908 Devices — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $19.0 million, a 35% increase year-over-year from $14.0 million.
• Product revenue was $15.8 million, up from $10.8 million in the prior year period; service and contract revenue was $3.2 million, slightly up from $3.2 million.
• Recurring revenue totaled $5.1 million, representing 27% of total revenue for the quarter.
• GAAP gross profit was $10.0 million (53% margin), compared to $7.4 million (53% margin) in the prior year.
• Adjusted gross profit was $10.9 million (58% margin), compared to $8.1 million (58% margin) in the prior year.
• Operating expenses were $15.5 million, a decrease from $23.7 million in the prior year, driven by an $11.0 million non-cash reduction in the fair value of contingent consideration, partially offset by a $2.8 million increase in SG&A expenses.
• Net loss from continuing operations was $4.6 million, compared to a net loss of $14.9 million in the prior year.
• Adjusted EBITDA loss was $1.7 million, compared to a loss of $1.8 million in the prior year.
• Net loss attributable to common stockholders was $4.6 million, compared to $15.0 million in the prior year.
• Cash, cash equivalents, and marketable securities were $99.1 million as of September 30, 2026, with no debt outstanding.
• Deferred revenue increased to $22.9 million total ($11.6 million current, $11.3 million non-current) from $17.3 million total ($8.9 million current, $8.3 million non-current) at December 31, 2025.
• Accounts receivable increased to $17.2 million from $11.3 million at December 31, 2025.
• Inventory increased to $14.7 million from $13.0 million at December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was raised to $68.5 million to $70.0 million, up from the previous range of $68.0 million to $70.0 million.
• The updated guidance represents 22% to 25% growth compared to 2025 revenue.

Business Segments and Product Lines:

• Revenue growth was driven by the FTIR portfolio and the addition of NIRLab revenue following the acquisition.
• The installed base grew 26% year-over-year to 4,409 devices.
• Device placements reached a record 308 units in the third quarter.
• Approximately 100 NIRLab devices were shipped in the first full quarter following the acquisition.
• NIRLab is gaining traction in both unit volumes and pipeline, contributing to a growing base of connected, recurring revenue.

Market and Competitive Landscape:

• Customers are accelerating efforts to modernize detection capabilities to stay ahead of an evolving threat landscape.
• The company's platforms are winning orders globally in vital health, safety, and defense tech applications.

Risks and Challenges:

• Forward-looking statements involve known and unknown risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations.
• Non-GAAP measures exclude certain costs such as changes in the fair value of contingent consideration, acquisition costs, and stock-based compensation, which may significantly affect GAAP results.
• Reconciliations for adjusted gross margin and adjusted EBITDA guidance are not available without unreasonable effort due to items outside the company's control or not yet occurred.

Management Commentary and Tone:

• CEO Kevin J. Knopp described the quarter as "strong," citing the FTIR portfolio and record device shipments.
• Management expressed confidence in the company's position heading into the end of the year, citing operational discipline and healthy customer funding.
• Management noted that proven platforms are winning orders globally as customers modernize detection capabilities.

Other Key Points:

• The company acquired NIRLab, evidenced by the inclusion of NIRLab revenue and the shipment of approximately 100 devices in the first full quarter post-acquisition.
• A $11.0 million non-cash reduction in expense related to the change in fair value of contingent consideration significantly impacted operating expenses.
• Goodwill of $10.2 million and Intangible assets of $44.1 million were recorded on the balance sheet as of September 30, 2026, compared to zero goodwill and $36.4 million in intangibles at December 31, 2025.
• Contingent consideration of $8.2 million (non-current) was recorded as a liability as of September 30, 2026.
• The company hosts a conference call on November 10, 2026, at 8:30 am Eastern Time to discuss results.