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Here are 1-3 brief analogies for 908 Devices:

• The Abbott Laboratories of advanced chemical and biomolecular analysis, making lab-grade tools accessible for on-site use.

• Thermo Fisher Scientific or Agilent Technologies for highly portable, rapid mass spectrometry.

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• MX908: A handheld, battery-powered mass spectrometer used for rapid chemical and explosive threat detection in the field.
• Rebel: A desktop mass spectrometry-based analyzer for real-time monitoring of bioprocesses, particularly in biopharmaceutical development.
• ZipChip: A microfluidic separation platform that integrates with mass spectrometry to provide high-resolution separation for drug discovery and development applications.

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Major Customers of 908 Devices (MASS)

908 Devices primarily sells its analytical instruments to other companies and organizations, not directly to individuals. While the company does not typically disclose the names of specific "major customers" (as no single customer generally accounts for 10% or more of its revenue, which would require disclosure in SEC filings), its customer base is concentrated within distinct industry categories:

• Biopharmaceutical & Life Sciences Companies: This category includes pharmaceutical companies, biotechnology firms, and Contract Research Organizations (CROs) or Contract Development and Manufacturing Organizations (CDMOs). These customers utilize 908 Devices' technology for applications in bioprocessing, drug discovery, and development.
• Academic & Research Institutions: Universities, government laboratories, and other non-profit research centers across the globe purchase 908 Devices' instruments for various scientific research purposes.
• Forensics & Public Safety Agencies: Law enforcement, hazmat teams, military, and other first responder groups are key customers for 908 Devices' handheld mass spectrometry devices, which are used for rapid, on-site chemical and drug identification in the field.

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Kevin J. Knopp, CEO & Co-founder

Dr. Kevin Knopp is a co-founder and CEO of 908 Devices Inc.. An experienced high-tech entrepreneur, he co-founded Ahura Scientific in 2002, where he served as Senior Vice President overseeing Operations, R&D, and Safety and Security Sales. Ahura Scientific was acquired by Thermo Fisher Scientific in 2010, and he continued as Vice-President and Site Leader of the Portable Optical Analysis division. Knopp was also involved with CoreTek, which was sold to Nortel Networks in 2000. He served as an independent board member for Crystal IS until its acquisition by Asahi-Kasei. Dr. Knopp earned a B.S.E.E from Boston University, and M.S.E.E and Ph.D. degrees in Optics from the University of Colorado.

Joseph H. Griffith, CFO

Joseph Griffith serves as the Chief Financial Officer at 908 Devices. He brings a 17-year management background in corporate and operational finance, accounting, and administration. Most recently, he was the Chief Financial Officer for PerkinElmer's Life Science division. Prior to that, Griffith held numerous roles at Caliper Life Sciences, including Chief Accounting Officer, VP of Finance, and Corporate Controller. He began his career as an Audit Senior at Arthur Anderson in 1997. Griffith holds a BS in Accounting from Villanova University and is a Certified Public Accountant in Pennsylvania.

Andrew Bartfay, Co-Founder & Director, Hardware Development

Andrew Bartfay is a Co-Founder of 908 Devices and serves as the Director of Hardware Development.

Michael Turner, Chief Legal & Administrative Officer

Michael Turner holds the position of Chief Legal & Administrative Officer at 908 Devices.

Kevin McCallion, VP, Production & NPI

Kevin McCallion is the Vice President of Production and New Product Introduction (NPI) at 908 Devices, having joined the company in 2013 and previously serving as Director of Component Engineering. Before joining 908 Devices, he was the VP of Engineering for TeraDiode and the Director of Engineering at Finisar Corp. McCallion also co-founded Azna LLC, where he was the VP of Product Development. He earned BEng (1st Hons), MSc, and PhD degrees in Electrical Engineering and Optoelectronics from the University of Strathclyde in the UK.

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The key risks to 908 Devices (symbol: MASS) include its history of net losses, reliance on large and variable government orders, and the critical need for continuous innovation and effective growth management.

