Slide 1: Analysis at the speed of life
Analysis at the speed of life NOVEMBER 2025
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: Launch of '2.0'
Launch of ‘2.0’ Sharpened focus, strengthened financials, and accelerated profitability 1 2 Focused on Growth Market Positioned for Acceleration Shifted focus to higher-growth Backed by secular tailwinds in opioid handheld markets, targeting public crisis response, defense budgets, and health, safet
Slide 4: We create next-generation analytical tools
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 / Customs / Safety Industrial Pesticides Cancer Postal Inspection
Slide 5: Our Frontline Fire & Hazmat Customers
Fire Frontline Our & HazmatCustomers Fire / Hazmat, Law Enforcement, Federal & Military 3,500+ Devices 700+ Accounts 15,000+ Trained Users 65+ Countries 5
Slide 6: 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 • Over 100,000 overdoses in 2023, • Consumer
Slide 7: 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 8: VipIR 3-in-1 chemical analyzer
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 9: Market Landscape
Market Landscape LOW TECH ADVANC ED C HEMICAL D ET ECT IO N SENSORS BULK UNKNOWN ID HIGH FIDELITY TRACE NO ID Life Science tools & NON-SPECIFIC RESPONSE 10,000 – 20,000 COMPOUNDS 150-300 COMPOUNDS analytical instrument $ 4 5 K- $ 1 1 0 K $ 7 5 K- $ 1 2 0 K $2-2,500 companies are main participants in
Slide 10: An Innovation Leader
An Innovation Leader Differentiated Products that are Poised for Growth GROWTH CATALYST #3 U.S. Department of Defense AVCAD program in partnership with Smiths Detection GROWTH CATALYST #2 NE XT PH AS E OF AVC AD LAUNC H OF NE XT G E N MX908 Transition to full rate production GROWTH CATALYST #1 Gener
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* +35% INCREASE >3,500 @ Q3 +40% INCREASE $54M - $56M* +13 to 17% YoY Mid-High 50% Range 2025 IMPROVED + Adj. EBITDA in Q4 2025 SECURED ~$110M YE 2025 * AS OF 11/10/25 12
Slide 13: Our Strategic Transformation
Our Strategic Transformation 1 4 6 YE 2023 2025* 2026 & BEYOND MASSIVE OPPORTUNITY 20,000+ Device Opportunity ACCELERATION 20%+ Growth Product Growth w/ 3 Catalysts IMPROVING YoY PROFITABLE Drive to +Adj. EBITDA $100M+ * AS OF 11/10/25 13
Slide 14: Our Strategic Transformation
Our Strategic Transformation IPO 2020 2027 $1.5B $2.5B TAM TAM 908 Devices “2.0” 1 4 6 YE 2023 2025* 2026 & BEYOND Reduced Customer Concentration Higher Base + Accelerated Growth IMPROVING YoY Stronger Margins Improving OPEX Productivity Profitable w/ Unlimited Runway * AS OF 11/10/25 14
Slide 15: Growth & Profitability
Growth & Profitability Revenue from Continuing Operations(1) Compelling Forward Going Financial Profile (3) Target 20%+ product growth with defined catalysts Forecasted Adj. EBITDA positive in Q4 ($M) 2025 Guide and healthy cash through transition to profitability 70 65 $54M to $56M (As of 11/10/25)
Slide 16: YTD 2025 Financial Metrics
9 months YTD 2025 In $M Product 2024 $25.0 2025 $29.0 Financial Service and Contract $8.4 $9.8 Metrics Total Revenue Growth YoY $33.4 $38.8 16% RECURRING REVENUE Gross Profit $17.8 $19.3 $13.9M Gross Margin % 53% 50% Adjusted Gross Margin % 58% 56% 36% OF TOTAL Operating Expenses $26.2 $41.8 Change
Slide 17: Analysis at the speed of life
Analysis at the speed of life 7<~ 908devices
Slide 18: 2025 Guidance
2025 Guidance (As of 11/10/25) HANDHELD PRODUCT & SERVICE 2024 2025 Guidance 2026 Expectations MX Mass Spec & RW FTIR(1) Revenue [Reported] $44.5M(2) $51.5M to $53.5M GROWTH CATALYSTS Return to Low Double-Digit Growth (Y/Y) Ex. AVCAD +16% to +20% CATALYST #1 EQUIPMENT MODERNIZATION FTIR device place
Slide 19: Reconciliation from Gross Profit (GAAP) to Adjusted Gross Profit
THREE MONTHS ENDED (in thousands) Reconciliation 2024 2025 from Gross Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Profit (GAAP) Gross Profit (GAAP) $3,887 $6,162 $7,778 $5,541 $6,373 $7,355 Intangible amortization - 423 635 635 634 635 Acquisition and integration costs - - - 50 - - –
Slide 20: Reconciliation from Net Loss (GAAP) to Adjusted EBITDA
THREE MONTHS ENDED (in thousands) Reconciliation 2024 2025 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 from Net Loss Net Loss (GAAP) $(5,895) $(7,573) $(23,648) $(9,838) $(12,908) $(14,910) (GAAP) Adjustments: Other income, net (1,716) (966) (846) (1,188) (2,324) (1,443) Benefit for
Slide 21: Historical As Reported: Reconciliation from Gross Profit
Historical – TWELVE MONTHS ENDED (in thousands) 2023 As Reported: Gross Profit (GAAP) $25,322 Intangible amortization 428 Reconciliation Acquisition and integration costs - from Gross Restructuring - Stock-based compensation 577 Profit (GAAP) Adjusted Gross Profit (Non-GAAP) $26,327 Gross Margin Per
Slide 22: Historical As Reported: Reconciliation from Net Loss
TWELVE MONTHS ENDED Historical – (in thousands) 2023 As Reported: Net Loss (GAAP) Adjustments: $(36,399) Other income, net (6,198) Reconciliation Benefit for income taxes (211) from Net Loss Depreciation Intangible amortization 1,466 877 (GAAP) Goodwill impairment - Acquisition and integration costs