908 Devices (MASS) Sidoti March Small-Cap Virtual Conference summary

Strategic transformation and business overview

• Underwent a major transformation by divesting desktop products, focusing on handheld and portable analytical devices for public health, safety, and defense applications.

• Expanded product portfolio from one to five handheld devices, with over 3,700 devices deployed and 18,000+ trained users globally.

• Recurring revenue reached 35% in 2025, with a goal to maintain or grow this proportion through service and software offerings.

• Diversified customer base, reducing reliance on large federal contracts and increasing state, local, and international sales.

• Distribution model consolidated to a single partner for federal sales, with direct and distributor channels for other segments.

Financial performance and outlook

• Achieved 18% year-over-year revenue growth in 2025, with adjusted gross margin rising to 57% and positive adjusted EBITDA in Q4.

• Ended 2025 with $113 million in cash, up from $70 million in 2024, and expects to maintain a healthy cash balance.

• Projected 2026 revenue growth of 15%-20%, further margin expansion, and a halving of adjusted EBITDA loss to mid-single-digit millions.

• No significant supply chain disruptions reported; manufacturing consolidated in Danbury, CT, supporting margin improvement.

• Path to cash flow positivity targeted for 2027-2028, with continued investment in R&D and international expansion.

Product innovation and growth drivers

• Flagship MX908 mass spec device complemented by new FTIR-based products, including XplorIR and VipIR.

• VipIR, launched in July 2025, integrates two optical technologies for robust sample identification and contributed $3 million in Q4 revenue.

• XplorIR experienced 40% year-over-year growth, with over 150 units shipped in 2025.

• AVCADD program with Smiths Detection expected to contribute $2-3 million in 2026 revenue.

• Innovation pipeline includes connected services (Team Leader) and OEM partnerships, supporting future recurring revenue and platform expansion.