908 Devices at TD Cowen Conference: Strategic Focus on Handheld Markets

On Wednesday, 05 March 2025, 908 Devices (NASDAQ: MASS) presented a strategic transformation at the TD Cowen 45th Annual Healthcare Conference. The company announced the sale of its Bioprocess Analytics portfolio to Repligen for $70 million, aiming to focus on its higher-growth handheld markets. While this move is set to double cash reserves, the company also faces challenges, including workforce reductions.

Key Takeaways

• 908 Devices is selling its Bioprocess Analytics portfolio to Repligen for $70 million.
• The company is focusing on expanding its handheld product line from one in 2023 to six by 2026.
• Revenue guidance for 2025 is projected at $53 million to $55 million, with an 11% to 15% growth.
• The company targets adjusted EBITDA positivity by Q4 2025 and cash flow positivity by 2026.
• Expansion plans include international markets and reducing reliance on large government customers.

Financial Results

• Revenue guidance for 2025 is set between $53 million and $55 million, indicating an 11% to 15% growth.
• Approximately $2 million of revenue is expected from OEM strategic partnerships.
• The AvCat program will have a minimal impact on 2025 revenue.
• The company aims for adjusted EBITDA positivity by Q4 2025 and cash flow positivity in 2026.
• Handheld revenue has grown twice as fast as desktop devices since the IPO.

Operational Updates

• Handheld device placements increased by 25%, with over 3,000 units installed.
• The customer base now includes U.S. Federal, state, local, and international accounts.
• The company is consolidating its facilities, moving Boston operations to Danbury, Connecticut.
• The AvCat program deliveries are expected to start in 2026.

Future Outlook

• 908 Devices plans to expand its product lineup to six by 2026.
• Growth catalysts include equipment modernization and the launch of the next-generation MX mass spec device.
• The company anticipates further gross margin expansion due to facility consolidation.
• Opportunities exist in QA/QC, environmental monitoring, and applied markets through partnerships.

Q&A Highlights

• The company discussed the $51 million to $53 million handheld revenue guidance for 2025.
• Emphasis was placed on cross-selling opportunities between MX 908 and Red Wave instruments.
• The AvCat partnership with Smith’s Detection could generate over $10 million annually starting in 2026.
• The Repligen transaction allows for profitability at a lower revenue threshold.

In conclusion, for more detailed insights, readers are encouraged to review the full conference call transcript.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: Hey, everyone. Glad to see everyone, has made it to the last day of the TD Cowan Health Care Conference. My name is Chad Wojtrauski. I’m with the tools and DX team here at Cowan TD Cowan. Sorry.

Yeah. I have here today with me Kevin Knopp, CEO of nine zero eight devices, and Joe Griffith, the CFO of nine zero eight devices. And I’ve been following this story for a long time. You know, there’s been some pivots. And recently, yesterday, they just announced the sale of the Bioprocess Analytics portfolio to Repligen, which really marks a new era and enables the company to, you know, reinvest and double down and sort of what’s really been outperforming in this, handheld business.

So it’s a perfect time to hear them present, which we’ll start with, and then we’ll just have a free flowing conversation. If If you have any questions, feel free to email me at chad.wiatrowski@tdsecurities.com. That’s spelled w I a t r o w s k I. So with that, yeah, feel free to present.

Kevin Knopp, CEO, 908 Devices: Alright. Thank you. Thanks so much, Chad. Thanks for having us here today, everybody. We appreciate it.

We got a lot of exciting updates that came out yesterday, so appreciate your time and and going through it here. Quick look at our our forward looking statement. For those of you that might be a little bit newer to the story, nine zero eight devices is really creating next generation tools designed for point of need use in critical health and safety applications. And these products are based on innovative mass spec and spectroscopy technology. We serve a multitude of critical to life use cases.

