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- **Revenue Resilience**: Q3 $14M (-4% YoY) with 30% QoQ jump in Explorer shipments. Recurring revenue at 36% of total, up 10% YoY.
- **Profitability Milestone**: Adjusted EBITDA loss of $1.8M (-53% QoQ), targeting Q4 positivity. Gross margin 58% (adjusted) from Danbury scale-up.
- **Strategic Growth**: VIPER secures 35 Q4 units; AVCAD field validation complete. 2026 targets 20%+ revenue growth with NextGen MX launch.
- **Government Risk**: $4M Q4 revenue at risk from federal delays, but 2026 pipeline remains robust with international and state/local demand.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 revenue of $14 million (-4% YoY, +8% QoQ) driven by FTIR devices, with Explorer shipments up 30% QoQ. Installed base grew to 3,512 devices (+27% YoY). Recurring revenue at 36% of total, up 10% YoY.
- **Strategic Wins**: U.S. Coast Guard purchased 23 MX908 devices; Explorer placements in 9+ countries. Q4 pipeline includes 35 VIPER units and 60+ enterprise devices.
- **Profitability Progress**: Adjusted EBITDA loss of $1.8 million (-32% YoY, -53% QoQ), targeting Q4 EBITDA positivity. Gross margin improved to 58% (adjusted) due to Danbury facility scale-up.
- **Government Impact**: $4M Q4 revenue at risk from U.S. federal delays, but 2026 outlook remains strong with VIPER, Explorer, and AVCAD growth drivers.

**【CFO Financial Commentary】**
- **Top Line**: Handheld revenue $13.2M (-5% YoY), recurring revenue $4.8M (+10% YoY). VIPER and Explorer driving diversification.
- **Margins & Costs**: Gross margin 53% (58% adjusted), down 60bps YoY due to product mix. Operating expenses down $8.4M YoY (excluding non-cash items). Cash of $112M, no debt.
- **Guidance**: Full-year revenue $54-56M (+13-17% YoY). 2026 outlook includes NextGen MX launch and Team Leader software monetization.

**【Q&A Key Highlights】**
- **Government Shutdown Risks**: $3M federal orders delayed; $1M international exports impacted. 2026 carryover potential if unresolved.
- **AVCAD Program**: Field validation complete; next phase clarity expected by year-end. Long-term 5-7 year growth horizon.
- **VIPER Momentum**: 35 Q4 shipments; no MX cannibalization. Team Leader software to add recurring revenue via fleet management features.
- **2026 Outlook**: Target 20%+ revenue growth with VIPER, Explorer, and AVCAD. EBITDA sustainability hinges on Q4 execution and 2026 scale.

908 Devices Inc. (MASS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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MASS

MASS fundamentals

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