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Launch v2.0JUNE 2025
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Forward looking statements / Non-GAAP financial measuresThis 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 inthis presentation. 2
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3 AgendaStrategic Transformation CompleteLeaner, more focused – targeting public health, safety, and defense applications with handheld chemical analysis toolsExecution UnderwayStrong Q1 results validate the new modelAccelerated Path to ProfitabilityClear, achievable financial milestonesPositioned for GrowthBacked by global macro tailwinds, an innovation pipeline, and an expanding installed base (now over 3,100 devices)Investor Thesis Fortified Step-change in our projected financials and trajectory 2.0
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3 4 2 Strategic Transformation Realized 4 1Focus on Growth MarketShifted focus to high-growth handheld markets, aligned to secular tailwinds in opioid crisis response, defense budgets, and border security. Divested Biopharma Sold the desktop portfolio to REPLIGEN for $70M cash. Nearly doubles balance sheet cash. Eliminates NIH / healthcare overhang. Target Adj. EBITDA + by Q4’25 Cash Flow Positive in 2026Step-change improvement driven by improved gross margins and streamlined operations (fewer facilities, lower headcount). Continued Broader Life Sciences Flexibility Future innovation and market potential. Active OEM & funded partnerships – including in Industrial QA/QC & Pharma. Sharpens focus, strengthens financials, and accelerates profitability
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Unrivaled Handheld Portfolio & Opportunity Targeting high-conviction growth opportunities 5 1Unprecedented opportunity for advanced chemical detection in the fieldTotal Addressable Market of $2.5B by 2027. Handheld growth has been ~2X Desktops since IPO in 2020.(1) (1) Product/Service Handheld Revenue from Continuing Operations vs. Divested Desktop Revenue CAGR 2020-2024 2A comprehensive set of products to fully address opportunityOnly 1 handheld a year ago — to now 4 today. New FTIR devices delivered +17% growth (Pro Forma) in 2024. 3 Secured balance sheet unlocks future market potentialFlexibility to pursue new growth opportunities. Active OEM & funded partnerships (including in Industrial QA/QC & Pharma).
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6 Addressing Global Threats to Public Health & SafetyExpanding 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•In 2024, 80 countries/territories held national-level elections, 70 more planned, reflecting global change and unrest.•On 1/20/25, President Trump issued an executive order designating Drug cartels as “Foreign Terrorists.” 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 CausingGlobal Security Concerns
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Public Safety Spending is Robust & Growing 7 United States and Globally 0% 50% 100% 150% 200% 250% 197 7197 9198 1198 3198 5198 7198 9199 1199 3199 5199 7199 9200 1200 3200 5200 7200 9201 1201 3201 5201 7201 9202 1 Cumulative Increase in Direct Expenditure Compared to Baseline Year 1977 Aggregate Police, Fire & Corrections Spending Above: US Census Bureau Annual Survey of State and Local Government Finances, 1977-2022 (compiled by the Urban Institute via State and Local Finance Data: Exploring the Census of Governments; accessed 20-Jan-2025 03:16), https://state-local-finance-data.taxpolicycenter.org. Increasing Global SpendIn 2024, 23 Allies to meet or exceed the target of investing >2% of GDP in defense, compared to only three Allies in 2014. 20% of funding is targeted for equipment modernization1 US Administration PoliciesAnticipated to increase spending on border, customs, military, fire, law / drug enforcement – globally (1)https://www.nato.int/cps/em/natohq/topics_67655.htm
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Comprehensive Portfolio Accessible & Modern Suite of DevicesExceptional 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 OperationsProvides 24/7/365 access to expert staff for on-site decision support. Not available / Limited Data & AnalyticsExpanding TeamLeader App for Usage Tracking, Fleet Management, and AI Powered Guidance. Customized Enterprise reports. Not an option Best Practice & Scenario TrainingExpert 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 Connected Services Making the invisible VISIBLE and the unknown KNOWN
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Market LandscapeLife Science tools & analytical instrument companies are main participants in the advanced portion of the market. Thermo Fisher ScientificRigakuAgilentBrukerTeledyne/FLIR INCLUDING 9 LOW TECH SENSORS NO IDNON-SPECIFIC RESPONSE$2-2,500 ADVANCED CHEMICAL DETECTIONBULK UNKNOWN IDHIGH FIDELITY TRACE 10,000 – 20,000 COMPOUNDS$45K-110K150-300 COMPOUNDS$75K-120K THERMO FISHERAGILENTTELEYDYNE FLIR Solid/Liquid2008Solid/Liquid2012Solid/Liquid2016 RIGAKUSMITHSSolid/Liquid2014Solid/Liquid2012 Solid/Liquid/Vapor 2019 Solid/Liquid2022Vapor2023Solid/Liquid/Vapor 2020 Solid/Liquid/Vapor/Aerosol 2017
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An Innovation LeaderDifferentiated Products that are Poised for Growth 10100’s of trace analytes, 1000’s of gases, 20,000+ bulk compoundsPilot 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 4 MARKET LEADING DEVICES Offering Broader Capabilities Driving Scale & Efficiency LAUNCH OF NEXT GEN MX908 >2,800 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 #3U.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 à BULK2025 - First Full Year of Operational Synergies2025/26 – Increasing Impact with Commercial Integration2026 – New Product Launch Year2026+ Production (Award in 2025)
