908 Devices Inc (MASS) 2025 Q1 法說會逐字稿

Hello, and welcome, everyone, to the 908 Devices first quarter 2025 financial results conference call. My name is Becky, and I'll be your operator today. (Operator Instructions) I will now hand over to your host, Kelly Gura, Investor Relations, to begin. Please go ahead.

大家好，歡迎參加 908 Devices 2025 年第一季財務業績電話會議。我叫貝基，今天我將擔任您的接線生。（操作員指示）現在我將把主持人、投資者關係部門 Kelly Gura 交給他開始。請繼續。

Thank you. This morning, 908 Devices released financial results for the first quarter ended March 31, 2025. If you've not received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to IR@908devices.com.

謝謝。今天上午，908 Devices 發布了截至 2025 年 3 月 31 日的第一季財務表現。如果您尚未收到此新聞稿，或您希望加入公司的分發列表，請發送電子郵件至 IR@908devices.com。

Joining me today from 908 is Kevin Knopp, Chief Executive Officer and Co-Founder; and Joe Griffith, Chief Financial Officer. Before we begin, our commentary today will include the presentation of some non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures.

今天與我一起從 908 來的還有執行長兼聯合創始人 Kevin Knopp 和財務長 Joe Griffith。在我們開始之前，我們今天的評論將包括一些非公認會計準則財務指標的介紹。這些措施應被視為 GAAP 財務措施的補充，而不是替代。

Reconciliations of the most directly comparable GAAP financial measures can be found in today's earnings press release, which is available in the Investor Relations section of our website. Additionally, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws.

最直接可比較的 GAAP 財務指標的對帳可以在今天的收益新聞稿中找到，該新聞稿可在我們網站的投資者關係部分找到。此外，我想提醒您，管理階層將在本次電話會議中發表符合聯邦證券法意義的前瞻性聲明。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release 908 Devices issued today.

這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與預期有重大差異。有關這些風險和不確定性的更多信息，請參閱今天發布的新聞稿 908 Devices 中題為“前瞻性陳述”的部分。

For a more complete list and description, please see the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2024, and in its other filings with the Securities and Exchange Commission.

有關更完整的清單和說明，請參閱本公司截至 2024 年 12 月 31 日的 10-K 表年度報告的「風險因素」部分，以及向美國證券交易委員會提交的其他文件。

Except as required by law, 908 Devices disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, May 13, 2025. With that, I would like to turn the call over to Kevin.

除法律要求外，908 Devices 不承擔更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件或其他原因。本次電話會議包含時間敏感訊息，僅截至 2025 年 5 月 13 日現場直播時準確。說完這些，我想把電話轉給凱文。

Thanks, Kelly. Good morning and thank you for joining our first quarter 2025 earnings call. Two months ago, we announced the strategic transformation of 908 Devices. Today, 908 Devices 2.0 is concentrated on higher-growth handheld markets aligned with powerful secular tailwinds, including rising national security funding, international preparedness initiatives, and the urgent public health response to the opioid crisis. With the divestiture of our biopharma desktop portfolio to Repligen complete, we have fortified our cash position and meaningfully reduced our operating costs.

謝謝，凱利。早安，感謝您參加我們的 2025 年第一季財報電話會議。兩個月前，我們宣布了908 Devices的策略轉型。如今，908 Devices 2.0 專注於高成長手持設備市場，這些市場與強大的長期順風一致，包括增加的國家安全資金、國際防範舉措以及對阿片類藥物危機的緊急公共衛生應對措施。隨著我們將生物製藥桌上型產品組合剝離給 Repligen，我們鞏固了現金狀況並大幅降低了營運成本。

I'm really proud of our team's performance and execution in the first quarter. We delivered strong growth ahead of internal expectations while responsibly managing OpEx and spending. Revenue from continuing operations was $11.8 million, an increase of 59% over the prior-year period.

我對我們團隊在第一季的表現和執行感到非常自豪。我們在負責任地管理營運支出和開支的同時，實現了超越內部預期的強勁成長。持續經營收入為 1,180 萬美元，較去年同期成長 59%。

Growth was driven by strong device sales with our mass spec devices accounting for roughly 60% of revenue and FTIR products making up the other 40%. Recurring revenue increased 54% from the previous year and represented 37% of total revenues. Importantly, our adjusted EBITDA loss improved nearly 50% year over year in Q1 2025 compared to our previously disclosed adjusted EBITDA for Q1 2024 prior to our transformation.

成長主要得益於強勁的設備銷售，其中質譜設備約佔收入的 60%，而 FTIR 產品則佔剩餘的 40%。經常性收入較上年增長54%，佔總收入的37%。重要的是，與我們轉型前揭露的 2024 年第一季調整後 EBITDA 相比，2025 年第一季我們的調整後 EBITDA 虧損年比改善了近 50%。

We are truly energized by the massive opportunity ahead for our premier devices in vital health and safety applications. We are pleased with the continued momentum we're seeing in the second quarter and remain well positioned against our reiterated full year revenue guidance. Since the new US administration has taken office, there's been a heightened priority on drug interdiction, a clear signal that frontline chemical detection is now a national imperative.

我們的頂級設備在重要的健康和安全應用中將面臨巨大的機遇，這讓我們感到非常振奮。我們對第二季持續的成長動能感到滿意，並且仍然符合我們重申的全年收入預期。美國新政府上台以來，禁毒工作受到了高度重視，這明確表明一線化學品檢測已成為國家當務之急。

In April, the White House Office of National Drug Control Policy, referred to as the ONDCP, released its statement of drug policy priorities, setting the tone for a coordinated federal response to the proliferation of illicit fentanyl and other synthetic drugs. Beyond prevention and treatment, the ONDCP calls for advanced technologies to detect smuggling routes and equip law enforcement and first responders with tools to prevent overdose deaths. We see this as a major catalyst for future procurement opportunities.

今年4月，白宮國家藥物管制政策辦公室（ONDCP）發布了藥物政策重點聲明，為聯邦政府協調應對非法芬太尼和其他合成藥物氾濫定下了基調。除了預防和治療之外，國家藥物濫用防治規劃署還呼籲採用先進技術來檢測走私路線，並為執法人員和急救人員配備防止藥物過量死亡的工具。我們認為這是未來採購機會的主要催化劑。

The increased emphasis on disrupting the global drug trafficking supply chain, particularly fentanyl flows from Asia through Mexico is also prompting cross-border initiatives. We anticipate more foreign governments will invest in modernizing their chemical detection capabilities, and we are working to favorably position our handheld devices.

對破壞全球毒品販運供應鏈（特別是從亞洲經墨西哥流入芬太尼）的重視程度不斷提高，也促使採取跨國措施。我們預計會有更多外國政府投資於化學檢測能力的現代化，我們也在努力使我們的手持設備處於有利地位。

This is part of a broader global trend. Ongoing geopolitical tensions, particularly in Europe, have amplified concerns around chemical threats. In response, EU member states and NATO countries are significantly increasing their defense and counterterrorism spending. We're seeing strong interest in modern detection equipment across military and security agencies and our mass spec and FTIR product portfolio is well positioned to meet these needs.

