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X908devices Analysis at the speed of life AUGUST 2026
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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, the expected uses and capabilities of the Company’s and NIRLAB’s products, the benefits of the Company’s acquisition of NIRLAB, 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 under the heading "Risk Factors" in our Annual Report on Form 10-K and other 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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Strategic Transformation 3 Solid financial foundation, executing to capture growth opportunities Founded in 2012, IPO in 2020, divested bioprocessing desktop portfolio in 2025. Focused on handheld chemical analysis tools, targeting public health, safety, and CBRNE defense applications Backed by secular tailwinds in opioid crisis response, defense budgets, and border security, with an innovation pipeline and an expanding installed base (now over 4,100 devices) Structural improvements, healthy balance sheet, and 18% YoY growth in 2025 In Q2 2026, achieved 23% revenue growth, Adjusted gross margin of 57%, and a cash position of $101.5 million as of June 30 th Future innovation and market potential. Active OEM & funded partnerships – including in Industrial QA/QC & Pharma, and integrations for drones and UGVs Focused on Growth Market Positioned for Acceleration Strong Execution, 23% YoY growth in Q2 2026 Platform Tech for Broad Market Flexibility „
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BROAD USE CASES Corrections & Rehabilitation Customs / Postal Inspection Fentanyl / Drugs-of-Abuse Toxic VOCs / Pesticides Cancer Prevention Safety & Defense Fire / Law Enforcement Pharma Industrial QA/QC We create next-generation analytical tools for ‘point-of-need’ use in vital health, safety, and defense tech contexts OEM 4
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Our Frontline Customers Fire / Hazmat, Law Enforcement, Federal & Military 5 4,100+ Devices 700+ Accounts 18,000+ Trained Users Pilot Programs: Accounts 18 Accounts: 1,100+ units* Pilot Programs 36 Accounts: 1,300+ units* Enterprise Accounts ongoing potential *as of 12/31/25 70+ Countries
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6 Addressing Global Threats to Public Health & Safety Expanding Opioid & Illicit Drug Crisis • UNODC notes cocaine is fastest growing illicit drug, with 68% increase in quantity seized 2019-2023 • On 12/15/25, U.S. federal designation of fentanyl as a Weapon of Mass Destruction • Undetectable precursor chemicals fuel a synthetic opioid crisis – some 100X potency of morphine • Fake medicines containing nitazenes, synthetic opioids 40 times more potent than fentanyl, are on the rise in Europe Requires adaptable detection and ID technology. Proliferation of Toxic Industrial Materials • U.S. enacts Honor Act in Dec. 2025, recognizing certain cancers caused by toxin exposure during firefighting and classifying occupational cancer as line-of-duty death for first responders • Consumer products in CA emit >5,000 tons of VOCs annually that are considered hazardous (Prop. 65) • EU-OSHA notes nearly half of EU workers likely exposed to cancer risk factors, with cancer accounting for 53% of all work- related deaths Requires broad and sensitive gas detectors. Mixed with Rising Global Tensions, Access & Availability • In 2025, NATO allies agreed to increase defense spending to 5% of GDP by 2035, which includes 3.5% for core military requirements and 1.5% for broader defense-related investments • 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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A Complete Solution. Unmatched Support. More Data & More Analytics XplorIR MX908 (Flagship Mass Spec) ProtectIR ThreatID More than hardware – delivering the people, data, and expertise to detect more, faster, with confidence VipIR Where we are going Team Leader Aggregate. Monitor. Manage. NIRLab 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. REACHBACK OPERATIONS Provides 24/7/365 access to expert staff for on-site decision support. Access additional threat signatures. Full portfolio. ONE NUMBER. DATA ANALYTICS Expanding TeamLeader App for usage tracking, fleet management, and Al powered guidance. Customized enterprise reports. CLOUD SUBSCRIPTION SERVICES. BEST PRACTICE & SCENARIO TRAINING Expert trainers providing best practice and real-world training. Delivering real world training, workshops, across customers workflow. TOOLKIT APPROACH.
