$MASS
908 Devices Inc.

2021 Q1 Form 10-Q Financial Statement

#000110465921065579 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $5.543M $4.001M
YoY Change 38.54%
Cost Of Revenue $2.635M $1.903M
YoY Change 38.47%
Gross Profit $2.908M $2.098M
YoY Change 38.61%
Gross Profit Margin 52.46% 52.44%
Selling, General & Admin $5.753M $2.706M
YoY Change 112.6%
% of Gross Profit 197.83% 128.98%
Research & Development $2.965M $2.156M
YoY Change 37.52%
% of Gross Profit 101.96% 102.76%
Depreciation & Amortization $137.0K $205.0K
YoY Change -33.17%
% of Gross Profit 4.71% 9.77%
Operating Expenses $8.718M $4.862M
YoY Change 79.31%
Operating Profit -$5.810M -$2.764M
YoY Change 110.2%
Interest Expense $376.0K $241.0K
YoY Change 56.02%
% of Operating Profit
Other Income/Expense, Net -$285.0K -$202.0K
YoY Change 41.09%
Pretax Income -$6.100M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$6.095M -$2.966M
YoY Change 105.5%
Net Earnings / Revenue -109.96% -74.13%
Basic Earnings Per Share -$0.22 -$0.60
Diluted Earnings Per Share -$0.22 -$0.60
COMMON SHARES
Basic Shares Outstanding 27.29M 4.993M
Diluted Shares Outstanding 27.29M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.0M
YoY Change
Cash & Equivalents $149.0M $14.66M
Short-Term Investments
Other Short-Term Assets $2.800M
YoY Change
Inventory $6.822M
Prepaid Expenses
Receivables $4.367M
Other Receivables $0.00
Total Short-Term Assets $163.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $966.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.798M
YoY Change
Total Long-Term Assets $8.791M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $163.0M
Total Long-Term Assets $8.791M
Total Assets $171.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.690M
YoY Change
Accrued Expenses $3.011M
YoY Change
Deferred Revenue $3.321M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $9.247M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $15.00M
YoY Change
Other Long-Term Liabilities $194.0K
YoY Change
Total Long-Term Liabilities $15.19M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.247M
Total Long-Term Liabilities $15.19M
Total Liabilities $38.44M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$84.60M
YoY Change
Common Stock $27.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.3M -$66.10M
YoY Change
Total Liabilities & Shareholders Equity $171.8M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$6.095M -$2.966M
YoY Change 105.5%
Depreciation, Depletion And Amortization $137.0K $205.0K
YoY Change -33.17%
Cash From Operating Activities -$9.633M -$3.168M
YoY Change 204.07%
INVESTING ACTIVITIES
Capital Expenditures $9.000K $91.00K
YoY Change -90.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$9.000K -$91.00K
YoY Change -90.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $15.00M
YoY Change
Cash From Financing Activities -566.0K 3.000K
YoY Change -18966.67%
NET CHANGE
Cash From Operating Activities -9.633M -3.168M
Cash From Investing Activities -9.000K -91.00K
Cash From Financing Activities -566.0K 3.000K
Net Change In Cash -10.21M -3.256M
YoY Change 213.51%
FREE CASH FLOW
Cash From Operating Activities -$9.633M -$3.168M
Capital Expenditures $9.000K $91.00K
Free Cash Flow -$9.642M -$3.259M
YoY Change 195.86%

Facts In Submission

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CY2021Q1 dei Entity Registrant Name
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908 DEVICES INC.
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DepreciationDepletionAndAmortization
205000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
339000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
66000
CY2020Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
23000
CY2021Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-168000
CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-16000
CY2021Q1 us-gaap Inventory Write Down
InventoryWriteDown
-29000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-91000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
27000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
576000
CY2021Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
15000000
CY2021Q1 mass Transfers Of Inventory To Property And Equipment
TransfersOfInventoryToPropertyAndEquipment
244000
CY2020Q1 us-gaap Inventory Write Down
InventoryWriteDown
42000
CY2021Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2458000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the valuation of inventory and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of these condensed consolidated financial statements. These estimates may change, as new events occur and </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">additional information is obtained. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</p>
CY2021Q1 mass Concentrations Of Credit Risk And Of Significant Customers
ConcentrationsOfCreditRiskAndOfSignificantCustomers
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk and of Significant Customers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with two financial institutions that management believes to be of high credit quality. The Company has not experienced any other-than-temporary losses with respect to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 12pt 0pt;">Significant customers are those that accounted for 10%<span style="white-space:pre-wrap;"> or more of the Company’s total revenue or accounts receivable. During the three months ended March 31, 2021, two customers represented 19% and 10% of total revenue, respectively. During the three months ended March 31, 2020, two customers represented 32% and 12% of total revenue, respectively. As of March 31, 2021, two customers accounted for 39% and 14%, respectively, of gross accounts receivable. As of December 31, 2020, three customers accounted for 27%, 11% and 11%, respectively, of gross accounts receivable. The credit and economic conditions within countries in Europe, Middle East and Africa that the Company does business with have been weak in recent years. These conditions have continued to deteriorate as a result of COVID-19 and may continue to increase the average length of time that it takes to collect on the accounts receivables outstanding in these countries. As of March 31, 2021, the gross accounts receivable balance from these countries amount to $2.2 million, the majority of which is more than 90 days past due. The Company is actively pursuing collection of all amounts past due, however, if the Company is unable to collect these amounts, then an allowance would have to be recorded.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 12pt 0pt;">Certain of the components included in the Company’s products are obtained from a sole source, a single source or a limited group of suppliers. Although the Company seeks to reduce dependence on those limited sources of suppliers and manufacturers, the partial or complete loss of certain of these sources, or the requirement to establish a new supplier for the components, could have a material adverse effect on the Company’s operating results, financial condition and cash flows and damage its customer relationships.</p>
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5543000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4001000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5543000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4001000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3494260
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
729000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3011000
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3104000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2099000
CY2021Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1800000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
213000
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1918000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2256000
CY2021Q1 us-gaap Inventory Net
InventoryNet
6822000
CY2020Q4 us-gaap Inventory Net
InventoryNet
4568000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
786000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2069000
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1086000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
968000
CY2021Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
198000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5038000
CY2020Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1265000
CY2020Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
107000
CY2021Q1 mass Standard Product Warranty Accrual Payments And Adjustments To Preexisting Product Warranties
StandardProductWarrantyAccrualPaymentsAndAdjustmentsToPreexistingProductWarranties
-377000
CY2020Q1 mass Standard Product Warranty Accrual Payments And Adjustments To Preexisting Product Warranties
StandardProductWarrantyAccrualPaymentsAndAdjustmentsToPreexistingProductWarranties
-168000
CY2021Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1086000
CY2020Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
907000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
500000
CY2021Q1 mass Debt Instrument Carrying Amount Noncurrent
DebtInstrumentCarryingAmountNoncurrent
15000000
CY2020Q4 mass Debt Instrument Carrying Amount Noncurrent
DebtInstrumentCarryingAmountNoncurrent
14500000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
168000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
15000000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14332000
CY2021Q1 mass Number Of Vote For Each Share Of Common Stock
NumberOfVoteForEachShareOfCommonStock
1
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4400000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M3D
CY2021Q1 mass Number Of Parties With Royalty Arrangements
NumberOfPartiesWithRoyaltyArrangements
2
CY2021Q1 mass Future Minimum Annual Royalty Payments
FutureMinimumAnnualRoyaltyPayments
100000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
339000

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