908 Devices Inc (MASS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the 908 Devices third quarter 2025 financial results conference call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 908 Devices 2025 年第三季財務業績電話會議。（操作說明）

I would now like to turn the call over to Barbara Russo, Investor Relations. Please go ahead.

現在我將把電話交給投資者關係部的芭芭拉·魯索。請繼續。

Thank you. This morning, 908 Devices released financial results for the third quarter ended September 30, 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 9 月 30 日的第三季財務表現。如果您尚未收到此新聞稿，或者如果您想加入公司的郵件列表，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. Reconciliations to 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.

今天與我一同作客 908 節目的嘉賓有：執行長兼共同創辦人 Kevin Knopp；以及財務長 Joe Griffith。在開始之前，我們今天的評論將包括一些非GAAP財務指標的介紹。這些措施應被視為對公認會計準則財務指標的補充，而不是替代。有關與最直接可比較的 GAAP 財務指標的調節表，請參閱我們網站投資者關係部分今天發布的盈利新聞稿。

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. 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.

此外，我想提醒各位，管理階層將在本次電話會議中發表一些符合聯邦證券法定義的前瞻性聲明。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結果或事件有重大差異。有關這些風險和不確定性的更多信息，請參閱今天發布的 908 Devices 新聞稿中題為“前瞻性聲明”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. 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, November 10, 2025.

有關更完整的清單和說明，請參閱本公司截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告中的「風險因素」部分，以及本公司向美國證券交易委員會提交的其他文件。除法律要求外，908 Devices 不承擔任何更新或修改任何財務預測或前瞻性聲明的意圖或義務，無論是因為新資訊、未來事件或其他原因。本次電話會議包含有時效性的訊息，僅在 2025 年 11 月 10 日直播時有效。

With that, I'd like to turn the call over to Kevin.

接下來，我想把電話交給凱文。

Thanks, Barbara. Good morning, and thank you for joining our third quarter 2025 earnings call. I'm incredibly proud of the momentum we've built and the progress our team is driving. We're executing to plan, sharpening our focus and setting the stage for a stronger, more profitable 908 Devices.

謝謝你，芭芭拉。早安，感謝各位參加我們2025年第三季財報電話會議。我為我們所取得的成就和團隊所取得的進展感到無比自豪。我們正在按計劃執行，集中精力，為打造更強大、更盈利的 908 Devices 奠定基礎。

Revenue from continuing operations was $14 million, down 4% year-over-year and up 8% sequentially. Growth was driven this quarter by our FTIR devices which accounted for 42% of revenue as we continue to see very strong demand for our XplorIR gas identification device. Another revenue highlight was the US Coast Guard's purchase of 23 MX908 devices for narcotics introduction efforts and hazardous threat detection.

持續經營業務收入為 1,400 萬美元，年減 4%，較上季成長 8%。本季成長主要得益於我們的 FTIR 設備，其收入佔總收入的 42%，因為我們持續看到市場對我們的 XplorIR 氣體識別設備有著非常強勁的需求。另一個收入亮點是美國海岸防衛隊購買了 23 台 MX908 設備，用於打擊毒品走私和偵測危險威脅。

In total, we placed 176 devices during the quarter, growing our installed base 27% year-over-year to over 3,500 devices. Considering our year-to-date progress, revenues from continuing operations for the first nine months totaled $38.8 million, representing an increase of 16% year-over-year. Recurring revenue represented 36% of total revenue.

本季我們共安裝了 176 台設備，使我們的安裝基數年增 27%，達到 3500 多台設備。考慮到我們今年迄今取得的進展，前九個月持續經營的收入總計為 3,880 萬美元，年增 16%。經常性收入佔總收入的36%。

Moreover, revenue from our US state and local channel for the first nine months represented 47% of total revenues. Growth in this channel and in our recurring revenues are key parts of our strategy to enhance predictability as this is more run rate business versus large enterprise device deals, which can be lumpy. We also made excellent progress towards our adjusted EBITDA target for 2025. Our adjusted EBITDA loss was just $1.8 million for the third quarter, an improvement of more than $5 million year-over-year compared to our previous disclosed adjusted EBITDA for Q3 2024 prior to our transformation.

此外，前九個月我們來自美國州和地方管道的收入佔總收入的 47%。該管道和我們經常性收入的成長是我們提高可預測性策略的關鍵部分，因為這更像是定期交易，而不是可能波動較大的大型企業設備交易。我們在實現 2025 年調整後 EBITDA 目標方面也取得了顯著進展。第三季調整後的 EBITDA 虧損僅為 180 萬美元，與我們轉型前揭露的 2024 年第三季調整後的 EBITDA 相比，年比改善超過 500 萬美元。

And importantly, the adjusted EBITDA loss reduced by 53% quarter-over-quarter. I'd like to thank our team for their tremendous effort over the past few months as we realize these savings. This is our lowest adjusted EBITDA loss in our public company's history, demonstrating that the structural changes are working and providing a solid foundation for achieving our goal of becoming adjusted EBITDA positive in Q4. Overall, I'm pleased with our execution this quarter as we continue to build momentum towards our growth and profitability goals.

更重要的是，調整後的 EBITDA 虧損季減了 53%。我要感謝我們的團隊在過去幾個月付出的巨大努力，而正是他們的努力使我們實現了這些節省。這是我們上市公司歷史上調整後 EBITDA 虧損最低的一次，這表明結構性改革正在發揮作用，並為我們實現第四季度調整後 EBITDA 為正的目標奠定了堅實的基礎。總體而言，我對本季我們的執行情況感到滿意，我們正繼續朝著成長和獲利目標穩步前進。

While our transform strategy is taking hold and our Q4 pipeline remains healthy, we continue to gauge the effects from the protracted US government shutdown in three areas of our business. First, demand from state and local customers remain strong, supported by multiyear federal grant programs that remain active. Second, international engagement and order flow remained solid. However, US export licensing requirements may extend delivery timing in some cases.

雖然我們的轉型策略正在逐步落實，第四季的業務儲備依然充足，但我們仍在評估美國政府長期停擺對我們業務三個領域的影響。首先，由於多年期聯邦撥款計畫仍在實施，州和地方客戶的需求仍然強勁。其次，國際業務拓展和訂單量保持穩定。但是，在某些情況下，美國的出口許可證要求可能會延長交貨時間。

Third, while smaller federal and defense orders have continued to move forward, larger awards have experienced delays due to constrained staffing and contracting authorities. We estimate that approximately $4 million of our Q4 revenue could be potentially impacted by delays in these areas.

第三，雖然較小的聯邦和國防訂單仍在繼續推進，但由於人員配備和合約權限受限，較大的訂單卻出現了延誤。我們估計，這些領域的延誤可能會對我們第四季約 400 萬美元的收入造成潛在影響。

However, our base case remains that we are on track to achieve our full year guidance, and we view any near-term impact as a timing issue as our strategic alignment remains strong. We believe we are well positioned as appropriations advance and contracting activities stabilize as we address mission-critical priorities, such as fentanyl interdiction, border security, and chemical threat preparedness.

然而，我們的基本預期仍然是我們能夠實現全年目標，我們認為任何短期影響都只是時間問題，因為我們的策略方向仍然穩固。隨著撥款的推進和合約活動的穩定，我們相信，在處理芬太尼攔截、邊境安全和化學威脅防範等關鍵任務優先事項時，我們已經處於有利地位。

With that context, I'd like to turn to our progress on the three strategic focus areas that are propelling us forward and bringing our 908 Devices 2.0 vision to life. Our first focus is to increase adoption of our devices to address global threats to public health and safety. We equip frontline responders with rapid, reliable chemical identification pools that require minimal training and perform when it matters most. Our aim is to define the benchmark for advanced chemical detection in the field.

