Investor presentation (05/06/2026 00: 00

Published: 2026-05-06 07:52:09 ET MASS

Published on 05/06/2026 at 07:52 am EDT

MAY 2026

Solid financial foundation, executing to capture growth opportunities

Focused on Growth Market

Positioned for Acceleration

Strong 2025 Execution, Achieved Adj. EBITDA + in Ǫ4'25

Platform Tech for

Broad Market Flexibility

Focused on handheld chemical analysis tools, targeting public health, safety, and CBRNE defense applications

Backed by secular tailwinds in opioid crisis response, defense budgets, and border security, with an innovation pipeline and an expanding installed base (now over 3,900 devices)

Structural improvements, healthy balance sheet, and 18% YoY growth Achieved positive Adjusted EBITDA of $0.7 million in Ǫ4 2025

Future innovation and market potential. Active OEM C funded partnerships - including in Industrial ǪA/ǪC C Pharma, and integrations for drones and UGVs

We create next-generation analytical tools

for 'point-of-need' use in vital health, safety, and defense tech contexts

BROAD U SE CAS E S

Fentanyl / Drugs-of-Abuse

Toxic VOCs / Pesticides Cancer Prevention

Corrections

G Rehabilitation

Customs /

Postal Inspection

Fire / Law Enforcement

Safety

G Defense

Pharma

Industrial QA/QC

O EM

Fire / Hazmat, Law Enforcement, Federal & Military

Devices

Countries

Accounts

18 Accounts: 1,100+ units*

Pilot Programs

36 Accounts: 1,300+ units*

Enterprise Accounts ongoing potential

Trained Users

*as of 12/31/25

Comprehensive Portfolio

Making the invisible VISIBLE and the unknown KNOWN

G08D Capabilities are Unmatched Legacy

Gas/Vapor Analyzer

Trace-level Analysis

Accessible G Modern Suite of Devices

Reachback Operations

Exceptional coverage - 100's of trace analytes, 1000's of VOC gases, 20,000+ bulk compounds.

Comprehensive - Detection to ID, from air, and aerosols, to surfaces, piles, and puddles. One company.

Provides 24/7/365 access to expert staff for on-site decision support.

No full suite available, no other handheld mass spec, Trade-off of sensitivity and selectivity, No aerosols capability, quantification, Out-dated architectures.

Not available / Limited

Data G Analytics Expanding TeamLeader App for usage tracking,

fleet management, and AI powered guidance. Customized enterprise reports.

Not an option

Bulk Liquid/Solid Identification

Best Practice G Scenario Training

Expert trainers providing best practice and real-world training. Toolkit approach.

Limited offerings

Bulk Liquid/Solid Identification

Solid/Liquid/Gas Identification

More Data G More Analytics

Where we are going

Team Leader

Aggregate. Monitor.

Manage.

3-in-1 chemical analyzer

Smart Spectral Processing integrates FTIR & Raman spectral data

Rapid ID of bulk solids & liquids

Includes narcotics, explosives, and toxic chemicals

Single, intuitive confirmatory workflow

Analysis of complex or mixed substances from just one sample

Expansive library

Over 39,000 chemical spectra

Versatile sampling methods

Single sample interface, Raman probe, integrated vial holder

Built-in Wi-Fi & cellular connectivity

Fast data uploads, streamlined reporting, fleet management via

Team Leader app

NEW

VipIR

Purpose-built for global customs organizations

Solid/Liquid/ Vapor/Aerosol 2017

Solid/Liquid/

Vapor

Vapor 2020

2023

Solid/

Liquid 2022

Solid/

Liquid 2025

TH ER M O F I S H ER A G I L E NT

Solid/Liquid Solid/Liquid Solid/Liquid 2008 2012 2016

R I G A KU S M I T HS

Solid/Liquid Solid/Liquid 2014 2012

TEL EY D Y N E F L I R

Solid/Liquid/Vapor

2019

A DVA NC ED C HEM I CA L D ET ECT I O N

B U L K U NKNOW N I D

H IG H F ID E L IT Y T RACE

10,000 - 20,000 COMPOUNDS

$45K-$110K

150-300 COMPOUNDS

$75K-$120K

Market Landscape

Life Science tools G analytical instrument companies are main participants in the advanced portion

of the market.

IN C L U D IN G

Thermo Fisher Scientific Rigaku

Agilent Bruker

Teledyne/FLIR

L O W T E C H S ENS O R S

NO ID NON-SPECIFIC RESPONSE

$2-2,500

Preventable Poisonings

Cancer Causing

Global Security Concerns

Expanding Opioid G Illicit Drug Crisis

UNODC notes cocaine is fastest growing illicit drug, with 68% increase in quantity seized 2019-2023

On 12/15/25, U.S. federal designation of fentanyl as a Weapon of Mass Destruction

Undetectable precursor chemicals fuel a synthetic opioid crisis - some 100X potency of morphine

Fake medicines containing nitazenes, synthetic opioids 40 times more potent than fentanyl, are on the rise in Europe

Requires adaptable detection and ID technology.

