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Analysis at the speed of life NOVEMBER 2025
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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 Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future results of operations or financial performance of 908 Devices Inc. (“908 Devices,” the “Company,” “we,” “us,” or similar terms), market size and growth opportunities, the calculation of certain of our key financial and operating metrics, capital expenditures, plans for future operations, technological capabilities, and strategic relationships, as well as assumptions relating to the foregoing. Forward-looking statements should not be read as a guarantee of future performance or results and you should not put undue reliance on any forward- looking statements. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include our ability to achieve profitability for any period in the future; our expectations regarding our operating results, our addressable market, market growth, trends, future revenue, key performance indicators, expenses, capital requirements and our needs for additional financing; our ability to hire and retain key personnel, including sales and marketing personnel, and to manage our future growth effectively; competitive companies and technologies and our industry; our ability to establish and maintain intellectual property protection for our products and workflows or avoid or defend claims of infringement; the severity and impact of trade practices and tariffs and actions taken in response to them; the potential effects of government regulation; and other risks detailed in our filings with the Securities and Exchange Commission. These factors and others could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. Except as required by law, 908 Devices does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update such data after the date of this presentation. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. Lastly, this presentation incudes certain financial measures not prepared in accordance with generally accepted accounting principles ("GAAP"), including adjusted gross profit, adjusted gross margin percentage and adjusted EBITDA. These non-GAAP financial measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in this presentation. 2
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3 4 2 Launch of ‘2.0’ 3 1 Focused on Growth Market Shifted focus to higher-growth handheld markets, targeting public health, safety, and defense applications with chemical analysis tools for CBRNE Positioned for Acceleration Backed by secular tailwinds in opioid crisis response, defense budgets, and border security, an innovation pipeline, and an expanding installed base (now over 3,500 devices) Strong YTD Execution, Target Adj. EBITDA + in Q4’25 Step-change improvement driven by improved productivity and facility consolidation. In Q3, Adjusted EBITDA loss improved by 32% year over year and 53% quarter over quarter Platform Tech for Broad Market Flexibility Future innovation and market potential. Active OEM & funded partnerships – including in Industrial QA/QC & Pharma, and integrations for drones and UGVs Sharpened focus, strengthened financials, and accelerated profitability
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We create next-generation analytical tools for ‘point-of-need’ use in vital health, safety, and defense tech contexts BROAD USE CASES Fentanyl / Drugs-of-Abuse Toxic VOCs / Pesticides Cancer Prevention Corrections & Rehabilitation Customs / Postal Inspection Pharma Industrial QA/QC Fire / Law Enforcement Safety & Defense OEM 4
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Fire & Hazmat Our Frontline Customers Fire / Hazmat, Law Enforcement, Federal & Military 3,500+ Devices 15,000+ Trained Users700+ Accounts 65+ Countries 5