在此背景下，我想談談我們在三個策略重點領域的進展，這些進展正在推動我們前進，並將我們的 908 台設備 2.0 願景變為現實。我們的首要目標是提高我們設備的普及率，以應對全球公共衛生和安全面臨的威脅。我們為第一線緊急應變人員配備快速、可靠的化學品識別庫，這些化學品識別庫只需極少的培訓即可在最關鍵的時刻發揮作用。我們的目標是為現場先進化學檢測設定基準。

A clear example is our XplorIR device which is setting the benchmark for advanced chemical detection of over 5,000 gases and vapors. Q3 was another record-setting quarter for XplorIR shipments, achieving a 30% quarter-over-quarter increase in placement. We see XplorIR as a strong supporter of our 2026 growth goals, and it builds a critical gap in the market for hazardous material response.

一個明顯的例子是我們的 XplorIR 設備，它為超過 5,000 種氣體和蒸汽的先進化學檢測樹立了標竿。第三季 XplorIR 的出貨量再次創下紀錄，季增 30%。我們認為 XplorIR 是我們實現 2026 年成長目標的有力支持者，它填補了危險物質緊急應變市場的關鍵空白。

Firefighters and hazmat response teams have long used a photo ionization detector or PID, to detect the presence of a subset of gases and vapors. Knowing a gas is present is helpful but limited. Teams must then rely on their experience and educated guesswork to coordinate a response. But XplorIR changes the game. With XplorIR, first responders can not only detect presence, but more importantly, identify and quantify thousands of unknown gases in seconds, informing decision-making and accelerating action.

消防員和危險物品緊急應變小組長期以來一直使用光電離偵測器（PID）來檢測某些氣體和蒸氣的存在。知道某種氣體存在固然有幫助，但作用有限。各團隊必須依靠經驗和合理的推測來協調應對措施。但 XplorIR 改變了遊戲規則。借助 XplorIR，應急人員不僅可以檢測氣體的存在，更重要的是，還可以在幾秒鐘內識別和量化數千種未知氣體，從而為決策提供資訊並加快行動。

After encountering unknown gases in several recent incidents, the Contra Costa County hazmat team in California purchased four XplorIR devices, helping to improve their on-theme response. Facing similar situations, the Kansas State Fire Marshal's office purchased three XplorIR devices and the US Marine Corps CBRE installation and protection program purchased 17 XplorIR devices in the third quarter for potential hazmat incidents and military installations.

在最近幾起事件中遇到不明氣體後，加州康特拉科斯塔縣危險物品處理小組購買了四台 XplorIR 設備，有助於提高他們的相關反應能力。面對類似的情況，堪薩斯州消防局購買了三台 XplorIR 設備，美國海軍陸戰隊 CBRE 安裝和保護計劃在第三季度購買了 17 台 XplorIR 設備，用於潛在的危險物質事故和軍事設施。

While the majority of Explorer shipments in Q3 were in the US, the need is global. We are seeing early traction internationally in countries such as Italy, Finland, Poland, Taiwan, Korea, and Azerbaijan. We are excited to see the continued growth of this game-changing device as the hazmat teams around the world modernize their toolkit with advanced chemical detection and identification.

雖然第三季 Explorer 的大部分出貨量都來自美國，但全球都有需求。我們在義大利、芬蘭、波蘭、台灣、韓國和亞塞拜然等國家已經看到了初步的國際市場反應。我們很高興看到這款顛覆性設備不斷發展壯大，世界各地的危險品處理團隊都在利用先進的化學檢測和識別技術來更新他們的工具包。

Civilian hazmat response and military submarine defense missions are distinct but closely related and our portfolio is purpose-built to serve both markets. As the future of incident response shift towards autonomous ground robots and unmanned aerial system drones, we are extending our analytical platforms to operate on these emerging frontline technologies.

民用危險物品緊急應變和軍用潛艦防禦任務雖然不同，但密切相關，我們的產品組合正是為了服務這兩個市場而專門打造的。隨著未來事件回應方式向自主地面機器人和無人機系統轉變，我們正在擴展我們的分析平台，使其能夠在這些新興的前沿技術上運作。

To that end, we are collaborating with multiple partners to demonstrate capability, including most recently the Thales Group, the global leader in aerospace, defense and security, on a next-generation unmanned ground vehicle UGV integration to enhance mission safety and improve situational awareness for operators in the field.

為此，我們正在與多個合作夥伴合作，展示我們的能力，最近與全球航空航天、國防和安全領域的領導者泰雷茲集團合作，進行下一代無人地面車輛 (UGV) 集成，以增強任​​務安全性並提高現場操作人員的態勢感知能力。

As we build momentum with emerging autonomous defense tech integration, we continue to advance key initiatives with our established partners, including our collaboration with Smiths Detection on DOD's AVCAD program. We completed low-rate initial production in late 2024 and delivering over 100 component set to support system builds and government testing in 2025.

隨著我們在新興自主國防技術整合方面取得進展，我們將繼續與現有合作夥伴推進關鍵舉措，包括與史密斯探測公司在國防部 AVCAD 計畫上的合作。我們在 2024 年底完成了小批量初始生產，並在 2025 年交付了 100 多套組件，以支援系統建置和政府測試。

The program is now concluding a final field validation event, which if successful, is expected to trigger an RFP for a next phase. While time lines have become affected by program changes in the government shutdown, we continue to expect clarity on next steps by year-end. We stand ready to support Smiths Detection in the next phase of this important national defense effort.

該專案目前正在進行最後的實地驗證活動，如果成功，預計將啟動下一階段的招標程序。雖然由於政府停擺導致專案變更，時間表受到了一定影響，但我們仍然期待在年底前明確下一步。我們已做好準備，在下一階段這項重要的國防工作中為史密斯探測公司提供支援。

Our second focus area is advancing our next-gen analytical tools portfolio. At our core, we are an innovation-driven analytical instrumentation company we're committed to the relentless pursuit of higher performance breakthrough capabilities and greater simplicity. In July, we announced the launch of VipIR, our handheld chemical analyzer that uniquely combines FTIR and Raman spectroscopy into a single seamless workflow powered by our Smart Spectral Processing technology.

我們的第二個重點領域是推進下一代分析工具組合的開發。我們是一家以創新為驅動的分析儀器公司，我們致力於不斷追求更高的效能突破和更簡單的操作。7 月，我們宣布推出 VipIR，這是一款手持式化學分析儀，它將 FTIR 和拉曼光譜獨特地結合到一個由我們的智慧光譜處理技術驅動的無縫工作流程中。

During the quarter, we shipped one of our first VipIR unit to government intelligence agency in Southeast Asia. They selected VipIR to modernize their counter narcotic and counterterrorism capabilities, upgrading from a competitor product. This initial unit serves as a pilot and has the potential to extend into a broader deployment across the country, establishing a new enterprise account. We also shipped several purchased VipIR units during the quarter to our channel partners, seeding awareness and engagement in the field.

本季度，我們向東南亞某政府情報機構交付了首批 VipIR 設備之一。他們選擇 VipIR 來提升其禁毒和反恐能力，從競爭對手的產品升級而來。這個初始單元將作為試點，並有可能擴展到全國範圍內的更廣泛部署，從而建立一個新的企業客戶。本季我們也向通路合作夥伴出貨了幾台採購的 VipIR 設備，以提高該領域的認知度和參與度。

Last month, I attended our EMEA Channel Partner Summit, where we had gathered more than 25 partners from across the region to review our latest innovations and compare notes and pipeline opportunities. The enthusiasm for VipIR was unmistakable, fueled by a clear shift in NATO preparedness and increased spending among nations along the alliance's Eastern flank. We are encouraged that VipIR like XplorIR, will become a ramping contributor through 2026 and a key beneficiary of recent funding improvements.

