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908 Devices Inc. (MASS)
NASDAQ:MASS
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908 Devices
(NASDAQ:MASS)
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Rating:44Neutral
Price Target:
$5.50
▲(1.48% Upside)
908 Devices faces significant financial challenges, with ongoing profitability issues and negative cash flow trends being the most impactful factors. The technical indicators suggest a bearish trend, and the valuation is unattractive due to negative earnings. While the earnings call provided some positive sequential growth insights, the overall outlook remains cautious.
Positive Factors
Strong Cash Position
A strong cash position with no debt enhances financial flexibility, allowing the company to invest in growth opportunities and weather economic downturns.
Recurring Revenue Growth
Growth in recurring revenue indicates a stable and predictable income stream, improving financial stability and reducing reliance on one-time sales.
Adjusted EBITDA Improvement
Improvement in adjusted EBITDA suggests progress towards profitability, reflecting better cost management and operational efficiency.
Negative Factors
Year-over-Year Revenue Decline
A decline in year-over-year revenue indicates challenges in maintaining growth, potentially affecting long-term market position and investor confidence.
Potential Impact from Government Shutdown
Potential revenue impact from government shutdowns highlights vulnerability to external factors, which could disrupt operations and financial performance.
Adjusted Gross Margin Decrease
A decrease in gross margin suggests challenges in cost management and pricing strategy, which could pressure profitability if not addressed.
908 Devices (MASS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$195.44M
Dividend YieldN/A
Average Volume (3M)452.21K
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth4.49%
EPS Growth3.61%
CountryUS
Employees246
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.04
Shares Outstanding36,192,978
10 Day Avg. Volume303,550
30 Day Avg. Volume452,210
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.65
Price to Sales (P/S)1.26
P/FCF Ratio-2.43
Enterprise Value/Market Cap1.07
Enterprise Value/Revenue3.62
Enterprise Value/Gross Profit7.33
Enterprise Value/Ebitda-5.57
Forecast
1Y Price Target
$8.00Price Target Upside47.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
908 Devices Business Overview & Revenue Model
Company Description908 Devices Inc., a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry (Mass Spec) devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, industrial biotech, forensics, and adjacent markets. The company's products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of gas, liquid, and solid materials of unknown identity; Rebel, a small desktop analyzer that provides real-time information on the extracellular environment in bioprocesses; and ZipChip solution, a plug-and-play, high-resolution separation platform that optimizes Mass Spec sample analysis. It operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company was incorporated in 2012 and is headquartered in Boston, Massachusetts.
How the Company Makes Money908 Devices generates revenue primarily through the sale of its analytical devices and associated software solutions. The company's key revenue streams include direct sales of hardware, ongoing service contracts, and software licenses. Additionally, 908 Devices benefits from partnerships with key players in the pharmaceutical and safety sectors, which can lead to collaborative projects and bulk purchasing agreements. The company may also explore opportunities in government contracts and grants, particularly within defense and public safety applications, contributing to its overall earnings.
908 Devices Earnings Call Summary
Earnings Call Date:Nov 10, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 10, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a mixed outlook with strong sequential growth, improvements in profitability metrics, and a robust cash position. However, these positives are counterbalanced by the year-over-year revenue decline, potential impacts from the U.S. Government shutdown, and challenges in maintaining gross margins.Q3-2025 Updates
Positive Updates
Sequential Revenue Growth
Despite a 4% year-over-year decline, revenue from continuing operations grew 8% sequentially, driven by strong demand for FTIR devices and significant sales to the U.S. Coast Guard.
Recurring Revenue Increase
Recurring revenue represented 36% of total revenue and grew 10% over the prior year period, indicating a more stable and predictable revenue stream.
Adjusted EBITDA Improvement
The adjusted EBITDA loss was reduced by 53% quarter over quarter, marking the lowest adjusted EBITDA loss in the company's history, and showing progress towards profitability.
Gross Margin Improvement
Gross margin increased quarter over quarter, reaching 58% on an adjusted basis, reflecting benefits of facility consolidation and operational scale-up.
Strong Cash Position
The company ended the quarter with $112.1 million in cash and marketable securities with no debt, providing a strong financial position.
Negative Updates
Year-over-Year Revenue Decline
Revenue from continuing operations was $14 million, down 4% year over year due to fewer multi-unit MX908 device orders to U.S. Federal and defense customers.
Potential Impact from Government Shutdown
Estimated that approximately $4 million of Q4 revenue could be impacted by delays due to the U.S. Government shutdown, particularly affecting larger federal and defense orders.
Adjusted Gross Margin Decrease
Adjusted gross margin decreased by approximately 60 basis points year over year due to a less favorable product mix and unabsorbed costs from new precision machining operations.
Service Coverage Headwind
A funding-related pause in service coverage by a U.S. Defense customer is expected to result in a quarterly headwind of approximately $500,000 beginning in the fourth quarter.