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6 Addressing Global Threats to Public Health & Safety Expanding Opioid & Illicit Drug Crisis • Over 100,000 overdoses in 2023, leading cause of injury deaths, more than auto accidents. • Nationwide public health emergency declared in June 2024 • Undetectable precursor chemicals fuel a synthetic opioid crisis – some 100X potency of morphine • New drug threats like nitazenes, xylazine, and “pink cocaine” are on the rise globally. Requires adaptable detection and ID technology. Proliferation of Toxic Industrial Materials • Consumer products in CA emit >5,000 tons of VOCs annually that are considered hazardous (Prop. 65) • Cancer is the leading cause of work-related deaths in the EU and accounts for 72% of firefighter line-of-duty deaths in the U.S. • Detecting & mitigating acute carcinogen exposure is critical. Requires broad and sensitive gas detectors. Mixed with Rising Global Tensions, Access & Availability • On 1/20/25, President Trump issued an executive order designating Drug cartels as “Foreign Terrorists.” • In March 2025, U.S. Intelligence Community underscores that non-state, transnational criminal groups pose immediate threats to U.S. citizens and national safety. Fentanyl and synthetic opioids were highlighted as lethal threats to Americans’ health and prosperity. OPCW reports increased risks of chemical weapons, including pharm-based agents, used by non-state actors. Technology, e.g. AI-driven chemical synthesis and novel delivery methods like drones, are raising global risks. Requires modernizing of detection equipment to address emerging threats. Preventable Poisonings Cancer Causing Global Security Concerns
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Comprehensive Portfolio Accessible & Modern Suite of Devices Exceptional coverage - 100’s of trace analytes, 1000’s of VOC gases, 20,000+ bulk compounds. Comprehensive - Detection to ID, from air, and aerosols, to surfaces, piles, and puddles. One company. No full suite available, no other handheld mass spec, Trade-off of sensitivity and selectivity, No aerosols capability, quantification, Out-dated architectures. Reachback Operations Provides 24/7/365 access to expert staff for on-site decision support. Not available / Limited Data & Analytics Expanding TeamLeader App for Usage Tracking, Fleet Management, and AI Powered Guidance. Customized Enterprise reports. Not an option Best Practice & Scenario Training Expert trainers providing best practice and real-world training. Toolkit approach. Limited offerings 908D Capabilities are Unmatched Legacy More Data & More Analytics Gas/Vapor Analyzer Trace-level Analysis Bulk Liquid/Solid Identification Solid/Liquid/Gas Identification Where we are going Team Leader Aggregate. Monitor. Manage. Making the invisible VISIBLE and the unknown KNOWN
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VipIR Purpose-built for global customs organizations 3-in-1 chemical analyzer Smart Spectral Processing integrates FTIR & Raman spectral data Single, intuitive confirmatory workflow Analysis of complex or mixed substances from just one sample Expansive library Over 39,000 chemical spectra Versatile sampling methods Single sample interface, Raman probe, integrated vial holder Built-in Wi-Fi & cellular connectivity Fast data uploads, streamlined reporting, fleet management via Team Leader app Rapid ID of bulk solids & liquids Includes narcotics, explosives, and toxic chemicals 8 NEW
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Market Landscape Life Science tools & analytical instrument companies are main participants in the advanced portion of the market. Thermo Fisher Scientific Rigaku Agilent Bruker Teledyne/FLIR INCLUDING 9 LOW TECH SENSORS NO ID NON - SPECIFIC RESPONSE $2- 2,500 ADVANCED CHEMICAL DETECTION BULK UNKNOWN ID HIGH FIDELITY TRACE 10,000 – 20,000 COMPOUNDS $45K - $110K 150- 300 COMPOUNDS $75K - $120K THERMO FISHER AGILENT TELEYDYNE FLIR Solid/Liquid 2008 Solid/Liquid 2012 Solid/Liquid 2016 RIGAKU SMITHS Solid/Liquid 2014 Solid/Liquid 2012 Solid/Liquid/Vapor 2019 Solid/ Liquid 2022 Vapor 2023 Solid/Liquid/ Vapor 2020 Solid/Liquid/ Vapor/Aerosol 2017 Solid/ Liquid 2025
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An Innovation Leader Differentiated Products that are Poised for Growth 10 100’s of trace analytes, 1000’s of gases, 20,000+ bulk compounds Pilot Programs 18 accounts | 700+ units* Enterprise Accounts 34 accounts | 1,100+ handhelds* (ongoing potential) EQUIPMENT MODERNIZATION 15,000+ Unit Potential GROWTH CATALYST #1 Replacing outdated FTIRs & penetrating new enterprise accounts Connected Services Fleet Management, AI Powered Guidance, Enterprise Reports HANDHELDS MX908 NOW 5 MARKET LEADING DEVICES Offering Broader Capabilities Driving Scale & Efficiency LAUNCH OF NEXT GEN MX908 >3,000 MX DEVICES FIELDED GROWTH CATALYST #2 Generate a replacement cycle A Step Change in Performance & Simplicity Approx. ½ size and weight, a lower cost of goods, and a higher pull- through opportunity Potential of >$10M / Year Integrations / Programs of Records NEXT PHASE OF AVCAD GROWTH CATALYST #3 U.S. Department of Defense AVCAD program in partnership with Smiths Detection Transition to full rate production * As of Dec 31, 2024 EXPANDING ENTERPRISE PENETRATIONCAPABILITY EXPANSION | TRACE BULK 2025 - First Full Year of Operational Synergies 2025/26 – Increasing Impact with Commercial Integration 2026 – New Product Launch Year 2026+ Production TEAM LEADER