上個月，我參加了我們的 EMEA 通路合作夥伴高峰會，我們聚集了來自該地區的 25 多個合作夥伴，共同回顧我們最新的創新成果，交流心得，探討發展機會。北約東翼各國戰備水準的明顯提高與支出的增加，使得人們對VipIR的熱情顯而易見。我們感到欣慰的是，VipIR 和 XplorIR 一樣，將在 2026 年之前成為不斷增長的貢獻者，並且是近期資金改善的主要受益者。

One of VipIR's differentiated capabilities garnering interest is its integration with our team leader software. Using VipIR's built-in cellular connectivity or Wi-Fi first responders can upload sample data on unknown solids and liquids in real time. Using the team leader app commander leaders outside the hot zone can view this data to make rapid informed decisions on the response based on a clear understanding of the chemical threat.

VipIR 的一項獨特功能引起了人們的興趣，那就是它與我們的團隊領導軟體的整合。利用 VipIR 內建的蜂窩網路連線或 Wi-Fi，緊急應變人員可以即時上傳未知固體和液體的樣本數據。使用團隊領導應用程序，熱區外的指揮官可以查看這些數據，從而在清楚了解化學威脅的基礎上，迅速做出明智的應對決策。

Team leader is currently integrated with all of our FTIR devices is on the road map for our mass spec devices. We already have more than 700 users on the team leader platform, and over the next year, we plan to add additional compelling functionality.

團隊領導目前已與我們所有的 FTIR 設備集成，並已列入我們質譜設備的開發計劃。我們的團隊領導平台目前已有超過 700 名用戶，在接下來的一年裡，我們計劃增加更多引人注目的功能。

And finally, our third focus area is strengthening our financial position and accelerating profitability. Under our 908 Devices 2.0 transformation, we set an ambitious target to achieve positive adjusted EBITDA by Q4 of this year, a goal we've been laser-focused on. As I covered at the outset, and as Joe will detail shortly, we're making meaningful progress towards that target. Our facility consolidation and operational scale up in Danbury, Connecticut are delivering improved productivity and cost structure.

最後，我們的第三個重點領域是增強財務實力和加快獲利能力。在我們的 908 Devices 2.0 轉型計劃下，我們設定了一個雄心勃勃的目標，即在今年第四季度實現正的調整後 EBITDA，我們一直全力以赴地朝著這個目標努力。正如我一開始提到的，喬稍後也會詳細介紹，我們正朝著這個目標取得實質進展。我們在康乃狄克州丹伯里的設施整合和營運規模擴大，正在提高生產效率並改善成本結構。

For example, our gross margin increased quarter-over-quarter and reached 58% on an adjusted basis, reflecting the first benefits of those efforts. Over the long term, we expect further margin uplift as we in-source precision machining following our acquisition of the assets of the KAF Manufacturing. Importantly, our products continue to command premium pricing due to their innovation and market differentiation, a trend we expect to maintain.

例如，我們的毛利率較上季成長，經調整後達到 58%，反映了這些努力的初步成效。從長遠來看，隨著我們收購 KAF Manufacturing 的資產並實現精密加工的內部化，我們預計利潤率將進一步提高。重要的是，由於產品的創新性和市場差異化，我們的產品繼續保持高價，我們預計這一趨勢將持續下去。

And as we build more value in our Team Leader offering, we intend for it to become an incremental contributor to recurring revenue. Further, we concluded the quarter with approximately $112 million in cash and marketable securities with no debt, providing a strong financial position and optionality as we scale.

隨著我們不斷提升團隊領導服務的價值，我們希望它能成為經常性收入的增量貢獻者。此外，截至本季末，我們擁有約 1.12 億美元的現金和有價證券，且無任何債務，這為我們擴大規模提供了強大的財務狀況和選擇權。

I'll now hand it over to Joe to review our third quarter financial performance.

現在我將把任務交給喬，讓他來回顧我們第三季的財務表現。

Thanks, Kevin. As a result of the sale of our desktop portfolio in the first quarter, the financials we are reporting today are for continuing operations only. All current and historical activity related to our desktops, including the gain on sale, are captured in a single discontinued operations line in our financial statements.

謝謝你，凱文。由於我們在第一季出售了桌上型電腦產品組合，我們今天公佈的財務數據僅包含持續經營業務。所有與我們桌上型電腦相關的當前和歷史活動，包括出售收益，都在我們的財務報表中以單一的終止經營項目列示。

Total revenue was $14 million for the third quarter of 2025, down 4% from $14.5 million in the prior year period, primarily driven by a smaller number of multiunit MX908 device orders to US federal and defense customers, offset by continued momentum in our state and local end users.

2025 年第三季總收入為 1,400 萬美元，比去年同期的 1,450 萬美元下降了 4%，主要原因是向美國聯邦和國防客戶訂購的多單元 MX908 設備數量減少，但州和地方終端用戶的持續增長勢頭抵消了這一影響。

Handheld product and service revenue was $13.2 million for the third quarter of 2025, down 5% from $13.9 million for the third quarter 2024. We shipped 176 devices in the third quarter compared to 178 devices shipped in the third quarter of 2024, bringing our installed base to 3,512. As a reminder, there were approximately 700 FTIR devices placed prior to our acquisition of RedWave. And including these units, our product installed base was greater than 4,200 exiting the third quarter.

2025 年第三季手持產品和服務收入為 1,320 萬美元，比 2024 年第三季的 1,390 萬美元下降了 5%。第三季我們出貨了 176 台設備，而 2024 年第三季出貨量為 178 台，使我們的裝機量達到 3,512 台。提醒一下，在我們收購 RedWave 之前，大約有 700 台 FTIR 設備。加上這些設備，截至第三季末，我們的產品安裝基數超過 4,200 台。

As expected, program product and service revenue was not material in either the third quarter of 2025 or in 2024. We are not assuming any meaningful revenue contribution from the AVCAD program 2025 as we completed the initial low-rate production deliveries in Q3 2024 and are preparing for the next phase and potential ramp in 2026.

正如預期的那樣，無論是 2025 年第三季還是 2024 年，該專案的產品和服務收入都不大。我們不認為 AVCAD 計畫在 2025 年會帶來任何實質的收入貢獻，因為我們在 2024 年第三季完成了最初的低速生產交付，並且正在為下一階段以及 2026 年的潛在產能提升做準備。

OEM and funded partnership revenue was $0.8 million for the third quarter of 2025 compared to $0.5 million in the prior year period. Revenue growth was led by pharma and industrial QA/QC customers with an additional lift from component sales tied to our new precision machining capabilities from the KF asset acquisition. Recurring revenue, which consists of consumables, accessories and service revenue, represented 35% of total revenues this quarter and was $4.8 million, a 10% increase over the prior year period.

2025 年第三季 OEM 和資助合作收入為 80 萬美元，而去年同期為 50 萬美元。收入成長主要得益於製藥和工業品質保證/品質控制客戶，此外，由於收購 KF 資產後我們獲得了新的精密加工能力，零件銷售也帶來了額外成長。經常性收入（包括耗材、配件和服務收入）佔本季總營收的 35%，達 480 萬美元，比上年同期成長 10%。

Looking ahead, we expect recurring revenue to be approximately one-third of total revenue for the full year. This factors in anticipated higher device placements in the fourth quarter, which naturally brings down our percent recurring, but also a funding-related pause in service coverage by a US defense customer resulting in a quarterly headwind of approximately $0.5 million beginning in the fourth quarter.

