Revenue growth remains highly inconsistent, swinging from a 58.7% expansion in 2025Q1 to a 7.7% contraction by 2025Q4, while gross margins have trended downward to 47.7% as of 2026Q1.
| Sales/Revenue | 57.8M | 56.2M | 59.63M | 50.23M | 46.85M | 42.21M | 26.89M | 17.97M | 22.05M |
| Revenue Growth % | 2.16% | -5.76% | 18.72% | 7.21% | 11.01% | 56.93% | 49.64% | -18.51% | - |
| Cost of Goods Sold | 29.48M | 29.4M | 29.71M | 24.91M | 20.83M | 18.97M | 11.97M | 9.83M | 9.66M |
| COGS % of Revenue | - | 52.32% | 49.82% | 49.59% | 44.46% | 44.95% | 44.51% | 54.69% | 43.81% |
| Gross Profit | 28.32M | 26.8M | 29.93M | 25.32M | 26.02M | 23.23M | 14.92M | 8.14M | 12.39M |
| Gross Margin % | 49% | 47.68% | 50.18% | 50.41% | 55.54% | 55.05% | 55.49% | 45.31% | 56.19% |
| Gross Profit Growth % | - | -10.45% | 18.18% | -2.69% | 12.01% | 55.69% | 83.26% | -34.29% | - |
| Operating Expenses | 58.67M | 50.98M | 106.64M | 68.08M | 61.41M | 45.3M | 20.74M | 20.29M | 18.83M |
| OpEx % of Revenue | - | 90.71% | 178.84% | 135.54% | 131.06% | 107.34% | 77.11% | 112.88% | 85.39% |
| Selling, General & Admin | 27.57M | 37.18M | 0 | 0 | 43.88M | 32.23M | 0 | 0 | 9.3M |
| SG&A % of Revenue | - | 66.15% | - | - | 93.65% | 76.38% | - | - | 42.19% |
| Research & Development | 13.97M | 13.8M | 25.5M | 21.9M | 17.53M | 13.07M | 8.23M | 8.99M | 9.53M |
| R&D % of Revenue | - | 24.56% | 42.75% | 43.61% | 37.41% | 30.96% | 30.62% | 50.04% | 43.2% |
| Other Operating Expenses | 1000K | 0 | 81.15M | 46.18M | 0 | 0 | 12.5M | 11.29M | 50K |
| Operating Income | -30.35M | -24.18M | -76.72M | -42.76M | -35.38M | -22.07M | -5.82M | -12.14M | -6.44M |
| Operating Margin % | -52.5% | -43.03% | -128.65% | -85.13% | -75.52% | -52.29% | -21.62% | -67.57% | -29.2% |
| Operating Income Growth % | - | 68.48% | -79.42% | -20.85% | -60.32% | -279.52% | 52.12% | -88.6% | - |
| EBITDA | -26.03M | -19.71M | -72.04M | -40.37M | -33.77M | -21.14M | -4.98M | -11.24M | -5.54M |
| EBITDA Margin % | -45.03% | -35.08% | -120.8% | -80.38% | -72.07% | -50.1% | -18.53% | -62.56% | -25.13% |
| EBITDA Growth % | 56.38% | 72.63% | -78.42% | -19.56% | -59.7% | -324.24% | 55.67% | -102.85% | - |
| D&A (Non-Cash Add-back) | 4.32M | 4.46M | 4.68M | 2.38M | 1.61M | 925K | 831K | 900K | 896K |
| EBIT | -23.55M | -24.18M | -48.56M | -42.65M | -33.43M | -21.68M | -5.82M | -12.14M | -6.39M |
| Net Interest Income | 4.25M | 4.14M | 4.49M | 6.28M | 1.9M | 62K | -976K | -1.53M | -1.15M |
| Interest Income | 4.25M | 4.14M | 4.49M | 6.48M | 2.03M | 548K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 201K | 129K | 486K | 976K | 1.53M | 1.15M |
| Other Income/Expense | -5.01M | -9.16M | 4.23M | 6.15M | 1.82M | -100K | -7M | -1.23M | -1.1M |
| Pretax Income | -35.36M | -33.34M | -72.49M | -36.61M | -33.56M | -22.17M | -12.82M | -13.37M | -7.54M |
| Pretax Margin % | -61.17% | -59.33% | -121.56% | -72.89% | -71.64% | -52.53% | -47.66% | -74.41% | -34.17% |
| Income Tax | -66K | -66K | -282K | -211K | 0 | 0 | 0 | 0 | 50K |
| Effective Tax Rate % | 0.19% | 0.2% | 0.39% | 0.58% | 0% | 0% | 0% | 0% | -0.66% |
| Net Income | -35.89M | -36.64M | -72.21M | -36.4M | -33.56M | -22.17M | -12.82M | -13.37M | -7.54M |
| Net Margin % | -62.1% | -65.2% | -121.09% | -72.47% | -71.64% | -52.53% | -47.66% | -74.41% | -34.17% |
| Net Income Growth % | -102.95% | 49.26% | -98.37% | -8.45% | -51.4% | -72.94% | 4.14% | -77.45% | - |
| Net Income (Continuing) | -35.29M | -33.28M | -72.21M | -36.4M | -33.56M | -22.17M | -12.82M | -13.37M | -7.54M |
| Discontinued Operations | -602K | -3.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.97 | 0.54 | -2.12 | -1.13 | -1.07 | -0.79 | -2.35 | -2.02 | -0.93 |
| EPS Growth % | -81.82% | 125.47% | -87.61% | -5.61% | -35.44% | 66.38% | -16.34% | -117.2% | - |
| EPS (Basic) | - | 0.54 | -2.12 | -1.13 | -1.07 | -0.79 | -2.35 | -2.02 | -0.93 |
| Diluted Shares Outstanding | 36.82M | 38.92M | 34.08M | 32.24M | 31.49M | 27.96M | 5.49M | 7.53M | 8.12M |
| Basic Shares Outstanding | 36.82M | 36.22M | 34.08M | 32.21M | 31.49M | 27.96M | 5.49M | 7.53M | 8.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High operating cash burn
