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908 Devices Inc. (MASS+9.76%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $59.6 million for 2024, an increase from $50.2 million in 2023. This growth was driven by product revenue of $43.9 million and service and contract revenue of $15.7 million.
Product cost of revenue was $21.6 million, while service and contract cost of revenue was $8.1 million, resulting in a total cost of revenue of $29.8 million. Gross profit for the year was reported at $29.9 million.
Operating expenses totaled $106.6 million, including $25.5 million in research and development expenses and $53.6 million in selling, general, and administrative expenses. A goodwill impairment charge of $40.7 million was also recorded.
The company reported a net loss of $72.2 million for the year, compared to a net loss of $36.4 million in 2023.
As of December 31, 2024, 908 Devices reported cash and cash equivalents of $44.0 million and marketable securities of $25.6 million.
The company completed the acquisition of RedWave Technology in April 2024, which contributed to the increase in revenue and operating expenses.
908 Devices continues to focus on expanding its product offerings and market presence in the life sciences and forensics markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 908 Devices Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.