展望未來，我們預期全年經常性收入將約佔總收入的三分之一。這考慮到了預計第四季度設備安裝量增加，這自然會降低我們的經常性收入百分比，但也考慮到美國國防客戶因資金問題暫停了服務覆蓋，導致從第四季度開始，每個季度出現約 50 萬美元的不利影響。

Gross profit was $7.4 million for the third quarter of 2025 compared to $7.8 million for the prior year period. Gross margin was 53% for the third quarter 2025 compared to 54% for the prior year period. The modest decrease was driven by a less favorable product mix with material costs representing a higher percent of revenue, as well as unabsorbed costs from our new precision machining operation during the quarter as production ramps, and we do more in-house, we anticipate a benefit to gross margins in future periods.

2025年第三季毛利為740萬美元，而上年同期為780萬美元。2025年第三季毛利率為53%，而上年同期為54%。此次小幅下降是由於產品組合不太有利，材料成本佔收入的比例較高，以及本季度新的精密加工業務尚未消化的成本（隨著產量增加，我們更多地進行內部加工），我們預計未來期間毛利率將有所提高。

Adjusted gross profit was $8.1 million for the third quarter of 2025 compared to $8.5 million for the prior year period. Adjusted gross margin was 58%, a decrease of approximately 60 basis points compared to the prior year period. The slight decrease in adjusted gross margin was driven by the product mix and unabsorbed costs as mentioned above.

2025 年第三季調整後毛利為 810 萬美元，而去年同期為 850 萬美元。調整後的毛利率為 58%，較上年同期下降約 60 個基點。如上所述，調整後毛利率略有下降是由於產品組合和未吸收成本。

Total operating expenses for the third quarter of 2025 were $23.7 million compared to $32.3 million in the prior year period. The decrease in operating expenses was driven by a $30.5 million goodwill impairment charge in the third quarter of 2024 and offset in part by a $22.8 million increase in the fair value of the noncash contingent consideration. Excluding the impact of these two items, operating expenses for the third quarter decreased year-over-year by $0.9 million, which is a better proxy for trends in cash-based operating expenses.

2025 年第三季總營運支出為 2,370 萬美元，而去年同期為 3,230 萬美元。營運費用的減少是由於 2024 年第三季提列了 3,050 萬美元的商譽減損費用，但部分被非現金或有對價公允價值增加 2,280 萬美元所抵銷。剔除這兩項的影響，第三季的營運支出年減了 0.9 億美元，這更能反映現金營運支出的趨勢。

Net loss from continuing operations for the third quarter of 2025 was $14.9 million compared to $23.6 million in the prior year period. This decrease was primarily driven by a $7.7 million decrease in noncash items was additionally offset in part by a $0.4 million of income from our transition services agreement with Repligen.

2025 年第三季持續經營業務淨虧損為 1,490 萬美元，而去年同期為 2,360 萬美元。這一下降主要是由於非現金項目減少了 770 萬美元，此外，我們與 Repligen 簽訂的過渡服務協議帶來的 40 萬美元收入也部分抵消了這一下降。

Adjusted EBITDA for the third quarter of 2025 was a loss of $1.8 million compared to a loss of $2.7 million in the prior year period, representing a 32% year-over-year reduction and a 53% quarter-over-quarter reduction. The significant improvement was related to our aggressive cost initiatives, resulting in reduced operating expenses across the board, including facilities, R&D costs and professional fees.

2025 年第三季調整後 EBITDA 虧損 180 萬美元，去年同期虧損 270 萬美元，年減 32%，較上季下降 53%。這項顯著改善與我們積極的成本控制措施有關，從而全面降低了營運費用，包括設施費用、研發費用和專業費用。

As we enter the fourth quarter, we will continue to leverage the structural changes to drive positive adjusted EBITDA with our scale and projected high-teens revenue growth. We ended the third quarter 2025 with $112.1 million in cash, cash equivalents, and marketable securities with no debt outstanding. We consumed approximately $6.5 million of cash in the third quarter of 2025.

進入第四季度，我們將繼續利用結構性變化，憑藉我們的規模和預計的兩位數以上的收入成長，推動調整後 EBITDA 實現正成長。截至 2025 年第三季末，我們擁有 1.121 億美元的現金、現金等價物和有價證券，且無任何未償債務。我們在 2025 年第三季消耗了約 650 萬美元現金。

The usage was primarily related to working capital and supporting our operations, but also included the $2 million used for our asset acquisition of KAF. As we noted last quarter, the combination of proceeds from the desktop portfolio sale, disciplined cost actions, and durable growth catalysts for 2025 and beyond, reinforces our confidence in sustaining a healthy cash balance through our transition to profitability.

該筆資金主要用於營運資金和支持我們的運營，但也包括用於收購 KAF 資產的 200 萬美元。正如我們上個季度所指出的，出售桌上型電腦產品組合所得收益、嚴格的成本控制措施以及2025年及以後的持久增長動力，增強了我們對在實現盈利轉型過程中保持健康現金餘額的信心。

Looking ahead in 2025, we continue to expect revenue from continuing operations to be in the range of $54 million to $56 million, representing growth of 13% to 17% over full year 2024 revenue from continuing operations. Our guidance range includes the following assumptions: first, we expect handheld product and service revenue to grow 16% to 20% year-over-year, which equates to a range of $51.5 million to $53.5 million. The $500,000 decrease reflects the funding-related pause in service coverage for US defense customer, as previously mentioned.

展望 2025 年，我們繼續預期持續經營業務的收入將在 5,400 萬美元至 5,600 萬美元之間，比 2024 年全年持續經營業務的收入增長 13% 至 17%。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年增 16% 至 20%，相當於 5,150 萬美元至 5,350 萬美元。如前所述，50萬美元的減少反映了美國國防客戶因資金問題而暫停服務的情況。

Second, we now expect OEM and funded partnerships including contract revenue to be approximately $2.5 million. The $500,000 increase is mainly based on third quarter performance and the inclusion of revenues from the KAF acquisition.

其次，我們現在預計 OEM 和資助合作關係（包括合約收入）約為 250 萬美元。50萬美元的成長主要基於第三季的業績以及KAF收購帶來的收入。

And third, as stated all year, we are not assuming any meaningful revenue contribution from the US Department of Defense, AVCAD program in 2025 as we are preparing for a potential next phase and ramp in 2026.

第三，正如我們全年所聲明的，由於我們正在為 2026 年的潛在下一階段和規模擴張做準備，因此我們預計 2025 年美國國防部 AVCAD 計畫不會帶來任何實質的收入貢獻。

During the quarter, our commercial team made strong progress in advancing large enterprise opportunities across both US and international accounts. We are also encouraged by the early momentum with VipIR, where we now have secured more than 35 units for Q4 shipment to state, local and international customers.

本季度，我們的商務團隊在推動美國和國際客戶的大型企業合作機會方面取得了顯著進展。VipIR 的早期發展勢頭也令我們倍感鼓舞，目前我們已確保在第四季度向州、地方和國際客戶交付超過 35 台設備。

Securing a few of the larger 20-plus enterprise opportunities in our pipeline is central to achieving our fourth quarter revenue expectations. Our expectations assume that the government resumes normal contracting and operations this quarter. Our operations are nimble, we build to forecast, we have the inventory, and we were able to fulfill most orders as received right through the last days of the year.

拿下我們儲備項目中 20 多個大型企業項目，對於實現我們第四季的營收預期至關重要。我們預計政府將在本季恢復正常的合約簽訂和營運。我們的營運靈活，我們根據預測進行生產，我們擁有充足的庫存，並且我們能夠按時完成大部分訂單，直到年底。

Moving down the P&L. We continue to expect adjusted gross margins to be in the mid- to high 50s range for full year 2025, with further opportunity to expand in 2026. With an adjusted gross margin of 56% for the nine months ended September 30, 2025, we remain confident in our ability to deliver on our expectations for the full year. And we continue to target adjusted EBITDA positivity in Q4 of this year, supported by our Q4 revenue projection, anticipated mix and resulting gross margin and lower operating costs following our portfolio divestiture and facility consolidation.