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$38.2M 2023 $146M YE 2023 -$30M 2023 52% 2023 2,422 Devices YE 2023 1 11 Our Strategic Transformation
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12 Our Strategic Transformation 2023- 2024 +35% INCREASE YE 2023 1 4 >3,500 @ Q3 $54M - $56M* +13 to 17% YoY + Adj. EBITDA in Q4 2025 ~$110M YE 2025 Mid-High 50% Range 2025 2025* IMPROVED +40% INCREASE SECURED * AS OF 11/10/25
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13 Our Strategic Transformation YE 2023 1 2025* 4 20,000+ Device Opportunity 20%+ Growth Product Growth w/ 3 Catalysts Drive to +Adj. EBITDA 2026 & BEYOND 6 MASSIVE OPPORTUNITY PROFITABLE ACCELERATION IMPROVING YoY $100M+ * AS OF 11/10/25
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14 $2.5B TAM $1.5B TAM IPO 2020 2027 Our Strategic Transformation 2026 & BEYOND 6 IMPROVING YoY 908 Devices “2.0” Reduced Customer Concentration Higher Base + Accelerated Growth Stronger Margins Improving OPEX Productivity Profitable w/ Unlimited Runway YE 2023 1 2025* 4 * AS OF 11/10/25
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15 Growth & Profitability ($M) 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 2020 2021 2022 2023 2024 2025 2026 Contract Product & Service Year of IPO $13.8M $5M (1) Revenue from Continuing Operations is as reported, excluding divested desktop products for all years. Represents 2025 YoY Revenue Growth of +13% to 17% from Continuing Operations Target 20%+ product growth with defined catalysts 2025 Guide (As of 11/10/25) $54M to $56M Revenue from Continuing Operations(1) Forecasted Adj. EBITDA positive in Q4 and healthy cash through transition to profitability ADJ. GROSS MARGIN ADJ. EBITDA (FY) CASH BALANCE (YE) 2024 2025 2024 2025 2025 55% + $70M 2024 Compelling Forward Going Financial Profile (3) Mid-High 50%’s -$30M $31.9M$30.3M $37.9M $47.7M $19.8M (2) Includes $11.2M of RedWave (RW) revenue. As reference, 2024 RedWave revenue pre-acquisition was $5M. (2) ~$110M+ in Q4 (3) Projected FY 2025 (as of 11/10/25) compared to reported prior year periods.
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9 months 16 As of Dec 31st As of Sept 30th YTD 2025 Financial Metrics $13.9M 36% OF TOTAL RECURRING REVENUE 16% YOY REVENUE GROWTH ADJ. GROSS MARGIN 56% In $M 2024 2025 Product $25.0 $29.0 Service and Contract $8.4 $9.8 Total Revenue $33.4 $38.8 Growth YoY 16% Gross Profit $17.8 $19.3 Gross Margin % 53% 50% Adjusted Gross Margin % 58% 56% Operating Expenses $26.2 $41.8 Change in fair value of contingent consideration ($12.1) $20.0 Goodwill impairment $30.5 $0.0 Loss from Continuing Operations $(40.6) $(42.5) Adjusted EBITDA $(11.6) $(10.3) 2024 2025 Cash, Cash Equivalents and Marketable Securities $69 $112 Debt Outstanding $0 $0
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Analysis at the speed of life
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HANDHELD PRODUCT & SERVICE 2024 2025 Guidance 2026 Expectations MX Mass Spec & RW FTIR(1) Revenue [Reported] $44.5M(2) $51.5M to $53.5M +16% to +20% PROGRAM PRODUCT & SERVICE AVCAD (Low Rate Next Phase) Revenue [Reported] $1.6M $0 (1) Excludes AVCAD Program Revenue OEM & FUNDED PARTNERSHIPS OEM / Subsystems / Contracts Revenue [Reported] $1.6M(2) ~$2.5M 2025 Guidance (2) Includes $11.2M of RedWave (RW) revenue. As reference, 2024 RedWave revenue pre- acquisition was $5M. GROWTH CATALYST #1 GROWTH CATALYST #2 GROWTH CATALYST #3 Return to Low Double-Digit Growth (Y/Y) Ex. AVCAD $10M+ Annual Revenue Opportunity in 2026+ Opportunity to + w/ Funded Partnerships GROWTH CATALYSTS CATALYST #1 EQUIPMENT MODERNIZATION FTIR device placement wins and 15,000-unit replacement opportunity. CATALYST #3 DoD AVCAD PROGRAM – Anticipated award for full-rate manufacturing >$10M annual revenue (visibility in 2025, rev. impact by 2026) CATALYST #2 Next-Gen MX Launch – eEnterprise placement wins, 3,000-unit replacement opportunity, lower COGS, and higher recurring revenue opportunity (As of 11/10/25) TOTAL REVENUES Reported Revenue Continuing Operations $47.7M $54.0M to $56.0M 20%+ Growth (Product Growth w/ Catalysts 1-3)Growth [Reported] (Y/Y) +13% to +17% Discontinued Ops. (Excl. FTIR OEM) $11.9M Total $59.6M Recurring Revenues (% of Total Reported) 39% Approx. 1/3rd Opportunity to + w/SW & Connected Services Adj. Gross Margin 55% Mid-High 50% Range Year-over-Year Improvement Adj. EBITDA (Approx. Operational Cash Burn) (-$29.7M) + Adj. EBITDA in Q4 Drive to +Adj. EBITDA Year End Cash Balance $69.6M ~$110M >$100M 18