這是更廣泛的全球趨勢的一部分。持續的地緣政治緊張局勢，尤其是歐洲的緊張局勢，加劇了人們對化學威脅的擔憂。作為回應，歐盟成員國和北約國家正在大幅增加國防和反恐開支。我們看到軍事和安全機構對現代檢測設備的濃厚興趣，我們的質譜和 FTIR 產品組合能夠很好地滿足這些需求。

To capitalize on these developing tailwinds and realize the vision for 908 Devices 2.0, we've established three strategic focus areas for 2025, targeting market expansion, advancing innovation and reinforcing financial discipline. I'll walk through the progress we've made across each area in the first quarter.

為了利用這些發展順風並實現 908 Devices 2.0 的願景，我們確定了 2025 年的三個策略重點領域，即擴大市場、推動創新和加強財務紀律。我將介紹我們在第一季在各個領域取得的進展。

Our first focus area is increasing adoption of our devices to address global threats to public health and safety. Our devices deliver rapid and accurate answers at the point of need with minimal training, which is exactly what frontline responders need when lives are on the line. Our goal is to be the standard for advanced chemical detection in the field.

我們的首要關注領域是擴大我們設備的採用，以應對全球對公共健康和安全的威脅。我們的設備只需極少的訓練即可在需要時提供快速、準確的答案，這正是生命受到威脅時一線救援人員所需要的。我們的目標是成為該領域先進化學檢測的標準。

During the first quarter, we received a $2 million order from the Texas Department of Public Safety for our MX908 devices. Our mass spec devices for trace chemical identification will be deployed statewide to support frontline drug interdiction and narcotics enforcement. This follow-on order builds upon a successful pilot last year and reflects growing urgency to modernize public safety tools amid rising fentanyl-related deaths in Texas.

第一季度，我們收到了德州公共安全部價值 200 萬美元的 MX908 設備訂單。我們的用於微量化學物質鑑定的質譜設備將在全州範圍內部署，以支援前線禁毒和緝毒執法。這項後續命令建立在去年成功試點的基礎上，反映出在德州芬太尼相關死亡人數不斷增加的情況下，對公共安全工具進行現代化升級的緊迫性日益增強。

To protect the public from chemical threats, the Washington Metro Area Transit Authority purchased two ThreatID and two XplorIR devices, adding to their existing MX908 units. The ThreatID provides chemical identification of over 28,000 bulk solid liquid and gas substances, while the XplorIR can rapidly detect, identify and quantify up to 5,000 gases in real time.

為了保護公眾免受化學威脅，華盛頓都會區交通管理局購買了兩台 ThreatID 和兩台 XplorIR 設備，以補充其現有的 MX908 設備。ThreatID 可對超過 28,000 種散裝固體、液體和氣體物質進行化學鑑定，而 XplorIR 可即時快速檢測、識別和量化多達 5,000 種氣體。

Also in the same region, the Metropolitan Washington Council of Governments, a regional planning organization that coordinates public safety across jurisdictions in the District of Columbia, Maryland and Virginia purchased eight XplorIR devices to support emergency response operations.

同樣在同一地區，大華盛頓政府委員會（一個負責協調哥倫比亞特區、馬裡蘭州和維吉尼亞州管轄範圍內公共安全的區域規劃組織）購買了八台 XplorIR 設備來支援緊急應變行動。

This order builds on their existing MX908 fleet, further strengthening their frontline chemical detection capabilities. At the US federal level, Homeland Security Investigations or HSI, a premier law enforcement agency within the US Department of Homeland Security and a key enterprise account added a dozen MX908 devices during the quarter, bringing their total deployment to over 65 units. These devices support the trace, detection and identification of drugs, explosives and chemical warfare agents.

該訂單以他們現有的 MX908 機隊為基礎，進一步增強了他們的前線化學檢測能力。在美國聯邦層面，美國國土安全調查局（HSI）是美國國土安全部下屬的主要執法機構，也是一個重要的企業客戶，在本季度增加了十幾台 MX908 設備，使其總部署量超過 65 台。這些設備支援對毒品、爆炸物和化學戰劑的追蹤、檢測和識別。

Across Europe, heightened geopolitical tensions, including the war in Ukraine, are accelerating disaster preparedness investments. Through the EU's rescEU initiative, member states are building strategic stockpiles of response capabilities. Our largest rescEU order to date was with Finland in Q4 for 90 ProtectIR devices, which we completed the remaining fulfillment of in the first quarter.

在整個歐洲，包括烏克蘭戰爭在內的地緣政治緊張局勢加劇，正在加速災難準備投資。透過歐盟的「救援歐盟」計劃，成員國正在建立戰略應對能力儲備。到目前為止，我們最大的 rescEU 訂單是第四季度與芬蘭簽訂的 90 台 ProtectIR 設備訂單，剩餘訂單我們在第一季完成。

The Czech Republic's Fire Brigade also received six ThreatID devices in Q1, expanding on a previous purchase of six XplorIR devices as European emergency response agencies continue expanding and modernizing their detection toolkits. We're proud to be a trusted partner in this important EU initiative.

隨著歐洲緊急應變機構繼續擴大和現代化其檢測工具包，捷克共和國消防隊在第一季也收到了六台 ThreatID 設備，這是在先前購買六台 XplorIR 設備的基礎上進行的擴展。我們很榮幸成為歐盟這項重要倡議中值得信賴的合作夥伴。

We are seeing a growing trend of customers returning to purchase additional devices over time, highlighting strong satisfaction and demand across our product portfolio. By cross-deploying both handheld mass spec and FTIR technologies, they are building adaptable, resilient toolkits for emergency response.

我們發現，隨著時間的推移，客戶回來購買更多設備的趨勢日益增長，這凸顯了我們產品組合的強烈滿意度和需求。透過交叉部署手持式質譜和 FTIR 技術，他們正在建立適應性強、有彈性的緊急應變工具包。

Our second focus area is advancing our next-gen analytical tools portfolio. At our core, we are an innovation-driven analytical instrumentation company. We are committed to the relentless pursuit of higher performance breakthrough capabilities and greater simplicity.

我們的第二個重點領域是推進我們的下一代分析工具組合。從本質上講，我們是一家創新驅動的分析儀器公司。我們致力於不懈追求更高性能、突破性的能力和更強的簡易性。

We recently released a software update for ProtectIR featuring a new search algorithm that significantly improves the identification of complex solid and liquid mixtures. This condensed phase mixture analysis offers detailed breakdowns with confidence ratings, providing clear, faster decision support in the field.

我們最近發布了 ProtectIR 的軟體更新，其中採用了一種新的搜尋演算法，可顯著提高對複雜固體和液體混合物的識別能力。這種凝聚相混合物分析提供了具有置信度評級的詳細分類，為現場提供了清晰、更快的決策支援。

Looking ahead, we have new FTIR devices in development and remain on track for the 2026 launch of our next-gen handheld mass spec. Additionally, we expect to receive notice to proceed to full rate production and begin to ramp deliveries for the US Department of Defense AVCAD program by year-end.