向下移動損益表。我們繼續預計 2025 年全年調整後的毛利率將在 50% 到 50% 之間，2026 年將有進一步擴張的機會。截至 2025 年 9 月 30 日的九個月，調整後的毛利率為 56%，我們仍有信心實現全年的預期目標。我們繼續以今年第四季調整後 EBITDA 為正目標，這得益於我們的第四季營收預測、預期產品組合和由此產生的毛利率，以及在剝離投資組合和整合設施後營運成本的降低。

At this point, I would like to turn the call back to Kevin.

此時，我想把電話轉回給凱文。

Thanks, Joe. To close, Q3 marked another important step forward in our 908 Devices 2.0 transformation. As planned, we are one, broadening our customer mix and reducing customer concentration; two, expanding our handheld portfolio from one product to now five; and three, increasing the share of recurring revenue.

謝謝喬。總而言之，第三季標誌著我們在908設備2.0轉型過程中又向前邁出了重要一步。正如計劃的那樣，我們做到了三點：一是擴大客戶群體，降低客戶集中度；二是將手持設備產品組合從單一產品擴展到五種；三是提高經常性收入的份額。

Together, this strategy reduces our dependency on the timing of larger US federal and defense awards and creates a steadier cadence of orders across a more distributed customer base. Further, we delivered our best adjusted EBITDA results since our IPO, reflecting disciplined execution, cost control and continued progress towards profitability.

該戰略共同降低了我們對美國聯邦和國防部大型專案授予時間的依賴性，並在更分散的客戶群中創造了更穩定的訂單節奏。此外，我們實現了自IPO以來最佳的調整後EBITDA業績，這反映了我們嚴謹的執行、成本控制以及在獲利方面取得的持續進展。

With a solid balance sheet, strong year-to-date revenue growth and line of sight to achieving positive adjusted EBITDA in the fourth quarter, we're confident in our trajectory and the foundation we're building for sustained growth in 2026 and beyond. Thank you for your continued interest in 908 Devices.

憑藉穩健的資產負債表、強勁的年初至今收入成長以及第四季度實現正調整 EBITDA 的前景，我們對自身的發展軌跡以及為 2026 年及以後的持續成長所奠定的基礎充滿信心。感謝您一直以來對908 Devices的關注。

We look forward to updating you on our progress next quarter. With that, let's open it up for questions.

我們期待在下個季度向您報告我們的進展。那麼，接下來就進入提問環節。

(Operator Instructions) Puneet Souda, Leerink.

（操作說明）Puneet Souda，Leerink。

Yeah, hi guys, thanks for taking my questions. So first one, a clarification on the fourth -- on the $4 million. I just wanted to make sure you're accounting for that in the full year guide, if you could confirm that. And then was to come in later than expected, then is this going to be the first -- is it going to be a contribution to the first quarter '26 revenue?

嗨，各位，謝謝你們回答我的問題。首先，澄清一下第四點——關於 400 萬美元。我只是想確認一下，您是否已將這一點納入全年指南中，如果您能確認一下就太好了。如果到貨時間比預期晚，那麼這將是第一個——它將對 2026 年第一季的收入做出貢獻嗎？

And then if I could follow up for the '26, are you expecting 20% growth? Or could this be more than 25% growth year-over-year in '26?

那麼，如果我能跟進一下 2026 年的情況，您預計會有 20% 的成長嗎？或者，2026 年的年成長率會不會超過 25%？

Sure. Absolutely, Puneet. So I guess let me explain it this way for our Q4 guidance. It includes the run rate business and the larger enterprise orders that totaled to about 60-ish units, maybe approximately $3 million. We have the pipeline of those large enterprise opportunities for in the US federal, US defense and international accounts. We do have greater than $3 million of high probability enterprise opportunities from those US federal and defense customers that are held up waiting for the US government to get back to business.

當然。當然，普尼特。所以，為了更能說明我們第四季的業績指引，我想這樣解釋一下。其中包括日常營運業務和規模較大的企業訂單，總計約 60 台左右，金額可能約 300 萬美元。我們擁有大量來自美國聯邦政府、美國國防部和國際客戶的大型企業合作機會。我們有超過 300 萬美元的高機率企業商機，這些商機來自那些因等待美國政府恢復營運而受阻的美國聯邦和國防客戶。

Additionally, we also have about 1 million of international orders that require export licenses. Applications are moving but slower than normal and require an expedite request with the shutdown. To deliver on our guidance, we are assuming the government returns to normalized operations in the quarter and we can land and ship these before year-end. We built the forecast, we have the inventory, and we can ship right up through the end of the day, the last days of the year.

此外，我們還有大約100萬份國際訂單需要出口許可證。應用程式仍在運行，但速度比正常情況慢，並且由於系統關閉，需要提交加急申請。為了實現我們的預期目標，我們假設政府在本季度恢復正常運作，並且我們可以在年底前完成這些貨物的交付。我們已經做好了預測，庫存充足，可以一直出貨到當天結束，也就是今年的最後幾天。

We do have sizable -- additional sizable enterprise opportunities for international customers progressing towards closure. Some require export license and some do not. Further, we have seen our state and local channel overperform our expectations all year, and we're very pleased with the VipIR traction to date with now more than 35 units in hand for Q4 shipment, representing about 15% of our Q4.

我們確實還有一些規模可觀的——額外的、規模可觀的企業機會，面向那些正在走向成交的國際客戶。有些產品需要出口許可證，有些則不需要。此外，我們看到州和地方通路全年都超出了我們的預期，我們對 VipIR 迄今為止的發展勢頭非常滿意，目前已有超過 35 台設備準備在第四季度發貨，約占我們第四季度總發貨量的 15%。

So $4 million revenue in our guidance, it could be impacted if the government has not returned to normal by year-end, but we will be looking to leverage other opportunities in our pipeline to mitigate and importantly, this is a timing thing. These opportunities do not go away and carry over whether in Q1 or early in 2026. Another way, I guess, to read this is that if the government was fully back to work and operating normally, you'll probably be hearing increased confidence to the high end or even higher in today's call.

因此，我們預計收入為 400 萬美元，如果政府在年底前仍未恢復正常，則可能會受到影響，但我們將尋求利用我們現有管道中的其他機會來減輕影響，而且重要的是，這是一個時機問題。這些機會不會消失，無論是在第一季還是 2026 年初，它們都會延續下去。我想，另一種解讀方式是，如果政府已經全面復工並正常運作，那麼在今天的電話會議上，你可能會聽到信心指數上升到較高水平，甚至更高。

Got it. That's very helpful, Joe. And then -- on the AVCAD program and the cost -- I mean Coast Guard order, could you update us how should we think about AVCAD in '26? Is this more first half versus second half? And then on the Coast Guard order of 23 MX908 and correct me if I'm wrong on that. When do you expect that to be in the revenue? Thank you.

知道了。這很有幫助，喬。然後——關於AVCAD專案和成本——我是說海岸警衛隊的訂單，您能否告訴我們，在2026年我們應該如何看待AVCAD專案？這更像是上半場還是下半場？然後是海岸防衛隊的第 23 MX908 號命令，如果我記錯了請糾正我。預計這部分收入何時會計入營收？謝謝。

Coast Guard was in our shipments for Q3. So it's exciting to get that key win.

