908 Devices Inc. (MASS) 2025 Q4 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to the 908 Devices Fourth quarter 2025 Financial Results conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 908 Devices 2025 年第四季財務業績電話會議。（接線員指示）

I will now hand the call over to Barbara Russo, Vice President of Marketing and Corporate Communications. Please go ahead.

我現在把電話交給行銷與企業傳播副總裁 Barbara Russo。請開始。

Thank you and good morning. On this call, we will be discussing our financial results for the fourth quarter and full year ending December 31, 2025, which were released earlier this morning. Joining me from 908 Devices is Kevin Knopp, Chief Executive Officer and Co-Founder, and Joe Griffith, Chief Financial Officer.

謝謝，各位早安。在本次電話會議中，我們將討論截至 2025 年 12 月 31 日止之第四季與全年財務業績，該業績已於今日稍早發布。與我一同出席的 908 Devices 代表包括共同創辦人兼執行長 Kevin Knopp，以及財務長 Joe Griffith。

During today's call, we will make forward-looking statements within the meaning of federal securities laws. These statements involve material risk and uncertainty that could cause actual results or events to materially differ from those anticipated. For a discussion of these risks and uncertainties, please review the forward-looking statement disclosure in the earning news released, as well as in our most recent annual report on Form 10-k and other SEC filings.

在今天的電話會議中，我們將在聯邦證券法所定義的範圍內作出前瞻性陳述。這些陳述涉及重大風險與不確定性，可能導致實際結果或事件與預期存在重大差異。關於這些風險與不確定性的討論，請查閱已發布之財報新聞稿中的前瞻性陳述揭露，以及我們最新的 Form 10-K 年度報告與其他 SEC 申報文件。

These forward-looking statements reflect management's beliefs and assumptions as of the date of this live broadcast, March 3, 2026. Except as required by law, we disclaim any obligation to update forward-looking statements to reflect future events or circumstances.

這些前瞻性陳述反映管理層截至本次直播（2026 年 3 月 3 日）之信念與假設。除法律要求外，我們不承擔更新前瞻性陳述以反映未來事件或情況的任何義務。

Our commentary today will also include non-GAAP financial measures, which should be considered as a supplement to and not a substitute for GAAP financial measures. The non-GAAP reconciliations can be found in today's earnings press release, which is available in the investor relations section of our website.

我們今天的評論也將包含非 GAAP 財務衡量指標，該等指標應視為 GAAP 財務衡量指標之補充，而非替代。非 GAAP 對帳表可於今日的財報新聞稿中查閱，該新聞稿可在我們網站的投資人關係專區取得。

With that, I now turn the call over to Kevin.

接下來，我把電話交給 Kevin。

Thanks, Barbara. Good morning and thank you for joining our fourth quarter and full year 2025 earnings call. I want to start by expressing my sincere appreciation to our entire team for their exceptional execution and unwavering commitment to our strategic transformation throughout 2025. The momentum we've built and the progress we've achieved reflect our disciplined focus on delivering innovative chemical analysis devices that protect frontline responders worldwide.

謝謝你，Barbara。各位早安，感謝各位參加我們 2025 年第四季與全年財報電話會議。我想先對我們全體團隊在 2025 年期間，於策略轉型上的卓越執行力與堅定承諾，表達由衷的感謝。我們所建立的動能與取得的進展，反映出我們以紀律性聚焦於提供創新化學分析設備，以保護全球第一線應變人員。

I'm pleased to report that we achieved $17.4 million in revenue from continuing operations in Q4, representing robust 21% year over year growth. This performance was driven primarily by three factors. One continued demand for our explorer gas identification device by firefighters and hazmat response teams. Two strong initial demand for VipIR, our new product that provides simple and fast chemical analysis of solids and liquids. And three, continued strong adoption of all of our products by US, state, and local customers.

我很高興報告，我們在第四季持續營運的營收達 1,740 萬美元，年增 21%，表現強勁。此一表現主要由三項因素帶動。第一，消防人員與危險物質（hazmat）應變團隊對我們 Explorer 氣體辨識設備的需求持續。第二，對 VipIR 的初期需求強勁；VipIR 是我們的新產品，可對固體與液體進行簡單且快速的化學分析。第三，美國聯邦、州與地方客戶對我們所有產品的採用持續強勁。

Most importantly, we achieved positive adjusted EBITDA in the fourth quarter of $0.7 million which is a remarkable improvement from the prior year's loss of $4 million. This achievement validates the structural initiatives we implemented as part of our transformation.

