BURLINGTON, MA–908 Devices Inc., a developer of handheld chemical analysis instruments used in health, safety and defense applications, reported record third-quarter revenue of $19 million, a 35% increase from the same period last year, driven by strong demand for its detection technologies and contributions from its recently acquired NIRLab business.
The Burlington company also raised the lower end of its full-year 2026 revenue forecast, citing continued demand for its analytical devices and growth in recurring revenue.
Revenue for the quarter ended September 30 increased 35% year over year, supported by higher sales of Fourier transform infrared (FTIR) spectroscopy devices and additional revenue from NIRLab.
The company reported a record 308 device placements during the quarter, bringing its total installed base to 4,409 devices, an increase of 26% from the previous year.
Recurring revenue reached $5.1 million, accounting for approximately 27% of total quarterly revenue.
“We had a strong third quarter, driven by our FTIR portfolio, with revenue growing 35% year-over-year to $19 million and device shipments reaching a new company record,” said Kevin J. Knopp, CEO and Co-founder of 908 Devices. “Our proven platforms are winning orders across the globe as customers accelerate efforts to modernize their detection capabilities and stay ahead of an evolving threat landscape. NIRLab is also gaining traction, both in unit volumes and pipeline, as we build a growing base of connected, recurring revenue. With continued operational discipline and healthy customer funding supporting demand, we are well positioned as we head toward the end of the year.”
Gross profit increased to $10 million in the third quarter, compared with $7.4 million during the same period in 2025.
The company’s gross margin remained unchanged at 53%, while adjusted gross profit rose to $10.9 million from $8.1 million a year earlier. Adjusted gross margin also remained steady at 58%.
Operating expenses declined to $15.5 million from $23.7 million in the prior-year quarter.
The $8.2 million reduction was primarily attributable to an $11 million noncash decrease in expenses associated with changes in the fair value of contingent consideration. This was partially offset by a $2.8 million increase in selling, general and administrative expenses.
The company’s net loss from continuing operations narrowed to $4.6 million, compared with $14.9 million in the third quarter of 2025.
Net loss attributable to common stockholders also declined to $4.6 million from $15 million a year earlier.
Adjusted EBITDA, a measure of operating performance that excludes certain expenses, was a loss of $1.7 million, compared with a loss of $1.8 million in the same period last year.
The company also reported continued progress integrating its NIRLab business, shipping approximately 100 NIRLab devices during the first full quarter following the acquisition.
NIRLab technology expands 908 Devices’ portfolio of portable analytical instruments, which are used to identify and analyze chemical substances in field environments.
The company’s FTIR instruments use infrared spectroscopy to identify materials based on their molecular characteristics, supporting applications such as hazardous substance detection, public safety and defense.
The expansion of its installed device base and recurring revenue streams reflects the company’s strategy of generating ongoing revenue through its analytical technology platforms.
As of September 30, 908 Devices held $99.1 million in cash, cash equivalents and marketable securities, with no outstanding debt.
Following its third-quarter performance, the company revised its full-year 2026 revenue guidance to between $68.5 million and $70 million, compared with its previous forecast of $68 million to $70 million.
The updated outlook represents anticipated revenue growth of approximately 22% to 25% compared with 2025.
The company said demand for its chemical detection technologies remains supported by customer investments in modernizing analytical capabilities across health, safety and defense markets.