海岸防衛隊的產品已列入我們第三季的出貨清單。所以能取得這場關鍵勝利令人興奮。

Yeah. And on the AVCAD side, the program recently completed a final field validation event. So the government is currently working through those results, and we continue to expect clarity on the next steps before the end of the year. And as you know, we engage the government directly for our commercial products, but for AVCAD, we're partnered with Smiths Detection. They're the prime, we're the sub so they manage that program.

是的。而 AVCAD 方面，該程序最近完成了最終現場驗證活動。因此，政府目前正在研究這些結果，我們仍然期待在年底前明確下一步措施。如您所知，我們的商業產品是直接與政府合作的，但對於 AVCAD，我們與 Smiths Detection 合作。他們是主力軍，我們是輔助軍，所以他們負責管理那個專案。

But we are expecting some feedback in the coming months, and we'll certainly keep all updated there. But yes, it's continue to move forward. Timing is harder to control, especially given the shutdown dynamics here. But we have been engaged with AVCAD over five years, and we do anticipate it to be a meaningful growth driver and to scale up and to have a nice run rate for us over potentially a five- to seven-year horizon.

但我們預計在未來幾個月會收到一些回饋，屆時我們一定會及時向大家通報最新情況。是的，它會繼續向前發展。時機更難控制，尤其是考慮到這裡的停機動態。但我們與 AVCAD 合作超過五年，我們預計它將成為一個重要的成長驅動力，並在未來五到七年內擴大規模，為我們帶來良好的發展速度。

So as we mentioned before, on AVCAD. Smiths is working through kind of a handful of small incremental improvements, and that was the goal to demonstrate in this field test, and we'll be looking for that validation that it has occurred.

正如我們之前提到的，關於 AVCAD。Smiths 正在進行一些小的、漸進式的改進，這也是本次實地測試的目標，我們將尋找證據來驗證這些改進是否已經實現。

The scientist in me, I remain very encouraged about where we're at because the detection side of it is really some impressive performance levels that had to be hit, and we're doing that. So -- and with the new administration, certainly, there's changes in the contracting. So could there be an acceleration? Could there be a delay?

作為一名科學家，我對我們目前的進展感到非常鼓舞，因為檢測方面確實需要達到一些令人印象深刻的性能水平，而我們正在做到這一點。所以——而且隨著新政府的上台，合約簽訂方面肯定會發生變化。那麼，是否存在加速現象呢？會有延誤嗎？

Probably equally are possible on that, but at the moment, I think we've got good momentum and they're coming up to a decision point that we should get those next steps clarity. So from a 2026 --

這兩種可能性或許都存在，但目前我認為我們勢頭良好，他們即將面臨一個決策點，我們應該明確下一步的行動方向。所以從2026年起——

Yes. I think AVCAD creates -- it's one of the levers or catalyst for growth. There's the opportunity as we learn at the end of the year that can contribute to that 20% product growth that we'll continue to evaluate and talk to as we get into March.

是的。我認為AVCAD是成長的槓桿或催化劑之一。年底我們了解到，存在著一個可以促進產品成長 20% 的機會，我們將繼續評估並探討這個機會，直到三月。

Got it. Okay, helpful, guys. Thank you.

知道了。好的，謝謝各位。謝謝。

Welcome.

歡迎。

Matt Larew, William Blair.

馬特拉魯，威廉布萊爾。

Okay, great. Can you hear me okay?

好的，太好了。你聽得清楚我說話嗎？

Yes. We can hear you, Matt.

是的。我們能聽到你說話，馬特。

Okay. Fair enough. So Joe, I just wanted to ask on -- just you have the breakeven this quarter, obviously, given the government shutdown and AVCAD some moving parts that are big in size in terms of the top line. Just the sensitivities around hitting that number?

好的。很公平。所以喬，我只是想問一下——很明顯，考慮到政府停擺和AVCAD的一些變動因素對營收的影響很大，你們本季能否實現盈虧平衡。只是關於達到那個數字的敏感度嗎？

And maybe more importantly, as you think about taking through the P&L performance into 2026, do you think once you hit the just breakeven that you'll sort of remain at or above that level? Or given some of the first half or second half spend and cash dynamics, could you sort of have two steps forward, one step back kind of path from here?

更重要的是，當您考慮將損益表現延續到 2026 年時，您認為一旦達到損益平衡點，您是否會保持在或高於該水準？或者考慮到上半年或下半年的一些支出和現金動態，能否採取類似「前進兩步，後退一步」的策略？

Got it. From a sensitivity perspective, the $4 million of potential risk, it would be impactful if we don't land the $3 million or so in high probability orders anticipated from those federal and defense customers, and maybe the $1 million that need to export licenses. And unless we can partially offset and get to the low end of our revenue range, it will be a challenge.

知道了。從敏感度角度來看，400萬美元的潛在風險，如果我們無法從聯邦和國防客戶那裡獲得預期的高機率訂單（約300萬美元），以及可能需要出口許可證的100萬美元，將會造成重大影響。除非我們能夠部分抵銷損失並達到收入預期範圍的下限，否則這將是一個挑戰。

It's hard to offset the gross margin loss and we need to be at the low end really from the range to achieve our target. But we'll look for ways to minimize the revenue risk, but we do need to scale to get to our Q4 adjusted EBITDA positivity goal. So I mean, just to reiterate a bit, we are holding our revenue guidance steady in our base case, which is the $54 million to $56 million for the year.

毛利率的損失很難彌補，我們需要將價格控制在目標範圍的下限才能實現目標。但我們會想辦法將營收風險降到最低，但我們確實需要擴大規模才能實現第四季調整後 EBITDA 為正的目標。所以，我再重申一下，我們的基本營收預期保持不變，即全年營收為 5,400 萬美元至 5,600 萬美元。

And a minimum we'll need to be at that low end. Easier Q4 revenues are near the midpoint of that range or even the higher, but at least at the minimum, the adjusted gross margins in the mid- to high 50s that we've been talking about. And on the Q4 OpEx, excluding noncash stock comp and intangibles in the call it, $11 million range, not far off from where we were in Q3 really benefiting from the impact of the facility transition and other cost savings we've done.

而我們至少需要達到這個最低水準。第四季營收預計會比較容易達到該範圍的中點甚至更高，但至少最低目標是達到我們一直在討論的 50% 到 50% 的調整後毛利率。第四季營運支出（不包括非現金股票補償和無形資產）約為 1,100 萬美元，與第三季相差不遠，這主要得益於設施轉型和其他成本節約措施的影響。

So as you might expect, all those factors driving positive adjusted EBITDA in Q4, revenues are the most critical and crucial. And as we think about '26 and adjusted EBITDA, we'll be working towards getting there on a full year adjusted EBITDA, there is seasonality. So from a revenue perspective, I would expect it to flip back to negative earlier in the year if we're not at the same scale as Q4 and I think our history has shown that there is a ramp in the back half typically on the adjusted EBITDA.

因此，正如你所預料的那樣，所有推動第四季度調整後 EBITDA 為正的因素中，收入是最關鍵的因素。當我們展望 2026 年和調整後的 EBITDA 時，我們將努力實現全年調整後的 EBITDA，但其中存在季節性因素。因此，從營收的角度來看，如果我們無法達到第四季的規模，我預計今年稍早就會轉為負成長。我認為我們的歷史表明，調整後的 EBITDA 通常會在下半年出現成長。

Okay. Great. And then Kevin, one of the three growth catalysts for next year is next-gen MX. And just as you now get closer to that replacement cycle getting going, just kind of curious updated thoughts on that opportunity? And to the extent you've shared any of the new features or form factor with customers, feedback how that's kind of leading to your excitement for the product launch.