展望未來，我們正在開發新的 FTIR 設備，並計劃於 2026 年推出下一代手持式質譜儀。此外，我們預計將收到通知，開始全速生產，並在年底前開始為美國國防部 AVCAD 專案增加交付。

With our partner, Smiths Detection, we are working through a handful of incremental improvement and fixes requested during evaluation and are encouraged as we believe we are meeting the program's detection performance expectations. As a reminder, this program has the potential to generate over $10 million in annual revenue at full production. I'm excited to provide an update on all of these initiatives as we progress through the year.

我們正與合作夥伴史密斯探測公司 (Smiths Detection) 合作，努力實現評估期間要求的少量漸進式改進和修復，並為此感到鼓舞，因為我們相信我們正在滿足該計劃的檢測性能預期。提醒一下，該專案全面投產後每年有可能創造超過 1,000 萬美元的收入。隨著我們一年來的進展，我很高興能夠提供所有這些舉措的最新消息。

Our road map is rich with updates and releases through this year and next, serving as key catalysts to support our long-term growth trajectory. Supporting our growing US government business more broadly, we have shifted much of our supply chain to domestic sources over the past few years.

我們的路線圖充滿了今年和明年的更新和發布，成為支持我們長期成長軌蹟的關鍵催化劑。為了更廣泛地支持我們日益增長的美國政府業務，我們在過去幾年中已將大部分供應鏈轉移到國內來源。

With all of our manufacturing now located in the US, we are in a strong position to mitigate the potential impact of tariffs on our products. As we develop new products, including next-generation MX device, we will continue to prioritize US manufactured components to strengthen this advantage.

由於我們所有的製造業務現在都位於美國，因此我們有能力減輕關稅對我們產品的潛在影響。當我們開發新產品（包括下一代 MX 設備）時，我們將繼續優先使用美國製造的組件來加強這一優勢。

And finally, our third focus area is strengthening our financial position and accelerating profitability. We are targeting positive adjusted EBITDA by the fourth quarter of this year and full year cash flow positivity in 2026. The $70 million cash sale of our bioprocessing portfolio to Repligen has fortified our balance sheet and provides a meaningful margin of safety as we execute and drive towards cash flow breakeven.

最後，我們的第三個重點領域是加強我們的財務狀況和加快獲利能力。我們的目標是在今年第四季實現調整後 EBITDA 為正，並在 2026 年實現全年現金流為正。我們以 7000 萬美元的現金將生物加工產品組合出售給 Repligen，這增強了我們的資產負債表，並在我們實現現金流盈虧平衡的過程中提供了有意義的安全邊際。

The transition has been smooth and continues to progress on schedule with completion of the asset transfer expected by the end of the second quarter. We have also begun transitioning all of our production from Boston to Danbury, Connecticut and are preparing to relocate our corporate and R&D teams to a new cost-efficient headquarters in the Greater Boston area.

過渡過程進展順利，並繼續按計劃進行，預計資產轉移將於第二季末完成。我們也開始將所有生產從波士頓轉移到康乃狄克州丹伯里，並準備將我們的公司和研發團隊遷至大波士頓地區一個新的、具有成本效益的總部。

We remain on track to complete the production consolidation in time to support our second half revenue ramp. This move is expected to significantly lower facility costs, improve margins and further strengthen our path to profitability.

我們仍有望及時完成生產整合，以支持下半年收入的成長。預計此舉將大幅降低設施成本、提高利潤率並進一步增強我們的獲利能力。

In summary, demand is accelerating. Our pipeline is delivering, and our operations are scaling. I'll now hand it over to Joe to review our first quarter financial performance.

總體而言，需求正在加速成長。我們的管道正在交付，我們的營運正在擴大。現在我將交給喬回顧我們第一季的財務表現。

Thanks, Kevin. As a result of the sale of our desktop portfolio in the first quarter, our financials will be reporting continuing operations only with any current and past activity related to our desktops, including the gain on sale on one line item within discontinued operations in our financial statements.

謝謝，凱文。由於我們在第一季出售了桌上型電腦產品組合，我們的財務報表將僅報告與我們的桌上型電腦相關的任何當前和過去活動的持續經營情況，包括我們財務報表中已停止經營業務的一個項目的銷售收益。

As we shared on our last earnings call, we will now report revenue across three categories: first, handheld product and service revenue; second, program product and service revenue, which includes contribution from the US Department of Defense AVCAD program; and third, OEM and funded partnership revenue, which includes contract revenue.

正如我們在上次收益電話會議上所分享的，我們現在將報告三類收入：第一，手持產品和服務收入；第二，專案產品和服務收入，其中包括來自美國國防部 AVCAD 專案的貢獻；第三，OEM 和資助合作夥伴收入，其中包括合約收入。

Total revenue from continuing operations in the first quarter 2025 was $11.8 million, up 59% from $7.4 million in the prior-year period, primarily driven by an increase in handheld product and service revenue and offset by an anticipated decrease in program product and service revenue.

2025 年第一季持續經營總收入為 1,180 萬美元，較去年同期的 740 萬美元增長 59%，主要由於手持產品和服務收入的增長，並被計劃產品和服務收入的預期下降所抵消。

Handheld product and service revenue was $11 million for the first quarter 2025, up 86% from $5.9 million for the first quarter 2024. This increase was driven primarily by $4 million in revenue related to our recently acquired FTIR products.

2025 年第一季手持產品和服務收入為 1,100 萬美元，較 2024 年第一季的 590 萬美元成長 86%。這一成長主要得益於與我們最近收購的 FTIR 產品相關的 400 萬美元收入。

We shipped 157 devices in the first quarter compared to 53 devices shipped in the first quarter of 2024 prior to the RedWave Technology acquisition, bringing our installed base to 3,172. Program product and service revenue was $0.1 million for the first quarter 2025, decreasing $1.4 million year over year. As a reminder, in the first quarter 2024, we recognized $1.5 million of revenue from our initial low-rate production delivery under the US Department of Defense AVCAD program.

我們在第一季出貨了 157 台設備，而收購 RedWave Technology 之前 2024 年第一季出貨了 53 台設備，使我們的安裝基數達到 3,172 台。2025 年第一季計畫產品和服務收入為 10 萬美元，年減 140 萬美元。提醒一下，在 2024 年第一季度，我們從美國國防部 AVCAD 計畫下的初始低速率生產交付中獲得了 150 萬美元的收入。

We are not assuming any meaningful revenue contribution from the AVCAD program in 2025 as we completed the initial low-rate production deliveries in Q3 2024 and are preparing for full rate production in 2026.

我們不認為 AVCAD 專案會在 2025 年帶來任何有意義的收入貢獻，因為我們在 2024 年第三季完成了初始低速率生產交付，並正在為 2026 年的全速率生產做準備。

OEM and funded partnership revenue was $0.7 million for the first quarter 2025 with no comparable revenue recorded in the prior-year period. This revenue was primarily driven by pharma and industrial QA/QC customers.

2025 年第一季的 OEM 和資助合作夥伴收入為 70 萬美元，去年同期沒有記錄可比收入。該收入主要來自製藥和工業 QA/QC 客戶。

Recurring revenue, which consists of consumables, accessories, and service revenue represented 37% of total revenues this quarter and was $4.4 million, a 54% or $1.5 million increase over the prior-year period, largely driven by service and OEM revenues.