That includes the fentanyl and opioid response with users spanning from frontline workers to law enforcement. And it includes informing life safety, with where they use to detect and identify toxic industrial materials and volatile organic compounds to help prevent acute exposure of emergency personnel to carcinogens. It’s a platform technology, so we have opportunity across the broader life science application space. And some of this we’re addressing today through OEM and underfunded partnerships, and that includes in the areas of pharma and industrial QA QC. Yesterday, very excitingly, we announced that we realized a strategic transformation of our business.

And this is a bold step forward for us, but yet a natural step. It really sharpens the company’s focus, strengthens our financial position quite considerably and it accelerates very dramatically our path to profitability. And we’re doubling down on our higher growth handheld markets, where revenue growth there has outpaced our desktop devices about 2x since the time of our IPO. Our installed base is over 3,000 units of handheld devices and our pipeline is very much aligned with some powerful secular trends across the opioid crisis response, across defense and across border security. At the same time, we’re divesting our biopharma desktop portfolio to Repligen for $70,000,000 This nearly doubles our cash reserves and eliminates any financing or NIH related overhangs on us here.

Very much paves the way for a positive adjusted EBITDA by Q4 twenty twenty five and cash flow positivity by 2026, driven by stronger margins and a more streamlined agile organization of operations. And importantly, we have a platform technology that I previously mentioned, so we retain all the flexibility to operate in these broader life science markets and ensuring long term opportunities beyond the divested bioprocessing and PAT space. Now I wanted to walk you through how we’re really realizing this transformation and what that means and kind of the multidimensional aspects of how this impacts our business. And yesterday on our earnings call, Joe reviewed in detail our Q4 and full year 2024 results. But our Q4, you know, is very solid and it’s helping us build momentum as we enter twenty twenty four twenty twenty five.

But I think it is quite informing, like if you actually just look back at where we were when we ended 2023, we had one product. We had one handheld product. We had a solid cash balance, but we were consuming about $30,000,000 of cash annually for our operations, providing a limited, but yet a multiyear runway at that time. Now if you fast forward to 2025 and our expectations for the company, we’ve gone from that one product to now four products, four handheld products. And we did so through an acquisition of Red Wave in 2024, which now as of year end, we fully integrated the Red Wave portfolio into our commercial operations.

And so as of the end of twenty twenty four, we now have over 3,000 handheld placements, which is an increase of about 25%. We’re guiding our revenue for our continuing operations to be in the range of $53,000,000 to $55,000,000 and that represents an about 11% to 15% year over year growth. And we’ve dramatically improved that path to profitability, where we’re now targeting adjusted EBITDA by Q4 of twenty twenty five. And we’ve secured our cash balance and we’ve passed through an anticipated low at the end of twenty twenty four. Now if you look ahead to 2026 and beyond, we will have gone from that one product to six products.

There’s a massive opportunity as we see it for device placements. We estimate that there’s tens of thousands of device unit potential out there, including 15,000 FTIR product opportunity that are a bit more dated and really ripe for an upgrade cycle, which we’re bringing a very modern approach and modern solution towards. Our top line growth is projected to really accelerate from here up to the 20% plus range, and we have three very clearly defined growth catalysts to enable that. We have equipment modernization, we have the launch of our next generation MX mass spec device, and we have progression into full rate production for our U. S.

Department of Defense AvCat program. Additionally, we anticipate further gross margin expansion with year over year improvement as we have a full year benefit from that consolidation of a facility move that we’re doing and announced past November to Connecticut. So 2026 also really marks our anticipated first full year of being cash flow positive. And we believe that that will really allow us to preserve that cash balance and providing a healthy margin of safety and eliminating any financial overhang from the equation there. So we really view it that we’re not just evolving, we’re really transforming our business and this is how we’re doing it.

And again, it’s hitting a multidimensional space of nine zero eight. And to us, we’re really today and announcing that we’re launching nine zero eight devices two point zero. And so many dimensions have been improved to the positive, in many ways, it’s been a step change for the better. And again, we’re moving from that one product to four. We’re now preparing for six.