更重要的是，我們在第四季達成調整後 EBITDA 轉正，為 70 萬美元，較前一年度虧損 400 萬美元有顯著改善。此一成果驗證了我們作為轉型一部分所推動的結構性措施。

For the full year 2025, I'm proud to report that we delivered $56.2 million in revenue from continuing operations, representing strong 18% year-over-year growth and in line with our five-year CAGR performance. This strong performance validates our focus on vital health, safety, and defense tech applications.

就 2025 全年而言，我很自豪地報告，我們持續營運的營收達 5,620 萬美元，年增 18%，表現強勁，並與我們五年 CAGR 的表現一致。此一強勁表現驗證了我們聚焦於關鍵的健康、安全與國防科技應用。

A key highlight was our team's execution of replacing outdated FTIR equipment with modern devices, one of our growth catalysts. In 2025, more than 50% of device placements came from FTIR, led by the full year impact of our explorer device.

一項關鍵亮點是，我們團隊成功推動以現代化設備汰換過時的 FTIR 設備，這是我們的成長催化劑之一。在 2025 年，超過 50% 的設備佈署來自 FTIR 汰換需求，其中以 Explorer 設備的全年貢獻為主。

Another highlight is our achievement of 22% year-over-year growth in recurring revenue, which represents 35% of our 2025 revenues. This growth reflects our ongoing efforts to offer more value to our customers through service, support, software, and accessory offerings, strengthening revenue visibility and long-term predictability. I would now like to highlight our progress during 2025 across our three strategic focus areas.

另一項亮點是，我們的經常性收入年增 22%，占 2025 年營收的 35%。此一成長反映我們持續透過服務、支援、軟體與配件等產品，為客戶提供更多價值，進而提升營收能見度與長期可預測性。接下來我想重點說明我們在 2025 年於三大策略聚焦領域的進展。

Our number one focus has been to increase adoption of our devices to address global threats to public health and safety. Our explorer device continues to be a standout performer with its unique capability to detect, identify, and quantify over 5,000 unknown gas and vapor chemical threats in seconds.

我們的首要聚焦是提升設備採用，以因應對公共衛生與安全的全球威脅。我們的 Explorer 設備持續表現突出，具備獨特能力，可在數秒內偵測、辨識並定量超過 5,000 種未知氣體與蒸氣化學威脅。

The market response has been exceptional across fire and hazmat teams worldwide who recognize the device's value in filling a critical gap in on-site gas identification to better inform decision making and accelerate action.

全球消防與危險物質應變團隊的市場反應非常熱烈；他們認同該設備在現場氣體辨識方面填補關鍵缺口的價值，可更好地支援決策並加速行動。

In its first full year of commercial sales of the quantification enabled explorer, we delivered over 150 units to high-quality accounts, including the Council of Governments serving the broader Washington DC area and the US Marine Corps CBRNE installation and Protection Program.

在具備定量功能的 Explorer 進入商業銷售的第一個完整年度，我們向高品質客戶交付超過 150 台設備，其中包括服務華盛頓特區大都會區的政府協會（Council of Governments），以及美國海軍陸戰隊 CBRNE（化學、生物、放射、核與爆炸物）設施與防護計畫。

These wins underscore the growing adoption of Explorer among premier federal and regional response organizations. As a result, Explorer achieved standout growth of more than 40% year-over-year, reflecting both the strength of demand and the impact of introducing quantification capability into the field.

這些勝利凸顯 Explorer 在頂尖聯邦與區域應變組織中的採用度持續提升。因此，Explorer 年增成長超過 40%，表現亮眼，反映需求強勁以及將定量能力導入現場所帶來的影響。

To help drive procurement efficiency and predictability in our US federal government business, we consolidated contracting partners in the fourth quarter from four to one. For 2026, we are now working with Mountain Horse Solutions, who specializes in supplying mission critical equipment such as our portfolio of devices to all levels of the US government and military.