好的。偉大的。凱文，明年三大成長催化劑之一是下一代 MX。眼看著新一輪換代週期就要開始了，您對此有什麼最新的想法嗎？如果您已經與客戶分享了任何新功能或外形設計，請回饋這些內容是如何讓您對產品發布感到興奮的。

Yeah, sure thing. You're absolutely right. Innovation, new products is one of our three growth catalysts and our XplorIR product is the second newest product and VipIR, I hope you're hearing on our call today. We're very pleased with that recent launch, and that's a new product for us that we think is going to be compelling contributor here going forward in 2026 and beyond.

好的，沒問題。你說得完全正確。創新和新產品是我們三大成長催化劑之一，而我們的 XplorIR 產品是第二款新產品，VipIR，我希望您今天能參加我們的電話會議。我們對最近推出的這款產品非常滿意，我們認為這款新產品將在 2026 年及以後成為我們重要的貢獻者。

And you're right, next-gen MX as well, right? We've got over 3,000 of those out in the world of our first generation really greenfield placements and us being able to continue that but also have an upgrade opportunity. We think it will be meaningful over time. Nothing really new to report today on that front. I would say that we remain on track. Teams working on that program aggressively and very encouraging, I would say, improvements there.

你說得對，下一代 MX 也是如此，對吧？我們在世界各地部署了 3000 多個這樣的項目，這是我們第一代真正意義上的全新項目，我們不僅能夠繼續推進，而且還有機會進行升級。我們認為隨著時間的推移，它將具有意義。今天這方面沒有什麼新的進展可以報告。我認為我們仍然在按計劃進行。團隊在該專案上積極努力，並取得了令人鼓舞的進步。

But again, we've got a very disruptive product in terms of no direct competition or their current MX. So we'll work through the timing of that launch, but we still expect it in 2026 and again, XplorIR and Viper have really been doing well and was part of the thesis of the RedWave acquisition, of course. And so we're super excited for those contributions as well.

但話說回來，就目前而言，我們的產品沒有直接競爭對手，也沒有他們現有的 MX 產品，因此具有很強的顛覆性。所以我們會仔細研究發佈時間，但我們仍然預計在 2026 年發布。此外，XplorIR 和 Viper 的發展勢頭良好，當然，這也是 RedWave 收購案的一部分。所以我們也對這些貢獻感到非常興奮。

All right, thank you.

好的，謝謝。

Brendan Smith, TD Cowen. (Operator Instructions)

布倫丹史密斯，TD Cowen。 （操作說明）

Great, thanks for taking the questions, guys. Can you hear me.

太好了，謝謝各位回答問題。你聽得到我嗎。

Okay?

好的？

So yeah, so maybe just putting the shutdown aside, just the time being. I wanted to ask a little bit more about -- and I fully appreciate it, it's still early, but just where you're seeing and expecting to see kind of the most interest in VipIR so far and maybe how we should think about the launch ramp of VipIR relative to kind of your expected growth trajectory for the earlier gen devices.

所以，是的，或許暫時先把停工的事情放在一邊吧。我想再多問一點——我完全理解現在還為時過早，但我想問的是，到目前為止，您認為 VipIR 在哪些方面最受關注，以及我們應該如何看待 VipIR 的上市速度，以及它與您預期中早期設備的增長軌跡之間的關係。

Maybe just if you would expect any potential cannibalization just of the earlier gen growth trajectory as VipIR gets its legs? Or if you're really expecting some of the target customers could continue to persist for both independently?

或許可以考慮，隨著 VipIR 的發展，它是否會對早期一代產品的成長軌跡造成潛在的蠶食？或者，您是否真的期望部分目標客戶能夠繼續獨立地持續使用這兩個平台？

Yeah. No, great question. I think VipIR, we're really, really pleased with. Last quarter, we highlighted that we expected Viper to be a small contributor in Q4 and then rising contributor in 2026. In the third quarter, we ship that first VipIR, good feedback on that, another handful or so that went out for demo units to our partners that are that are working to then evangelize that product.

是的。不，問得好。我覺得VipIR真的很讓我們滿意。上個季度，我們強調，我們預計 Viper 在第四季度貢獻較小，然後在 2026 年貢獻逐漸增加。第三季度，我們交付了第一批 VipIR，收到了很好的回饋，另外還有幾台 VipIR 作為示範樣機送給了我們的合作夥伴，他們正在努力推廣這款產品。

Really excited about all of the -- about what we're hearing there and that Team Leader connection. And as we reported today, there's a meaningful amount, 35 or so that are on deck for Q4 shipments. So I think the takeaway is that the engagement is showing great early signs and that we do see Viper playing a good role in supporting our growth goals for 2026.

對所有我們聽到的消息以及團隊領導的聯繫感到非常興奮。正如我們今天報導的那樣，大約有 35 件產品計劃在第四季度發貨。所以我認為，此次合作展現出了良好的早期跡象，我們確實看到 Viper 在支持我們實現 2026 年成長目標方面發揮了重要作用。

From a cannibalization, it really doesn't impact our MX. It's a complementary product. It's also complementtary in use case with our other products on the FTIR side. So we think this is just great to have in the toolbox and right now, it seems to be being validated that way. So we remain excited about it.

從蠶食的角度來看，這其實對我們的 MX 沒有影響。它是配套產品。它在應用方面也與我們其他 FTIR 產品相輔相成。所以我們認為這是工具箱裡非常實用的工具，而且目前看來，它的確證明了這一點。所以我們仍然對此感到興奮。

Okay. Great. And then maybe on Team Leader that you mentioned. Maybe just what are kind of the next steps there in development and thoughts on maybe a broader rollout as that gets integrated a little bit more. Maybe help us understand a little bit more how you're thinking about potentially monetizing that aspect of the system moving forward and maybe when that could start to factor in?

好的。偉大的。然後或許還有你提到的團隊領導。或許可以探討一下，在開發過程中下一步該採取哪些步驟，以及隨著功能的進一步整合，是否應該進行更廣泛的推廣。或許您可以幫我們更深入地了解一下，您打算如何將系統的這一方面貨幣化，以及何時可以開始考慮這一因素？

Yeah, absolutely. So Team Leader is an application software that it connects to all of our FTIR devices and some our mass spec device. And it allows people remotely to see what's going on with the unit, location information, and we're starting to add more and more what we think is compelling features in the fleet management perspective, so you can understand where each of the devices sits, software, training, things of that nature. And as we do that and that road map, we think of these features is pretty compelling. Yes, the value of that and its contribution, we expect to be incremental to our recurring revenue.

是的，絕對的。所以 Team Leader 是一款應用軟體，它可以連接到我們所有的 FTIR 裝置和一些質譜設備。它允許人們遠端查看設備的運行情況、位置信息，我們正在從車隊管理的角度添加越來越多的我們認為引人注目的功能，以便您可以了解每個設備的位置、軟體、培訓等。隨著我們制定路線圖，我們認為這些功能非常有吸引力。是的，我們預期這部分的價值和貢獻將對我們的經常性收入產生增量作用。

So you may know some large caps in the gas detection space and saw some more medium cap device out there in the gas detection space companies do see that working well for them in other segments of the gas detection market. So I think it's early days here, but we see a growing contribution as we go over time with that product, yes.

所以你可能知道一些氣體檢測領域的大容量設備，也看過一些氣體檢測領域的中型設備，公司確實發現這些設備在氣體檢測市場的其他細分領域中效果很好。所以我覺得現在還處於早期階段，但隨著時間的推移，我們看到該產品的貢獻正在不斷增長，是的。

Great, thanks guys.

太好了，謝謝各位。

(Operator Instructions) Dan Arias, Stifel.