And it allows us to service more of that TAM, that TAM being increased and accessible to us. And we now have a reduced customer concentration. So if you look back in time, the majority of our handheld sales would be centered around large government customers at the time of the IPO really centered around one large government customer. We now have a much more balanced approach where about a third of our customers are coming from those U. S.

Federal accounts, but we’ve enabled significant opportunity across state and local and across international accounts. And international accounts and international expansion is very topical with world events. We’re seeing that in our pipeline. We’re seeing that across Europe. We have seen some sizable wins in Q4 that we did talk about on our earnings call yesterday.

And we’re building a nice base of revenue with the placements that we’re doing that we can leverage for this accelerated growth. And at the same time, our adjusted gross margins has had a stepwise improvement over a multiyear period. And now we have additional forecasted for 2025 and again planned for 2026 for our products and services and drives more contribution to that bottom line. And if we look at our OpEx, if you think about it in terms of productivity measure and a percent of our revenues, that’s accelerating for the better our path to profitability. And so again, we’re targeting reaching our adjusted EBITDA positive by this year.

Our cash on now that we now have is very solid. It’s providing us an unlimited runway of ability. And I think you might see why we really believe that this is a transformative moment for mass here of value creation. We’re absolutely laser focused on these handheld opportunities because we see so much opportunity across these public and health crises that are out there, fentanyl, carcinogens, critical security threats. And I really believe we’re well positioned with this broader portfolio to achieve it, and really kind of seize that opportunity.

So, appreciate your time to go through it and look forward to Q and A. But yesterday was a big day in the journey of nine zero eight announcing this transformation.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: Thanks, Kevin. And I just want to jump into sort of the 2025 outlook now post the sale. You guided to $51,000,000 to $53,000,000 for the handheld revenues. And can you just kind of walk through what the assumptions are at the lower and the higher end of the guide and maybe where there’s some upside?

Joe Griffith, CFO, 908 Devices: Absolutely. So the $51,000,000 to $53,000,000 is kind of our handheld product and service. There’s another $2,000,000 that is more kind of OEM strategic, a little bit on the life sciences side today with some partners. And we add Repligen to that mix. So that’s the other 2,000,000.

And for AvCat, we don’t have anything, you know, kind of minimal impact in ’25. So to answer your question on the 51 to 53, you know, a lot of it is on that balance. You know, how state and local and international feeling really good. A lot of that is has work, but it’s run rate. We know the business.

We have folks out there. It’s the Fed government. If anyone knows what the government’s doing these days, let me know. But we are trying to be very thoughtful in the baseline in our range of pilots and enterprise opportunities that we’ve talked about through the years. We saw a build at year end around those opportunities that set us up, for this year.

So being thoughtful about what we bake in, but that could bring us over or maybe to the low end of the guide. That’s probably the biggest lever, But excited by the products, really the four FTIR products from the Red Wave acquisition are fully integrated, up and running with our collective sales team going after the opportunity. So that’s a key growth driver.

Kevin Knopp, CEO, 908 Devices: Yes. And I think that’s very much key to the to the to the situation on the U. S. Federal government side as Joe mentioned, we now have that broader set of tools and I briefly mentioned in the in the in the presentation that now we have about a third coming from the U. S.

Federal government which is very important and very much aligned to these secular trends that you’re hearing out of the new administration. But we also have a great growth drivers internationally. Again, you’re seeing things there across NATO countries. We’re seeing it. We talked that we had a 90 unit opportunity that we fulfilled partially in Q4 for Finland for an EU stockpiling program.

And then another third of our business are the state and local. So, yes, I think it’s very exciting that not only the portfolio has expanded, but kind of that range of customers for 2025 has really taken a step forward.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And then just to double click now on the combined portfolio in handheld, like with all the Redwave instruments and then your MX nine zero eight legacy handheld instrument, are there opportunities to cross sell? Is there a shared customer base? And can you kind of leverage your existing channels to sell those Red Wave technologies? Are there any examples of doing that so far? And what’s the opportunity look like?