為了提升我們在美國聯邦政府業務中的採購效率與可預測性，我們在第四季將合作的承包夥伴由四家整併為一家。展望 2026 年，我們目前與 Mountain Horse Solutions 合作；該公司專精於向美國政府與軍方各層級供應任務關鍵設備，例如我們的設備產品組合。

By leveraging their strong procurement relationships, contracting expertise, and integrated logistics and kitting capabilities, we improve forecasting accuracy and level load production as a supplier while enabling government customers to receive fully configured mission ready solutions more quickly and reliably. We look forward to the benefits of coupling our demand generation with their procurement expertise.

透過運用其強大的採購關係、合約專業能力，以及整合式物流與套件組裝（kitting）能力，我們可提升預測準確度，並以供應商身分平準化產能負載，同時讓政府客戶更快速且更可靠地取得完整配置、可立即執行任務的解決方案。我們期待將我們的需求創造能力與其採購專業結合所帶來的效益。

Outside the US, we saw traction for devices accelerate, especially in Europe, as NATO countries have begun increasing their defense budgets due to the ongoing war in Ukraine and other global concerns. For the full year of 2025, 27% of revenues came from outside the United States. This is an increase from 25% in 2024, with an even stronger increase in sales along NATO's eastern flank. We ship chemical detection devices to Poland, Czech Republic, Finland, Ukraine, and others in the region.

在美國以外，我們看到設備需求加速成長，尤其在歐洲；由於烏克蘭戰爭持續及其他全球疑慮，北約國家已開始提高國防預算。2025 全年，27% 的營收來自美國以外地區。相較 2024 年的 25% 有所提升，且在北約東翼的銷售增幅更為顯著。我們向波蘭、捷克、芬蘭、烏克蘭及該區其他國家出貨化學偵測設備。

This international expansion we believe is just beginning, and our progress in 2025 validates the need for our technology in protecting frontline responders and the public globally from unintentional disasters or intentional attacks. Our combination of advanced technology and our products' operational simplicity is what sets us apart and drives the demand we're experiencing across all customer segments.

我們認為這項國際擴張才剛開始，而我們在 2025 年的進展驗證了市場對我們技術的需求，以在全球範圍內保護第一線應變人員與大眾，免於意外災害或蓄意攻擊。我們先進技術與產品操作簡便性的結合，是我們的差異化所在，也推動了我們在各客戶族群中所見到的需求。

Moving to our second objective, advancing our next gen analytical tools portfolio. Our newest device, VipIR, which we launched in July 2025, represents a breakthrough in simple field-based chemical identification of unknown bulk substances by combining FTIR and Raman spectroscopy technologies with a proprietary smart spectral processing capability.

接著談到我們的第二項目標：推進我們的次世代分析工具產品組合。我們最新的設備 VipIR 於 2025 年 7 月推出，透過結合 FTIR 與拉曼光譜技術，並搭配專有的智慧光譜處理能力，在現場對未知散裝物質進行簡易化學辨識方面帶來突破。

The device's simple and smart workflow is a game changing capability for customs and border personnel as well as hazardous response teams. When connected with our Team Leader app, VipIR allows field teams to instantly share results with command centers and subject matter experts, dramatically improving response coordination and decision-making speed.

該設備簡單且智慧的工作流程，對海關與邊境人員以及危險應變團隊而言，是一項改變遊戲規則的能力。當與我們的 Team Leader 應用程式連接時，VipIR 可讓現場團隊即時與指揮中心及領域專家分享結果，大幅提升應變協調與決策速度。

Overall, we are excited about the positive market reception for VipIR with early deployments across state and local hazmat teams and international customers. In the fourth quarter we shipped more than 40 VipIR units, over $3 million in revenue. We are encouraged by the ultimate potential of this new product and the full year impact that Viper will have in 2026.

整體而言，我們對 VipIR 的正面市場反應感到振奮；目前已在州與地方的危險物質應變團隊以及國際客戶中展開早期部署。第四季我們出貨超過 40 台 VipIR，帶來超過 300 萬美元營收。我們對這項新產品的最終潛力感到鼓舞，也期待 VipIR 在 2026 年帶來的全年影響。

We also enhanced our flagship MX908 platform in 2025 and recently released several usability improvements, including the new tick hunter mission mode that provides first responders with a more guided and purpose-built tool for hazardous vapor detection. Additionally, we expanded the device's drug detection capabilities by adding five new priority targets, including Medetomidine, a veterinary sedative estimated to be 200 times more potent than Xylazine and which is increasingly being mixed with fentanyl.