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Reconciliation from Gross Profit (GAAP) – to – Adjusted Gross Profit (Non- GAAP) and Margin Percentage 19 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 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 - - Restructuring - - - 66 222 - Stock-based compensation 96 123 125 117 107 158 Adjusted Gross Profit (Non-GAAP) $3,983 $6,708 $8,538 $6,409 $7,336 $8,148 Gross Margin Percentage (GAAP) 52% 54% 54% 47% 49% 53% Adjusted Gross Margin Percentage (Non-GAAP) 54% 59% 59% 54% 56% 58% THREE MONTHS ENDED (in thousands) 2024 2025 To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are presented with detailed reconciliations to comparable GAAP financial results in the table above : Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation. Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.
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Reconciliation from Net Loss (GAAP) – to – Adjusted EBITDA (Non- GAAP) 20 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Net Loss (GAAP) $(5,895) $(7,573) $(23,648) $(9,838) $(12,908) $(14,910) Adjustments: Other income, net (1,716) (966) (846) (1,188) (2,324) (1,443) Benefit for income taxes - - - - 71 29 Depreciation 159 252 290 291 260 358 Intangible amortization - 475 712 713 713 732 Goodwill impairment - - 30,523 - - - Acquisition and integration costs 274 1,950 106 640 - 63 Restructuring - - - 93 1,173 242 Stock-based compensation 1,839 2,229 2,300 2,221 2,337 2,379 Contingent consideration - - (12,141) 2,499 6,792 10,708 Adjusted EBITDA (Non-GAAP) $(5,339) $(3,633) $(2,704) $(4,569) $(3,886) $(1,842) To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are presented with detailed reconciliations to comparable GAAP financial results in the table above: Adjusted EBITDA is defined as net loss excluding other income, benefit for income taxes, depreciation, intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), non-cash expenses related to stock- based compensation, and costs associated with contingent consideration related to the Company’s acquisitions and for which the conditions for payment have not yet been achieved. THREE MONTHS ENDED (in thousands) 2024 2025
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Historical – As Reported: Reconciliation from Gross Profit (GAAP) – to – Adjusted Gross Profit (Non- GAAP) and Margin Percentage 21 Gross Profit (GAAP) $25,322 Intangible amortization 428 Acquisition and integration costs - Restructuring - Stock-based compensation 577 Adjusted Gross Profit (Non-GAAP) $26,327 Gross Margin Percentage (GAAP) 50% Adjusted Gross Margin Percentage (Non-GAAP) 52% TWELVE MONTHS ENDED (in thousands) 2023 To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are presented with detailed reconciliations to comparable GAAP financial results in the table above : Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation. Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.
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Historical – As Reported: Reconciliation from Net Loss (GAAP) – to – Adjusted EBITDA (Non- GAAP) 22 Net Loss (GAAP) $(36,399) Adjustments: Other income, net (6,198) Benefit for income taxes (211) Depreciation 1,466 Intangible amortization 877 Goodwill impairment - Acquisition and integration costs 44 Restructuring 524 Stock-based compensation 9,787 Contingent consideration 107 Adjusted EBITDA (Non-GAAP) $(30,003) To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are presented with detailed reconciliations to comparable GAAP financial results in the table above: Adjusted EBITDA is defined as net loss excluding other income, benefit for income taxes, depreciation, intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), non-cash expenses related to stock- based compensation, and costs associated with contingent consideration related to the Company’s acquisitions and for which the conditions for payment have not yet been achieved. TWELVE MONTHS ENDED (in thousands) 2023