Kevin Knopp, CEO, 908 Devices: 100%. And maybe I can start. And Joe, you probably have some specific examples for us. But absolutely 100%. Our sales team now as we have it integrated by the end of the calendar year 2024, we’re able to go back to those 2,800 customers, if you will, units that are placed out there and then introduce the three Red Wave products.

We really do a lot of work pre and post sales with people to really kind of be a partner to them. So we have a very nice training and workshop programs where if a customer purchase an MX nine zero eight for instance, it comes with a training which might involve five or 10 people at an event. But we’ll be showcasing kind of a workflow solution where we’ll bring in other products at that time to help seed that pipeline and help drive a flywheel effect. So we’re absolutely introducing it and being able to leverage that installed base with the with the Red Wave product.

Joe Griffith, CFO, 908 Devices: Yeah. And we saw it in 2024 where there were some specific opportunities where we were selling our MX alongside the Explorer, which is a gas based detector. One of the products able to realize that tens of units sold together in a package deal, which is exciting. Saw an order that’s coming together here in Q1 where we had an installed base of MX devices ten, fifteen, where now they’re looking for explorers and capabilities. So an example of selling together and then selling after the fact on the installed base as Kevin described.

So I think we’re just getting started on that, and it’s really an opportunity to accelerate that growth.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And now with, you know, the biotech headwinds in in sort of the rear view mirror and kind of escaping some of those elongated sales cycles for those bioprocessing instruments. When you look at the handheld portfolio, what level of visibility do you have when you’re looking at your outlook and making guidance? And are there any advantages to the handheld dynamics compared to some of those, bioprocessing headwinds that are in the rearview mirror?

Kevin Knopp, CEO, 908 Devices: Well, I’d start by saying, absolutely, the handhelds are aligned to those secular trends that you’re hearing about every day, Fentanyl, defense spending, concerns about homeland and international security, border crisis, right? So that’s definitely allowing us to have conversations with customers and build a pipeline. Now we update every year, we update kind of what we think of as the number of units that are in the pilots programs that then can convert into larger enterprise accounts. And we saw a lot of expansion in 2024 of those pilot programs. We went to having more than 700 units.

We went from about 100 units to having 700 plus units of potential in those pilot programs. And each of those can scale to enterprise accounts. And enterprise accounts, we estimate there’s another 1,100 units of opportunity. And this is in our pipeline as of now real named accounts all lining up for us. So, yes, I think we do have quite a good visibility.

Now that said, we are selling to the federal government. We are selling CapEx. So we always have to take the appropriate steps. But I do think we’ve got a top notch sales team that tries to have those right conversations and tries to understand the timing and cycles of the budgets as best they can with our customers.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And could you guys just give a little bit more color on that, like, land and expand strategy? How do you actually execute scaling up to those larger enterprise accounts?

Kevin Knopp, CEO, 908 Devices: Yeah. It often starts with the pilot adoption. A pilot adoption might take an account of a five unit purchase, a 10 unit purchase. They would be using it in a in a segment of their business. They’d be using it in an area for an evaluation, but yet they know they have a number of sockets, maybe 200 in a particular account.

And then you might see them come back and get another 25 or 50 and kind of outfit another portion of the organization as they work towards a full fulfillment within their particular departments there of, call it again, a couple of hundred. So we kind of see that and that helps to your question around visibility because as you can build out that pipeline of pilots, which was why we think those metrics are so important. And then across to enterprise, our team is absolutely chasing on, yes, that one has two fifty units. We only have 50 in. It’s good experience.

How do we work with them to get the next to get full penetration in that account?