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NIRLab Purpose-built for law enforcement patrol Integrated hardware & cloud platform Powered by near-infrared (NIR) spectroscopy Field-proven, global customer base 100+ active customers, over one million analyses performed High-retention subscription revenue 50% recurring revenue, annual customer retention rate > 99% Cloud-connected AI flywheel Field data aggregated in cloud, patterns provide actionable insights Unlocks a ~$200M addressable market Sub $40K price segment – a high-volume, widely deployable tier, with significant U.S. commercial opportunity Detect, ID & quantify common drugs Includes cocaine, heroin, methamphetamine, plus THC & CBD 8 Acquired May 2026
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9 One Platform. End-to-End Law Enforcement Coverage. Every Day. Investigations. Specialists. Connected by Data. Built for Outcomes. VIPIR NIRLAB MX TEAM LEADER + NIRLAB
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10 A Large, Growing, and Critical Market MARKET LANDSCAPE Analytical instrument companies are key participants in the advanced portion of the chem detection market. • THERMO FISHER SCIENTIFIC • BRUKER • RIGAKU • OTHERS LEGACY PLAYERS MORE LIMITED Typical single-technology point solutions, gaps across detection continuum. Limited to one or two technologies, more laboratory focused. Not a full suite – no aerosols, or high-fidelity trace-to-bulk in one portfolio. Limited support, call centers, automated, with longer response. Limited connectivity, no unified data platform. Broad focus across industries, not purpose-built org for public safety & defense. COMPLETE DETECTION CONTINUUM Screening → Identification → Confirmation Unique portfolio spanning screening to field-confirmatory mass spectrometry with one full workflow offering. TECHNOLOGY BREADTH NIR • FTIR • Raman • Mass Spec Multiple complementary technologies in portable, field-ready instruments – mass spec and optical spectroscopy. ADVANCED CHEMICAL DETECTION Bulk Unknown ID + High Fidelity Trace Detect and identify from bulk unknowns to trace levels across solids, liquids, vapors, and aerosols. REACHBACK & EXPERT SUPPORT One Number. Real People. 24/7. 24/7/365 access to expert scientists and operators for real - time decisions in the field. DATA & CONNECTIVITY Apps, Cloud, Fleet Management Connected platform for data sharing, fleet visibility, AI analytics, and enterprise reporting. FOCUS First Responders & Public Safety Entire organization focused on the needs of fire, hazmat, law enforcement, and defense. • AGILENT • TELEDYNE-FLIR MODERN PORTFOLIO SPANNING SCREENING TO FIELD CONFIRMATION
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Growth outlook for 2026+ US funding to combat illicit drug crisis & narcoterrorists Harmful exposure rates from toxic industrial materials NATO countries’ defense budgets INCREASES IN External Market Dynamics 1 2 3 2025 2027+2026 Next AVCAD Phase* US DoD program in partnership w/Smiths Detection Equipment Modernization Replacing outdated FTIRs - 15,000+ unit potential MX908 Expand placements in enterprise accounts and extend greenfield placements OEM & Recurring Integrations w/UGVs, UAVs, robots 908 DEVICES GROWTH CATALYSTS 2025 2026 2027+ Next-gen Mass Spec Step change in performance & simplicity, drives greenfield expansion and sets up replacement cycle for 3,000+ fielded devices Solid OEM funding in Industrial QA/QC & Pharma Recurring revenue grew 22% in 2025, to 35% of total revenues Scaling predictable, high-margin recurring revenue with NIRLab: ~50% in 2026 with 99% retention rate 50% of device placements from FTIR NEW PRODUCT: Shipped >40 VipIR devices in Q425, full year impact in 2026 11 XplorIR grew 40% YoY in first full year of 2025 Initial Ramp ~$2-3M $10M+/yr potential for full production *Assumes continuation as subcontractor; other direct courses of action possible
