Vancouver, British Columbia--(Newsfile Corp. - December 22, 2025) - Masivo Silver Corp. (TSXV: MASS) (OTC Pink: GNYPF) ("Masivo" or the "Company") is pleased to provide an update on ongoing exploration and permitting activities at its Cerro Colorado Project, located in the State of Sonora, Mexico.Permitting ProgressMasivo reports that it has submitted the required environmental permit applications to SEMARNAT (Secretaría de Medio Ambiente y Recursos Naturales) in support of its proposed exploration activit ...

Summary of 908 Devices FY Conference Call Company Overview - **Company**: 908 Devices (NasdaqGM:MASS) - **Focus**: Transitioned from a broad instrumentation provider to a company focused on handheld chemical detection for public health, safety, and defense through a transformation called "908 2.0" [2][6] Key Points Transformation and Business Focus - The transformation is complete, with a focus on growth markets, specifically handheld chemical detection [3] - Divested the desktop business to sharpen focus on handheld markets, which are seeing increased demand due to macro trends like the opioid crisis and defense modernization [3][4] - The company aims for 13%-17% growth this year, accelerating to over 20% next year on the product side [3] Financial Performance - Year-to-date revenue growth of 16% driven by new product launches [10] - Gross margins improved to 56% year-to-date, reaching 58% in Q3 due to operational streamlining and manufacturing consolidation [11] - Adjusted EBITDA loss improved by 32% year-over-year and 53% quarter-over-quarter [4] - Projected revenue for the full year is between $54 million and $56 million, with a goal of achieving positive adjusted EBITDA in Q4 [12] Product Development and Market Strategy - Expanded product portfolio from one handheld device to five, with more in development [5][9] - New handheld analyzer, Viper, launched in Q3, combining FTIR and Raman technologies for enhanced chemical identification [17][20] - Explorer device has seen strong sales, with a 30% quarter-over-quarter growth and significant adoption among first responders [23][24] Growth Catalysts for 2026 - Key growth drivers identified as equipment modernization, the NextGen MX908 launch, and the DOD AFCAD program [32][33] - The company expects to leverage a legacy base of over 15,000 products for upgrades, with a focus on innovative solutions [33] - Anticipated revenue from the AFCAD program could exceed $10 million when fully ramped [36] Market Opportunities - Strong traction in state and local government markets, driven by funding opportunities and the need for advanced chemical detection due to the opioid crisis [30][31] - International expansion opportunities identified, particularly in the Middle East and potential growth in APAC [11][30] Recurring Revenue Strategy - Approximately one-third of revenue comes from service and support contracts, with plans to enhance connected services through the Team Leader software application [25][26][27] Cash Position and Investment Strategy - Strong cash position of $112 million with no debt, allowing flexibility for organic and potential inorganic investments [37][38] Additional Insights - The company is focused on maintaining a simplified operational model while pursuing high-impact markets [6] - The transformation is seen as a pivotal shift, positioning the company for long-term growth and profitability [2][6]

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Summary of 908 Devices Conference Call Company Overview - **Company**: 908 Devices (NasdaqGM:MASS) - **Industry**: Life Sciences and Diagnostics Key Financial Highlights - **Q3 Revenue**: $14 million, exceeding consensus of $13.5 million [3][4] - **Guidance**: Maintained revenue guidance of $54 million to $56 million for Q4 [25] - **Cash Position**: Ended the quarter with $112 million in cash [5] Business Transformation - **Acquisition**: Acquired RedWave, enhancing handheld product portfolio from 1 to 5 products [5][6] - **Divestiture**: Sold PAT business to Repligen, generating approximately $70 million [5] - **Cost Structure**: Consolidated manufacturing to Danbury, Connecticut, leading to a lower cost footprint [6] Product Development and Market Focus - **Product Launches**: Continued launch of Viper product and Explorer, with record performance [4][8] - **Market Segments**: Focus on drug detection (e.g., fentanyl crisis) and toxic materials [6][30] - **Government Partnerships**: Collaboration with Smith's Detection for the Avcad program targeting military applications [11][12] Revenue Streams and Diversification - **Revenue Sources**: 47% from state and local channels, 25% from international channels [28] - **Fentanyl Detection**: Majority of revenues driven by fentanyl and drug detection capabilities [36][37] Challenges and Risks - **Government Shutdown Impact**: Approximately $4 million in revenue tied up due to government shutdown, affecting Q4 revenue recognition [24][25] - **Export Licensing Delays**: $1 million to $3 million in international orders pending export license approval [26] Future Growth Catalysts - **Next-Gen Products**: Anticipated launch of next-generation MX908, expected to enhance market position [40][42] - **Enterprise Accounts**: Potential for enterprise-level deals with Viper and Explorer products [55][56] - **Long-Term Growth**: Projected 20% product growth in 2026, with opportunities for further expansion in 2027 and beyond [75] Operational Insights - **Production Capacity**: Confident in production capabilities to meet demand, with plans to ramp up labor as needed [19][20] - **Partnerships**: Emphasizing strategic partnerships to enhance market reach and product integration [70][71] Profitability Outlook - **Adjusted EBITDA**: Expected positive adjusted EBITDA in Q4, with a target of $16 million [73] - **Sustained Profitability**: Anticipated crossover into consistent profitability in the future, though 2026 may not be the year for sustained positive results [74] Conclusion - **Overall Sentiment**: Positive outlook on business transformation, product innovation, and market opportunities, despite short-term challenges related to government operations and export licensing delays [76][78]

