908 Devices(MASS) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2024 was $16.8 million, a 17$14.0 million, up 19% year-over-year, while desktop revenue was $2.8 million, increasing 8$6.1 million, representing a 70% increase year-over-year and accounting for 36% of total revenue [3] - The company expects full-year 2024 revenue to be between $56 million and$58 million, reflecting an 11% to 15% growth over 2023 [10] Financial Losses - Net loss for Q3 2024 was $29.3 million, compared to a net loss of$7.1 million in Q3 2023 [9] - Net loss for the three months ended September 2024 was $(29,295,000), compared to$(7,093,000) in 2023, indicating a significant increase in losses [22] - Adjusted EBITDA for the nine months ended September 2024 was $(23,373,000), slightly worse than$(22,994,000) in 2023 [22] Operating Expenses and Profitability - Adjusted gross profit for Q3 2024 was $9.3 million, with an adjusted gross margin of 55$38.5 million, significantly higher than $17.0 million in the prior year, primarily due to a$30.5 million goodwill impairment charge [8] - Gross profit for the three months ended September 2024 was $8,332,000, compared to$7,869,000 for the same period in 2023, representing an increase of 5.9% [21] - Adjusted gross profit for the nine months ended September 2024 was $22,729,000, up from$18,778,000 in 2023, reflecting a growth of 21.0% [21] - Adjusted gross margin percentage for the three months ended September 2024 was 55%, compared to 57% in 2023 [21] Cash and Assets - The company ended the quarter with $71.7 million in cash, cash equivalents, and marketable securities, having used$5.7 million in cash during the quarter [9] - Total current assets decreased from $173,790,000 in 2023 to$108,927,000 in 2024, a decline of approximately 37.4% [20] - Cash and cash equivalents dropped from $145,682,000 in 2023 to$71,686,000 in 2024, a decrease of 50.8% [20] - Inventory increased from $14,938,000 in 2023 to$17,833,000 in 2024, an increase of 19.3% [20] Liabilities and Equity - Total liabilities decreased from $202,981,000 in 2023 to$178,283,000 in 2024, a reduction of approximately 12.2% [20] - Total stockholders' equity decreased from $165,491,000 in 2023 to$131,039,000 in 2024, a decline of approximately 20.8% [20] Structural Changes - The company is implementing structural changes to enhance cost efficiency and expand gross margins, including transitioning manufacturing operations and reducing workforce by approximately 11% [5] - The installed base of devices grew to 3,253, a 20% increase from the end of Q3 2023 [6]