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And you guys referenced the Afcad partnership. That’s one, for example, that really, you know, could become a super material opportunity for you guys. I think you’ve mentioned 10,000,000 plus annually. Could you kind of explain what gives you the conviction to execute on that in outer years? Obviously, there’s the secular trends of fentanyl, increased border security, but it’s also in light of, you know, like, federal budget cuts, you know, Department of Defense budget cut.

So can you kinda just explain what gives you that conviction in the outer years?

Joe Griffith, CFO, 908 Devices: I can give some of the framework and feel free to jump in, Kevin. But, you know, we’ve been working on the AvCat program for a while. We’ve been partnered with Smith’s Detection almost since the day I started at 09/2008, which is almost eleven years ago. But it’s been a replacement program, opportunity on the AvCat side. And we’ve moved through and we’ve finished up a low rate initial production and we’re on the verge of the full rate production opportunity.

We expect to hear by the end of the government fiscal year, so by 09:30 at the latest, possibly by mid year. So we’re kind of in very close touch with the happenings and the timing of different meetings. But yes, it could, as it scales, kind of grow to be 10,000,000 plus a year. Not maybe in year one, but it could be a five to seven year opportunity of multiple millions of dollars a year. So super exciting.

It is a program of record, you know, from a funding perspective. So from a budget perspective, it is in there and the government feels confident in moving through and that funds are already identified, but trying to move quickly to, to get it over the line. And then the timing right now, our expectation is that we’d start delivering in ’26, but we’ll assess as we understand the exact timing.

Kevin Knopp, CEO, 908 Devices: Yeah. Yeah. That program of record point that Joe brought up is what gives you more confidence on the security of the budgets because that’s funding that’s put in by Congress over a many, many multiyear period. So even in the case of a continuing resolution, that’s an example of the type of funds that can continue to flow because they’re multiyear funds.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And then there’s obviously a lot happening in the handheld end markets. But then kind of looking elsewhere, you still have some exposure to like potentially QAQC, these large markets like environmental monitoring, applied markets. How are you gonna access those markets in sort of the post bioprocessing world? And how are you viewing your exposure to some other end markets like that?

Kevin Knopp, CEO, 908 Devices: Yeah. To us, it’s a very exciting time because we not only have a mass spec platform, but we have an optical spectroscopy platform with our FTIR products now through Redwave. And those are very, very broad application oriented products. So, those are a platform that can serve a multitude of areas and applications. We’re absolutely excited for the core use cases we’ve been talking about thus far.

But you’re right, there’s so many other things that are interesting to us. GMP production, inspection, materials validation, impurity analysis, clean validation, small molecule chemical analysis in pharma, small molecule process monitoring in areas there. And some of that we’re serving today through partnerships and OEM. It represents about nearly 5% of our forecasted revenue for 2025, this broader set. So to me, it’s exciting because it’s a little bit of a toehold there in a very efficient manner to market, right, where we don’t have to have all the direct sales expenses when we see such a massive opportunity for the existing handheld.

So that these areas and opportunities through an OEM and partnership kind of set up some future growth vectors for us. And it’s great today. It’s about 5%. So it’s starting to contribute.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And then just to again double click on kind of growth drivers for next year. You’ve referenced like there’s a MX nine zero eight two point zero kind of in the works. So could you just explain sort of what the improvements you’re making on that instrument are? What customer feedback you’ve gotten to make you pursue those improvements, and how do they address bottlenecks that are maybe causing people to hesitate on buying a one point o version of the instrument?

Kevin Knopp, CEO, 908 Devices: Yeah. Great, great questions. I mean, we are an innovation driven company, right? We started it with a game changing mass spec that’s a complete new category by itself, a handheld mass spec. We’re really, really have a strong base there, 2,800 or so units.

But we released it in 2018, was its full year of launch. So customers generally expect a five to seven year capital equipment life out of such products. And so we’re we’re coming up to that. And so we’ve been working hard to to behind the scenes develop a next generation. And and obviously, when you do that, we want to we want to out pace our own innovation and really create a step change in simplicity and size.