Core Insights - 908 Devices Inc. (NASDAQ:MASS) is focused on handheld chemical analysis tools for health, safety, and defense applications, aiming to establish a more predictable and profitable business model through its 908 Devices 2.0 vision [1] Financial Performance - For Q3 2025, MASS reported an earnings per share (EPS) of -$0.41, missing the estimated EPS of -$0.11 and significantly below the Zacks Consensus Estimate of a $0.13 loss [2][6] - The company exceeded revenue expectations with $14 million in revenue, surpassing the estimated $13.5 million and the Zacks Consensus Estimate by 3.17%, although this represents a decline from $16.77 million reported a year ago [3][6] - MASS has a negative price-to-earnings (P/E) ratio of approximately -12.42, indicating current losses, while the price-to-sales ratio is about 3.81, suggesting investors are willing to pay $3.81 for every dollar of sales [4] - The enterprise value to sales ratio is approximately 2.87, providing insight into the company's valuation relative to its revenue [4] Financial Health - The company maintains a strong current ratio of approximately 4.98, indicating good short-term financial health and liquidity [5][6] - MASS has a low debt-to-equity ratio of about 0.03, showing minimal reliance on debt financing [5] - The enterprise value to operating cash flow ratio is negative at around -6.04, highlighting potential challenges in generating cash flow from operations [5]

Financial Data and Key Metrics Changes - Revenue from continuing operations was $14 million, down 4% year over year but up 8% sequentially, driven by strong demand for FTIR devices [4][18] - Year-to-date revenues from continuing operations totaled $38.8 million, representing a 16% increase year over year [5] - Adjusted EBITDA loss was $1.8 million for Q3, an improvement of over $5 million year over year [5][22] - The company ended the quarter with approximately $112 million in cash and marketable securities, with no debt outstanding [23] Business Line Data and Key Metrics Changes - FTIR devices accounted for 42% of revenue, with the Explorer Gas Identification device showing strong demand [4] - Recurring revenue represented 36% of total revenue, with a 10% increase year over year [5][19] - Handheld product and service revenue was $13.2 million, down 5% from the prior year [18] Market Data and Key Metrics Changes - The U.S. Coast Guard purchased 23 MX908 devices for narcotics interdiction, contributing to the installed base growth of 27% year over year [4] - International engagement and order flow remain solid, although U.S. export licensing requirements may extend delivery times [7] Company Strategy and Development Direction - The company aims to increase adoption of its devices to address global threats to public health and safety, focusing on rapid chemical identification tools [8][9] - The strategy includes expanding the handheld portfolio and increasing the share of recurring revenue to reduce dependency on large enterprise deals [26] - The company is also advancing its next-gen analytical tools portfolio, including the launch of VIPER, a handheld chemical analyzer [12][15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving full-year guidance despite potential impacts from the U.S. government shutdown [8][24] - The company expects revenue from continuing operations to be in the range of $54-$56 million for the full year, representing growth of 13%-17% over 2024 [23][24] - Management highlighted the importance of government resuming normal operations for achieving Q4 revenue expectations [30] Other Important Information - The company is on track to achieve positive adjusted EBITDA by Q4 2025, supported by revenue projections and lower operating costs [26] - The gross margin increased to 58% on an adjusted basis, reflecting improvements from operational changes [16][21] Q&A Session Summary Question: Clarification on the $4 million impact on guidance - Management confirmed that the $4 million potential impact is included in the full-year guidance and is considered a timing issue [29][30] Question: Update on AVCAD program and Coast Guard order - The Coast Guard order was included in Q3 shipments, and clarity on the AVCAD program's next steps is expected by year-end [31][32] Question: Sensitivities around adjusted EBITDA break-even - Management indicated that achieving adjusted EBITDA positivity is contingent on landing anticipated orders and maintaining revenue guidance [34][36] Question: Production capabilities and supply chain risks - Management expressed confidence in production capabilities and does not foresee significant supply chain issues affecting AVCAD fulfillment [45][46] Question: Impact of government shutdown on future revenues - Management views the shutdown as a timing issue and remains optimistic about the pipeline and future revenue recognition [47][50]

