$MASS
908 Devices Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024006601 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $14.05M $9.991M
YoY Change 16.15% 5.31%
Cost Of Revenue $6.629M $4.988M
YoY Change 5.22% -2.25%
Gross Profit $7.418M $5.003M
YoY Change 28.03% 14.12%
Gross Profit Margin 52.81% 50.08%
Selling, General & Admin $14.60M $11.90M
YoY Change 30.24% -0.85%
% of Gross Profit 196.78% 237.88%
Research & Development $6.381M $5.790M
YoY Change 15.49% 7.26%
% of Gross Profit 86.02% 115.73%
Depreciation & Amortization $504.0K $1.328M
YoY Change -16.69% 109.46%
% of Gross Profit 6.79% 26.54%
Operating Expenses $20.98M $17.69M
YoY Change 25.37% 1.67%
Operating Profit -$13.56M -$12.69M
YoY Change 23.96% -2.53%
Interest Expense $1.133M $1.729M
YoY Change -32.92% 213.79%
% of Operating Profit
Other Income/Expense, Net $943.0K $1.701M
YoY Change -38.04% 250.72%
Pretax Income -$12.62M -$10.99M
YoY Change 33.98% -12.33%
Income Tax -$69.00K -$70.00K
% Of Pretax Income
Net Earnings -$12.55M -$10.90M
YoY Change 34.26% -12.8%
Net Earnings / Revenue -89.33% -109.1%
Basic Earnings Per Share -$0.37 -$0.33
Diluted Earnings Per Share -$0.37 -$0.33
COMMON SHARES
Basic Shares Outstanding 34.49M 32.91M
Diluted Shares Outstanding 34.06M 32.71M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.38M $134.2M
YoY Change -49.32% -16.76%
Cash & Equivalents $46.81M $104.6M
Short-Term Investments $30.57M $29.60M
Other Short-Term Assets $3.485M $3.831M
YoY Change -11.71% -26.16%
Inventory $18.59M $16.36M
Prepaid Expenses
Receivables $10.99M $7.486M
Other Receivables $0.00 $0.00
Total Short-Term Assets $110.4M $161.9M
YoY Change -39.01% -13.87%
LONG-TERM ASSETS
Property, Plant & Equipment $3.556M $3.215M
YoY Change 20.95% 5.58%
Goodwill $40.22M $10.14M
YoY Change 294.89% -0.8%
Intangibles $47.30M $7.468M
YoY Change 479.49% -11.22%
Long-Term Investments
YoY Change
Other Assets $1.352M $1.347M
YoY Change 1.65% 11.78%
Total Long-Term Assets $98.33M $27.92M
YoY Change 230.49% -8.33%
TOTAL ASSETS
Total Short-Term Assets $110.4M $161.9M
Total Long-Term Assets $98.33M $27.92M
Total Assets $208.8M $189.8M
YoY Change -0.98% -13.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.974M $1.472M
YoY Change 32.84% -15.16%
Accrued Expenses $5.636M $5.299M
YoY Change -6.6% -26.69%
Deferred Revenue $11.95M $10.48M
YoY Change 10.54% 31.07%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.72M $19.33M
YoY Change 7.54% 3.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.50M $11.25M
YoY Change 9835.9% 8900.8%
Total Long-Term Liabilities $15.50M $11.25M
YoY Change 9835.9% 8900.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.72M $19.33M
Total Long-Term Liabilities $15.50M $11.25M
Total Liabilities $52.42M $32.90M
YoY Change 44.11% -12.96%
SHAREHOLDERS EQUITY
Retained Earnings -$194.1M -$181.5M
YoY Change 24.34% 23.72%
Common Stock $35.00K $33.00K
YoY Change 9.38% 3.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.4M $156.9M
YoY Change
Total Liabilities & Shareholders Equity $208.8M $189.8M
YoY Change -0.98% -13.1%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$12.55M -$10.90M
YoY Change 34.26% -12.8%
Depreciation, Depletion And Amortization $504.0K $1.328M
YoY Change -16.69% 109.46%
Cash From Operating Activities -$13.04M -$9.357M
YoY Change 65.44% -12.12%
INVESTING ACTIVITIES
Capital Expenditures -$647.0K $903.0K
YoY Change -302.19% -23.8%
Acquisitions
YoY Change
Other Investing Activities -$45.76M -$4.877M
YoY Change 133.27%
Cash From Investing Activities -$45.11M -$5.780M
YoY Change 126.28% 387.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 367.0K -1.295M
YoY Change -191.52% -91.58%
NET CHANGE
Cash From Operating Activities -13.04M -9.357M
Cash From Investing Activities -45.11M -5.780M
Cash From Financing Activities 367.0K -1.295M
Net Change In Cash -57.78M -16.44M
YoY Change 104.77% -39.57%
FREE CASH FLOW
Cash From Operating Activities -$13.04M -$9.357M
Capital Expenditures -$647.0K $903.0K
Free Cash Flow -$12.39M -$10.26M
YoY Change 51.1% -13.29%

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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>
CY2024Q1 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 0pt 12pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company’s cash and cash equivalents and restricted cash are maintained in bank deposit accounts and money market funds that regularly exceed federally insured limits. The Company is exposed to credit risk on its cash, cash equivalents and restricted cash in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company’s marketable securities are invested in U.S. treasury securities and as a result, the Company believes represent minimal credit risk.</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, 2024, two customers represented 16% and 10% of total revenue, respectively. For the comparable three months ended March 31, 2023, one customer represented 20% of total revenue. As of March 31, 2024, one customer accounted for 15% of gross accounts receivable. As of December 31, 2023, one customer accounted for 19% 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>
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CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q1 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Noncurrent Assets
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