經常性收入包括消耗品、配件和服務收入，佔本季總收入的 37%，為 440 萬美元，比去年同期成長 54% 或 150 萬美元，主要受服務和 OEM 收入的推動。

Looking ahead, we expect recurring revenue for the full year to be approximately 30% of total revenue. Gross profit was $5.5 million for the first quarter of 2025 compared to $3.9 million for the prior-year period. Gross margin was 47% for the first quarter of 2025 compared to 52% for the prior-year period, with the decrease primarily driven by intangible amortization from the RedWave acquisition.

展望未來，我們預期全年經常性收入將佔總收入的約30%。2025 年第一季毛利為 550 萬美元，去年同期為 390 萬美元。2025 年第一季毛利率為 47%，去年同期為 52%，下降主要由於收購 RedWave 產生的無形資產攤銷。

Adjusted gross profit was $6.4 million for the first quarter of 2025 compared to $4 million for the prior-year period. Adjusted gross margin was 54%, an increase of approximately 75 basis points compared to the prior-year period. The increase in adjusted gross margin was driven by an increase in revenue, offset by a higher percentage of sales through the international distributors.

2025 年第一季調整後毛利為 640 萬美元，去年同期為 400 萬美元。調整後毛利率為54%，較去年同期增加約75個基點。調整後毛利率的成長是由於收入的成長，但被國際經銷商銷售額的增加所抵消。

Total operating expenses for the first quarter of 2025 were $16.6 million compared to $11.5 million in the prior-year period. The increase in operating expenses was driven by a $2.5 million noncash charge for the change in the fair value of the contingent consideration liability and an increase in operating expenses primarily related to our RedWave acquisition in the second quarter of 2024.

2025 年第一季的總營運費用為 1,660 萬美元，而去年同期為 1,150 萬美元。營業費用的增加是由於或有對價負債公允價值變動產生的 250 萬美元非現金費用，以及主要與我們 2024 年第二季收購 RedWave 相關的營業費用的增加。

Net loss from continuing operations for the first quarter of 2025 was $9.8 million compared to $5.9 million in the prior-year period. This increase was largely due to the $2.5 million noncash charge that I just mentioned, intangible amortization with the RedWave acquisition, higher deal-related costs and lower interest income.

2025 年第一季持續經營淨虧損為 980 萬美元，去年同期為 590 萬美元。這一增長主要是由於我剛才提到的 250 萬美元的非現金費用、收購 RedWave 的無形攤銷、交易相關成本增加以及利息收入減少。

Our focus is managing adjusted EBITDA towards profitability. Adjusted EBITDA for the first quarter of 2025 was a loss of $4.6 million, an improvement from a loss of $5.3 million in the prior-year period. And as Kevin pointed out earlier, this is a major improvement compared to our adjusted EBITDA prior to our strategic transformation.

我們的重點是管理調整後的 EBITDA 以實現盈利。2025 年第一季調整後 EBITDA 虧損 460 萬美元，較去年同期的 530 萬美元虧損有所改善。正如凱文之前指出的那樣，與我們戰略轉型之前的調整後 EBITDA 相比，這是一個重大的進步。

We ended the first quarter 2025 with $124.3 million in cash, cash equivalents, and marketable securities with no debt outstanding. The increase of $54.7 million in cash in the first quarter was primarily related to the net proceeds from the sale of our desktop portfolio.

截至 2025 年第一季度，我們擁有 1.243 億美元的現金、現金等價物和有價證券，且無未償債務。第一季現金增加 5,470 萬美元，主要與出售我們的桌面產品組合的淨收益有關。

Excluding the sale proceeds, we consumed approximately $10 million of cash in the first quarter of 2025 related to our loss from continuing operations and working capital changes. Q1 is typically our largest cash consuming quarter.

除銷售收益外，我們在 2025 年第一季消耗了約 1,000 萬美元的現金，與持續經營損失和營運資本變動有關。第一季通常是我們現金消耗最大的季度。

The net proceeds from the sale of our desktop portfolio, combined with the streamlined cost structures we implemented in Q4 and our growth drivers for 2025 and beyond, gives us confidence we will cross over to cash flow breakeven on a full year basis in 2026 with a healthy cash balance. Looking ahead in 2025, we continue to expect revenue from continuing operations to be in the range of $53 million to $55 million, representing growth of 11% to 15% over full year 2024 revenue from continuing operations.

出售桌上型電腦產品組合的淨收益，加上我們在第四季度實施的精簡成本結構以及 2025 年及以後的成長動力，讓我們有信心在 2026 年實現全年現金流收支平衡，並擁有健康的現金餘額。展望 2025 年，我們仍預期持續經營收入將在 5,300 萬美元至 5,500 萬美元之間，比 2024 年全年持續經營收入成長 11% 至 15%。

Our guidance range includes the following assumptions: first, we expect handheld product and service revenue to grow 11% to 15% year-over-year, which equates to a range of $51 million to $53 million; second, we expect OEM and funded partnerships, including contract revenue to be approximately $2 million; and third, as mentioned, we are not assuming any meaningful revenue contribution from the US Department of Defense AVCAD program in 2025 as we completed the initial low-rate production deliveries in Q3 2024 and are preparing for potential full rate production in 2026.

我們的指導範圍包括以下假設：首先，我們預計手持產品和服務收入將同比增長 11% 至 15%，相當於 5100 萬美元至 5300 萬美元的範圍；其次，我們預計 OEM 和資助合作夥伴關係（包括合同收入）約為 200 萬美元；第三，如上所述，我們不假設美國國防部 AVCAD 計劃在任何有意義的收入年第三季完成了初始低速生產交付，並正在為 2026 年的潛在全速生產做準備。

We expect total revenue growth to accelerate above 20% in 2026, driven by our three growth catalysts: expanding handheld adoption, launching next-generation products, and scaling our US government programs.

我們預計，到 2026 年，總收入成長率將加速超過 20％，這主要得益於我們的三大成長催化劑：擴大手持設備的採用、推出下一代產品以及擴大我們的美國政府專案。

Moving down the P&L, we continue to expect adjusted gross margins to increase to the mid- to high-50% range for full year 2025 with further expansion in 2026 following our manufacturing consolidation in Connecticut, which is currently underway. And we continue to expect to become adjusted EBITDA positive by Q4 of this year and cash flow positive on a full year basis in 2026, supported by accelerated revenue growth and cost savings from our facility consolidation and desktop portfolio divestiture.

繼續看損益表，我們繼續預計，到 2025 年全年，調整後的毛利率將增至 50% 左右，而隨著我們目前正在進行的康乃狄克州製造業整合，調整後的毛利率將在 2026 年進一步擴大。我們繼續預計，到今年第四季度，調整後的 EBITDA 將為正值，到 2026 年全年現金流將為正值，這得益於我們設施整合和桌面產品組合剝離帶來的收入加速增長和成本節約。

Our guidance does not assume any significant impacts from tariffs based upon current economic policies in place. Historically, about 75% of our revenue comes from North America. And on the cost side, as Kevin mentioned earlier, our products are US manufactured with our materials and components substantially sourced from domestic suppliers. As a result, we expect minimal impact in 2025, supported by our healthy component inventory and proactive supply chain management. We will continue to monitor this evolving environment.

