$MASS

908 Devices Inc.

CIK:0001555279|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:	$ 16,074	$ 13,035	$ 29,456	$ 24,813
Cost of revenue:	7,731	6,662	14,231	12,898
Gross profit	8,343	6,373	15,225	11,915
Operating expenses:
Research and development	3,598	4,405	7,069	8,234
Selling, general and administrative	11,112	10,337	21,027	20,576
Change in fair value of contingent consideration	6,442	6,792	12,823	9,291
Total operating expenses	21,152	21,534	40,919	38,101
Loss from continuing operations	(12,809)	(15,161)	(25,694)	(26,186)
Other income, net:
Interest income	938	1,196	1,874	2,012
Income from transition services agreement, net		1,236		1,642
Other expense, net	(77)	(108)	(83)	(142)
Total other income, net	861	2,324	1,791	3,512
Loss from operations before income taxes	(11,948)	(12,837)	(23,903)	(22,674)
Income tax benefit (expense), net	54	(71)	54	(71)
Net loss from continuing operations	(11,894)	(12,908)	(23,849)	(22,745)
Net income (loss) from discontinued operations, net of tax		(398)		53,042
Net income (loss) attributable to common stockholders	$ (11,894)	$ (13,306)	$ (23,849)	$ 30,297
Net loss from continuing operations per share attributable to common stockholders, basic	$ (0.32)	$ (0.36)	$ (0.64)	$ (0.64)
Net loss from continuing operations per share attributable to common stockholders, diluted	(0.32)	(0.36)	(0.64)	(0.64)
Net income (loss) from discontinued operations per share attributable to common stockholders, basic		(0.01)		1.49
Net income (loss) from discontinued operations per share attributable to common stockholders, diluted		(0.01)		1.49
Net income (loss) per share attributable to common stockholders, basic	(0.32)	(0.37)	(0.64)	0.85
Net income (loss) per share attributable to common stockholders, diluted	$ (0.32)	$ (0.37)	$ (0.64)	$ 0.85
Weighted average common shares outstanding, basic	37,727,668	35,877,947	37,275,671	35,633,573
Weighted average common shares outstanding, diluted	37,727,668	35,877,947	37,275,671	35,633,573
Product revenue
Revenue:	$ 12,974	$ 9,577	$ 23,711	$ 18,106
Cost of revenue:	6,412	5,323	11,573	10,048
Service and contract revenue
Revenue:	3,100	3,458	5,745	6,707
Cost of revenue:	$ 1,319	$ 1,339	$ 2,658	$ 2,850

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (23,849)	$ 30,297
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	2,500	2,263
Stock-based compensation expense	4,712	4,701
Provision for inventory obsolescence	202	209
Net amortization of premiums and accretion of discounts on marketable securities	221	(385)
Loss on disposal of property and equipment	12	95
Gain on sale of Desktop Portfolio, net of transaction costs		(56,200)
Provision for credit losses	(57)	28
Change in fair value of contingent consideration	12,823	9,291
Amortization of debt issuance costs	25
Deferred tax liabilities	(54)
Changes in operating assets and liabilities, net of business combinations:
Accounts receivable, net	419	5,327
Inventory	(1,358)	(5,153)
Prepaid expenses and other current assets	4,242	(3,317)
Other long-term assets	(156)	181
Accounts payable and accrued expenses	3,410	(5,641)
Deferred revenue	1,241	(2,436)
Right-of-use operating lease assets	388	1,421
Operating lease liabilities	(345)	(1,484)
Net cash provided by (used in) operating activities	4,376	(20,803)
Cash flows from investing activities:
Purchases of property and equipment	(202)	(281)
Purchases of marketable securities	(23,350)	(59,417)
Acquisition of businesses, net of cash acquired	(12,721)
Proceeds from sale of Desktop Portfolio		69,917
Proceeds from maturities of marketable securities	26,964	28,507
Net cash provided by (used in) investing activities	(9,309)	38,726
Cash flows from financing activities:
Payments for withholding taxes on vested awards	(2,344)	(655)
Proceeds from issuance of common stock	1,262	388
Payment of deferred financing costs	(121)
Net cash used in financing activities	(1,203)	(267)
Effect of foreign exchange rate changes on cash and cash equivalents	(56)	27
Net increase (decrease) in cash, cash equivalents and restricted cash	(6,192)	17,683
Cash, cash equivalents and restricted cash at beginning of period	70,592	44,203
Cash, cash equivalents and restricted cash at end of period	64,400	61,886
Supplemental disclosure of noncash investing and financing information:
Property and equipment included in account payable	17	169
Transfers of inventory to property and equipment	828	$ 238
Fair value of common stock issued for acquisition of NIRLAB	$ 1,726

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 63,019	$ 70,517
Marketable securities	38,512	42,453
Accounts receivable, net of allowance for credit losses of $90 and $147 at June 30, 2026 and December 31, 2025	11,710	11,327
Inventory	14,372	12,990
Prepaid expenses and other current assets	4,407	7,272
Total current assets	132,020	144,559
Operating lease, right-of-use assets	4,009	4,397
Property and equipment, net	4,605	4,232
Goodwill	11,055
Intangible assets, net	45,115	36,412
Other long-term assets	734	471
Total assets	197,538	190,071
Current liabilities:
Accounts payable	2,711	1,586
Accrued expenses	5,761	6,838
Deferred revenue	10,711	8,934
Operating lease liabilities	716	681
Contingent consideration	27,957	16,025
Other current liabilities	$ 1,566
Other Liability, Current, Related Party, Name [Extensible Enumeration]	us-gaap:NonrelatedPartyMember
Total current liabilities	$ 49,422	34,064
Operating lease liabilities, net of current portion	3,582	3,947
Deferred revenue, net of current portion	11,012	8,331
Deferred tax liabilities	881
Contingent consideration, net of current portion	5,860
Other long-term liabilities	15	30
Total liabilities	70,772	46,372
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at June 30, 2026 and December 31, 2025, respectively
Common stock, $0.001 par value; 100,000,000 shares authorized; 38,059,008 shares and 36,321,866 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	38	36
Additional paid-in capital	374,623	366,925
Accumulated other comprehensive income (loss)	(730)	54
Accumulated deficit	(247,165)	(223,316)
Total stockholders' equity	126,766	143,699
Total liabilities and stockholders' equity	$ 197,538	$ 190,071