Core Insights - 908 Devices Inc. reported a quarterly loss of $0.15 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.13, but an improvement from a loss of $0.23 per share a year ago [1] - The company achieved revenues of $14.01 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 3.17%, although this represents a decline from $16.77 million in the same quarter last year [2] - The stock has increased approximately 235.5% year-to-date, significantly outperforming the S&P 500's gain of 14.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.06 on revenues of $17.06 million, and for the current fiscal year, it is -$0.86 on revenues of $55.42 million [7] - The estimate revisions trend for 908 Devices was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Medical - Instruments industry, to which 908 Devices belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - The company generated revenue from continuing operations of $38.8 million for the nine months ended September 30, 2025, compared to $33.4 million for the same period in 2024, reflecting a growth of approximately 13%[152] - Net losses for the nine months ended September 30, 2025, were $37.7 million, slightly higher than the $37.1 million loss for the same period in 2024[152] - Total revenue for the three months ended September 30, 2025, was $14,005,000, a decrease of $514,000 or 4% compared to $14,519,000 in 2024[207] - Product revenue decreased by $372,000 or 3% to $10,844,000 for the three months ended September 30, 2025, primarily due to fewer device sales of the MX908 product[208] - Recurring revenue increased to $4,837,000 for the three months ended September 30, 2025, compared to $4,417,000 in 2024, reflecting a growth of 9%[186] - Product revenue increased by $4.0 million, or 16%, to $28.9 million for the nine months ended September 30, 2025, driven by an $8.2 million increase in FTIR product revenue[224] - Service and contract revenue increased by $1.5 million, or 17%, to $9.9 million for the nine months ended September 30, 2025, primarily due to increased revenues from MX908 device trainings[227] Revenue Composition - Recurring revenue accounted for 36% of total revenue for the nine months ended September 30, 2025, up from 33% in the same period of 2024[170] - Device sales represented 64% of total revenue for the nine months ended September 30, 2025, down from 67% in the same period of 2024[181] - Contract revenue for the nine months ended September 30, 2025, was $117,000, compared to $41,000 in 2024, showing a substantial increase[186] Operating Expenses - Operating expenses decreased significantly to $23,679,000 in Q3 2025 from $32,272,000 in Q3 2024, a reduction of $8,593,000 or 27%[207] - Selling, general and administrative expenses decreased by $0.6 million, or 6%, to $9.1 million for the three months ended September 30, 2025, accounting for 65% of total revenue[216] - Selling, general and administrative expenses for the nine months ended September 30, 2025, were $29.7 million, a 2% increase from $29.0 million in the same period of 2024[233] Profitability - Gross profit for the three months ended September 30, 2025, was $7,355,000, down from $7,778,000 in 2024, representing a decrease of $423,000[207] - Gross profit margin for product revenue decreased to 51% in Q3 2025 from 56% in Q3 2024, a decline of 5 percentage points[210] - Gross profit for service and contract revenue increased by $0.3 million, or 18%, with a gross profit margin of 57% for the three months ended September 30, 2025, compared to 46% in the prior year[214] - Gross profit for service and contract revenue increased by $1.4 million, or 33%, with a gross profit margin of 57% for the nine months ended September 30, 2025[231] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $3,837,000, down from $4,205,000 in 2024, reflecting a decrease of $368,000[207] - Research and development expenses increased by $1.0 million, or 9%, to $12.1 million for the nine months ended September 30, 2025, representing 31% of total revenue[232] Cash Flow and Financing - Cash used in operating activities was $25.0 million for the nine months ended September 30, 2025, compared to $28.0 million in the same period of 2024[246] - Net cash provided by investing activities was $43.9 million for the nine months ended September 30, 2025, mainly from $69.9 million in proceeds from the sale of the Desktop Portfolio[251] - Cash used in financing activities was $0.3 million for the nine months ended September 30, 2025, primarily for tax payments on vested equity awards[253] - The company believes its existing cash and cash equivalents will fund operations for at least the next 12 months[156] - The company plans to expand its commercial operations and may seek additional funding through various means, including equity and debt financing[240] - The Amended 2022 Revolver provides a revolving line of credit of up to $10.0 million, with interest-only payments allowed until February 2, 2026[242] Strategic Plans - The company expects to continue incurring net losses as it focuses on growing sales and scaling manufacturing operations[152] - The company plans to enhance its sales efforts and technology to drive future device sales growth[168] - The company plans to expand its global sales efforts, primarily through distribution channels, to capture international market opportunities[188] Product Placement - Cumulative product placements of handheld devices increased to 3,512 as of September 30, 2025, compared to 2,796 in 2024[178] - The number of handheld product placements for the nine months ended September 30, 2025, was 497, compared to 374 for the same period in 2024, indicating a growth of approximately 33%[177] Contingent Consideration and Interest Income - The fair value of contingent consideration increased by $10.7 million during the three months ended September 30, 2025, due to improved FTIR revenue projections[217] - The fair value of contingent consideration increased by $20.0 million during the nine months ended September 30, 2025, driven by higher projections for FTIR revenue and an increase in the company's share price[234] - Interest income increased by $0.2 million to $1.1 million for the three months ended September 30, 2025, attributed to higher cash and marketable securities balances[218] - Interest income decreased by $0.6 million to $3.1 million for the nine months ended September 30, 2025, primarily due to lower cash balances and interest rates[235] Goodwill Impairment - The company recorded a $30.5 million goodwill impairment for the nine months ended September 30, 2024, due to declines in share price and market capitalization[238]