根據現行的經濟政策，我們的指導並不認為關稅會產生任何重大影響。從歷史上看，我們約 75% 的收入來自北美。在成本方面，正如 Kevin 之前提到的，我們的產品是在美國製造的，材料和零件主要來自國內供應商。因此，在健康的零件庫存和積極主動的供應鏈管理的支持下，我們預計 2025 年的影響將很小。我們將繼續監測這一不斷變化的環境。

We delivered strong top-line performance in the first quarter and believe this momentum can continue throughout the year. That said, it's still early in the year. And given our typical second half weighted seasonality, we believe it's appropriate to reiterate our guidance at this time. At this point, I would like to turn the call back to Kevin.

我們在第一季實現了強勁的營收業績，並相信這一勢頭能夠持續到全年。話雖如此，今年還處於初期階段。考慮到我們典型的下半年加權季節性，我們認為此時重申我們的指導是適當的。現在，我想把電話轉回給凱文。

Thanks, Joe. I'm incredibly proud of how our team has embraced this transformation and delivered meaningful progress against each of our strategic priorities. In just a few short months, we've reshaped our business, strengthened our foundation and begun realizing the promise of 908 Devices 2.0.

謝謝喬。我為我們的團隊積極擁抱這項轉型，並在每項策略重點上都取得了有意義的進展感到無比自豪。在短短幾個月內，我們重塑了業務，鞏固了基礎，並開始實現 908 Devices 2.0 的承諾。

We're leaning into high-growth markets with urgency and focus, advancing chemical analysis innovation with a strong pipeline and making disciplined moves to accelerate our path to profitability. Just as we said last quarter, this is more than a restructuring, it's a relaunch.

我們正緊急且專注地進入高成長市場，透過強大的管道推進化學分析創新，並採取有紀律的舉措來加速我們的獲利之路。正如我們上個季度所說的那樣，這不僅僅是一次重組，更是一次重新啟動。

The strong start we've made in Q1 reinforces our conviction that we have the right team, the right products, and the right strategy to lead. With clear momentum and a fortified balance sheet, we're unlocking value and positioning the company to deliver strong financial performance and sustainable growth. With that, let's open it up to questions.

我們在第一季取得的強勁開局增強了我們的信念，即我們擁有合適的團隊、合適的產品和正確的領導策略。憑藉清晰的發展勢頭和穩健的資產負債表，我們正在釋放價值，並使公司實現強勁的財務表現和永續成長。好了，讓我們開始提問吧。

(Operator Instructions) Matt Larew, William Blair.

（操作員指示）Matt Larew，William Blair。

Hey thanks for taking my question. I wanted to ask on the commercial side, you've now had RedWave here about a year and you completed the commercial integration last year. Just want to get a sense for any additional benefits you're seeing from any cross-selling.

嘿，謝謝你回答我的問題。我想問一下商業方面的問題，RedWave 已經在這裡運作了大約一年，去年完成了商業整合。只是想了解您從交叉銷售中看到的任何額外好處。

And then, Kevin, you spoke to accelerating demand really globally. Just want to get a sense for whether you think you have the infrastructure in place to really realize and tackle that demand or if there are any target investments that you might want to make?

然後，凱文，您談到了全球範圍內需求的加速成長。只是想了解一下，您是否認為您已經擁有足夠的基礎設施來真正實現和滿足這一需求，或者您是否想要進行任何目標投資？

Yeah, absolutely. Thanks, Matt, for the question. Yeah, we're super excited about how the integration with RedWave has gone. We're just kind of at that year anniversary point. And it's really been a foundation for the transformation that we've been working on here, right, because we went from one product to now four.

是的，絕對是如此。謝謝馬特提出這個問題。是的，我們對與 RedWave 的整合進展感到非常興奮。我們正處於那個週年紀念日。這確實為我們在此一直致力於的轉型奠定了基礎，因為我們從一種產品發展到現在的四種產品。

So we've got a much larger portfolio, which has been helping us diversify our revenue streams there. I would say that, yes, the sales team has really been hitting stride with these products and really getting it out there. We have about 40 people in our combined sales and marketing team. We think we do have the right investments and the team in place to keep driving growth.

因此，我們擁有了更大的投資組合，這有助於我們實現收入來源多元化。我想說的是，銷售團隊確實在大力推廣這些產品，並真正將其推向市場。我們的銷售和行銷團隊共有約 40 名成員。我們認為我們確實擁有正確的投資和團隊來繼續推動成長。

The cross-selling opportunities are many. We had some in our prepared remarks. We did see some good wins in that regard from follow-on orders, whether it be part of the rescEU program or the Washington Metropolitan Area Transit Authority and several others where we saw people picking up one or more of our products in the portfolio after starting with the previous one with follow-on order.

交叉銷售的機會很多。我們在準備好的演講稿中提到了一些內容。我們確實從後續訂單中看到了一些好的成果，無論是 rescEU 計劃的一部分，還是華盛頓都會區交通管理局和其他幾個計劃的一部分，我們都看到人們在從上一個產品開始進行後續訂單後，又選擇了我們產品組合中的一個或多個產品。

From the demand acceleration side, I think you're right. I mean, we're seeing certainly some of the tailwinds develop out there with some of the macro pressures.

從需求加速方面來看，我認為你是對的。我的意思是，我們確實看到一些順風因素在一些宏觀壓力下出現。

Okay. Fair enough. And then, Joe, I just wanted to check on the transition to Danbury. I think you talked about maybe that being like a third quarter element. Just any kind of update on the progress that you've made and some of the data points you've given around annual savings targets just as you get closer to realizing it if those have moved around at all?

好的。很公平。然後，喬，我只是想檢查一下向丹伯里的過渡情況。我認為您談到的可能是第三季的元素。您能否更新您所取得的進展，以及您圍繞年度儲蓄目標提供的一些數據點，您是否已經意識到這些數據點是否有所變化？

Yeah, we're mid-stride on the move. Some of the initial trucks have made their way from Boston down to Danbury. So I think it's going well so far. We've been fortunate to have a strong team down there in Danbury to receive it and some key employees that are transferring. So we're looking to try to complete it by midyear.

是的，我們正大步前進。一些首批卡車已從波士頓開往丹伯里。所以我認為到目前為止一切進展順利。我們很幸運，在丹伯里有一支強大的團隊來接收它，還有一些正在調動的關鍵員工。因此，我們希望在年中之前完成它。

So we'll be up and running for manufacturing in the back half and the ramp with the second half. And yes, from a facility perspective, it's a lower cost footprint and savings overall on the facility side will approach $2 million a year. So we'll start to see some of the benefits in the back half. Maybe in the neighborhood of 40% of those savings are through the gross margin line. So excited on the progress to date and pleased, if anything, it's ticking a bit ahead of plan compared to where we were a few months ago.