So we’re working on a solution that’s about half the size and half the weight, and and much simpler, to operate. Already, our handheld mass spec, being the only one out there in that format, is capable of being used by law enforcement and frontline workers. So it’s fairly simple compared to any sort of laboratory equivalent, but we can do better. Right? We can do better.

And people have high aspirations with your tablets and phones that are out there everywhere, that you can just keep making user experience simpler and simpler. And so we see a lot of value of kind of creating an ecosystem of these products and connecting them together. One area, that we’re also working aggressively on is more of the team leader, we call it. It’s an application that connects to the Red Wave products and is expanding to connect to the MX nine zero eight. It’s an application that allows you to do fleet management of the devices.

It allows you to pull the data, see analytics, what’s happening on those devices, and it allows you to make reports and allows you to have better insights. We even have some AI modules now to provide support on the fly to these customers, kind of best practices. So we’re really leaning into that. And I get excited personally for that because I think it sets us up for a sticky situation of that ecosystem and more recurring revenue opportunities. For handhelds today, it’s about a third of our recurring revenue.

But can we expand that with these connected services? I believe we can. So we’ve got a roadmap for all types of new things from hardware to software to these connected services.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And are those software solutions what could drive kind of a replacement cycle in the legacy FTIR FTIR device like Redwave install base, which is like 15,000 at this point?

Kevin Knopp, CEO, 908 Devices: Yeah. There’s a lot of features to our products that can drive and are driving the adoption of these to that replacement cycle because they’re a modern solution compared to what’s out there. So you’re right. They do connect to such a team leader application. Their WiFi, their their, you know, brighter screens, better displays, user interfaces, right, all those types of things you’re working to build in there faster processors, things of that nature.

So all of those are really driving it. And then, with the Explorer device that Joe briefly mentioned, it’s a new category out there for FTIR where it’s doing that gas detection identification. So that’s also been a driver as Joe mentioned.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And then obviously, there’s a lot of these growth drivers, but there’s been a real prioritization of profitable growth. And so can you just speak to kind of where those targets were and then where they are now post the Repligen sale and

Joe Griffith, CFO, 908 Devices: yeah. Absolutely. We as we thought about it historically, we need to be north of a hundred million, you know, managing two sales cycle, the leverage on the bioprocessing guide to scale. And the exciting part, I think, for Repligen is the fact they can plug it in right with a CTEQ and other opportunities to really drive that revenue. So in their hands, right, they saw the value and they paid on the, on the multiple.

But for us, one element is that, you know, kind of focusing the business, right sizing the costs, getting visibility in the short term to Q4 adjusted EBITDA positive if we can get above $20,000,000 in that quarter, right? Full year cash positively in ’26. It’s in the front seat now, from an opportunity. We don’t have to wait to $100,000,000 plus to get there. So that’s exciting.

We think it’s, needed based upon where we are. I think of where we were when we went public to where we are today. Now north of 50,000,000 knocking on the door, 60,000,000, you know, with an opportunity to be profitable. That’s pretty exciting, right, versus that greater than a hundred million. And

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: then there was a previous RIF, and then with the Repligen transaction, there’s an additional, like, 33% RIF.

Joe Griffith, CFO, 908 Devices: Yep.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: So can you just level set, like, where’s the selling organization? Right? Yeah. There’s some manufacturing transition. So like once all of these transitions are complete, what does nine zero eight look like?

Joe Griffith, CFO, 908 Devices: Yes. We’re working to get it all done so that we can get into the back half of twenty twenty five with a clean slate per se, right? So we did take some restructuring back in November. A lot of that was commercial driven around our desktop portfolio, rightsizing it a bit based upon the growth profile in the current market. We also announced moving facilities.

So Boston, our handhelds to Danbury, Connecticut. The desktops at the time were gonna go to North Carolina. Now they’re going to, as I understand it, Marlborough or Waltham, under the Repligen brand. So that’s all still in the works. It’s happening, but that was about, 12% of the workforce moving the facilities.

