908 Devices Inc.
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Range $12 – $12
Price Chart
About the company
908 Devices Inc. provides purpose-built handheld mass spectrometry and fourier transform infrared (FTIR) devices for use in vital health and safety applications. The company’s products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of solid, liquid, vapor, and aerosol materials of unknown identity; XplorIR, a handheld device that uses FTIR spectroscopy to identify, quantify, and track gases and vapors; ThreatID, a portable FTIR device that rapidly detects and identifies approximately 28,000 unknown gas, vapor, powder, and liquid chemical hazards; ProtectIR, a handheld FTIR device that can identify approximately 23,000 solid and liquid chemical hazards; and VipIR, a handheld 3-in-1 analyzer that integrates FTIR, Raman spectroscopy, and smart spectral processing (SSP), a proprietary algorithm, to provide a single result from just one sample.
- CEO
- Kevin J. Knopp
- IPO
- 2020
- Employees
- 172
- HQ
- Burlington, MA, US
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- Market Cap
- $424.63M
- P/E
- -11.13
- PEG
- 0.01
- P/S
- 6.98
- P/B
- 3.08
- EV/EBITDA
- -12.29
- Div Yield
- 0.00%
- Gross Margin
- 49.79%
- Op Margin
- -46.01%
- Net Margin
- -56.68%
- ROE
- -25.50%
- ROIC
- -18.70%
Latest fiscal year · YoY change
- Revenue
- $56.20M-5.8%
- Gross Profit
- $26.80M-10.5%
- Op Income
- $-24,180,000
- Net Income
- $-36,639,000+49.3%
- EPS
- $-1.01+52.4%
- OCF Growth
- +21.7%
- FCF Growth
- +20.1%
- 52W High
- $10.70
- 52W Low
- $5.03
- 50D MA
- $8.42
- 200D MA
- $7.05
- Beta
- 0.63
- RSI (14)
- 75
- Avg Volume
- 354.40K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
908 Devices delivered 23% revenue growth and sharply improved profitability in Q2, while raising full-year revenue guidance and pushing AVCAD to upside.· August 11, 2026
- Q2 revenue was $16.1 million, up 23% year over year, with gross margin at 52% and adjusted gross margin at 57%.
- Adjusted EBITDA loss improved to negative $1.9 million from negative $3.9 million a year ago, and net loss from continuing operations narrowed to $11.9 million.
- U.S. state and local demand stayed strong, making up more than half of revenue, while VipIR and MX908 continued to win competitive and program-based placements.
- NIRLAB is already contributing early commercial traction, with more than 35 devices sold in roughly two months and multiyear subscriptions attached.
- Management raised 2026 revenue guidance to $68 million to $70 million and kept adjusted EBITDA loss guidance at the mid-single-digit millions.
- AVCAD remains unresolved and has been removed from core 2026 guidance, but management still sees it as upside and a $10 million-plus opportunity over time.
Total revenue in Q2 2026 was $16.1 million, up 23% from $13.0 million in the prior-year period. Handheld product and service revenue was $15.5 million, up 24% from $12.5 million. Gross profit was $8.3 million versus $6.4 million a year ago, and gross margin was 52% versus 49%. Adjusted gross profit was $9.2 million versus $7.3 million, with adjusted gross margin at 57%, up about 85 basis points year over year. Net loss from continuing operations was $11.9 million versus $12.9 million, and adjusted EBITDA was negative $1.9 million versus negative $3.9 million. The company shipped 198 devices and ended the quarter with $101.5 million in cash, cash equivalents and marketable securities and no debt. For 2026, management raised guidance to revenue of $68 million to $70 million, representing 21% to 25% growth, including handheld product and service revenue of $65 million to $67 million and OEM/funded partnerships of about $3 million. Adjusted gross margin is still expected in the mid- to high-50% range, and adjusted EBITDA loss is expected to improve to the mid-single-digit millions.
Kevin Knopp framed the quarter as strong execution across the board, emphasizing that the company is scaling proven platforms, extending platform leadership, and building revenue durability. He highlighted momentum in state and local public safety, competitive wins for VipIR and MX908, and the strategic value of NIRLAB as a recurring-revenue and workflow-expansion opportunity. His tone was confident and optimistic, especially about the durability of demand and the company’s ability to build a broader, more connected product portfolio.
Joseph Griffith focused on the financial improvement: revenue of $16.1 million, gross margin of 52%, adjusted gross margin of 57%, and adjusted EBITDA loss of $1.9 million, all better than last year. He pointed to higher product volume, better channel mix, and lower facility costs as margin drivers, while noting offsetting pressure from lower service gross margin and acquisition-related costs. He also said the company ended with $101.5 million in cash, cash equivalents and marketable securities, no debt, and raised full-year revenue guidance to $68 million to $70 million while maintaining mid- to high-50% adjusted gross margin and mid-single-digit millions adjusted EBITDA loss expectations.
