Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data 908 Devices Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
26.9
42.2
46.9
50.2
47.7
56.2
Cost of revenue
12
19
20.8
24.9
23.2
27.8
Gross profit
14.9
23.2
26
25.3
24.5
28.4
Research and development
8.24
13.1
17.5
21.9
15
15.6
Selling, general and administrative
12.5
32.2
43.9
46.1
39.5
38.5
Operating expenses
20.7
45.3
61.4
68.1
81.9
67.8
Operating income
-5.82
-22.1
-35.4
-42.8
-57.4
-39.4
Interest expense
0.98
0.49
0.13
0.2
Other non-operating income
-7
-0.1
1.82
6.15
4.25
6.08
Pre-tax income
-33.6
-36.6
-53.1
-33.3
Income tax
0
-0.21
-0.28
-0.07
Income from continuing operations
-53.1
-33.3
Net income
-12.8
-22.2
-33.6
-36.4
-72.2
19.5
EBITDA
-4.98
-21.1
-33.8
-40.4
-52.7
-35
EPS, basic
-2.35
-0.79
-1.07
-1.13
-2.12
0.54
EPS, diluted
-2.35
-0.79
-1.07
-1.13
-2.12
0.54
Shares, basic (weighted)
5.49
28
31.5
32.2
34.1
35.9
Shares, diluted (weighted)
5.49
28
31.5
32.2
34.1
35.9
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
159
224
188
121
44
70.5
Short-term investments
0
24.6
25.6
42.5
Receivables
6.83
16.4
10
8.99
8.85
11.3
Inventory
4.57
7.92
12.5
14.9
10.9
13
Other current assets
0.35
4.53
4.66
4.18
4.18
7.27
Total current assets
171
253
216
174
103
145
Property, plant and equipment
0.85
1.6
3.08
3.34
1.6
4.23
Lease right-of-use assets
6.29
5.18
3.96
6.23
3.84
4.4
Goodwill
10.1
10.4
0
0
Intangible assets
8.49
7.86
38.7
36.4
Other non-current assets
0.72
1.23
1.38
1.39
0.51
0.47
Total assets
179
261
243
203
159
190
Accounts payable
1
1.37
1.4
1.19
1.37
1.59
Accrued liabilities
5.04
6.96
8.85
8.71
7.2
6.84
Deferred revenue
3.1
5.16
7.51
10.6
10.4
8.93
Short-term debt
0.5
Total current liabilities
10.8
14.8
19.2
22.5
25.1
34.1
Long-term debt
14.3
15
15
Lease liabilities
5.84
4.51
3.04
3.93
2.6
3.95
Other non-current liabilities
0.19
0.56
2.28
0.03
Total liabilities
39.8
46.3
52
37.5
44.9
46.4
Total debt
14.8
15
15
Paid-in capital
217
315
324
335
356
367
Retained earnings
-78.5
-101
-134
-171
-243
-223
Other comprehensive income
0.8
1.37
1.15
0.05
Shareholders' equity
139
215
191
165
115
144
Total equity
139
215
191
165
115
144
Total liabilities and equity
179
261
243
203
159
190
Shares outstanding
27.3
31.1
31.9
32.5
35.1
36.3
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-12.8
-22.2
-33.6
-36.4
-72.2
19.5
Depreciation and amortization
0.83
0.93
1.61
2.38
4.68
4.47
Stock-based compensation
0.53
2.5
7.21
9.79
11.8
9.85
Deferred income tax
-0.13
-0.31
-0.28
Change in receivables
-1.82
-11.3
5.93
0.68
-2.93
0.22
Change in inventory
0.22
-4.48
-5.48
-3.9
-1.66
-3.73
Change in payables
1.98
2.75
0.45
2.03
2.32
-5.93
Cash from operations
4.13
-29.1
-20.9
-25.1
-30.2
-23.7
Capital expenditures
-0.01
-0.74
-2.05
-2.05
-0.6
-0.96
Acquisitions
-13.8
Purchases of investments
-48.9
-55.5
-64
Sales and maturities of investments
24.5
54.6
47.8
Cash from investing
-0.01
-0.74
-15.8
-26.4
-46.3
50.7
Stock issued
0.05
0.85
1.55
0.94
1.15
0.86
Cash from financing
137
94.7
1.18
-15.9
-0.38
-0.7
Exchange rate effect
0.02
0.01
-0.07
0.03
Net change in cash
141
64.9
-35.5
-67.4
-77
26.4
Free cash flow
4.12
-29.8
-23
-27.1
-30.8
-24.6
Interest paid
0.91
0.37
0.14
Income taxes paid
0.18
-0.07
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.44 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
52.2%
Gross profit / revenue.
Operating margin
-64.0%
Operating income / revenue.
EBITDA margin
-57.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-57.0%
Net income / revenue.
FCF margin
1.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
2.5%
Cash from operations / revenue.
Return on equity (ROE)
-27.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-17.5%
Net income / average total assets.
Return on invested capital (ROIC)
-48.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
23.7%
Research and development expense / revenue.
SG&A / revenue
64.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
16.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.4%
Capital expenditures / revenue.
D&A / revenue
6.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
17.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
6.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
15.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
16.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
3.0%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
13.8%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
25.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-9.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
0.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
19.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-7.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
1.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
5.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
4.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
45.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.67x
Current assets / current liabilities.
Quick ratio
2.29x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.05x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Capex / operating cash flow
58.8%
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.92
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.61
Revenue / diluted weighted shares.
FCF per share
$0.02
Free cash flow / diluted weighted shares.
Operating cash flow per share
$0.04
Cash from operations / diluted weighted shares.
Book value per share
$3.33
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
7.77x
Market cap / revenue.
P/B
3.73x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
6.70x
Market cap / tangible book value, when positive.
P/FCF
769x
Market cap / free cash flow. Only when free cash flow is positive.
P/OCF
317x
Market cap / cash from operations, when positive.
EV/Sales
6.10x
Enterprise value / revenue.
EV/FCF
604x
Enterprise value / free cash flow, when both are positive.
FCF yield
0.1%
Free cash flow / market cap.
Earnings yield
-7.3%
Net income / market cap (the inverse of P/E).
What was 908 Devices Inc.'s revenue in fiscal 2025?
908 Devices Inc. reported revenue of $56.2M for fiscal 2025, 17.7% higher than the year before.
Was 908 Devices Inc. profitable in fiscal 2025?
Yes. Net income was $19.5M, a net margin of 34.7%.
How much free cash flow did 908 Devices Inc. generate in fiscal 2025?
Cash from operations of $23.7M minus capital expenditures of $955.0K left free cash flow of -$24.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.