（操作員說明）Dan Arias，Stifel。

Hey, good morning guys. Thank you, Kevin or Joe, anything that you guys would consider a risk when it comes to production capabilities or supply chain, et cetera, on full AVCAD, fulfillment. The only reason I ask is because you have a bigger portfolio now, more balls in the air. So just sort of curious if there's anything that you think is worth calling out when it comes to scale-up capabilities that's unique or just sort of require some particular attention.

嘿，各位早安。謝謝 Kevin 或 Joe，你們認為在生產能力或供應鏈等方面，對於完整的 AVCAD 交付而言，有哪些風險？我這麼問的唯一原因是因為你現在手頭上的項目更多了，需要同時處理的項目也更多了。所以，我只是有點好奇，在擴展能力方面，您認為有沒有什麼值得特別指出的獨特之處，或者需要特別注意的地方。

Yeah, great question. As you know, we've done a ton of work over the first half and in the third quarter and moving our production and having it up and running for the third quarter completely in Danbury, Connecticut. That includes our MX908, where those core components and subsystems are in common with many of the elements of the AVCAD product.

嗯，問得好。如您所知，我們在上半年和第三季做了大量工作，將生產轉移到康乃狄克州丹伯里，並在第三季全面投入營運。這其中包括我們的 MX908，其核心組件和子系統與 AVCAD 產品的許多元素相同。

So we feel good about it, that we've got a nice base there. We feel good about it that we can handle some of the machining requirements from where we're set to build our pumps at scale from both the KAF precision machining asset acquisition and importantly, the machining capabilities that we have here in the Boston area.

所以我們感覺很好，我們在那裡有了一個不錯的基地。我們對此感到很滿意，因為我們能夠滿足一些加工需求，從而大規模地生產我們的泵，這得益於我們收購的 KAF 精密加工資產，更重要的是，得益於我們在波士頓地區擁有的加工能力。

So nothing of note there. I think we really stand at ready. And these programs take time. So you do get visibility into revenue ramps or unit volume ramps. So I would expect that as we get clarity as we anticipate over the last few months here, a couple of months of the year, that will help us prepare for what their intended volumes and shipment and plan is -- no, I don't expect any supply chain problems there on that for ramp abilities.

所以沒什麼特別值得注意的。我認為我們已經做好了充分準備。這些項目都需要時間。因此，您可以了解收入成長或銷售成長情況。因此，我預計，隨著我們預計在接下來的幾個月，也就是今年的幾個月裡情況會越來越明朗，這將有助於我們了解他們的預期產量、出貨量和計劃——不，我不認為在產能爬坡能力方面會出現任何供應鏈問題。

Yeah. Great to hear. Okay. And then, Joe, maybe just to follow up on the shutdown dynamics. If we do move past the shutdown here, and you get the confidence in 4Q revenue recognition that you mentioned.

是的。很高興聽到這個消息。好的。然後，喬，或許可以跟進一下停工的動態。如果我們能夠度過目前的停工期，並且您對第四季度收入確認充滿信心，正如您所提到的。

Does it stand to reason that the first half of 2026 revenues that might be dependent on business development activity that should be taking place now? Is that still sounding good? Or is there some residual timing risk when you just think about the first quarter or the second quarter of the calendar year? I mean I know we have time to lay out next year. Just trying to make sure that we sort of fully round out the impact of the government stuff here.

2026 年上半年的營收是否可能取決於現在應該進行的業務拓展活動？這樣聽起來還不錯嗎？或者，如果只考慮日曆年的第一季或第二季度，是否存在一些剩餘的時間風險？我的意思是，我知道我們還有時間規劃明年。只是想確保我們能全面考慮政府因素的影響。

Yeah, in many ways, with the shutdown, our sales team is kind of cranking along business as usual. Most of them are still around. It's a lot of the contracting folks. So continue to work the pipeline in short-term and longer-term opportunities across the enterprise portfolio. So I do see this as a timing issue and a bit of a pause.

是的，從很多方面來看，儘管疫情封鎖，我們的銷售團隊仍在照常運作。他們中的大多數仍然健在。主要是些承包商。因此，要繼續在企業產品組合中尋找短期和長期機會。所以我認為這確實是時機問題，需要稍作停頓。

Yeah. And I think I would just add to that. I mean, Dan, it is unprecedented times there. Certainly, we're encouraged by the news over the weekend of government progress on that. We tried to paint it as a possibility here on the impacts that we're continuously gauging.

是的。我想我還要補充一點。我的意思是，丹，那裡正經歷著前所未有的時期。當然，我們對週末傳出的政府在這方面取得進展的消息感到鼓舞。我們試圖將其描繪成一種可能性，並不斷評估其影響。

But I would clarify that it's probably not a black-and-white situation. As we called out, you kind of have greater than $3 million of these high-probability enterprise orders in the US Fed defense customer bucket that are held up, but each have a shade of gray, some of these can move efficiently in the continuing resolution.

但我需要澄清的是，這可能並非非黑即白的情況。正如我們指出的那樣，美國聯邦儲備委員會國防客戶帳戶中，有超過 300 萬美元的高機率企業訂單被擱置，但每筆訂單都有一些灰色地帶，其中一些訂單可以在後續決議中順利推進。

Some of these could move and are even when it's completely shut down. But there's other dynamics that we're always trying to get on top of, for instance, some of our opportunities use OEM money, but if the government has shut down, some of that can be redirected temporarily to be used to keep the lights on in other areas.

有些東西即使在完全關閉的情況下也能移動。但是，我們一直在努力掌控其他一些動態因素，例如，我們的一些機會利用了 OEM 資金，但如果政府停擺，其中一些資金可以暫時重新分配，用於維持其他領域的正常運作。

So all of these types of issues. But as we work through each -- it's not a black and white situation. But yes, I certainly feel good about the pipeline and they would likely manifest itself. If that were to happen, the ones that slipped where it would be into 2026. But as Joe pointed out, I mean, really, the good news is that we build vanilla boxes, right?

所以所有這些類型的問題。但當我們逐一分析時——情況並非非黑即白。但是，我確實對這條管道很有信心，它們很可能會實現。如果這種情況發生，那些滑落到那個位置的人將會被推遲到 2026 年。但正如喬指出的那樣，我的意思是，真的，好消息是我們製造的是普通的盒子，對吧？

We're building cots products. We build to forecast. We have the inventory of them based upon that, and we can deliver all the way up through the last days of the year. So it's really about the government, call it, returning to normal operations. As Joe said, we're actively engaged with customers.

我們正在生產嬰兒床產品。我們根據預測進行建設。我們根據庫存情況進行了統計，可以一直供貨到年底。所以，這其實是關乎政府，或者說，關乎恢復正常運作。正如喬所說，我們積極與客戶互動。

Many of our customers are still there, but maybe their contracting colleagues are missing or there's another priority during this more limited resource time. But yeah, we remain encouraged about the future and how we're aligned to the appropriations that we anticipate here hopefully in days and for some of the branches that we're hearing about.

我們的許多客戶仍然在那裡，但也許他們的合約同事不在，或者在這個資源更加有限的時期有其他優先事項。但是，我們仍然對未來充滿信心，並期待幾天內就能獲得撥款，以及我們聽說的一些部門也能獲得撥款。

Yeah, fingers crossed. Okay, thank you very much.

是啊，但願如此。好的，非常感謝。

There are no further questions at this time. I will now turn the call back to Kevin Knopp for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給凱文·諾普，請他作總結發言。

Yes. Thank you very much. Thank you for joining our Q3 call, and we appreciate your interest in 908. And thank you. Have a great day.

是的。非常感謝。感謝您參加我們的第三季電話會議，我們感謝您對908的關注。謝謝。祝你有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。