908 Devices Inc. raised its 2026 revenue guidance to a range of $68 million to $70 million, up from prior expectations, as the company reported a 23% year-over-year increase in second-quarter revenue to $16.1 million.
Adjusted gross margin remained steady at 57% in the quarter, consistent with the first half of 2026, while the adjusted EBITDA loss narrowed to under $2 million, a 50% improvement from the prior year. The company shipped 198 devices during the period, with recurring revenue accounting for 31% of total revenue.
Full-year adjusted EBITDA loss is now projected to be in the mid-single digits, roughly half of the 2025 loss, as 908 Devices continues to streamline operations and expand its product portfolio. Cash and equivalents totaled $101.5 million as of June 30, 2026, with no debt outstanding. The company previously burned approximately $30 million annually before achieving positive adjusted EBITDA in the fourth quarter of 2025.
Revenue growth has accelerated over the past five years, with compound annual growth of 23% from 2020 to 2025, lifting total revenue from under $20 million at its IPO to $56.2 million in 2025. Trailing 12-month revenue stands at approximately $61 million.
The company’s core detection market is estimated between $1.5 billion and $2 billion, while the sub-$40,000 NIRLab segment is valued at roughly $200 million. 908 Devices has deployed over 4,100 devices across 700 accounts in more than 70 countries, with over 18,000 trained users. Its MX908 mass spectrometry platform has over 3,000 units in operation, including more than 1,200 with U.S. government agencies.
Recent product developments include the XplorIR gas and vapor identification tool, which saw installations grow nearly 70% in the 12 months to June 30, 2026. The VipIR platform, covering over 39,000 chemicals, is expected to ship more than 100 devices in 2026, potentially reaching 150 units. The NIRLab acquisition, completed in May 2026, has contributed to revenue growth, with about 50% of its revenue derived from software subscriptions.
Operational highlights include the use of MX908 in Virginia’s Operation FREE, where fatal overdoses in correctional facilities dropped from 24 in 2024 to zero in 2025. In Asia-Pacific, a $6 million order for ProtectIR devices was secured in July 2026 for a correctional agency. The U.S. Postal Inspection Service employs about 200 FTIR devices linked to Team Leader.
Government funding has supported customer adoption, with over $1 billion allocated in June and July 2026 by the Department of Homeland Security, Department of Justice, and Office of National Drug Control Policy for grant programs. Regulatory changes, such as Colorado’s 2026 ban on arrests based solely on colorimetric results, further underscore the expanding addressable market for advanced detection technologies.
