Boston, Massachusetts — March 3, 2026 — Leads & Copy — 908 Devices Inc. (Nasdaq: MASS) reported financial results for the quarter and full year ended December 31, 2025, showing revenue growth and a positive adjusted EBITDA for the fourth quarter.
The company, which focuses on handheld chemical analysis tools, announced revenue of $17.4 million for the fourth quarter of 2025, a 21% increase compared to the same period in 2024. Full-year revenue reached $56.2 million, an 18% increase compared to the previous year.
Recurring revenue for the full year was $19.5 million, representing 35% of total revenues and a 22% increase year-over-year. The gross margin was 53% for the fourth quarter, while the adjusted gross margin was 57%, a 530-basis point improvement compared to the fourth quarter of 2024.
908 Devices reported net income from continuing operations of $4.4 million and a positive adjusted EBITDA of $0.7 million for the fourth quarter, achieving its goal of cash flow positivity during that period.
According to Kevin J. Knopp, CEO and Co-founder, 2025 was a defining year for 908 Devices as the company strengthened its operating model, expanded margins, and achieved Adjusted EBITDA positivity in the fourth quarter. He noted that disciplined execution led to strong growth, with revenue reaching $56.2 million in 2025, an 18% increase year-over-year. Knopp added that structural changes, combined with a solid balance sheet, give the company financial flexibility to focus resources on growing demand across the vital health, safety, and defense-tech markets.
The company’s installed base grew 24% year-over-year to 3,736 devices, with 224 devices placed during the fourth quarter. Recurring revenue represented 32% of total revenues in the quarter.
Gross profit for the fourth quarter was $9.2 million, compared to $6.7 million in the same period the prior year. Adjusted gross profit was $10.0 million, compared to $7.5 million for the corresponding period in the prior year. The increase in adjusted gross margin percentage was primarily driven by higher product revenues, including a shift in channel mix, along with an improvement in service gross margins.
Operating expenses for the fourth quarter were $6.1 million, compared to $23.4 million for the corresponding period in the prior year. This decrease includes a $2.0 million reduction in operating expenses related to research and development and selling, general, and administrative costs, a noncash decrease of $10.1 million related to an impairment of goodwill, and a noncash decrease of $5.2 million related to a change in the fair value of the contingent consideration liability.
For the full year, revenue was $56.2 million, an 18% increase over the prior year, driven by an increase in FTIR product revenue and the impact of ownership for the full period in 2025 compared to eight months in 2024. Gross profit was $28.4 million for 2025, compared to $24.5 million in the prior year. Adjusted gross profit was $31.9 million, compared to $26.7 million in the prior year. The increase in adjusted gross margin percentage was primarily driven by improved service gross margins from leverage of fixed costs and insourcing of training obligations.
Operating expenses for 2025 were $67.8 million, compared to $81.9 million in the prior year. The company reported a net loss from continuing operations of $33.3 million for 2025, compared to a net loss of $53.1 million in the prior year. Adjusted EBITDA was a loss of $9.6 million for 2025, compared to a loss of $15.6 million in the prior year. Cash, cash equivalents, and marketable securities were $113.0 million as of December 31, 2025.
908 Devices expects full-year 2026 revenues to be in the range of $64.5 million to $67.5 million, representing 15% to 20% growth compared to 2025 revenue from continuing operations.
908 Devices is revolutionizing chemical analysis with its simple handheld devices, addressing life-altering applications. The Company’s devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers in vital health, safety and defense tech applications, addressing the fentanyl and illicit drug crisis, toxic carcinogen exposure, and global security threats.
Source: 908 Devices
