908 Devices(US:MASS)2025-11-10 12:15Revenue 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]