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Sep 30
908 Devices Q3 2025 Earnings Report
Financial results for the quarter ended September 30, 2025, were reported.
Key Takeaways
908 Devices Inc. reported a 4% decrease in revenue to $14.0 million for Q3 2025 compared to the prior year, primarily due to fewer mass spec device placements. Despite this, the company achieved its best Adjusted EBITDA performance in its public company history, with a loss of $1.8 million, and saw its installed base grow 27% year-over-year to 3,512 devices.
Revenue for Q3 2025 was $14.0 million, a 4% decrease over the prior year period.
The installed base grew 27% year-over-year to 3,512 devices, with 176 devices placed during the quarter.
Adjusted EBITDA loss improved by 53% quarter over quarter, reaching a loss of $1.8 million.
Cash, cash equivalents and marketable securities stood at $112.1 million as of September 30, 2025, with no debt.
908 Devices
908 Devices
908 Devices Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and Contract Revenue
CapyFin.comOEM and Funded Partnership Revenue
CapyFin.com Forward Guidance
908 Devices continues to expect full year 2025 revenues from continuing operations to be in the range of $54.0 million to $56.0 million, representing 13% to 17% growth compared to 2024.
Positive Outlook
- Anticipated positive Adjusted EBITDA in Q4.
- Strong FTIR demand contributing to year-to-date revenue growth.
- Increased revenue from U.S. state and local channels, strengthening the run-rate foundation.
- Structural improvements to the cost base leading to improved Adjusted EBITDA performance.
- Demand outlook and strategic progress remain strong despite potential government shutdown impacts.
Challenges Ahead
- Potential impact of U.S. Government shutdown on the timing of certain awards and shipments.
- Decrease in handheld product and service revenue in Q3.
- Fewer mass spec device placements contributing to revenue decrease.
- Adjusted gross margin percentage decreased due to mix where material costs were a higher percent of product revenues.
- Reliance on timing of larger U.S. federal and defense enterprise awards, though efforts are being made to reduce this.
Revenue & Expenses
Visualization of income flow from segment revenue to net income