Positive adjusted EBITDA in Q4 2025 , which they highlighted as proof of a new cost structureManagement said that about a year earlier it began transforming the business by divesting its desktop products, citing headwinds in the academic and biopharma markets. The company said this move helped it “secure” its balance sheet, reset its cost structure, and “double down” on growth areas tied to public safety, security, and defense.In the presentation, the company reported more than 3,700 devices deployed across ...

Summary of 908 Devices Conference Call Company Overview - **Company**: 908 Devices (NasdaqGM:MASS) - **Industry**: Analytical technology for public health, safety, and defense applications - **Products**: Handheld and portable analytical tools for chemical detection Key Points Business Transformation and Growth - 908 Devices is at an inflection point, having undergone a transformation by divesting desktop products and focusing on growth areas, resulting in a more secure balance sheet and improved cost structure [2][3] - The company achieved an 18% year-over-year growth in 2025, with positive adjusted EBITDA in Q4 and a cash balance of $113 million [4][13] - The installed base of devices increased to over 3,700, a 54% increase since year-end 2023 [12] Product Innovations - The flagship product, MX908, is a handheld mass spectrometer that has seen over 3,100 units deployed [5] - New products like XplorIR and VipIR are driving growth, with VipIR expected to be a significant contributor in 2026 [7][18] - In 2025, 50% of device placements were beyond the core mass spec, indicating diversification in product offerings [6] Market Demand and Trends - The opioid crisis and rising defense budgets are key secular tailwinds for the company, with increasing demand for modern detection tools [4][10] - The company is addressing urgent public health threats, including synthetic drugs and hazardous VOCs, which are becoming significant risks for frontline responders [8][9] Financial Projections - Projected revenue growth for 2026 is between 15%-20%, with expectations for further adjusted gross margin expansion [14][32] - The company aims to cut adjusted EBITDA losses in half year-over-year, targeting mid-single-digit millions [15] Recurring Revenue Model - Recurring revenue accounted for 35% of total revenues in 2025, with plans to maintain this level as it provides predictable income [6][49] - The recurring revenue model includes service offerings and software updates, enhancing customer commitment [47][48] Operational Efficiency - Manufacturing operations have been consolidated in Danbury, Connecticut, which is expected to improve margins and production capacity [27][28] - The company has not faced significant supply chain issues, primarily sourcing materials domestically [30] International Market Opportunities - Approximately 27% of revenues came from international markets, with growth expected due to increased NATO spending on equipment modernization [23][24] - The company has seen orders from countries like Poland and the Czech Republic, indicating a trend towards modernization in response to security threats [24][25] Strategic Partnerships - The AVCAD program with Smiths Detection is anticipated to generate $2 million-$3 million in revenue in 2026, representing a long-term growth opportunity [34][35] Future Outlook - The company is focused on maintaining a healthy balance sheet while investing in growth opportunities, including potential acquisitions [41][42] - The path to profitability is becoming clearer, with expectations for cash flow positivity in the coming years [38][39] Additional Insights - The unique integration of two optical technologies in the VipIR product is a competitive advantage, supported by patent protections [21][22] - The distribution model includes direct sales for state and local markets and partnerships for federal military sales, enhancing procurement efficiency [53][55]

Summary of 908 Devices Conference Call Company Overview - **Company**: 908 Devices (NasdaqGM:MASS) - **Industry**: Life Science Tools and Diagnostics Key Points Industry and Market Dynamics - **Impact of Global Conflicts**: The company noted that global unrest, such as the Ukraine war and tensions in the Middle East, influences demand for their products, particularly in conflict zones where concerns about chemical weapons arise [4][6][12] - **Drivers of Business**: The business is driven by three main factors: 1. Illicit drug crisis and counterfeit pharmaceuticals 2. Toxic industrial chemicals and their impact on frontline workers 3. Increased global unrest leading to heightened demand for chemical detection tools [6][12] Financial Performance - **Fourth Quarter Growth**: The company reported a solid 21% growth in the fourth quarter, attributed to the contribution from RedWave products despite challenges from a government shutdown [32][40] - **Revenue Breakdown**: Approximately 43% of revenues came from state and local customers, with a notable uptick in orders for products like XplorIR and VipIR [36][38] - **International Revenue**: International sales accounted for 27% of total revenues, with expectations for this percentage to increase as global demand rises [14][92] Product Development and Innovation - **Next-Gen Products**: The company is working on a