Proliferation of Toxic Industrial Materials

U.S. enacts Honor Act in Dec. 2025, recognizing certain cancers caused by toxin exposure during firefighting and classifying occupational cancer as line-of-duty death for first responders

Consumer products in CA emit >5,000 tons of VOCs annually that are considered hazardous (Prop. 65)

EU-OSHA notes nearly half of EU workers likely exposed to cancer risk factors, with cancer accounting for 53% of all work-related deaths

Requires broad and sensitive gas detectors.

Mixed with Rising Global Tensions, Access G Availability

In 2025, NATO allies agreed to increase defense spending to 5% of GDP by 2035, which includes 3.5% for core military requirements and 1.5% for broader defense-related investments

In March 2025, U.S. Intelligence Community underscores that non-state, transnational criminal groups pose immediate threats to U.S. citizens and national safety. Fentanyl and synthetic opioids were highlighted as lethal threats to Americans' health and prosperity

OPCW reports increased risks of chemical weapons, including pharm-based agents, used by non-state actors

Technology, e.g. AI-driven chemical synthesis and novel delivery methods like drones, are raising global risks

Requires modernizing of detection equipment to address emerging threats.

Growth outlook for 2026+

External Market Dynamics

9 0 8 D EV I C ES G R O W T H C ATA LY S T S

2025 2026 2027+

Integrations w/UGVs, UAVs, robots

I N CRE A SE S I N

Next AVCAD Ph

US DoD program in partnership

Initial Ramp ~$2-3M anticipated in 2026

$10M+/yr potential for full production

1 US funding to combat

illicit drug crisis & narcoterrorists

2 Harmful exposure

MXG08

Expand placements in enterprise accounts and extend greenfield placements

w/Smiths Detection

Next-gen Mass Spec

Step change in performance & simplicity, drives greenfield expansion and sets up replacement cycle for 3,000+ fielded devices

rates from toxic industrial materials

Replacing outdated FTIRs -15,000+ unit potential

50% of device placements from FTIR

XplorIR grew 40% YoY in first full year of 2025

NEW PRODUCT: Shipped

>40 VipIR devices in Ǫ425, full year impact in 2026

3 NATO countries' defense budgets

OEM G Recurring Solid OEM funding in Industrial ǪA/ǪC & Pharma

Recurring revenue grew 22% in 2025, to 35% of total revenues

Expanding software, service, and support opportunity

Y E 2023

2,422

Devices

$38.2M

2023

52%

2023

-$30M

2023

$146M

YE 2023

1 4

Y E 2023 2025

INSTALLED

BASE

REVENUE CONTINUING OPS

ADJ. GROSS MARGIN

ADJ.

EBITDA

CASH

BALANCE

2,422

Devices

$38.2I'ñ

2023

52%

2023

-$30I'ñ

2023

$146I•'I

YE 2023

$70t1

YE 2024

+54% INCREASE

+47% INCREASE

IMPROVED

SECURED

3,736

Devices

$56.2M

18% YoY

57%

2025

-$10M

+$0.7M in Ǫ4 2025

$113M

YE 2025

INSTALLED

BASE

REVENUE CONTINUING OPS

ADJ. GROSS MARGIN

ADJ.

EBITDA

CASH

BALANCE

Y E 2023

2,422

Devices

$38.2I'ñ

2023

52%

2023

-$30I'1

2023

$146I'•1

YE 2023

2025

3,736

Devices

$56.2I'•1

18% YoY

57%

2025

-$10I'1

+$0.7M in Q4 2025

$113F1

YE 2025

MASSIVE OPPORTUNITY

ACCELERATION

IMPROVING YoY

STEP-CHANGE IMPROVEMENT

2026*

20,000+

Device opportunity

$67M to $70M*

19% to 25% YoY

Mid-High 50% Range

Goal of 100 bps improvement

Mid single digit M's

Cut in half

Targeting $G0M+

AS OF 5/6/2026 (post-acquisition of NIRLAB AG)

IPO 2020 2027

$1.5B

TAM

$2.5B

TAM

G08 Devices "2.0"

Y E 2023

2025

2026*

INSTALLED

BASE

REVENUE CONTINUING OPS

2,422

Devices

$38.2I'ñ

2023

3,736

Devices

$56.2I'•1 18% YoY

20,000+

Device opportunity

$67I'ñ to $70I'ñ* 19% to 25% YoY

Outpaced Growth More Predictable Revenue

ADJ. GROSS MARGIN

52%

2023

57% I"1id-High 50% Range

2025 Goal of 100 bps improvement

Stronger Margins

Disciplined Cost Structure

ADJ. EBITDA

CASH BALANCE

-$30I'1 2023

$146I'•1 YE 2023

-$10I'1

+$0.7M in Q4 2025

$113F1 YE 2025

I'1id single digit I'1's

Cut in half

Targeting $90I' l+

Healthy Balance Sheet Favorable Macro Environment

AS OF 5/6/2026 (post-acquisition of NIRLAB AG)

Revenue from Continuing Operations(1) Compelling Forward Going Financial Profile (3)

($M)

Year of IPO

$30.3M

$31.GM

$37.GM

$47.7M

$56.2M

2026 Guide

$67M to $70M

(As of 5/6/26)

Step-change improvement in Adj. EBITDA forecasted for 2026.