Analysts focused on bundling potential, NIRLAB cross-selling, recurring revenue mix, AVCAD timing, and what the $6 million ProtectIR order means for the back half. Management said the broader portfolio is already producing bundled orders, especially across law enforcement workflows from screening to confirmation, and that NIRLAB should expand cross-selling with MX908 while also creating a subscription-based recurring model. On AVCAD, management said the contract has run its course, the government is considering commercial off-the-shelf options like MX908 under procurement reform, and the opportunity is now excluded from core guidance but still viewed as a long-term upside opportunity. On revenue mix, Joe Griffith said recurring revenue was about 31% of total revenue in the quarter, with an aspiration to move toward the 30%s and eventually approach 40% over time.
The bull case from this call is that core demand is still strong: revenue grew 23%, state and local customers drove more than half of sales, and VipIR, MX908, XplorIR, ProtectIR and NIRLAB all contributed to a broader pipeline. Management also signaled improving profitability, with adjusted EBITDA loss cut by more than half and margin structure still healthy even after adding new products and acquisitions. NIRLAB adds a subscription model and potential recurring revenue lift, while AVCAD remains a potentially meaningful future upside stream.
The biggest risk is that some growth drivers are still uneven or early, especially NIRLAB and ProtectIR, which management said are not yet at full scale and carry lower margins. AVCAD timing remains uncertain and has slipped out of core guidance, with the company saying next steps are still being worked through by the government. Gross margin may also face pressure in the back half from lower-margin mix, including NIRLAB, ProtectIR, and VipIR build timing, even as the company grows.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 75.0%
- Shares Outstanding
- 41.03M
- Float Shares
- 30.79M
of shares held by institutions
112 13F filers
Buy/sell ratio 0.08. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| First Light Asset Management, LLC | 6.28M | ▲ 210.24K |
| Awm Investment Company, Inc. | 4.88M | ▼ 320.15K |
| Ark Investment Management LLC | 2.03M | ▲ 81.23K |
| Blackrock, Inc. | 1.94M | ▲ 176.92K |
| Needham Investment Management LLC | 1.82M | ▲ 580.62K |
| Vanguard Group Inc | 1.47M | ▲ 49.13K |
| Vanguard Capital Management LLC | 1.29M | ▲ 172.33K |
| First Eagle Investment Management, LLC | 929.99K | ▲ 126.38K |
| Geode Capital Management, LLC | 761.80K | ▲ 66.34K |
| Granahan Investment Management, LLC | 692.09K | ▼ 2.98K |
| State Street Corp | 606.56K | ▼ 19.33K |
| Essex Investment Management Co LLC | 470.24K | ▼ 20.98K |
Held by 99 ETFs
Biggest fund positions in MASS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 13, 26 | Knopp Kevin J. | sell | 7,622 |
| Aug 17, 26 | Knopp Kevin J. | sell | 20,000 |
| Aug 10, 26 | Brown Christopher D. | sell | 9,442 |
| Aug 11, 26 | Brown Christopher D. | sell | 8,358 |
| Aug 10, 26 | Knopp Kevin J. | sell | 348 |
| Aug 11, 26 | Knopp Kevin J. | sell | 115,748 |
| Aug 11, 26 | Knopp Kevin J. | sell | 30,170 |
| Aug 12, 26 | Knopp Kevin J. | sell | 2,747 |
| Aug 5, 26 | Brown Christopher D. | sell | 20,000 |
| Aug 4, 26 | AWM Investment Company, Inc. | sell | 50,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MASS coverage
Recent articles, reports, and earnings notes.
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Generate MASS report →TG Therapeutics Conference: 908 Devices Bets on Handheld Drug, Chemical Detection
marketbeat.com · Aug 17
908 Devices Eyes Growth in Handheld Drug and Chemical Detection Market
marketbeat.com · Aug 15
908 Devices Q2: Another Solid Report
seekingalpha.com · Aug 13
908 Devices: Mission Critical Devices Drive Growth
seekingalpha.com · Aug 12
908 Devices to Present at the 17th Annual Midwest IDEAS Investor Conference
businesswire.com · Aug 12
908 Devices Inc. (MASS) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 11
908 Devices Q2 Earnings Call Highlights
marketbeat.com · Aug 11
908 Devices Inc. (MASS) Reports Q2 Loss, Tops Revenue Estimates
zacks.com · Aug 11
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