908 Devices Inc.
MASS · Measuring & Controlling Devices, NEC · 37.8M shares · +58%/yr ↑ dilution · EDGAR filings ↗
Reference price $9.10 · est. market cap ~$344M — last insider sale, 2026-06-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C61Growing handheld chemical-analysis device maker whose flattering net margin/returns reflect a one-time gain on the Desktop Portfolio sale, masking continued operating losses.
Strengths
- Strong liquidity and runway: current ratio 4.24 (75th pct), ~18 quarters of cash runway (82.7th pct)
- Healthy gross margin ~51% (72.7th) and growing installed base (>3,700 devices, >700 customers, government anchor accounts)
Risks
- Operating margin -70% (16.7th) and FCF -$24.6M (-44% margin); ROA/ROE/net-margin percentiles are artifacts of the discontinued-ops gain
- History of net losses, $223M accumulated deficit, and may need dilutive capital
Notable findings
- Cash burnNegative free cash flow (-24.6M)
- Chronic dilutionShare count +58%/yr over 4y (dilution, book value/share -89%)
- Strong balance sheetStrong balance sheet — $113M cash & investments, ~18 quarters of runway
- Revenue declineRevenue -23.0% YoY
- Insider sellingInsider selling — 33 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$5M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
50.6%
Operating margin
-70.1%
Net margin
34.7%
Return on equity
13.6%
Return on assets
10.3%
Revenue growth (QoQ)
-23.0%
Current ratio
4.2×
Free cash flow
-$25M
EBITDA
-$35M
Tangible book value
$107M
Cash & investments
$113M
Cash runway
18q
Stock comp / revenue
17.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-25 | Knopp Kevin J. | Sell | 16K | $9.10 |
| 2026-06-25 | Leonhart Michele M. | Option exercise | 6.5K | — |
| 2026-06-24 | Knopp Kevin J. | Sell | 41K | $9.14 |
| 2026-06-23 | AWM Investment Company, Inc. | Sell | 3.0K | $9.00 |
| 2026-06-23 | Knopp Kevin J. | Sell | 3.4K | $9.06 |
| 2026-06-23 | Brown Christopher D. | Sell | 9.9K | $9.04 |
| 2026-06-22 | AWM Investment Company, Inc. | Sell | 4.7K | $8.99 |
| 2026-06-10 | ELOI FENEL M | Option exercise | 14K | — |
| 2026-06-10 | Leonhart Michele M. | Option exercise | 14K | — |
| 2026-06-10 | Spoto Mark | Option exercise | 14K | — |
| 2026-06-10 | Hunt Anthony | Option exercise | 14K | — |
| 2026-06-10 | HRUSOVSKY E KEVIN | Option exercise | 14K | — |
| 2026-06-10 | CRANDELL KEITH | Option exercise | 14K | — |
| 2026-06-04 | Brown Christopher D. | Sell | 100 | $9.00 |
| 2026-06-04 | AWM Investment Company, Inc. | Sell | 40K | $8.97 |
| 2026-06-03 | Brown Christopher D. | Sell | 20K | $8.73 |
| 2026-06-02 | AWM Investment Company, Inc. | Sell | 2.5K | $8.95 |
| 2026-05-28 | Griffith Joseph H. IV | Sell | 6.9K | $9.03 |
| 2026-05-28 | Brown Christopher D. | Sell | 30K | $9.00 |
| 2026-05-28 | AWM Investment Company, Inc. | Sell | 170K | $8.66 |
| 2026-05-27 | AWM Investment Company, Inc. | Sell | 1.5K | $8.25 |
| 2026-05-27 | AWM Investment Company, Inc. | Sell | 15K | $8.25 |
| 2026-05-11 | AWM Investment Company, Inc. | Sell | 5.0K | $8.25 |