因此，我們將在後半段開始生產，並在下半段開始量產。是的，從設施的角度來看，它的成本佔用空間較低，設施方面的整體節省將接近每年 200 萬美元。因此我們將在後半部分開始看到一些好處。大約 40% 的節省是透過毛利率實現的。我對迄今為止的進展感到非常興奮和高興，如果有什麼不同的話，那就是與幾個月前相比，它比計劃提前了一點。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Hi, good morning, guys. Thanks for the questions. Kevin, on AVCAD, it sounds like that's progressing well. What is the timing that you expect at this point anyway when it comes to getting the thumbs up to move into full production mode from Smiths there?

大家好，早安。感謝您的提問。Kevin，關於 AVCAD，聽起來進展順利。無論如何，當談到獲得史密斯公司的批准進入全面生產模式時，您預計時間是什麼時候？

And when that is -- when that does step up to revenue generation mode at the higher level, the $10 million that you referenced, is that a gradual ramp in recognition? Or do you think that you sort of reach a steady state of revenue generation during that phase?

當它確實提升到更高層次的創收模式時，即您提到的 1000 萬美元，這是否是一個逐漸提升的認可度？或者您認為您在該階段達到了穩定的收入創造狀態？

Yeah. Thanks, Dan, for the question. Yes, we remain very excited about the AVCAD program. It's been a development we've been working on for nearly a 10-year period, driven in partnership with Smiths Detection, who is our lead partner there. We're a subcontractor to Smiths, who's the prime on this program, certainly an impactful program.

是的。謝謝丹提出這個問題。是的，我們仍然對 AVCAD 程式感到非常興奮。這是我們近 10 年來一直致力於的一項開發工作，並與我們在那裡的主要合作夥伴史密斯探測公司 (Smiths Detection) 合作推動。我們是史密斯公司的分包商，史密斯公司是這個專案的主要負責人，這無疑是一個有影響力的專案。

We're working through, call it, a handful of improvements and fixes that have come up during the evaluation. And we're most encouraged that the kind of fundamental detection performance appears to be meeting program expectations. So meaning, we're able to detect the analytes of interest at the levels that they're interested in. So we're excited for that.

我們正在努力解決評估過程中出現的一些改進和修復問題。最讓我們感到鼓舞的是，這種基本的檢測性能似乎達到了計劃的預期。所以這意味著我們能夠在他們感興趣的水平上檢測感興趣的分析物。所以我們對此感到很興奮。

Now we're working through, as you know, last year, we delivered on the low-rate initial production, and we're waiting for a potential decision to move forward for full-rate production, the FRP phase of it.

如您所知，我們現在正在努力，去年我們實現了低速率初始生產，我們正在等待可能的決定，以推進全速率生產，即 FRP 階段。

We do expect that decision by the end of the government fiscal year. Some risk that it moves into the later half of our calendar year here, so by calendar year-end. But I think we're really looking for it by the end of the government fiscal year. So a lot to be determined.

我們確實希望政府在財政年度結束前做出這項決定。有風險的是，這個趨勢可能會持續到我們日曆年的後半年，也就是日曆年結束。但我認為我們確實希望在政府財政年度結束前實現這一目標。因此有很多事情需要確定。

I mean, certainly, there's a new administration in place. Anything is possible. Certainly a delay is possible, but equally possible in our mind is an acceleration. So we're seeing good engagement as we work through the final phases and they approach their decision. On the timing of revenues, I'll pass it to you, Joe.

我的意思是，確實已經有了新的政府。一切皆有可能。當然，延遲是可能的，但在我們的腦海中加速也是可能的。因此，當我們進入最後階段並準備好做出決定時，我們看到了良好的參與。關於收入的時間，我會把它交給你，喬。

Yeah. From a ramp perspective, we'll learn a lot as hopefully, we see the full-rate production contract come into place, kind of a five- to seven-year window of deliveries. We do see that more ramping as far as a faucet being turned on or turned off.

是的。從產量爬坡的角度來看，我們將學到很多東西，希望我們能看到全速率生產合約的實施，也就是五到七年的交付期。我們確實看到，就水龍頭的打開或關閉而言，水流呈現更多的斜坡狀。

But we'll learn a lot more about the quantities and how that goes. It is kind of year by year. We think there's an opportunity that could ramp quickly to $10 million a year, possibly in 2026, but you might see that span over '26 into '27 before it gets to that full rate level.

但我們將了解更多有關數量及其進展的資訊。每年都是如此。我們認為有機會迅速增加到每年 1000 萬美元，可能在 2026 年，但你可能會看到這個數字跨越 26 年到 27 年，然後才能達到全額水平。

So we're excited with the way it's progressed. But looking forward to learning some of the dynamics on the exact step-up and ramp in that opportunity.

因此，我們對它的進展感到非常興奮。但期待了解該機會中確切升級和提升的一些動態。

Yeah, for sure. Okay. And then, Joe, as we think about the opportunity for installed base expansion and then conversion on a next-gen system, can you maybe just true us up on what percentage of the MX systems that are in the field are active?

是的，當然。好的。然後，喬，當我們考慮安裝基礎擴充和下一代系統轉換的機會時，您能否告訴我們現場活躍的 MX 系統的百分比是多少？

And then on the next-gen system itself, apologies if we covered this last quarter, I'm not remembering, but is there a gross margin benefit to be had there? Can you just remind us how that comparison would look from a profitability standpoint?

然後關於下一代系統本身，如果我們在上個季度討論過這個問題，我很抱歉，我不記得了，但是那裡有毛利率優勢嗎？您能否提醒我們一下，從獲利能力的角度來看，這種比較是怎麼樣的？

Sure. I can give a little bit of color. And then, Kevin, you might have some additional details. But yeah, from a gross margin benefit, we do see an opportunity with any next-generation launch to find more efficiencies in the materials, the components, learnings as we move from one generation to the next. So I would expect some level of gross margin benefit as we move into next gen and the biggest piece is the top line, which we think from an ASP perspective could be comparable even with those cost savings.

當然。我可以給一點顏色。然後，凱文，你可能還有一些額外的細節。但是，從毛利率收益來看，我們確實看到了下一代產品發布的機會，在從一代產品過渡到下一代產品的過程中，我們可以在材料、組件和學習方面找到更高的效率。因此，我預計隨著我們進入下一代產品，毛利率將有一定程度的提高，其中最大的部分是營收，我們認為從平均售價 (ASP) 的角度來看，即使節省了成本，營收也能達到相當的水平。

On the MX908 itself, greater than 2,800 out in the field, a good chunk of those kind of 40%, 50% greater are under service contract. We see some good attachments and renewal rates related to staying on service contract. And a lot of that is because you get the latest and greatest software updates, library enhancements as we develop new analogs to be built into the library.

就 MX908 本身而言，現場使用的 MX908 數量超過 2,800，其中很大一部分（40% 到 50% 以上）都簽訂了服務合約。我們看到了一些與繼續履行服務合約有關的良好的附件和續約率。這在很大程度上是因為，當我們開發新的類似物並將其嵌入到庫中時，您將獲得最新、最好的軟體更新和庫增強功能。

And we have a top-notch service and application support team that's very responsive to the customer, and we often get rave reviews from our customers in the period of performance. But MX is a great opportunity as we move into 2026.

