--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-088592" form_type: "8-K" ticker: "MASS" cik: "0001555279" company_name: "908 Devices Inc." filed_at: "2023-08-08T23:59:59+00:00" generated_at: "2026-06-12T01:50:30.079635+00:00" event_type: "earnings" sentiment: "neutral" materiality_score: 0.65 calibrated_materiality_score: 0.65 confidence: "high" source: SEC EDGAR --- # 908 Devices Q2 revenue up 9% to $12.1M; raises FY2023 guidance low end ## Summary - Q2 revenue $12.1M (+9% YoY); handheld rev $8.8M (+27%); recurring rev $4.0M (+39%). - Net loss $9.3M ($0.29/sh) vs $8.1M prior yr; gross margin 48% vs 60%; cash $153M, no debt. - FY2023 revenue guidance updated to $49M-$52M (4-11% growth), raising low end from $48M. - Entered $10M revolving credit facility with SVB; asset-backed, requires $20M deposit; no borrowings outstanding. ## SEC filing metadata - accession: 0001104659-23-088592 - form_type: 8-K - ticker: MASS - cik: 0001555279 - company_name: 908 Devices Inc. - filed_at: 2023-08-08T23:59:59+00:00 - event_type: earnings - sentiment: neutral - materiality_score: 0.65 - calibrated_materiality_score: 0.65 - confidence: high - sec_items: 1.01, 2.02, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1555279/000110465923088592/0001104659-23-088592-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1555279/000110465923088592/tm2323063d1_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-088592 - JSON: https://secwatch.observer/filing/0001104659-23-088592.json - Plain text: https://secwatch.observer/filing/0001104659-23-088592.txt ## Key facts - Debt Financings 908 Devices Inc. amended revolving credit of up to $10.0 million with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company at greater of (i) four and one-half percent (4.50%) and (ii) the 'prime rate' as pu maturing November 2, 2025. - Instrument: revolving credit - Principal: up to $10.0 million - Counterparty: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company - Rate: greater of (i) four and one-half percent (4.50%) and (ii) the 'prime rate' as pu - Maturity: November 2, 2025 - Event: amendment source text: The Amended Loan Agreement provides for a revolving line of credit of up to $10.0 million. evidence_url: https://www.sec.gov/Archives/edgar/data/1555279/000110465923088592/0001104659-23-088592-index.htm - Earnings Releases 908 Devices Inc. reported the second quarter ended June 30, 2023 results: revenue $12.1 million, net income $9.3 million, EPS $0.29. Guidance raised. - Period: the second quarter ended June 30, 2023 - Revenue: $12.1 million - Net income: $9.3 million - EPS: $0.29 - Guidance: raised - Result: reported results source text: Revenue was $12.1 million for the three months ended June 30, 2023, a 9% increase over the prior year period. This was primarily driven by growth in handheld devices and recurring revenue. The installed base grew to 2,590 devices with 122 devices placed during the second quarter 2023. Recurring revenue grew $1.1 million to $4.0 million or 39% over the prior year period. This was driven by growth in service revenue as well as handheld accessory and consumable revenues. Gross profit was $5.8 million for the second quarter of 2023, compared to $6.6 million for the corresponding prior year period. Gross margin was 48% as compared to 60% for the corresponding prior year period. The decline in gross margin was largely due to timing of production levels of devices, higher material costs with warranty and manufacturing activities, and the higher non-cash charges for intangible amortization and stock-based compensation during the second quarter of 2023. Operating expenses were $16.7 million for evidence_url: https://www.sec.gov/Archives/edgar/data/1555279/000110465923088592/0001104659-23-088592-index.htm - Material Agreements 908 Devices Inc. amended Default Waiver and First Amendment to Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)) valued at $10.0 million (effective 2023-08-04). - Action: amendment - Agreement: credit facility - Counterparty: Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)) - Value: $10.0 million - Effective: 2023-08-04 source text: On August 4, 2023, 908 Devices Inc. (the “ Company ”) entered into a Default Waiver and First Amendment to Loan and Security Agreement (the “ Amended Loan Agreement ”), by and between, the Company, as borrower, and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)), as lender (the “ Lender ”). The Amended Loan Agreement provides for a revolving line of credit of up to $10.0 million. evidence_url: https://www.sec.gov/Archives/edgar/data/1555279/000110465923088592/0001104659-23-088592-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.