| 2026-05-08 | Kenneweg John | Sell | 18K | $8.11 |
| 2026-05-08 | AWM Investment Company, Inc. | Sell | 3.0K | $8.20 |
| 2026-05-07 | AWM Investment Company, Inc. | Sell | 13K | $8.20 |
| 2026-05-06 | AWM Investment Company, Inc. | Sell | 57K | $8.06 |
| 2026-05-06 | AWM Investment Company, Inc. | Sell | 5.0K | $8.00 |
| 2026-05-06 | Brown Christopher D. | Sell | 20K | $7.23 |
| 2026-05-01 | Kenneweg John | Sell | 7.8K | $6.83 |
| 2026-05-01 | Kenneweg John | Option exercise | 26K | — |
| 2026-04-10 | McCallion Kevin J. | Option exercise | 2.7K | $1.05 |
| 2026-04-10 | McCallion Kevin J. | Sell | 2.7K | $7.01 |
| 2026-04-10 | Brown Christopher D. | Sell | 18K | $7.07 |
| 2026-04-09 | Brown Christopher D. | Sell | 7.4K | $7.04 |
| 2026-04-09 | McCallion Kevin J. | Option exercise | 5.4K | $1.05 |
| 2026-04-09 | McCallion Kevin J. | Sell | 5.4K | $7.03 |
| 2026-04-08 | McCallion Kevin J. | Sell | 19K | $7.05 |
| 2026-04-08 | McCallion Kevin J. | Option exercise | 19K | $1.05 |
| 2026-04-08 | Brown Christopher D. | Sell | 15K | $7.05 |
| 2026-03-02 | McCallion Kevin J. | Option exercise | 7 | $1.05 |
| 2026-03-02 | McCallion Kevin J. | Sell | 7 | $7.00 |
| 2026-03-02 | McCallion Kevin J. | Sell | 7 | $7.00 |
| 2026-02-02 | Knopp Kevin J. | Sell | 35K | $6.18 |
| 2026-02-02 | Griffith Joseph H. IV | Sell | 23K | $6.18 |
| 2026-02-01 | Knopp Kevin J. | Option exercise | 17K | — |
| 2026-02-01 | Brown Christopher D. | Option exercise | 5.0K | — |
| 2026-02-01 | Brown Christopher D. | Option exercise | 7.4K | — |
| 2026-02-01 | Brown Christopher D. | Option exercise | 11K | — |
| 2026-02-01 | Knopp Kevin J. | Option exercise | 11K | — |
| 2026-02-01 | Knopp Kevin J. | Option exercise | 13K | — |
| 2026-02-01 | Knopp Kevin J. | Option exercise | 66K | — |
| 2026-02-01 | Griffith Joseph H. IV | Option exercise | 5.1K | — |
| 2026-02-01 | Griffith Joseph H. IV | Option exercise | 10K | — |
| 2026-02-01 | Griffith Joseph H. IV | Option exercise | 11K | — |
| 2026-02-01 | Griffith Joseph H. IV | Option exercise | 43K | — |
| 2025-12-30 | Spoto Mark | Gift | 928 | — |
| 2025-12-30 | Spoto Mark | Gift | 928 | — |
| 2025-10-14 | Spoto Mark | Inherited | 928 | — |
| 2025-10-03 | Griffith Joseph H. IV | Sell | 4.3K | $9.05 |
| 2025-10-02 | Griffith Joseph H. IV | Sell | 708 | $9.04 |
| 2025-09-19 | Griffith Joseph H. IV | Sell | 5.0K | $7.07 |
| 2025-06-25 | Leonhart Michele M. | Option exercise | 6.5K | — |
| 2025-06-18 | Turner Michael S. | Sell | 1.4K | $7.50 |
| 2025-06-17 | Turner Michael S. | Sell | 7.1K | $7.51 |
| 2025-06-16 | Turner Michael S. | Sell | 16K | $7.51 |
| 2025-06-11 | Hunt Anthony | Option exercise | 11K | — |
| 2025-06-11 | HRUSOVSKY E KEVIN | Option exercise | 11K | — |
| 2025-06-11 | George Jeffrey P. | Option exercise | 11K | — |
| 2025-06-11 | ELOI FENEL M | Option exercise | 11K | — |
| 2025-06-11 | Eisenberg Marcia | Option exercise | 11K | — |
| 2025-06-11 | CRANDELL KEITH | Option exercise | 11K | — |
| 2025-06-11 | Spoto Mark | Option exercise | 11K | — |