我們也在 2025 年強化了我們的旗艦 MX908 平台，並於近期發布多項可用性改進，包括全新的「tick hunter」任務模式，為第一線應變人員提供更具引導性、且為危險蒸氣偵測量身打造的工具。此外，我們透過新增五項新的優先目標，擴充了該裝置的毒品偵測能力，其中包括 Medetomidine（一種獸用鎮靜劑），其效力估計為 Xylazine 的 200 倍，且正日益被混入芬太尼。

As the illicit drug landscape continues to evolve, our software updatable platform enables us to rapidly deploy new target libraries and capability enhancements, ensuring law enforcement remains current and equipped to address emerging threats in real time. And finally, our third focus has been to strengthen our financial position and accelerate profitability.

隨著非法毒品態勢持續演變，我們可透過軟體更新的平台使我們能快速部署新的目標資料庫與能力增強，確保執法單位能與時俱進，並具備即時因應新興威脅的裝備。最後，我們的第三項重點是強化財務狀況並加速達成獲利。

The operational improvements we implemented throughout 2025 have solidified our financial position. Our manufacturing consolidation into Danbury, Connecticut, and our move to a cost efficient headquarters in Burlington, Massachusetts have created meaningful efficiencies across our operations. These initiatives combined with our disciplined cost management approach enabled us to achieve our goal of positive adjusted EBITDA, which was $0.7 million in the fourth quarter.

我們在 2025 年全年度推動的營運改善已鞏固了我們的財務狀況。我們將製造作業整併至康乃狄克州丹伯里（Danbury），並將總部遷至麻薩諸塞州伯靈頓（Burlington）的高成本效益據點，為整體營運帶來顯著效率提升。這些措施加上我們嚴謹的成本管理方法，使我們達成調整後 EBITDA 轉正的目標，第四季為 70 萬美元。

This achievement demonstrates that our cost structure is now right sized, disciplined, and fully within our control. Compared to our year-end 2024 position, we also strengthened our balance sheet materially, exiting 2025 with $113 million in cash.

此一成果顯示，我們的成本結構如今已適度調整、管理嚴謹，且完全在我們掌控之中。相較於 2024 年底的狀況，我們也大幅強化了資產負債表，於 2025 年底以 1.13 億美元現金結束年度。

With this solid financial foundation, we now have the flexibility to invest in the expanding growth opportunities ahead driven by developing secular tailwinds such as increased funding to combat the fentanyl and illicit drug crisis and increased global defense budgets.

憑藉這穩健的財務基礎，我們如今具備彈性，可投資於未來由長期結構性順風所帶動的擴大成長機會，例如：為對抗芬太尼與非法毒品危機而增加的資金挹注，以及全球國防預算的提升。

To that end, we've established three strategic focus areas for 2026. First, scale-proven platforms. We will sustain growth by continuing to modernize legacy detection equipment, especially FTIR, across global fire, law enforcement, and defense enterprise accounts. We believe we've only made a dent in the overall potential and expect 2026 to benefit from a full year of growth of our newest product, VipIR.

為此，我們已為 2026 年建立三項策略重點。第一，擴大已驗證可規模化的平台。我們將透過持續汰換與現代化既有偵測設備（尤其是 FTIR），在全球消防、執法與國防等企業級客戶中維持成長。我們相信目前僅觸及整體潛力的一小部分，並預期 2026 年將受惠於我們最新產品 VipIR 的全年成長貢獻。

Second, extend platform leadership. We will also drive growth with green field placements, differentiated capabilities, and disciplined product introductions. New capabilities drive new opportunities. Our explorer product is a great example of this.

第二，延伸平台領導地位。我們也將透過綠地（green field）布建、差異化能力，以及有紀律的產品導入來推動成長。新能力帶來新機會。我們的 Explorer 產品就是很好的例子。

With its differentiated gas quantification and identification capabilities, it's quickly penetrating the broader gas detection market. Similarly, our MX908 is now the proven device for trace chemical identification, and our law enforcement customers continue to rely on its unique capabilities. We expect to build on this and raise the bar further with our next gen mass spec platform.