And then now it’s a little bit more opportunistic with the multiple and closing the deal as of yesterday. We will be reducing headcount naturally about a third, so about 80 folks. A good chunk of those folks, approximately 60, are going over to Repligen, and we’ll work through the others, as we provide transition services agreement in some folks that maybe were duplicative in the Repligen environment. So it gives us that opportunity to streamline costs and have focus and drive on the growth of the opportunity ahead.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And then just given, like, the major strategy shift, how does that, kind of change the way investors can view nine zero eight now going forward just with maybe the peer group and the end markets?

Kevin Knopp, CEO, 908 Devices: Yeah, that’s a great question. I mean, so if you look at it from a revenue perspective, the divestiture represented about 20% of our total business, right? So 80% has always been focused on these handheld applications. But removing that 20%, monetizing it at an attractive valuation really opens up this new pathway for two point o to be profitable and have some of these better metrics that we’ve been talking about. So from a comp perspective, that’s also a very great question.

When we look at it and say, who are we really out there selling against on a tender situation, tender and tender type of competition perspective? There’s two areas of the market, and we’re really in what we think of as this advanced chemical detection area of the market. And who is in that market would also be the larger analytical tools providers, your Thermo Fishers, your Brooker, your Agilent, Regaku, such innovators on the analytical instrumentation landscape. So really, those larger companies are often the ones that we have a tender competing with. So it is very interesting that that analytical tool space is the right home for this type of advanced chemical detection solutions that we have.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And then, you know, it’s been a sort of a theme throughout the conference just like the emergence of AI. It’s kind of permeating all things. Yeah. So you referenced some software solutions and how you could layer that with fleet maintenance and things. What are some of those maybe, like, predictive, or preventative maintenance type insights that you could see if if this all, you know, reaches its potential?

Kevin Knopp, CEO, 908 Devices: Yeah. Well, there’s you know, we kind of we kind of see it on on two five two sides. So first of all, our customers are very worried about bad actors creating and synthesizing new substances to evade regulations, to evade detection, import, something at a border crossing beyond, concerns with a chemical warfare type structure that could be synthesized. So, and they would be doing that and enabling that through some of these AI type tools. Our technologies are actually quite interesting in that regard because they’re very adaptable particular way in some instances saying that I know it for sure, but it’s using its machine learning to say out of the thousands of possibilities, I think there might be something here that’s never been seen in the environment before.

We did a nice testing with the FDA on that a couple of years ago now at this point where they did that. They tried to look through that space of those thousands of compounds and showed the effectivity of our of our algorithms on it. So we have that element of it that some of our our customers are very concerned with the impact of AI on on what they do and their their threat scape. But then we have the machine learning elements built within our product to help respond and be adaptable. And then analytical capabilities.

And then you’re right, there’s a third layer to it, and that’s that’s this layer around our applications, service, support. I mentioned we are trying to integrate more AI bots inside of it so that you can just provide people with service support recommendations. And I do think all of that drives value for a customer. It really just reduces the friction to get an answer. So the more of those common tools that we can take advantage and provide in this, again, your question around the why modernize with our technologies, that would be a piece.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: And, yeah, there’s just a lot of exciting things going on here. So just in the last moment here, what are the next things to look forward to in the next upcoming twelve months? What can investors look forward to?

Kevin Knopp, CEO, 908 Devices: Execution. I mean, I think we really, really believe we have the right plan in front of us here. I think we really do believe we’ve taken a transformative step forward and really do believe that we can execute on that slide in front of you here, and we’ve made major strides to it and and major announcements to it yesterday. So, Joe and the team and operations, we got we got some things underway to to make it all happen, but we’re feeling strong about that.

Chad Wojtrauski, TD Cowan tools and DX team member, TD Cowan: Great. Thanks for the time, Joe and Kevin.

Joe Griffith, CFO, 908 Devices: Thank you, Joe.

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