908 Devices Inc

908devices.com

What Do They Do?

Sells handheld chemical-analysis devices that identify unknown materials for government agencies, public-safety workers, and life-sciences customers.

How Do They Make Money?

Customers buy handheld devices and consumables, usually paying 30 to 90 days after shipment or delivery. They also pay for support and extended warranties over the service term; service arrangements are commonly paid in advance, on completion, or both.

revenue

Segment	Share	How money arrives
Device sales revenue Sold outright	65% FY2022: 61%	Sold outright
Recurring revenue	35% FY2022: 34%
Contract revenue	0.2% FY2022: 5.1%

Who Are Their Customers?

Government agencies and public-safety users, along with life-sciences customers, buy through a direct sales force and domestic and international channel partners; some North American government-contract orders go through channel partners.

Do Revenues Turn Into Profits?

Yes. It kept 35 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$24.6M.

Operating income, FY2025

−70% of revenue

▼ −31% (Loss) vs FY2024 (−$57.4M, −120%)

Net income, FY2025

35% of revenue

▲ Now profitable vs FY2024 (−$72.2M, −151%)

Free cash flow, FY2025

−44% of revenue

▼ −20% (Loss) vs FY2024 (−$30.8M, −65%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +23%; vs $13M in Q2 FY2025
Net income: ▼ −11% (Loss); vs −$13.3M in Q2 FY2025

Device sales revenue share of revenue vs 63.5% in Q2 FY2025

Aug 11, 2026 Raised the low end of the 2026 revenue outlook Updated the full-year revenue outlook to $68.0 million to $70.0 million, from $67.0 million to $70.0 million.
May 6, 2026 Acquired NIRLAB spectroscopy business NIRLAB develops near-infrared spectroscopy solutions for instant material identification.

Growing. Revenue grew 33% in 4 years, from $42.2M in FY2021 to $56.2M in FY2025, about 7% a year.

From desktops to handhelds The earlier portfolio included handheld and desktop mass-spectrometry devices for life-sciences research, bioprocessing and forensics. The latest description centers on handheld devices using mass spectrometry and optical spectroscopy for point-of-need analysis; it also records the sale of the desktop portfolio and the addition of RedWave's optical technology.

Revenue over time

Device sales revenue Recurring revenue Contract revenue

$100M$50M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Agilent, Bruker, Danaher, Inficon, Teledyne, Rigaku, and Thermo Fisher Scientific

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