$MASS
908 Devices Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008690 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $12.09M $9.487M
YoY Change 8.9% 14.22%
Cost Of Revenue $6.300M $5.103M
YoY Change 40.88% 22.17%
Gross Profit $5.794M $4.384M
YoY Change -12.66% 6.18%
Gross Profit Margin 47.91% 46.21%
Selling, General & Admin $11.21M $12.00M
YoY Change 4.65% 23.17%
% of Gross Profit 193.44% 273.79%
Research & Development $5.525M $5.398M
YoY Change 28.7% 38.23%
% of Gross Profit 95.36% 123.13%
Depreciation & Amortization $605.0K $634.0K
YoY Change 94.53% 137.45%
% of Gross Profit 10.44% 14.46%
Operating Expenses $16.73M $17.40M
YoY Change 11.53% 27.48%
Operating Profit -$10.94M -$13.02M
YoY Change 30.71% 36.72%
Interest Expense $1.689M $551.0K
YoY Change 11160.0% 2655.0%
% of Operating Profit
Other Income/Expense, Net $1.522M $485.0K
YoY Change 463.7% 357.55%
Pretax Income -$9.417M -$12.53M
YoY Change 16.27% 33.11%
Income Tax -$71.00K
% Of Pretax Income
Net Earnings -$9.346M -$12.50M
YoY Change 15.4% 32.77%
Net Earnings / Revenue -77.28% -131.76%
Basic Earnings Per Share -$0.29 -$0.39
Diluted Earnings Per Share -$0.29 -$0.39
COMMON SHARES
Basic Shares Outstanding 32.16M 32.05M
Diluted Shares Outstanding 32.20M 31.97M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.7M $161.2M
YoY Change -28.31% -27.75%
Cash & Equivalents $133.0M $161.2M
Short-Term Investments $19.69M
Other Short-Term Assets $3.947M $5.188M
YoY Change 15.82% 32.75%
Inventory $14.14M $13.37M
Prepaid Expenses
Receivables $10.31M $8.173M
Other Receivables $0.00 $0.00
Total Short-Term Assets $181.1M $187.9M
YoY Change -24.13% -22.65%
LONG-TERM ASSETS
Property, Plant & Equipment $2.940M $3.045M
YoY Change 21.54% 39.87%
Goodwill $10.19M $10.22M
YoY Change
Intangibles $8.162M $8.412M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.330M $1.205M
YoY Change 1.14% 2.12%
Total Long-Term Assets $29.75M $30.46M
YoY Change 257.74% 269.55%
TOTAL ASSETS
Total Short-Term Assets $181.1M $187.9M
Total Long-Term Assets $29.75M $30.46M
Total Assets $210.8M $218.4M
YoY Change -14.64% -13.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.486M $1.735M
YoY Change 20.42% -19.75%
Accrued Expenses $6.034M $7.228M
YoY Change 1.29% 66.16%
Deferred Revenue $10.81M $7.998M
YoY Change 58.08% 38.4%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.19M $18.66M
YoY Change 30.84% 36.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $156.0K $125.0K
YoY Change -98.99% -99.21%
Total Long-Term Liabilities $156.0K $125.0K
YoY Change -98.96% -99.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.19M $18.66M
Total Long-Term Liabilities $156.0K $125.0K
Total Liabilities $36.37M $37.80M
YoY Change -20.73% -14.92%
SHAREHOLDERS EQUITY
Retained Earnings -$156.1M -$146.7M
YoY Change 32.06% 33.24%
Common Stock $32.00K $32.00K
YoY Change 0.0% 3.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $174.5M $180.6M
YoY Change
Total Liabilities & Shareholders Equity $210.8M $218.4M
YoY Change -14.64% -13.06%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$9.346M -$12.50M
YoY Change 15.4% 32.77%
Depreciation, Depletion And Amortization $605.0K $634.0K
YoY Change 94.53% 137.45%
Cash From Operating Activities -$7.882M -$10.65M
YoY Change -24.28% 2184.76%
INVESTING ACTIVITIES
Capital Expenditures $320.0K $1.185M
YoY Change -544.44% 92.06%
Acquisitions
YoY Change
Other Investing Activities -$19.62M
YoY Change
Cash From Investing Activities -$19.94M -$1.185M
YoY Change 27588.89% 92.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -401.0K -15.38M
YoY Change -185.87% -11931.54%
NET CHANGE
Cash From Operating Activities -7.882M -10.65M
Cash From Investing Activities -19.94M -1.185M
Cash From Financing Activities -401.0K -15.38M
Net Change In Cash -28.22M -27.21M
YoY Change 181.77% 2754.98%
FREE CASH FLOW
Cash From Operating Activities -$7.882M -$10.65M
Capital Expenditures $320.0K $1.185M
Free Cash Flow -$8.202M -$11.83M
YoY Change -20.66% 992.52%

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908 DEVICES INC.
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 mass Property And Equipment Included In Account Payable
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TransfersOfInventoryToPropertyAndEquipment
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 dei Entity Incorporation Date Of Incorporation
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CY2023Q1 us-gaap Use Of Estimates
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<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:18pt;margin:0pt 0pt 12pt 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 and accounts receivable, the valuation of inventory, fair value of assets acquired and liabilities assumed in acquisitions 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 rising inflation and higher interest rates, 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 further updates 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 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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risk of Concentrations of Credit, Significant Customers and Significant Suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin: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 the majority of its cash and cash equivalents with three financial institutions that management believes to be of high credit quality. The Company has minimal exposure to Silicon </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Valley Bank (“SVB”) and Signature Bank, with the Company holding less than $2.5 million of its cash, cash equivalents and restricted cash with these financial institutions as of March 31, 2023. 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:18pt;margin:0pt 0pt 12pt 0pt;">Significant customers are those that accounted for 10% or more of the Company’s total revenue or accounts receivable. For the three months ended March 31, 2023 and 2022, one customer represented 20% and 17% of total revenue, respectively. As of March 31, 2023, one customer accounted for 13% of gross accounts receivable. As of December 31, 2022, two customers accounted for 20% and 12%, respectively, of gross accounts receivable. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;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>
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligation
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RevenueRemainingPerformanceObligation
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2023Q1 mass Accretion In Fair Value Of Contingent Consideration Earnout
AccretionInFairValueOfContingentConsiderationEarnout
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CY2023Q1 mass Business Combination Contingent Consideration Pension Liability Released
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
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Goodwill
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Goodwill
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q1 mass Finite Lived Intangible Assets Amortization Expense After Year Four
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2022Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
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CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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CY2022Q1 us-gaap Standard Product Warranty Accrual
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CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q1 mass Number Of Vote For Each Share Of Common Stock
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Variable Lease Cost
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CY2022Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
595000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1347000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8740000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1586000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7154000
CY2023Q1 mass Number Of Parties With Royalty Arrangements
NumberOfPartiesWithRoyaltyArrangements
2
CY2023Q1 mass Royalty Liabilities Future Minimum Royalty Payments Annual
RoyaltyLiabilitiesFutureMinimumRoyaltyPaymentsAnnual
100000
CY2021Q4 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1
CY2021Q4 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
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CY2021Q4 mass Defined Contribution Plan Employer Matching Contribution Annual Maximum Per Employee
DefinedContributionPlanEmployerMatchingContributionAnnualMaximumPerEmployee
3500
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2023Q1 us-gaap Noncurrent Assets
NoncurrentAssets
10624000
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
7915000

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