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revenue growth and a 56% adjusted gross margin [54] Growth Catalysts - Equipment modernization, specifically replacing outdated FTIRs and penetrating new enterprise accounts, is identified as a growth catalyst with a potential of over 15,000 unit opportunity [39, 58] - The launch of the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]