Healthy cash balance of $112M (March 31, 2026) supports cross-over trajectory.

2026

~100 bps higher

57%

2024

2025

56%

+$0.7 in Ǫ4

20 $1G.8M

2020 2021 2022 2023 2024 (2)

2025 2026

ADJ. GROSS MARGIN

2024

-$16M

2025

-$10M

Represents 2026 YoY Revenue Growth of +1G% to 25% from Continuing Operations

ADJ. EBITDA (FY)

2026

~50%

improvement

(1) Revenue from Continuing Operations is as reported, excluding divested desktop products for all years.

(2) Includes $11.2M of RedWave (RW) revenue. As reference, 2024 RedWave revenue pre-acquisition was $5M.

(3) Projected FY 2026 (as of 5/6/26 - post-acquisition of NIRLAB AG) compared to reported prior year periods. 15

3 months

In $M

2025

2026

Product

$8.5

$10.7

Service and Contract

$3.3

$2.6

Total Revenue

$11.8

$13.4

Growth YoY

14%

Gross Profit

$5.5

$6.9

Gross Margin %

47%

51%

Adjusted Gross Margin %

54%

57%

Operating Expenses

$14.1

$13.4

Change in fair value of contingent consideration

$2.5

$6.4

Loss from Continuing Operations

$(11.0)

$(12.9)

Adjusted EBITDA

$(4.6)

$(2.5)

M A R G I N

As of Dec 31st

As of Mar 31st

2025

2026

Cash, Cash Equivalents and Marketable Securities

$113

$112

Debt Outstanding

Q1 2026

Financial Metrics

R E C U R R I N G R E V E N U E

$4.0M

30% OF TOTAL

R E V E N U E G R O W T H

14%

YOY

A D J . G R O S S

57%

T H R E E M O N T H S E N D E D

(in thousands)

2025

2026

Mar 31

June 30

Sept 30

Dec 31

Mar 31

June 30

Sept 30

Dec 31

Gross Profit (GAAP) $5,541

$6,373

$7,355

$9,154

$6,881

Intangible amortization

635

634

635

Acquisition and integration costs

Restructuring

222

Stock-based compensation

117

107

158

184

155

Adjusted Gross Profit (Non-GAAP)

$6,409

$7,336

$8,148

$9,973

$7,671

Gross Margin Percentage (GAAP)

47%

49%

53%

51%

Adjusted Gross Margin Percentage

(Non-GAAP) 54% 56% 58% 57% 57%

To supplement the Company's financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are presented with detailed reconciliations to comparable GAAP financial results in the table above:

Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation.

Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.

Reconciliation from Gross Profit (GAAP)

- to -

Adjusted Gross Profit (Non-GAAP) and Margin Percentage

T H R E E M O N T H S E N D E D

(in thousands)

2025

2026

Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31

Net Income (Loss) (GAAP) $(9,838) $(12,908) $(14,910) $4,381 $(11,955)

Adjustments:

Other income, net

(1,188)

(2,324)

(1,443)

(1,123)

(929)

Expense (benefit) for

income taxes

(166)

Depreciation

291

260

358

385

406

Intangible amortization

713

732

Acquisition and integration costs

640

438

Restructuring

1,173

242

Stock-based compensation

2,221

2,337

2,379

2,766

2,399

Contingent consideration

2,499

6,792

10,708

(6,258)

6,381

Adjusted EBITDA (Non-GAAP)

$(4,569)

$(3,886)

$(1,842)

$727

$(2,528)

Adjusted EBITDA is defined as net loss excluding other income, benefit for income taxes, depreciation, intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), non-cash expenses related to stock-based compensation, and costs associated with contingent consideration related to the Company's acquisitions and for which the conditions for payment have not yet been achieved.

Reconciliation from Net Loss (GAAP)

- to -

Adjusted EBITDA (Non-GAAP)

T W E L V E M O N T H S

E N D E D

2023

(in thousands)

2024

2025

Gross Profit (GAAP)

$25,322

$24,500

$28,423

Intangible amortization

428

1,691

2,539

Acquisition and integration costs

Restructuring

288

Stock-based compensation

577

441

566

Adjusted Gross Profit (Non-GAAP) $26,327

$26,701

$31,866

Gross Margin Percentage (GAAP) 50%

51%

Adjusted Gross Margin Percentage 52%

56%

57%

(Non-GAAP)

Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.

Reconciliation from Gross Profit (GAAP)

- to -

Adjusted Gross Profit (Non-GAAP) and Margin Percentage

Disclaimer

908 Devices Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 11:51 UTC.