憑藉其差異化的氣體定量與辨識能力，它正快速滲透更廣泛的氣體偵測市場。同樣地，我們的 MX908 現已是經驗證的痕量化學物質辨識裝置，而我們的執法客戶也持續仰賴其獨特能力。我們預期將在此基礎上再接再厲，並以我們的下一代質譜平台進一步提高標準。

And our third focus is to strengthen revenue durability. We are building a predictable revenue mix by pursuing recurring revenue opportunities with connected services, expanding OEM-based revenue, and through long-term programs. To that end, our DoD ACAD program in partnership with Smith detection is nearing its next phase.

第三項重點是強化營收的持久性。我們正透過連網服務的經常性收入機會、擴大以 OEM 為基礎的營收，以及長期計畫，打造可預測的營收組合。為此，我們與 Smith detection 合作的國防部（DoD）ACAD 計畫正接近下一階段。

Field testing was completed in late fall, and as of today, we believe all material issues have been deemed addressed. Smith detection has responded to an RFP for a next phase and is awaiting feedback from the government. This next phase quoted is for an initial production run of approximately a few 100 systems with component and subsystem contributions from 908 devices being potentially delivered throughout the second half of this year. We remain committed to support submits detection and DoD on this important national defense effort.

現地測試已於深秋完成，截至今日，我們相信所有重大問題均已被認定為已解決。Smith detection 已回覆下一階段的 RFP，目前正等待政府回饋。此一下一階段的報價包含約數百套系統的初始量產批次，其中 908 裝置所提供的元件與子系統貢獻，可能於今年下半年陸續交付。我們仍致力於支持 Smith detection 與國防部在這項重要的國家防衛工作上所提出的需求。

We look forward to updating you on our progress in each of these focus areas on future calls, and now I'll turn it over to Joe to review our financial performance.

我們期待在未來的電話會議中，向各位更新這些重點領域的進展；接下來我將交由 Joe 回顧我們的財務表現。

Thanks Kevin. As a result of the sale of our desktop portfolio in the first quarter of 2025, 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 Kevin。由於我們在 2025 年第一季出售桌上型產品組合，因此我們今天所報告的財務數字僅涵蓋持續營運。所有與桌上型業務相關的現行與歷史活動（包括出售收益）皆在財務報表中以單一的停業部門（discontinued operations）項目呈列。

Full revenue was $17.4 million for the fourth quarter 2025, increasing 21% from $14.3 million in the prior year period. Handheld product and service revenue was $16 million for the fourth quarter of 2025, up 18% from $13.6 million for the fourth quarter of 2024.

2025 年第四季總營收為 1,740 萬美元，較去年同期的 1,430 萬美元成長 21%。2025 年第四季手持式產品與服務營收為 1,600 萬美元，較 2024 年第四季的 1,360 萬美元成長 18%。

The increase was primarily driven by our FDIR products, including more than 40 VipIR shipments, and Explorer, which more than doubled its placements in the fourth quarter versus the prior year period. MX908 product and service revenue was relatively flat, with an increase in US orders that offset fewer international device shipments.

成長主要由我們的 FDIR 產品帶動，包括超過 40 台 VipIR 出貨，以及 Explorer；Explorer 在第四季的布建量較去年同期增加逾一倍。MX908 產品與服務營收大致持平，美國訂單增加抵銷了國際裝置出貨量的減少。

In total, we shipped 224 devices in the fourth quarter, bringing our install base to 3,736. Program product and service revenue was $0.3 million in the fourth quarter of 2025 as we received funding for ACAD program services performed in 2025 and it was 17,000 in the fourth quarter of 2024.

整體而言，我們在第四季出貨 224 台裝置，使我們的裝機基礎（install base）達到 3,736 台。2025 年第四季計畫型產品與服務營收為 30 萬美元，係因我們收到 2025 年所執行 ACAD 計畫服務的資金；而 2024 年第四季為 17,000 美元。

OEM and funded partnership revenue was $1 million for the fourth quarter 2025 compared to $0.7 million in the prior year period. Revenue growth was led by component sales to pharma and industrial QA/QC customers, leveraging our new precision machining capabilities as well as component deliveries to Repligen under our supply agreement.