next-generation MX908 device, aiming to reduce size and weight while enhancing user-friendliness. The launch is expected later this year, with a full impact anticipated next year [84][86] - **AVCAD Program**: The AVCAD program is expected to generate $2 million to $3 million in 2026, with potential to ramp up to $10 million annually over the next several years [76][81] - **XplorIR Performance**: The XplorIR product has seen significant growth, with over 150 units installed and a 40% year-over-year growth rate [110][112] Government and Grant Funding - **Grant Funding Opportunities**: The company highlighted the importance of grant funding for state and local customers, with approximately $2 billion available annually for equipment purchases. Recent legislative changes have opened additional funding avenues [52][72] - **DHS Shutdown Impact**: The ongoing DHS shutdown has not had an immediate negative impact on the company’s operations, as many grants are multi-year and already allocated [61][62] Future Outlook - **Growth Projections**: The company anticipates a growth rate of 15%-20% for the upcoming year, with a slower start expected in Q1 due to inventory restocking [40][47] - **Profitability Goals**: The company aims to achieve positive Adjusted EBITDA in the second half of 2026, with a focus on balancing growth and profitability [119][120] Competitive Landscape - **Market Position**: The company believes it has a unique position in the market with its handheld mass spectrometry technology, which is not widely available from competitors [84][110] - **International Expansion**: There are plans to increase international sales efforts, particularly in Europe and APAC, with a goal of significantly raising the percentage of international revenue [96][100] Financial Management - **Cost Management**: The company is focused on improving gross margins through insourcing and operational efficiencies, with expectations for margins to reach the high fifties percentage range [125][126] - **Recurring Revenue Growth**: Recurring revenue was up 22% year-over-year, making up about 35% of total revenues, with plans to increase this further [129][132] Conclusion - **Strategic Focus**: 908 Devices is strategically positioned to capitalize on growing market demands driven by global unrest and increased funding for safety and detection technologies. The company is focused on innovation, expanding its product offerings, and enhancing its international presence while maintaining a balanced approach to profitability and growth.

Revenue and Financial Performance - Revenue for the year ended December 31, 2025, was $56.2 million, an increase from $47.7 million in 2024, while net losses from continuing operations were $33.3 million and $53.1 million for the same years [357]. - Total revenue for the year ended December 31, 2025, was $56.2 million, an increase of $8.5 million or 17.7% compared to $47.7 million in 2024 [405]. - Product revenue increased by $7.8 million, or 22%, to $43.3 million in 2025, driven by $11.3 million from FTIR products, including the recently launched VipIR and XplorIR devices [406]. - Recurring revenue accounted for 35% of total revenue in 2025, up from 33% in 2024, totaling $19.4 million compared to $15.9 million [386]. - Gross profit for 2025 was $28.4 million, an increase of $3.9 million or 16% from $24.5 million in 2024, with a gross profit margin of 50.6% [405]. - Gross profit rose by $1.1 million, or 17%, with a gross profit margin increase of 6 percentage points to 58% for the year ended December 31, 2025 [413]. - The company recorded a net income of $19.5 million for the year ended December 31, 2025, compared to a net loss of $72.2 million in 2024 [435]. Revenue Sources and Trends - Recurring revenue constituted 35% of total revenue for the year ended December 31, 2025, compared to 33% in 2024, indicating a growing trend in recurring revenue sources [373]. - Device sales are a key performance indicator, with management focusing on increasing penetration in existing markets and expanding into new markets [369]. - Service and contract revenue increased by $0.7 million, or 6%, to $12.9 million for the year ended December 31, 2025, compared to $12.2 million in 2024 [411]. - Contract revenue was $117,000 in 2025, slightly down from $132,000 in 2024, indicating a stable but limited contribution from contract agreements [385]. Operational Changes and Costs - An organizational restructuring was implemented in November 2024, resulting in an approximately 11% workforce reduction to improve operational efficiencies [359]. - The company incurred $1.0 million in restructuring charges related to the abandonment of its Boston facility during the transition of manufacturing operations [360]. - Operating expenses decreased by $14.0 million to $67.8 million in 2025, primarily due to a reduction in goodwill impairment expenses [405]. - Research and development expenses rose to $15.6 million in 2025, an increase of $0.6 million or 3.9% from $15.0 million in 2024 [405]. - Selling, general and administrative expenses decreased by $0.9 million, or 2%, to $38.5 million for the year ended December 31, 2025, representing 69% of total revenue [416]. Cash Flow and Liquidity - Cash used in operating activities was $23.7 million for the year ended December 31, 2025, a decrease from $30.2 million in 2024 [434]. - The company had cash and cash equivalents of $70.5 million and marketable securities of $42.5 million as of December 31, 2025, indicating strong liquidity [423]. - For the year ended December 31, 2025, net cash provided by investing activities was $50.7 million, primarily from $69.9 million in proceeds from the sale of the Desktop Portfolio and $47.8 million from marketable securities maturity, offset by $64.0 million in marketable securities purchases [437]. - Cash used in financing activities for 2025 was $0.7 million, primarily for contingent consideration related to the KAF acquisition, compared to $0.4 million in 2024 for contingent consideration from the Trace Analytics GmbH acquisition [440]. Market and Economic Factors - The company is closely monitoring macroeconomic factors, including inflation and interest rates, which may impact its business and customer spending [361]. - Inflation and changing prices have not materially affected the company's business in the last two years, with uncertainty about future impacts [469]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [470]. Strategic Plans and Future Outlook - The company expects to continue incurring net losses as it focuses on growing sales and expanding its manufacturing operations [357]. - The company plans to expand its global sales efforts, particularly in international markets, while maintaining a strong focus on the U.S. market [386]. - The company plans to expand its commercial operations in Europe, Asia Pacific, and Latin America, which may require additional funding [424]. - The company expects gross profit margins to improve over the long term as sales and production volumes increase, benefiting from economies of scale [391]. Acquisitions and Product Development - The company completed the acquisition of RedWave for $45.0 million in cash and 1,497,171 unregistered shares, enhancing its portfolio of handheld chemical analysis devices [355]. - The number of handheld product placements increased to 721 units in 2025 from 593 units in 2024, reflecting growth in device sales [380]. - Cumulative product placements reached 3,736 handheld devices by December 31, 2025, up from 3,015 in 2024 [381]. - Change in fair value of contingent consideration increased by $13.7 million to $13.7 million for the year ended December 31, 2025, due to improved revenue projections for FTIR products [417].

Summary of 908 Devices FY Conference Call Company Overview - **Company**: 908 Devices (NasdaqGM:MASS) - **Industry**: Handheld chemical detection tools for health, safety, and defense technology applications Key Financial Highlights - **Q4 2025 Revenue Growth**: Achieved approximately 18% year-over-year growth in top-line revenue [4] - **Adjusted EBITDA**: Reached a positive adjusted EBITDA of $0.7 million in Q4 2025, marking a significant milestone in the company's transformation [5] - **Revenue Contribution**: Exceeded $56 million in total revenue for the full year 2025 [14] Market Focus and Drivers - **End Markets**: Focused on handheld, deployable devices serving health, safety, and defense technology sectors [12] - **Key Demand Drivers**: - **Illicit Drug Crisis**: Strong demand driven by the ongoing crisis, particularly concerning substances like fentanyl and cocaine [12] - **Toxic Industrial Chemicals**: Increased need for monitoring carcinogens and exposure for first responders [12] - **Global Defense Concerns**: Rising unrest globally, including conflicts in Ukraine and Iran, driving demand for defense-related products [12][13] Product Performance - **VipIR**: Launched in Q3, contributed over $3 million in revenue in Q4 with more than 40 devices sold [14] - **XplorIR**: Introduced a quant model, shipped over 150 devices, and gained traction across various customer segments [15] - **AVCAD**: Expected to contribute $2 million-$3 million in 2026, with potential for $10 million annually at full production [39][45] - **MX908**: Anticipated growth driven by opioid funding and international events [15] Operational Efficiency and Margins - **Adjusted Gross Margin**: Currently at 56.7%, with a target of at least 100 basis points improvement [36] - **Cost Structure**: Improved through divestment of the desktop business and insourcing capabilities [5][36] Strategic Initiatives - **TeamLeader Software**: Aims to enhance connectivity and data sharing across devices, currently in a free version with plans for a paid model [64][66] - **OEM Partnerships**: Expanding access to platforms through partnerships without incurring full sales and marketing costs [50] Future Outlook - **Revenue Guidance for 2026**: Projected growth of 15%-20% driven by product demand and market expansion [14] - **Defense Spending**: Anticipated increase in defense budgets across NATO countries, expected to benefit the company [23][25] - **Product Replacement Cycle**: Strong potential for growth in FTIR device replacements, with a significant portion of placements last year being FTIR-based [56] Conclusion 908 Devices is positioned for growth through its focus on innovative handheld detection tools, driven by strong market demand in health, safety, and defense sectors. The company is leveraging operational efficiencies and strategic partnerships to enhance its product offerings and expand its market reach.