| 2025-06-04 | Griffith Joseph H. IV | Sell | 6.9K | $7.08 |
| 2025-05-15 | Knopp Kevin J. | Buy | 15K | $4.44 |
| 2025-05-14 | Spoto Mark | Buy | 7.0K | $4.30 |
| 2025-05-14 | Spoto Mark | Buy | 3.0K | $4.25 |
| 2025-05-14 | Knopp Kevin J. | Buy | 15K | $4.32 |
| 2025-03-02 | Hunt Anthony | Option exercise | 2.1K | — |
| 2025-02-03 | Griffith Joseph H. IV | Sell | 4.3K | $2.35 |
| 2025-02-03 | Brown Christopher D. | Sell | 3.6K | $2.33 |
| 2025-02-03 | Griffith Joseph H. IV | Sell | 2.0K | $2.34 |
| 2025-02-03 | Griffith Joseph H. IV | Sell | 4.0K | $2.33 |
| 2025-02-03 | Brown Christopher D. | Sell | 2.5K | $2.34 |
| 2025-02-03 | Turner Michael S. | Sell | 1.7K | $2.36 |
| 2025-02-03 | Turner Michael S. | Sell | 3.8K | $2.32 |
| 2025-02-03 | Turner Michael S. | Sell | 4.2K | $2.32 |
| 2025-02-03 | Knopp Kevin J. | Sell | 4.3K | $2.33 |
| 2025-02-03 | Knopp Kevin J. | Sell | 5.2K | $2.31 |
| 2025-02-03 | Knopp Kevin J. | Sell | 6.5K | $2.32 |
| 2025-02-03 | Brown Christopher D. | Sell | 1.7K | $2.36 |
| 2025-02-01 | Knopp Kevin J. | Option exercise | 11K | — |
| 2025-02-01 | Knopp Kevin J. | Option exercise | 13K | — |
| 2025-02-01 | Griffith Joseph H. IV | Option exercise | 11K | — |
| 2025-02-01 | Knopp Kevin J. | Option exercise | 17K | — |
| 2025-02-01 | Brown Christopher D. | Option exercise | 7.4K | — |
| 2025-02-01 | Griffith Joseph H. IV | Option exercise | 5.1K | — |
| 2025-02-01 | Turner Michael S. | Option exercise | 4.4K | — |
| 2025-02-01 | Turner Michael S. | Option exercise | 9.9K | — |
| 2025-02-01 | Turner Michael S. | Option exercise | 11K | — |
| 2025-02-01 | Brown Christopher D. | Option exercise | 11K | — |
| 2025-02-01 | Brown Christopher D. | Option exercise | 5.0K | — |
| 2025-02-01 | Griffith Joseph H. IV | Option exercise | 10K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Shareholder vote | filing ↗ |
| 2026-05-06 | Material agreementAcquisition/dispositionResults3.02Reg FDExhibits | filing ↗ |
| 2026-03-03 | ResultsExhibits | filing ↗ |
| 2026-01-20 | ResultsExhibits | filing ↗ |
| 2025-11-10 | ResultsExhibits | filing ↗ |
| 2025-08-05 | ResultsExhibits | filing ↗ |
| 2025-08-04 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-06-16 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001104659-26-073487 ↗ |
| 8-K | 2026-05-06 | 2026-05-04 | 0001104659-26-055912 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001104659-26-055917 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001104659-26-024877 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001104659-26-022548 ↗ |
| 8-K | 2026-01-20 | 2026-01-20 | 0001104659-26-004798 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001104659-25-108875 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001104659-25-108811 ↗ |
| 8-K | 2025-08-05 | 2025-08-05 | 0001104659-25-073916 ↗ |
| 10-Q | 2025-08-05 | 2025-06-30 | 0001558370-25-010189 ↗ |
| 8-K | 2025-08-04 | 2025-07-31 | 0001104659-25-073391 ↗ |
| 8-K | 2025-06-16 | 2025-06-12 | 0001104659-25-059685 ↗ |