908 Devices reported record third-quarter revenue of $19.0 million, up 35% from a year earlier, as sales of its FTIR devices rose and revenue from acquired NIRLab products contributed. The chemical-analysis equipment maker also raised the low end of its 2026 revenue outlook, while continuing to report a quarterly loss.
Revenue growth came alongside a larger installed base and record device placements. But gross margins were unchanged from a year ago, and the company’s adjusted EBITDA loss was nearly flat.
Key details
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Revenue reached $19.0 million, up 35% year over year. The company attributed the increase to higher FTIR device revenue and the addition of NIRLab revenue.
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Device placements set a record. 908 Devices placed 308 devices during the quarter, bringing its installed base to 4,409, up 26% from a year earlier. It shipped about 100 NIRLab devices in the first full quarter after acquiring the business.
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Recurring revenue was $5.1 million, or 27% of quarterly revenue.
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Gross profit rose to $10.0 million from $7.4 million, while GAAP gross margin held at 53%. Adjusted gross profit increased to $10.9 million from $8.1 million, but adjusted gross margin was unchanged at 58%.
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The company posted a $4.6 million loss from continuing operations, compared with a $14.9 million loss a year earlier. Adjusted EBITDA was a loss of $1.7 million, versus a $1.8 million loss in the prior-year quarter.
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Lower reported operating expenses drove much of the improvement in the GAAP loss comparison. Expenses fell to $15.5 million from $23.7 million, primarily because of an $11.0 million noncash reduction in expense tied to a change in the fair value of contingent consideration. Higher selling, general and administrative costs partly offset that reduction.
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Cash, cash equivalents and marketable securities totaled $99.1 million at quarter-end, with no debt outstanding.
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The company raised the low end of its 2026 revenue outlook to $68.5 million from $68.0 million, while keeping the high end at $70.0 million. The range implies growth of 22% to 25% compared with 2025.
Plain-English implications
The higher revenue outlook floor reflects a stronger year-to-date performance, while the unchanged top end leaves the company’s overall forecast range largely intact. The quarterly loss narrowed substantially on a GAAP basis, but the decline in operating expenses was mainly tied to a noncash accounting change; adjusted EBITDA remained close to the year-earlier level. The company ended the quarter with substantial cash and no debt.