Core Insights - The company reported a fourth-quarter revenue of $17.4 million from continuing operations, reflecting a 21% year-over-year increase, primarily driven by strong demand for the XplorIR gas identification device and the new VipIR product [4][8] - The total number of devices shipped in the fourth quarter was 224, increasing the installed base to 3,736 [1][8] - Management provided guidance for 2026 revenue between $64.5 million and $67.5 million, indicating a growth rate of 15% to 20% compared to 2025 [6][17] Financial Performance - Handheld product and service revenue reached $16.0 million in the fourth quarter, up 18%, largely due to FTIR products [2] - The company achieved a positive adjusted EBITDA of $0.7 million, a significant improvement from a $4.0 million loss in the previous year [7][9] - Gross margin improved to 53%, with an adjusted gross margin of 57%, up approximately 530 basis points year-over-year [9] Operational Highlights - The company ended 2025 with $113 million in cash and marketable securities, with no outstanding debt [6][14] - Operating expenses decreased to $6.1 million in the fourth quarter, down from $23.4 million in the prior year, primarily due to the absence of non-cash charges [10] - The state and local sales channel revenue grew by 38% to approximately $24 million, representing 43% of total 2025 revenue [13] Product Developments - The VipIR product, launched in July 2025, combines FTIR and Raman spectroscopy with proprietary Smart Spectral Processing [18] - The next-generation MX platform is on track for a commercial launch later in 2026 [18] - The company consolidated U.S. federal contracting partners to improve procurement efficiency [15] Market Expansion - International revenue accounted for 27% of total revenue in 2025, up from 25% in 2024, with increased defense budgets among NATO countries [16] - The company is shipping chemical detection devices to various countries, including Poland and Ukraine [16] - Management emphasized the focus on scaling proven platforms and strengthening revenue durability through recurring revenue [20]

Core Insights - The company reported a strong financial performance for 2025, achieving $56.2 million in revenue, which reflects an 18% year-over-year growth, driven by the adoption of its innovative devices in health, safety, and defense applications [2][22] - The Explorer device has been a key growth driver, with over 150 units sold and a year-over-year growth of more than 40%, highlighting its demand among emergency response teams [5][49] - The company has consolidated its contracting partners to improve procurement efficiency and predictability in its U.S. federal government business, which is expected to enhance revenue visibility [6][34] Financial Performance - For Q4 2025, the company reported $17.4 million in revenue, marking a 21% increase from the previous year, with a positive adjusted EBITDA of $700,000 compared to a loss of $4 million in the prior year [4][21] - The full-year gross profit was $28.4 million, with a gross margin of 51%, while adjusted gross profit reached $31.9 million, reflecting a 57% margin [23][19] - The company ended 2025 with $113 million in cash and no debt, providing a solid financial foundation for future growth [12][25] Product Development and Market Expansion - The launch of the Viper device in July 2025 has been well-received, generating over $3 million in revenue from more than 40 units shipped in Q4 [10][8] - The company is focusing on expanding its international presence, with 27% of revenues coming from outside the U.S., an increase from 25% in 2024, particularly in NATO countries [7][26] - The company plans to continue modernizing legacy detection equipment and expanding its product portfolio to drive future growth [13][64] Strategic Focus Areas - The company has identified three strategic focus areas for 2026: scaling proven platforms, extending platform leadership, and strengthening revenue durability through recurring revenue opportunities [12][14] - The company aims to achieve revenue growth of 15% to 20% in 2026, with expectations for handheld product and service revenue to grow by 13% to 17% [26][27] - The operational improvements and cost management strategies implemented in 2025 are expected to continue benefiting the company in the coming years [11][29]

