908 Devices Inc. · NASDAQ:MASS
908 Devices — Q1 2026 Earnings Presentation
21 slides from 908 Devices's earnings presentation, May 6, 2026
Slide 1: Analysis at the speed of life
Analysis at the speed of life MAY 2026
Slide 2: Forward looking statements / Non-GAAP financial measures
Forward looking statements / Non-GAAP financial measures This presentation and the accompanying oral presentation (this “presentation”) contain forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securit
Slide 3: Strategic Transformation
Strategic Transformation Solid financial foundation, executing to capture growth opportunities Focused on Focused on handheld chemical analysis tools, targeting public health, Growth Market safety, and CBRNE defense applications Positioned for Backed by secular tailwinds in opioid crisis response, d
Slide 4: We create next-generation analytical tools for point-of-need use
We create next-generation analytical tools for ‘point-of-need’ use in vital health, safety, and defense tech contexts BROAD USE CASES Fentanyl / Corrections Fire / Law Pharma Drugs-of-Abuse & Rehabilitation Enforcement OEM Toxic VOCs / Pesticides Customs / Safety Industrial Cancer Prevention Postal
Slide 5: Our Frontline Customers
Our Frontline Customers Pilot Programs: Accounts Fire / Hazmat, Law Enforcement, Federal & Military 18 Accounts: 1,100+ units* 3,900+ 70+ 700+ Pilot Programs 36 Accounts: 1,300+ units* 18,000+ Devices Countries Accounts Trained Users Enterprise Accounts ongoing potential *as of 12/31/25 5
Slide 6: Comprehensive Portfolio
Comprehensive Portfolio Making the invisible VISIBLE and the unknown KNOWN 908D Capabilities are Unmatched Legacy Accessible & Exceptional coverage - 100’s of trace analytes, 1000’s No full suite available, no other Modern Suite of of VOC gases, 20,000+ bulk compounds. handheld mass spec, Trade-off
Slide 7: VipIR
3-in-1 chemical analyzer Smart Spectral Processing integrates FTIR & Raman spectral data Rapid ID of bulk solids & liquids Includes narcotics, explosives, and toxic chemicals Single, intuitive confirmatory workflow Analysis of complex or mixed substances from just one sample Expansive library Over 3
Slide 8: Market Landscape
Market LOW TECH SENSORS A D VA N C E D C H E M I C A L D E T E C T I O N Landscape BULK UNKNOWN ID HIGH FIDELITY TRACE NO ID NON-SPECIFIC RESPONSE 10,000 – 20,000 COMPOUNDS 150-300 COMPOUNDS Life Science tools & $2-2,500 $45K-$110K $75K-$120K analytical instrument companies are main participants in
Slide 9: Addressing Global Threats to Public Health & Safety
Addressing Global Threats to Public Health & Safety Preventable Poisonings Cancer Causing Global Security Concerns Expanding Opioid Proliferation of Toxic Mixed with Rising Global Tensions, & Illicit Drug Crisis Industrial Materials Access & Availability • UNODC notes cocaine is fastest • U.S. enact
Slide 10: Growth outlook for 2027+
9 0 8 D E V I C E S G R O W T H C ATA LY S T S Growth outlook for 2025 2026 2027+ 2027+ 2026+ Integrations w/UGVs, UAVs, robots External Market Dynamics $10M+/yr potential INCREASES IN for full production Next AVCAD Phase Initial Ramp ~$2-3M US DoD program in partnership anticipated in 2026 1 US fun
Slide 11: Our Strategic Transformation
Our Strategic Transformation 1 YE 2023 2,422 Devices $38.2M 2023 52% 2023 -$30M 2023 $146M YE 2023 11
Slide 12: Our Strategic Transformation
Our Strategic Transformation 1 4 2 Y0 E 2 32- 0 220 23 4 2025 +54% INCREASE 3,736 Devices +47% INCREASE $56.2M 18% YoY 57% 2025 IMPROVED -$10M +$0.7M in Q4 2025 SECURED $113M YE 2025 12
Slide 13: Our Strategic Transformation
Our Strategic Transformation 1 4 6 YE 2023 2025 2026* MASSIVE OPPORTUNITY 20,000+ Device opportunity ACCELERATION $67M to $70M* 19% to 25% YoY IMPROVING YoY Mid-High 50% Range Goal of 100 bps improvement STEP-CHANGE IMPROVEMENT Mid single digit M’s Cut in half Targeting $90M+ • AS OF 5/6/2026 (post-
Slide 14: Our Strategic Transformation
Our Strategic Transformation IPO 2020 2027 $1.5B $2.5B TAM TAM 908 Devices “2.0” 1 4 6 YE 2023 2025 2026* Outpaced Growth More Predictable Revenue Stronger Margins Disciplined Cost Structure Healthy Balance Sheet Favorable Macro Environment • AS OF 5/6/2026 (post-acquisition of NIRLAB AG) 14
Slide 15: Growth & Profitability
Growth & Profitability Revenue from Continuing Operations(1) Compelling Forward Going Financial Profile (3) 2026 Guide Step-change improvement in Adj. EBITDA forecasted for 2026. Healthy cash balance of $112M (March 31, 2026) ($M) $67M to $70M supports cross-over trajectory. 75 (As of 5/6/26) 70 65
Slide 16: Q1 2026 Financial Metrics
3 months Q1 2026 In $M Product 2025 $8.5 2026 $10.7 Financial Service and Contract $3.3 $2.6 Metrics Total Revenue Growth YoY $11.8 $13.4 14% RECURRING REVENUE Gross Profit $5.5 $6.9 $4.0M Gross Margin % 47% 51% Adjusted Gross Margin % 54% 57% 30% OF TOTAL Operating Expenses $14.1 $13.4 Change in fa
Slide 17: Analysis at the speed of life
es Qa = a Analysis at the speed of life 7<~ 908devices
Slide 18: Reconciliation from Gross Profit (GAAP)
THREE MONTHS ENDED (in thousands) Reconciliation 2025 2026 from Gross Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Profit (GAAP) Gross Profit (GAAP) $5,541 $6,373 $7,355 $9,154 $6,881 Intangible amortization 635 634 635 635 635 Acquisition and integration costs 50 - - - - – to – Restr
Slide 19: Reconciliation from Net Loss (GAAP)
THREE MONTHS ENDED (in thousands) Reconciliation 2025 2026 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 from Net Loss Net Income (Loss) (GAAP) $(9,838) $(12,908) $(14,910) $4,381 $(11,955) (GAAP) Adjustments: Other income, net (1,188) (2,324) (1,443) (1,123) (929) Expense (benefit) fo
Slide 20: Reconciliation from Gross Profit (GAAP)
Reconciliation TWELVE MONTHS ENDED (in thousands) from Gross 2023 2024 2025 Profit (GAAP) Gross Profit (GAAP) $25,322 $24,500 $28,423 Intangible amortization 428 1,691 2,539 Acquisition and integration costs - - 50 – to – Restructuring Stock-based compensation 577 - 69 441 288 566 Adjusted Gross Pro
Slide 21: Reconciliation from Net Loss (GAAP)
TWELVE MONTHS ENDED Reconciliation (in thousands) 2023 2024 2025 from Net Loss Net Loss (GAAP) $(36,399) $(53,140) $(33,277) (GAAP) Adjustments: Other income, net (6,198) (4,253) (6,078) Benefit for income taxes (211) - (66) – to – Depreciation 1,466 1,051 1,294 Intangible amortization 877 1,898 2,8