% to 29% compared to 2023.
- RedWave Technology acquisition expected to contribute $11 million in revenue.
- Cash on hand is expected to be sufficient to reach cash flow breakeven.
- Increased demand for handheld devices.
- Expansion of forensics product portfolio.
Challenges Ahead
- No specific negatives were mentioned in the provided text.