Financial Data and Key Metrics Changes - The company achieved $17.4 million in revenue from continuing operations in Q4 2025, representing a robust 21% year-over-year growth from $14.3 million in Q4 2024 [4][17] - For the full year 2025, revenue was $56.2 million, an 18% increase from $47.7 million in 2024, driven primarily by FTIR products [5][23] - Adjusted EBITDA for Q4 2025 was positive at $0.7 million, a significant improvement from a loss of $4 million in the prior year [5][22] - The company ended 2025 with $113 million in cash, with no debt outstanding, indicating a strong financial position [14][26] Business Line Data and Key Metrics Changes - Handheld product and service revenue was $16 million in Q4 2025, up 18% from $13.6 million in Q4 2024, driven by FTIR products [17] - Recurring revenue, which includes consumables, accessories, software, and service revenue, represented 32% of total revenues in Q4 2025, amounting to $5.5 million, an 11% increase year-over-year [19] - The XplorIR device achieved over 40% year-over-year growth, with more than 150 units delivered in its first full year of commercial sales [8][52] Market Data and Key Metrics Changes - 27% of revenues in 2025 came from international markets, an increase from 25% in 2024, with significant sales growth in NATO countries [10] - The company noted strong demand for its products in Europe, particularly due to increased defense budgets related to the ongoing war in Ukraine [10] Company Strategy and Development Direction - The company aims to scale proven platforms, extend platform leadership, and strengthen revenue durability as part of its strategic focus for 2026 [14][15] - The introduction of the VipIR device is expected to drive growth, with the company anticipating a full year of impact in 2026 [15][52] - The consolidation of contracting partners to one for U.S. federal government business is intended to improve procurement efficiency and forecasting accuracy [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on growth opportunities driven by increased funding for public safety and defense [30] - The company expects revenue growth of 15%-20% in 2026, with guidance reflecting the anticipated impact of new products and market conditions [26][27] - Management highlighted the importance of their mission to protect frontline responders, emphasizing the societal value of their products [31] Other Important Information - The company reported a significant reduction in operating expenses for Q4 2025, totaling $6.1 million compared to $23.4 million in the prior year, largely due to non-cash items in 2024 [21] - The adjusted gross margin for the full year 2025 was 57%, an increase from 56% in 2024, driven by improved service and contract gross margins [25] Q&A Session Summary Question: Relationship with Mountain Horse - The company consolidated contracting partners to improve procurement efficiency and forecasting visibility, leveraging Mountain Horse's strong procurement relationships [33][36] Question: Next Gen MX908 Platform - The next-gen MX908 platform is on schedule for commercial launch in 2026, with expectations for significant demand due to its differentiated capabilities [41][42] Question: Growth Drivers for 2026 - Key growth drivers include the full-year impact of VipIR, continued demand for XplorIR, and increased defense spending due to global concerns [48][52] Question: Impact of Current Conflicts - Management does not foresee immediate disruptions from current conflicts but acknowledges potential increases in demand for their products [65][66] Question: Adjusted EBITDA Expectations - The company aims to cut its adjusted EBITDA loss in half for 2026, targeting low to mid-single-digit millions, while maintaining growth opportunities [59][60]

Financial Data and Key Metrics Changes - The company achieved $17.4 million in revenue from continuing operations in Q4 2025, representing a robust 21% year-over-year growth from $14.3 million in Q4 2024 [4][17] - For the full year 2025, total revenue was $56.2 million, an 18% increase from $47.7 million in 2024 [23] - Adjusted EBITDA for Q4 2025 was positive $0.7 million, a significant improvement from a loss of $4 million in the prior year [5][22] - The company ended 2025 with $113 million in cash and no debt outstanding, strengthening its financial position [14][26] Business Line Data and Key Metrics Changes - Handheld product and service revenue was $16 million in Q4 2025, up 18% from $13.6 million in Q4 2024, driven by FTIR products [17] - Recurring revenue, which includes consumables, accessories, software, and service revenue, represented 32% of total revenues in Q4 2025, amounting to $5.5 million, an 11% increase year-over-year [19] - The XplorIR device achieved over 40% year-over-year growth, with more than 150 units delivered in its first full year of commercial sales [8][51] Market Data and Key Metrics Changes - 27% of revenues in 2025 came from outside the United States, an increase from 25% in 2024, with significant sales growth along NATO's eastern flank [10] - The company noted strong demand for its products in Europe, particularly due to increased defense budgets among NATO countries [9] Company Strategy and Development Direction - The company aims to scale proven platforms, extend platform leadership, and strengthen revenue durability in 2026 [15] - The focus is on modernizing legacy detection equipment, particularly FTIR, and driving growth through new product introductions like VipIR [15][44] - The company is consolidating contracting partners to improve procurement efficiency and predictability in its U.S. federal government business [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on significant growth opportunities driven