1. History of Net Losses and Uncertainty of Future Profitability: 908 Devices has consistently reported net losses and there is no guarantee it will achieve profitability in the future. The company's operating results are subject to significant fluctuations, making its financial performance unpredictable.
2. Dependence on Large, Variable U.S. Government Orders: A substantial portion of 908 Devices' revenue is derived from large, often inconsistent, orders from U.S. government agencies. This reliance introduces significant revenue volatility, and potential government shutdowns or changes in spending priorities could adversely affect the company's financial condition and operating results.
3. Challenges with Continuous Innovation and Growth Management: Operating in a rapidly evolving technological landscape, 908 Devices faces the ongoing challenge of innovating and adapting its products to remain competitive. A failure to develop new products or enhance existing ones could negatively impact market acceptance. Furthermore, the company's ability to manage its growth effectively is crucial, as missteps could affect product quality and its capacity to retain key personnel.

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1. Expansion of Handheld Device Installed Base: 908 Devices is strategically focusing on its handheld chemical analysis devices, particularly within public safety and defense markets. The company has consistently reported growth in its installed base, with 164 new devices placed in Q2 2025, increasing the global installed base to 3,336, a 27% year-over-year increase. Management has flagged an expanding global customer base and a strong funding environment in U.S. and international public safety as key drivers for growth in this area.

2. New Product Launches and Diversification: The launch of new and next-generation products is a significant growth catalyst. The company recently launched VipIR, a 3-in-1 handheld chemical analyzer for customs and border agencies. Additionally, the upcoming launch of a "next-gen MX device" is anticipated to be a key driver for accelerating revenue growth, with potential for over $10 million in future revenue. The acquisition of RedWave Technology's FTIR products has also contributed to revenue, with handheld product and service revenue for Q1 2025 including $4 million related to these acquired products.

3. Growth in Recurring Revenue: 908 Devices has demonstrated consistent growth in recurring revenue, which represented 37% of total revenues in Q1 2025 and 36% in Q2 2025, climbing 28% year-over-year in Q2 2025 to $4.7 million. The company expects recurring revenue for the full year 2025 to be approximately 30% of total revenue, with further increases as device placements grow. This steady stream of revenue from services and consumables related to its expanding installed base is a crucial component of future growth.

4. Strategic Focus on High-Growth Handheld Markets and Operational Efficiency: Following the divestiture of its desktop bioprocessing portfolio, 908 Devices has sharpened its focus exclusively on high-growth handheld markets related to public health, safety, and defense applications, including opioid crisis response, defense modernization, and border security. This strategic transformation, coupled with operational improvements such as manufacturing consolidation and workforce reduction, is expected to enhance margins and accelerate the path to profitability, with management anticipating adjusted EBITDA positivity by Q4 2025 and cash flow positivity in 2026.

5. U.S. Department of Defense AvCAD Program: The anticipated full-rate production award for the Department of Defense's AvCAD (Advanced Chemical Agent Detector) program is identified as a significant future revenue catalyst. This program is expected to contribute to exceeding 20% top-line growth in 2026.

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Share Repurchases

No information is available regarding share repurchases or authorized future repurchases by 908 Devices (MASS) within the last 3-5 years.

Share Issuance

• In December 2020, 908 Devices completed its initial public offering (IPO), selling 7,475,000 shares at $20.00 per share, which generated approximately $149.5 million in gross proceeds.
• In November 2021, the company conducted a public offering of 3,150,000 shares at $32.00 per share, with gross proceeds of approximately $100.8 million before deductions, intended for research and development, commercial expansion, and potential acquisitions.

Inbound Investments

No large, specific inbound investments by third-party strategic partners or private equity firms have been identified within the last 3-5 years, separate from public share offerings.

Outbound Investments

• In April 2024, 908 Devices acquired RedWave Technology, a provider of portable FTIR spectroscopic analyzers, for an undisclosed upfront payment and up to an additional $22.7 million in contingent consideration over two years.
• In March 2025, the company divested its desktop bioprocessing analytics portfolio, including MAVERICK, MAVEN, REBEL, and ZipChip products, to Repligen Corporation for $70 million in cash to strengthen its balance sheet and focus on handheld devices.
• In July 2025, 908 Devices acquired KAF Manufacturing assets for $2.75 million to secure a steady supply of critical FTIR components.

Capital Expenditures

• Over the last 12 months, as of November 2025, capital expenditures amounted to approximately $627,000.
• The company consolidated its manufacturing operations into a facility in Danbury, Connecticut, a strategic move aimed at streamlining costs and improving efficiency.