而我們擁有一流的服務和應用程式支援團隊，對客戶回應非常迅速，在服務期間我們經常獲得客戶的熱烈好評。但隨著我們進入 2026 年，MX 是一個很好的機會。

Yeah. We're super excited about that one, Dan, because it's kind of a step change in simplicity and size and weight, and we believe it can drive that upgrade cycle. And it's pretty consistent. We've talked about our goal is to have a major product release every 24 months or so.

是的。丹，我們對此感到非常興奮，因為它在簡單性、尺寸和重量方面都有了很大的改變，我們相信它可以推動升級週期。並且相當一致。我們已經討論過我們的目標是每 24 個月左右發布一個主要產品。

We've got a pretty rich pipeline of things that we're working on, including FTIR devices, including software, including more on the recurring revenue, continued connected services and through our team leader application. So a lot of exciting things happening on the NPI side.

我們正在開發的非常豐富的產品線，包括 FTIR 設備、軟體、更多經常性收入、持續的連接服務以及透過我們的團隊領導應用程式。因此，NPI 方面發生了很多令人興奮的事情。

Okay, thank you.

好的，謝謝。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

So just wondering for the full year guide, how are you thinking about first half versus second half in terms of the installs into the second half? Obviously, you don't have AVCAD there.

所以我只是想知道對於全年指南，就下半年的安裝量而言，您如何看待上半年和下半年的情況？顯然，你那裡沒有 AVCAD。

But just given the opportunity you're seeing, maybe also talk about the Texas Department of Public Safety order. Should that be all in 2Q? Or could that slip more -- slip some into the second half as well?

但考慮到您看到的機會，也許還可以談談德州公共安全部的命令。這些應該都在第二季完成嗎？或者說，這種情況會不會進一步惡化──在下半年也會惡化？

We're excited with the way Q1 kind of getting out of the gate being at $11.8 million, see opportunity in early stages pipeline development for Q2 and really the back half. Specifically on Texas, that is a Q2 opportunity. It was great to get the order over the line and delivery here in Q2.

我們對第一季 1,180 萬美元的開局感到興奮，看到第二季以及後半年早期管道開發中的機會。具體來說，對於德克薩斯州來說，這是一個第二季度的機會。很高興能在第二季收到訂單並交付。

So we were anticipating H1 to be carried primarily by state and local and international opportunities, and that's played out. And I'd say that the team collectively, whether it's on the fed mil, which has a few more challenges this year, but on the international side, state and local, continued development of the pipeline to support that back-half weighted ramp and that seasonality that we typically see and really looking towards a really strong Q4 as we get beyond the US government fiscal year.

因此，我們預計 H1 將主要由州、地方和國際機會推動，事實也確實如此。我想說的是，無論是在聯邦軍事方面（今年面臨更多挑戰），還是在國際方面、州和地方方面，整個團隊都在繼續開發管道，以支持後半年加權增長和我們通常看到的季節性，並真正期待在美國政府財政年度結束後出現真正強勁的第四季度。

Yeah. And maybe, Puneet, if it helps, I can add a little more color on to the US federal military side. I mean I think we are really set up with our transformation around some of the what we think is tailwinds that are really developing there. So we're not involved with the groups like NIH and academic, right? We're more prioritized around the national security and law enforcement that we're seeing the new administration prioritize.

是的。也許，Puneet，如果有幫助的話，我可以為美國聯邦軍事方面添加一些色彩。我的意思是，我認為我們已經準備好圍繞著一些我們認為正在那裡真正發展的順風進行轉型。所以我們不參與像 NIH 和學術這樣的團體，對嗎？我們看到新政府更加重視國家安全和執法。

So as Joe mentioned, it's certainly a turbulent time there. But I think what we're seeing is largely aligning in our favor, whether it's the plus-ups that are happening on the DOD side or proposed for 2026 or the Department of Homeland Security, both of which much like NIH grant funding flow down to our customers through DHS grant, that local law enforcement and fire and emergency services use. So I think that is setting us up to support what Joe mentioned in the second half.

正如喬所提到的，那裡確實正處於動盪時期。但我認為，我們所看到的情況在很大程度上對我們有利，無論是國防部方面正在進行的加碼，還是 2026 年或國土安全部的提議，這兩者都很像 NIH 撥款，透過 DHS 撥款流向我們的客戶，供當地執法部門和消防及緊急服務部門使用。所以我認為這有助於我們支持喬在下半部分提到的內容。

And then on that point of the government contracts, what sort of visibility that you have? Obviously, there is quite a few moving pieces right now within the government as well with changes and other impacts that we have seen so far, but there are opportunities as well.

那麼，就政府合約而言，您有什麼樣的了解？顯然，目前政府內部也發生了不少變化，我們已經看到了一些變化和其他影響，但同時也存在著機會。

So just wondering sort of where are you getting the visibility. Where the visibility is more stronger versus less? And then I have a follow-up on gross margin, if I may.

所以我只是想知道你從哪裡獲得這種可見性。哪裡可見度更強，哪裡可見度更弱？如果可以的話，我會跟進一下毛利率。

Sure. Yeah, absolutely. Yeah, from a visibility perspective, especially on the Fed gov side, but also international more and more, we kind of see those multiple 20-plus unit opportunities that we maybe touched on in the past and the importance of those to creating visibility and as we get in hand kind of the confidence around the numbers.

當然。是的，絕對是如此。是的，從可見性的角度來看，特別是在美聯儲政府方面，而且在國際上也越來越多地看到我們過去可能涉及的多個 20 多個單位的機會，以及這些機會對於創造可見性的重要性，以及當我們掌握數字時的信心。

So I'd say good pipeline development there and shaping up. And we tried to develop a cadence of announcing some of those opportunities as they do come to fruition to show that traction. And you probably saw some of that, whether it was with Ukraine or the Texas DPS opportunity.

所以我認為那裡的管道開發良好，並且正在成形。我們嘗試形成一種節奏，在某些機會實現時宣布它們，以顯示這種吸引力。您可能已經看到了其中的一些，無論是烏克蘭還是德克薩斯州的 DPS 機會。

Yeah. And it's really that progression that we've talked about over the last few years of moving people from those first initial placements or pilots and then moving them into these larger enterprise accounts. And maybe one last final point on this is that with the RedWave acquisition now under our belt, we have certainly diversified our sales and revenue channels there.

是的。這實際上就是我們在過去幾年中討論過的進展，即將人們從最初的初始安置或試點轉移到更大的企業帳戶。也許最後一點是，隨著我們對 RedWave 的收購，我們確實已經實現了銷售和收入管道的多樣化。

So as a point in time in 2024 that we've called out in the past, it's about one-third of our device sales have come from international customers and another one-third coming from the state and local that we just gave you a couple of examples. And then the last one-third from those larger US federal, call it, DHS, Department of Defense type accounts.