by increased funding for public safety and defense [30] - The company anticipates revenue growth of 15%-20% in 2026, with expectations for handheld product and service revenue to grow 13%-17% year-over-year [26][27] - Management highlighted the importance of their mission to protect frontline responders, which aligns with their technology leadership and operational excellence [31] Other Important Information - The company reported a significant reduction in total operating expenses for Q4 2025 to $6.1 million, down from $23.4 million in the prior year, largely due to non-cash items in 2024 [21] - The company is focused on maintaining a disciplined cost management approach while investing in growth opportunities [14][29] Q&A Session Summary Question: Relationship with Mountain Horse - Management explained the decision to consolidate contracting partners to improve procurement efficiency and visibility, emphasizing the unique capabilities of Mountain Horse in supporting government contracts [33][36] Question: Next Gen MX908 Platform - Management confirmed that the next-gen MX908 platform is on schedule for commercial launch, with expectations for significant demand due to its differentiated capabilities [40][41] Question: Growth Drivers for 2026 - Management discussed various growth drivers, including the impact of the VipIR product and increased defense spending, while also addressing potential challenges from ongoing conflicts [47][48] Question: Impact of Middle East Conflict - Management indicated that while conflicts can create uncertainty, they do not currently see a significant impact on their operations or demand [64][66] Question: Commercial Efforts and OpEx - Management outlined plans to increase commercial efforts, particularly in state and local markets, while also investing in international sales capabilities [67][69]

Financial Data and Key Metrics Changes - The company achieved $17.4 million in revenue for Q4 2025, representing a 21% year-over-year growth from $14.3 million in Q4 2024 [16] - For the full year 2025, revenue was $56.2 million, an 18% increase from $47.7 million in 2024 [21] - Adjusted EBITDA for Q4 2025 was $0.7 million, a significant improvement from a loss of $4 million in the prior year [20] - The company ended 2025 with $113 million in cash and no debt outstanding [24] Business Line Data and Key Metrics Changes - Handheld product and service revenue for Q4 2025 was $16 million, up 18% from $13.6 million in Q4 2024, driven by FTIR products [16] - Recurring revenue represented 32% of total revenues in Q4 2025, amounting to $5.5 million, an 11% increase year-over-year [18] - The XplorIR device achieved over 40% year-over-year growth, with more than 150 units delivered in its first full year of sales [7][49] Market Data and Key Metrics Changes - 27% of revenues in 2025 came from outside the U.S., up from 25% in 2024, with significant sales growth in NATO countries [9] - The state and local sales channel grew 38% to approximately $24 million, representing 43% of total revenues for 2025 [21] Company Strategy and Development Direction - The company aims to scale proven platforms, extend platform leadership, and strengthen revenue durability in 2026 [13][14] - Focus on increasing adoption of devices to address global threats to public health and safety, particularly through the XplorIR and VipIR products [6][10] - The company is consolidating contracting partners to improve procurement efficiency and predictability in U.S. federal government business [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on growth opportunities driven by increased funding for public safety and defense [28] - The company anticipates revenue growth of 15%-20% in 2026, with expectations for continued demand for its products amid global defense spending increases [24][25] - Management highlighted a strong late-stage pipeline and favorable U.S. policy decisions as key factors for sustained growth [28] Other Important Information - The company has made significant operational improvements, including manufacturing consolidation and cost management, leading to a right-sized cost structure [12] - The introduction of the VipIR device is expected to have a full-year impact in 2026, contributing to revenue growth [10] Q&A Session Summary Question: What is the rationale behind the partnership with Mountain Horse? - The partnership aims to drive procurement efficiency and improve forecasting visibility by consolidating from four partners to one, enhancing the ability to deliver fully configured solutions to the U.S. government [32][34] Question: How will the new MX908 platform be adopted? - The next-gen MX908 platform is on schedule for commercial launch, with expectations for demand from both existing and new customers due to its enhanced capabilities [39][41] Question: What factors will influence revenue growth in 2026? - Key growth drivers include the full-year impact of VipIR, continued demand for XplorIR, and increased funding for defense and public safety initiatives [45][49]