BURLINGTON, Mass. — 908 Devices Inc. reported a 14% increase in first-quarter revenue and raised its 2026 revenue outlook, citing growth in both its mass spectrometry and FTIR product lines.
The Burlington-based company, which develops handheld chemical analysis tools for health, safety and defense applications, reported revenue of $13.4 million for the quarter ended March 31, up from the same period a year earlier.
“We delivered a strong start to 2026, achieving 14% revenue growth and meaningful margin expansion,” said Kevin J. Knopp, CEO and co-founder. “We are also excited to announce the acquisition of NIRLAB AG, a strategic transaction that broadens our reach into the lower-cost, widely-deployable segment of the narcotics detection market while increasing our recurring revenue opportunity through software subscriptions. This transaction reflects our focus on disciplined growth investments as we continue to execute our transformation strategy.”
Recurring revenue totaled $4 million, representing 30% of total revenue for the quarter. The company said its installed base grew 23% year over year to 3,903 devices, with 167 devices placed during the first quarter.
Gross profit was $6.9 million, compared with $5.5 million in the prior-year period. Gross margin was 51%, up from 47% a year earlier. Adjusted gross profit was $7.7 million, compared with $6.4 million a year earlier, while adjusted gross margin rose to 57% from 54%.
908 Devices said the adjusted gross margin improvement was driven mainly by higher product revenue, a shift in channel mix and benefits from consolidated facilities, partly offset by lower service gross margins.
Operating expenses rose to $19.8 million from $16.6 million in the prior-year quarter. The increase included a noncash $3.9 million expense tied to a change in the fair value of a contingent consideration liability, partly offset by a $700,000 reduction in research and development and selling, general and administrative expenses.
The company reported a net loss from continuing operations of $12 million, compared with a net loss from continuing operations of $9.8 million a year earlier. Adjusted EBITDA was a loss of $2.5 million, compared with a loss of $4.6 million in the prior-year period.
Net loss attributable to common stockholders was $12 million, compared with net income of $43.6 million a year earlier. The prior-year income was tied to the divestiture of the company’s bioprocessing product portfolio, which generated a $56.6 million gain, net of transaction costs, and was partly offset by a loss from discontinued operations during the first two months of the first quarter of 2025.
908 Devices ended the quarter with $111.7 million in cash, cash equivalents and marketable securities and no debt. After the quarter closed, the company acquired NIRLAB AG, a move it said adds complementary drug detection capabilities, expands its international mix and brings a high-retention recurring subscription model.