因此，正如我們過去所預測的，到 2024 年，我們的設備銷售額中約有三分之一來自國際客戶，另外三分之一來自州和地方，我們剛才舉了幾個例子。最後的三分之一來自較大的美國聯邦政府，也就是國土安全部、國防部類型的帳戶。

So I think we're pleased with seeing how that has diversified over time. And we're also pleased in that the larger number of installed base is 3,000 or more and the support and service, which is helping drive that 37% recurring revenue that we're seeing.

因此，我認為我們很高興看到它隨著時間的推移而多樣化。我們也很高興看到安裝基數達到 3,000 或更多，並且支援和服務有助於推動我們看到的 37% 的經常性收入。

Got it. And then just briefly on gross margins. Can you provide your view on pricing and if there are any levers you can pull there? And then with respect to the move to Danbury. Just trying to understand the capacity utilization of that facility.

知道了。然後簡單談談毛利率。您能否提供對定價的看法以及是否有任何可以採取的措施？然後是關於搬到丹伯里的事情。只是想了解該設施的產能利用率。

Do you think the cost benefits would be immediate? Or would there be sort of underutilization of facility for some time before we start to see those benefits?

您認為成本效益會立即顯現嗎？或者在我們開始看到這些好處之前，一段時間內設施的使用率是否會不足？

Yeah, a few different pieces there. I think on pricing, we'll look to hold our pricing as set for 2025. We're continuing to monitor potentially on the tariff side. And we'll see if we need to consider any surcharges, but not at this time. And a big piece of that is we just don't see, at least today, much of an impact there as our supply and our components, we have a lot of the goods in hand. So I'd say we're in a bit of wait and see, but we haven't triggered anything at this point. But that is a lever that we can introduce on the pricing side.

是的，那裡有幾件不同的作品。我認為在定價方面，我們將維持 2025 年的既定價格。我們將繼續關注關稅方面的潛在影響。我們會看看是否需要考慮收取附加費，但目前還不需要。其中很大一部分原因是，至少在今天，我們沒有看到太大的影響，因為我們的供應和零件，我們手邊有很多貨物。所以我想說我們還需要等待一段時間才能看到結果，但目前我們還沒有採取任何行動。但這是我們可以在定價方面引入的槓桿。

On the move to Danbury, I think the impact can be fairly immediate, where we've picked up and moved our whole Boston facility and we will be moving it to stand up the MX908. It's a similar size facility. But now having all of our FTIR and our handhelds, MX908 all under one roof, we run one shift down there. There's definitely capacity to increase our production that we're doing today on a weekly basis.

在搬遷至丹伯里時，我認為其影響可能是相當直接的，我們已經將整個波士頓工廠搬遷至此，我們將搬遷它以支持 MX908。它是一個類似規模的設施。但現在我們所有的 FTIR 和手持設備、MX908 都在同一個屋簷下，我們在那裡進行一班倒的工作。我們絕對有能力提高目前每週的產量。

We have some initial square footage that's not going to be used. But I think within the next 12 months, future product launches will fill that out pretty quickly. And when and if ever needed, we could go to a second shift or continue other alternatives. But I do see that very little underutilization out of the box.

我們有一些初始面積不會被使用。但我認為在未來 12 個月內，未來的產品發布將很快填補這一空白。如果需要的話，我們可以進行第二班次或繼續其他替代方案。但我確實發現開箱即用的利用率很低。

(Operator Instructions) Brendan Smith, TD Cowen.

（操作員指示） Brendan Smith，TD Cowen。

Congrats on all the progress. Maybe just a quick one from us. Kind of given all the different rollouts ongoing and planned in the months ahead and really as you're kind of approaching cash flow breakeven, just kind of wondering how you're thinking about any potential M&A or additional BD?

祝賀你取得的所有進展。也許我們只是快速說一下。考慮到未來幾個月正在進行和計劃的所有不同推出的活動，並且您實際上正在接近現金流收支平衡，只是想知道您如何考慮任何潛在的併購或額外的 BD？

And really, I guess, what the strategy or criteria for that would be as you kind of settle into this new era for 908 and just take stock of where you see the company going over the next few years?

實際上，我想，當您為 908 進入新時代並評估公司未來幾年的發展方向時，您的策略或標準是什麼？

Yeah. Thanks for that question, Brendan. I mean M&A has certainly been part of our strategy over the past few years. And the RedWave acquisition to us has really been a great success. It's becoming a very quick meaningful contributor, right?

是的。謝謝你的提問，布倫丹。我的意思是，併購確實是我們過去幾年策略的一部分。對我們來說，收購 RedWave 確實是一個巨大的成功。它正在迅速成為一個有意義的貢獻者，對嗎？

So we announced today, it was about 40% of our revenues in the first quarter came from our FTIR products and 60% from our mass spec-based products. So the team is really hitting stride now and has allowed us to greatly gain efficiency of that sales force and putting more products into their bag. So we're super pleased about that.

因此我們今天宣布，第一季我們約 40% 的營收來自 FTIR 產品，60% 來自基於質譜的產品。因此，現在團隊正在大步前進，並使我們大大提高了銷售團隊的效率，並為他們提供了更多的產品。所以我們對此感到非常高興。

We'll continue to be opportunistic and look at things and that we believe that are very synergistic and aligned with our financial profile. There's definitely opportunities out there, but we've got pretty tight filters in our mind.

我們將繼續抓住機會，專注於那些我們認為具有協同效應且與我們的財務狀況相符的事物。那裡肯定存在機會，但我們已經進行了非常嚴格的篩選。

But all that said, we are incredibly focused right now, talks to hand, really executing on those targets we put out there today, and we have the catalysts we need to drive that 20% plus growth in 2026 and beyond. We have those well within our control here today and such a great runway that we see for that organic opportunity.

但儘管如此，我們現在非常專注，手頭上有談判，真正執行我們今天提出的目標，我們擁有在 2026 年及以後推動 20% 以上增長所需的催化劑。今天，我們已經完全掌控了這些，並且看到了實現這一有機機會的絕佳機會。

And we touched on already the secular tailwinds here. We see them unfolding in our favor. So we see a lot there to execute on. So something we'll be mindful of, something we've had success at. But we're heads down at the moment here executing.

我們已經談到了長期的順風。我們看到它們正在朝著對我們有利的方向發展。因此，我們看到有很多事情需要執行。所以我們會留意一些事情，一些我們已經成功的事情。但我們此刻正埋頭苦幹。

We currently have no further questions. So I'll hand back to Kevin Knopp for closing remarks.

目前我們沒有其他問題。因此我將把發言交還給 Kevin Knopp 進行最後發言。

Great. Well, thank you. Thank you, everyone, for joining the call. We really appreciate it. We really appreciate your time today and going through an update. And we're truly excited for what lies ahead here with what we -- coin 908 Devices 2.0. So have a wonderful day. Thank you very much.

偉大的。好的，謝謝你。感謝大家參加此次電話會議。我們非常感激。我們非常感謝您今天花時間閱讀更新內容。我們非常期待即將推出的908 Devices 2.0。祝您擁有美好的一天。非常感謝。

Thank you for joining today's call. You may now disconnect your lines.

感謝您參加今天的電話會議。現在您可以斷開線路了。