As evidenced by the quarterly financial data, 908 Devices exhibits significant revenue volatility, with growth rates swinging from a 58.7% expansion in 2025Q1 to a 7.7% contraction by 2025Q4, suggesting that the company remains highly dependent on the timing of lumpy government procurement cycles.
The inconsistency in top-line performance indicates that the transition from a project-based defense contractor to a recurring-revenue bioprocessing tool provider is incomplete. Investors should monitor whether the recent 13.6% growth in 2026Q1 represents a sustainable recovery or merely a temporary fluctuation driven by the timing of large-scale hardware deployments.
According to the reported income statements, gross margins have trended downward from a peak of 53.8% in 2024Q2 to 47.7% in 2026Q1, reflecting potential pricing pressure or an unfavorable shift in the product mix away from higher-margin consumable kits toward lower-margin hardware units.
The inability to maintain gross margins above the 50% threshold suggests that the company has yet to achieve the manufacturing efficiencies required for its miniaturized mass spectrometry platform. This margin erosion may imply that competitive pressures in the life sciences space are forcing the company to sacrifice pricing power to maintain market share.
Based on the provided financial figures, the company's operating income remains deeply negative, with 2026Q1 operating margins at -48.6%, indicating that the firm has not yet demonstrated the ability to scale revenue faster than its underlying fixed cost base of R&D and sales infrastructure.
The persistent operating losses suggest that the current business model is heavily reliant on high-touch technical sales and continuous R&D investment to maintain its technological moat. Without a clear inflection point where revenue growth outpaces operating expenses, the company may continue to face significant pressure on its bottom-line profitability.
As reported in recent financial filings, the company's net income has experienced extreme volatility, including a $43.6 million gain in 2025Q1, which appears to be driven by non-operating items rather than core operational improvements, warranting caution when evaluating the firm's true earnings power.
The wide variance between operating losses and net income figures suggests that interest income or other non-recurring items are masking the underlying cash burn of the business. Analysts should focus on operating income as a more reliable indicator of the company's fundamental health, as the net income line is currently distorted by non-operational accounting events.
While the company maintains a strong cash position, the consistent operating cash burn observed across the last ten quarters suggests that the current trajectory may eventually necessitate dilutive financing if the firm fails to reach a break-even state within the next several fiscal periods.
Short-term liquidity appears adequate, but the lack of a clear path to positive operating cash flow poses a structural risk to equity holders. Investors should monitor the burn rate closely, as any further delay in the adoption of the Rebel platform could force management to prioritize capital preservation over growth initiatives.
Quick answers to the most common questions about buying MASS stock.
For fiscal year 2025, 908 Devices Inc. (MASS) reported total revenue of $56.2M. This represents a 154.8% increase compared to $22.1M in 2018.
908 Devices Inc. (MASS) reported a net loss of $36.6M for the fiscal year ending 2025.
908 Devices Inc. (MASS) reported an operating income of $-24.2M, resulting in an operating profit margin of -43.0%. This margin reflects the operational efficiency of the business before interest and taxes.
908 Devices Inc. (MASS) generated $26.8M in gross profit for the year, representing a gross profit margin of 47.7%. This demonstrates the company's core pricing power and production efficiency.