Company Strategy & Focus - 908 Devices is shifting its focus to higher-growth handheld markets, specifically targeting public health, safety, and defense applications with chemical analysis tools for CBRNE (Chemical, Biological, Radiological, Nuclear, and Explosives) [9] - The company aims for Adjusted EBITDA profitability in Q4 2025, driven by improved productivity and facility consolidation [9] - 908 Devices is positioned for acceleration due to secular tailwinds in opioid crisis response, defense budgets, and border security, supported by an innovation pipeline and an expanding installed base of over 3,500 devices [10] Financial Performance & Guidance - The company's strategic transformation includes an increase in devices from 2,422 at YE 2023 to over 3,500 by Q3 2025 [43, 45] - 908 Devices projects revenue between $54 million and $56 million for 2025, representing a 13% to 17% year-over-year increase [45] - The company anticipates a year-end cash balance of approximately $110 million in 2025 [45, 52] - The company reported $13.9 million in recurring revenue YTD 2025, which is 36% of total revenue, with a 16% year-over-year revenue growth and a 56% adjusted gross margin [54] Growth Catalysts - Equipment modernization, specifically replacing outdated FTIRs and penetrating new enterprise accounts, is identified as a growth catalyst with a potential of over 15,000 unit opportunity [39, 58] - The launch of the next-generation MX908 is expected to generate a replacement cycle, offering improved performance, simplicity, and a lower cost of goods [39] - The U S Department of Defense AVCAD program in partnership with Smiths Detection represents another growth catalyst [41]

Revenue Performance - Year-to-date revenue increased by 16% to $38.8 million compared to the first nine months of 2024[7] - Third quarter revenue was $14.0 million, a 4% decrease year-over-year, primarily due to fewer mass spec device placements[5] - Recurring revenue for the third quarter was $4.8 million, representing 35% of total revenues and a 10% increase year-over-year[7] - The company expects full year 2025 revenues to be in the range of $54.0 million to $56.0 million, indicating a growth of 13% to 17% compared to 2024[12] Profitability Metrics - Adjusted EBITDA loss improved by 53% quarter-over-quarter, reaching a loss of $1.8 million[7] - Gross profit for Q3 was $7.4 million, with a GAAP gross margin of 53%[6] - Gross profit for Q3 2025 was $7,355 million, a decrease of 5.4% from $7,778 million in Q3 2024[24] - Adjusted gross profit for Q3 2025 was $8,148 million, down 4.6% from $8,538 million in Q3 2024[24] - Net loss from continuing operations for Q3 2025 was $(14,910) million, an improvement from $(23,648) million in Q3 2024[25] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(10,301) million, compared to $(11,625) million for the same period in 2024[25] - Adjusted gross margin percentage for Q3 2025 was 58%, slightly down from 59% in Q3 2024[24] Operational Efficiency - Operating expenses decreased to $23.7 million in Q3 2025 from $32.3 million in the prior year period[8] - The installed base of devices grew by 27% year-over-year, totaling 3,512 devices with 176 devices placed in Q3[5] Financial Position - The company ended the quarter with a strong cash position of $112 million and no debt outstanding[11] - Total assets increased to $190,873 million as of September 30, 2025, up from $159,476 million on December 31, 2024, representing a growth of 19.6%[22] - Current assets rose to $144,936 million, compared to $103,055 million in the previous period, marking an increase of 40.6%[22] - Total liabilities increased to $54,574 million from $44,884 million, reflecting a rise of 21.5%[22] - Total stockholders' equity grew to $136,299 million, up from $114,592 million, indicating an increase of 18.9%[22] - Cash, cash equivalents, and marketable securities increased to $112,052 million from $68,923 million, a significant rise of 62.5%[22] Revenue Sources - U.S. state and local channel revenue accounted for 47% of total revenues for the first nine months of 2025, supporting a more predictable demand strategy[7]