Company Guidance
During the third quarter of 2025, 908 Devices Inc. reported revenue from continuing operations of $14 million, reflecting an 8% sequential increase but a 4% year-over-year decline. The FTIR devices drove significant revenue, making up 42% of the total, with strong demand for the Explorer gas identification device. The company placed 176 devices, expanding its installed base by 27% year-over-year to over 3,500 units. Recurring revenue accounted for 36% of total revenue, and the state and local channel contributed 47% of the first nine months' revenue. The adjusted EBITDA loss improved to $1.8 million, marking a 53% quarter-over-quarter reduction and a $5 million year-over-year improvement. The company maintained its full-year revenue guidance of $54-$56 million, expecting 13%-17% growth over 2024. The adjusted gross margin for the year is anticipated to remain in the mid- to high 50s. Despite potential impacts from a U.S. government shutdown, management remains confident in achieving positive adjusted EBITDA in the fourth quarter, supported by a healthy pipeline and strategic focus areas in device adoption, analytical tools, and financial strengthening.908 Devices Financial Statement Overview
Summary
908 Devices is facing financial challenges, particularly in profitability and cash flow generation. The income statement and cash flow statement highlight significant areas of concern, including declining revenues and persistent losses, despite a stable capital structure with low leverage.Income Statement
908 Devices has experienced a decline in revenue growth, with a negative growth rate in the TTM period. The gross profit margin remains relatively stable, but the company is facing significant challenges with negative net profit and EBIT margins, indicating ongoing profitability issues.Balance Sheet
The company maintains a low debt-to-equity ratio, suggesting conservative leverage. However, the return on equity is negative, reflecting the company's struggle to generate profits from its equity base. The equity ratio is stable, indicating a solid capital structure.Cash Flow
Cash flow metrics reveal a concerning trend with negative operating and free cash flows. The free cash flow to net income ratio is slightly above 1, indicating that free cash flow is marginally covering net losses. However, the negative growth in free cash flow is a red flag.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 57.64M | 59.63M | 50.23M | 46.85M | 42.21M | 26.89M |
| Gross Profit | 28.44M | 29.93M | 25.32M | 26.02M | 23.23M | 14.92M |
| EBITDA | -37.47M | -43.88M | -40.27M | -31.82M | -20.76M | -4.98M |
| Net Income | -4.13M | -72.21M | -36.40M | -33.56M | -22.17M | -12.82M |
Balance Sheet | ||||||
| Total Assets | 190.87M | 159.48M | 202.98M | 242.59M | 260.91M | 178.83M |
| Cash, Cash Equivalents and Short-Term Investments | 112.05M | 69.60M | 145.68M | 188.42M | 224.07M | 159.23M |
| Total Debt | 4.35M | 6.61M | 5.95M | 19.51M | 20.85M | 21.86M |
| Total Liabilities | 54.57M | 44.88M | 37.49M | 51.99M | 46.30M | 39.79M |
| Stockholders Equity | 136.30M | 114.59M | 165.49M | 190.60M | 214.60M | 139.04M |
Cash Flow | ||||||
| Free Cash Flow | -28.40M | -30.85M | -27.10M | -22.98M | -29.82M | 4.12M |
| Operating Cash Flow | -27.25M | -30.25M | -25.06M | -20.93M | -29.08M | 4.13M |
| Investing Cash Flow | 44.72M | -46.32M | -26.40M | -15.81M | -737.00K | -9.00K |
| Financing Cash Flow | 246.00K | -376.00K | -15.94M | 1.18M | 94.72M | 137.19M |
908 Devices Technical Analysis
Negative
5.42
Price Trends
6.11
Negative
6.74
Negative
6.34
Negative
Market Momentum
-0.23
Negative
43.81
Neutral
70.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MASS, the sentiment is Negative. The current price of 5.42 is below the 20-day moving average (MA) of 5.52, below the 50-day MA of 6.11, and below the 200-day MA of 6.34, indicating a bearish trend. The MACD of -0.23 indicates Negative momentum. The RSI at 43.81 is Neutral, neither overbought nor oversold. The STOCH value of 70.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MASS.
908 Devices Risk Analysis
908 Devices disclosed 67 risk factors in its most recent earnings report. 908 Devices reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
908 Devices Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | $696.86M | -57.37 | -3.36% | ― | -2.18% | -30.96% | |
54 Neutral | $289.79M | -2.91 | ― | ― | 49.52% | 19.34% | |
52 Neutral | $376.49M | -3.16 | -29.28% | ― | -2.69% | -149.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $295.00M | -4.16 | -129.29% | ― | 31.94% | 36.59% | |
47 Neutral | $189.37M | -3.39 | -34.75% | ― | 15.19% | -3.32% | |
44 Neutral | $195.44M | -3.20 | -42.72% | ― | 4.49% | 3.61% |
* Healthcare Sector Average
MASS
908 Devices
5.48
3.50
176.77%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.