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11 OPPORTUNITY: Applications in GMP QA/QC, an estimated incremental TAM opportunity of $1.4B (2027) OPPORTUNITY:Industrial Hygiene & Environmental OEM: Supplier of mass spec subsystems to REPLIGEN for Bioprocessing PAT OEM: Design & production partner of optical accessories for Industrial QA/QC and Pharma PARTNER: Contractor and partner to US GOV for Advanced Chemical Detection integrations A Platform TechnologyFurther Opportunity Through PartnershipPharmaApplied BiotechGovernment
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$38.2M 2023 $146MYE 2023 -$30M2023 52% 2023 2,422Devices YE 20231 12 Our Strategic Transformation
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13 Our Strategic Transformation 2023-2024 +25% INCREASE YE 20231 4 >3,100 @ Q1$53M - $55M*+11 to 15% YoY + Adj. EBITDA by Q4 2025$110M+ YE 2025 Mid-High 50% Range2025 2025* IMPROVED +40% INCREASE SECURED * AS OF 5/13/25
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14 Our Strategic Transformation YE 20231 2025* 4 20,000+Device Opportunity20%+ Growthw/ 3 Catalysts Cash Flow Positive 2026 & BEYOND6 MASSIVE OPPORTUNITY PROFITABLE ACCELERATION IMPROVING YoY $110M+* AS OF 5/13/25
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15 $2.5BTAM$1.5BTAM IPO20202027 Our Strategic Transformation 2026 & BEYOND6 IMPROVING YoY 908 Devices “2.0” Reduced Customer ConcentrationHigher Base + Accelerated GrowthStronger Margins Improving OPEX Productivity Profitable w/ Unlimited Runway YE 20231 2025*4 * AS OF 5/13/25
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16 Q1 2025 Financial Highlights Strong Start to the Year REVENUE $11.8M from continuing operations ↳ +59% YoY, exceeding internal expectations ↳ Handheld product & service revenue: $11.0M, +86% YoYRECURRING REVENUE $4.4M ↳ +54% YoY, representing 37% of total revenueADJ. GROSS MARGIN 54%, up ~75 bps YoY ↳ Driven by scale and product mix, offset by international channel mixADJ. EBITDA ($4.6M) ↳ Nearly 50% YoY improvement vs. Q1 2024, prior to divestureINSTALLED BASE 3,172 devices, up 28% YoY ↳ 157 devices shipped in Q1 (vs. 53 in Q1 2024)CASH POSITION $124.3M, no debt ↳ Strengthened by $70M divestiture of desktop assets
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17 AgendaStrategic Transformation CompleteLeaner, more focused – targeting public health, safety, and defense applications with handheld chemical analysis toolsExecution UnderwayStrong Q1 results validate the new modelAccelerated Path to ProfitabilityClear, achievable financial milestonesPositioned for GrowthBacked by global macro tailwinds, an innovation pipeline, and an expanding installed base (now over 3,100 devices)Investor Thesis Fortified Step-change in our projected financials and trajectory 2.0
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Thank you.
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Historical – As Reported:Reconciliation from Gross Profit (GAAP) – to – Adjusted Gross Profit (Non-GAAP) and Margin Percentage 19 Gross Profit (GAAP)$25,322 $29,856Intangible amortization428 2,121Acquisition and integration costs- -Restructuring- 69Stock-based compensation577 753Adjusted Gross Profit (Non-GAAP)$26,327 $32,799Gross Margin Percentage (GAAP)50% 50%Adjusted Gross Margin Percentage (Non-GAAP) 52% 55% TWELVE MONTHS ENDED(in thousands)2023 2024 To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance arepresented with detailed reconciliations to comparable GAAP financial results in the table above:Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation.Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.
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Historical – As Reported:Reconciliation from Net Loss (GAAP) – to –Adjusted EBITDA (Non-GAAP) 20 Net Loss (GAAP)$(36,399)$(72,206)Adjustments:Other income, net(6,198) (4,230)Benefit for income taxes(211) (282)Depreciation 1,466 1,942Intangible amortization877 2,746Goodwill impairment- 40,659Acquisition and integration costs44 2,492Restructuring524 710Stock-based compensation9,787 11,763Contingent consideration107 (13,216)Adjusted EBITDA (Non-GAAP) $(30,003)$(29,622) 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 arepresented 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 2024
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Continuing Operations:Reconciliation from Gross Profit (GAAP) – to – Adjusted Gross Profit (Non-GAAP) and Margin Percentage 21 Mar 31June 30Sept 30Dec 31Mar 31June 30Sept 30Dec 31Gross Profit (GAAP)$3,887 $5,541Intangible amortization- 635Acquisition and integration costs- 50Restructuring- 66Stock-based compensation96 117Adjusted Gross Profit (Non-GAAP)$3,983 $6,409Gross Margin Percentage (GAAP)52% 47%Adjusted Gross Margin Percentage (Non-GAAP)54% 54% THREE MONTHS ENDED(in thousands)2024 2025 To supplement the Company’s financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance arepresented with detailed reconciliations to comparable GAAP financial results in the table above:Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation.Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.
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Continuing Operations:Reconciliation from Net Loss (GAAP) – to –Adjusted EBITDA (Non-GAAP) 22 Mar 31June 30Sept 30Dec 31Mar 31June 30Sept 30Dec 31Net Loss (GAAP)$(5,895) $(9,838)Adjustments:Other income, net(1,716) (1,188)Benefit for income taxes- -Depreciation159 291Intangible amortization- 713Goodwill impairment- -Acquisition and integration costs274 640Restructuring- 93Stock-based compensation1,839 2,221Contingent consideration- 2,499Adjusted EBITDA (Non-GAAP)$(5,339) $(4,569) 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 arepresented 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