908 Devices (NASDAQ:MASS) reached a major financial milestone in the fourth quarter, reporting positive adjusted EBITDA and cash flow for the first time as the company’s high-margin recurring revenue began to scale.
The Boston-based specialist in handheld chemical analysis reported fourth-quarter revenue of $17.4 million, a 21% increase over the same period in 2024.
For the full year 2025, revenue climbed 18% to $56.2 million.
The growth was spearheaded by the company’s "razor-and-blade" model, with annual recurring revenue from consumables and service contracts rising 22% to $19.5 million, now accounting for 35% of total sales.
The shift toward a more service-oriented revenue mix significantly bolstered the bottom line.
Adjusted gross margin for the fourth quarter reached 57%, a 530-basis point improvement over the prior year.
This efficiency gain allowed 908 Devices to deliver net income from continuing operations of $4.4 million and achieve a positive Adjusted EBITDA of $0.7 million, meeting a key long-term goal set by management.
The company’s technology, which miniaturizes complex mass spectrometry into rugged, handheld devices, has seen expanded adoption in forensic drug detection and bioprocessing monitoring.