908 Devices Inc. reported third‑quarter 2025 results that surpassed revenue expectations but fell short on earnings per share. Revenue rose to $14.0 million, a 3.1% beat over the consensus estimate of $13.58 million, yet the company posted an EPS loss of $0.41 versus the analyst expectation of a $0.13 loss, a miss of $0.28 or 215%. Adjusted EBITDA improved to a $1.8 million loss, narrowing from a $2.7 million loss in the same quarter a year earlier, reflecting tighter cost control and a more favorable product mix.
Revenue declined 4% year‑over‑year to $14.0 million, driven by a modest drop in handheld product and service sales. The decline was partially offset by strong demand for FTIR products, which helped maintain revenue momentum despite a slowdown in mass‑spectrometry placements. The company’s installed base grew to 3,512 devices, up 27% from the prior year, underscoring continued adoption of its handheld portfolio.
Gross profit reached $7.4 million, giving a GAAP gross margin of 53% versus 54% in Q3 2024. The slight margin contraction was largely due to a lower mix of high‑cost product placements and higher material costs relative to revenue. Nevertheless, operating expenses fell to $23.7 million, supporting the improved EBITDA profile.
The company closed the quarter with $112.1 million in cash and cash equivalents and remains debt‑free. Management reiterated full‑year 2025 revenue guidance of $54 million to $56 million and reaffirmed its path to positive adjusted EBITDA in Q4, signaling confidence in the company’s cost‑control trajectory and the strength of its handheld strategy.
CEO Kevin J. Knopp highlighted the company’s progress under the 908 Devices 2.0 vision, noting that year‑to‑date revenue grew 16% and that 47% of revenue comes from U.S. state and local channels, reducing reliance on federal contracts. He acknowledged that a U.S. government shutdown could affect award timing but emphasized that demand outlook and strategic focus remain strong. Market reaction was muted, with investors focusing on the EPS miss despite the revenue beat, reflecting concerns about profitability and cost management.
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