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12 Growth & Profitability ($M) 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 2020 2021 2022 2023 2024 2025 2026 Year of IPO $13.8M (1) Revenue from Continuing Operations is as reported, excluding divested desktop products for all years. Represents 2026 YoY Revenue Growth of +21% to 25% from Continuing Operations 2026 Guide (As of 8/11/26) $68M to $70M Revenue from Continuing Operations(1) Step-change improvement in Adj. EBITDA forecasted for 2026. Healthy cash balance of $101.5M (June 30, 2026) supports cross-over trajectory. ADJ. GROSS MARGIN ADJ. EBITDA (FY) 2024 2025 2026 2024 2025 56% -$10M 2025 Compelling Forward Going Financial Profile (3) Mid-to- High 50% -$16M $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) +$0.7 in Q4 (3) Projected FY 2026 (as of 8/11/26 – post-acquisition of NIRLAB AG) compared to reported prior year periods. $56.2M 2026 Mid-single digit M’s 57% 56%
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6 months 13 As of Dec 31st H1 2026 Financial Metrics $9.0M 30% OF TOTAL RECURRING REVENUE 19% YOY REVENUE GROWTH ADJ. GROSS MARGIN 57% As of Jun 30th In $M 2025 2026 Product $18.1 $23.7 Service and Contract $6.7 $5.7 Total Revenue $24.8 $29.5 Growth YoY 19% Gross Profit $11.9 $15.2 Gross Margin % 48% 52% Adjusted Gross Margin % 55% 57% Operating Expenses $28.8 $28.1 Change in fair value of contingent consideration $9.3 $12.8 Loss from Continuing Operations $(26.2) $(25.7) Adjusted EBITDA $(8.5) $(4.5) 2025 2026 Cash, Cash Equivalents and Marketable Securities $113.0 $101.5 Debt Outstanding $0 $0
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Analysis at the speed of life
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Reconciliation from Gross Profit (GAAP) – to – Adjusted Gross Profit (Non- GAAP) and Margin Percentage 15 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Gross Profit (GAAP) $5,541 $6,373 $7,355 $9,154 $6,881 $8,343 Intangible amortization 635 634 635 635 635 734 Acquisition and integration costs 50 - - - - - Restructuring 66 222 - - - - Stock-based compensation 117 107 158 184 155 107 Adjusted Gross Profit (Non-GAAP) $6,409 $7,336 $8,148 $9,973 $7,671 $9,184 Gross Margin Percentage (GAAP) 47% 49% 53% 53% 51% 52% Adjusted Gross Margin Percentage (Non-GAAP) 54% 56% 58% 57% 57% 57% THREE MONTHS ENDED (in thousands) 2025 2026 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) 16 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Net Income (Loss) (GAAP) $(9,838) $(12,908) $(14,910) $4,381 $(11,955) $(11,894) Adjustments: Other income, net (1,188) (2,324) (1,443) (1,123) (929) (861) Expense (benefit) for income taxes - 71 29 (166) - (54) Depreciation 291 260 358 385 406 442 Intangible amortization 713 713 732 732 732 928 Acquisition and integration costs 640 - 63 - 438 696 Restructuring 93 1,173 242 10 - - Stock-based compensation 2,221 2,337 2,379 2,766 2,399 2,313 Holdback shares - - - - - 64 Contingent consideration 2,499 6,792 10,708 (6,258) 6,381 6,442 Adjusted EBITDA (Non-GAAP) $(4,569) $(3,886) $(1,842) $727 $(2,528) $(1,924) 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) 2025 2026
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Reconciliation from Gross Profit (GAAP) – to – Adjusted Gross Profit (Non- GAAP) and Margin Percentage 17 Gross Profit (GAAP) $24,500 $28,423 Intangible amortization 1,691 2,539 Acquisition and integration costs - 50 Restructuring 69 288 Stock-based compensation 441 566 Adjusted Gross Profit (Non-GAAP) $26,701 $31,866 Gross Margin Percentage (GAAP) 51% 51% Adjusted Gross Margin Percentage (Non-GAAP) 56% 57% 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. TWELVE MONTHS ENDED (in thousands) 20252024
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Reconciliation from Net Loss (GAAP) – to – Adjusted EBITDA (Non-GAAP) 18 Net Loss (GAAP) $(53,140) $(33,277) Adjustments: Other income, net (4,253) (6,078) Benefit for income taxes - (66) Depreciation 1,051 1,294 Intangible amortization 1,898 2,890 Goodwill impairment 40,659 - Acquisition and integration costs 2,383 703 Restructuring 539 1,517 Stock-based compensation 8,433 9,701 Contingent consideration (13,216) 13,741 Adjusted EBITDA (Non-GAAP) $(15,646) $(9,575) 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) 20252024