2025 年第四季 OEM 與受資助合作夥伴營收為 100 萬美元，去年同期為 70 萬美元。營收成長主要由對製藥與工業 QA/QC 客戶的元件銷售所帶動，運用我們新的精密加工能力，並包含依供應協議對 Repligen 的元件交付。

Recurring revenue, which consists of consumables, accessories, software, and service revenue, represented 32% of total revenues this quarter and was $5.5 million an 11% increase over the prior year period. Gross profit was $9.2 million for the fourth quarter of 2025 compared to $6.7 million for the prior year period.

經常性收入（包含耗材、配件、軟體與服務收入）本季占總營收的 32%，金額為 550 萬美元，較去年同期成長 11%。2025 年第四季毛利為 920 萬美元，去年同期為 670 萬美元。

Gross margin was 53% for the fourth quarter of 2025 compared to 47% for the prior year period. The increase was driven primarily by higher volume along with a shift in channel mix to state and local and defense sales during the fourth quarter of 2025 compared to international sales in the fourth quarter of 2024 that have a lower average selling price.

2025 年第四季毛利率為 53%，去年同期為 47%。提升主要來自較高的出貨量，以及通路組合轉向州與地方政府及國防銷售；相較之下，2024 年第四季以國際銷售為主，其平均售價較低。

Adjusted gross profit was $10 million for the fourth quarter of 2025 compared to $7.5 million for the prior year period. Adjusted gross margin was 57%, an increase of approximately 530 basis points compared to the prior year period.

2025 年第四季調整後毛利為 1,000 萬美元，去年同期為 750 萬美元。調整後毛利率為 57%，較去年同期提升約 530 個基點。

The increase in adjusted gross margin was driven by the channel mix and leverage as mentioned above. Total operating expenses for the fourth quarter of 2025 were $6.1 million compared to $23.4 million in the prior year period.

調整後毛利率的提升主要由上述通路組合與規模效益所帶動。2025 年第四季總營業費用為 610 萬美元，去年同期為 2,340 萬美元。

The decrease was largely a result of a $5.1 million reduction in the fair value of contingent consideration and a $10.1 million goodwill impairment charge in the fourth quarter of 2024. Excluding the impact of these two non-cash items, operating expenses for the fourth quarter decreased year over year by $2 million due to a reduction in headcount and facility expenses.

下降主要是因 2024 年第四季或有對價公允價值減少 510 萬美元，以及商譽減損費用 1,010 萬美元。排除這兩項非現金項目的影響後，第四季營業費用較去年同期減少 200 萬美元，原因為人力與設施費用降低。

Net income from continuing operations for the fourth quarter of 2025 was $4.4 million compared to a net loss of $16 million in the prior year period. This increase was primarily driven by the $15.2 million decrease in non-cash goodwill and contingent consideration and was additionally due to improved gross margins and reduced operating expenses.

2025 年第四季持續營運淨利為 440 萬美元，去年同期為淨損 1,600 萬美元。此一改善主要來自非現金商譽與或有對價合計減少 1,520 萬美元，並且亦受惠於毛利率提升與營業費用降低。

Adjusted EBITDA for the fourth quarter of 2025 was a positive $0.7 million compared to a loss of $4 million in the prior year period, representing a $4.7 million improvement in achievement of the goal we set at the beginning of 2025.

2025 年第四季調整後 EBITDA 為正 70 萬美元，去年同期為虧損 400 萬美元，代表較去年同期改善 470 萬美元，達成我們在 2025 年初所設定的目標。

This significant improvement was related to our aggressive cost initiatives, resulting in reduced operating expenses across the board, including headcount, facilities, R&D costs, and professional fees. We structurally changed our cost basis and expect to see the benefits of these efficiencies continue.

這項顯著改善與我們積極的成本措施有關，使整體營運費用全面下降，包括人力、設施、研發成本以及專業服務費用。我們在結構上調整了成本基礎，並預期這些效率帶來的效益將持續顯現。

Now moving on to our full year results. Revenue for the full year 2025 was $56.2 million, increasing 18% from $47.7 million for the full year 2024. This was primarily driven by an increase in revenues from our FTIR products led by our recently launched VipIR and our explorer device, but also partly due to the impact of ownership for the full year period in 2025 compared to eight months in 2024.

接著談我們的全年業績。2025 全年營收為 5,620 萬美元，較 2024 全年 4,770 萬美元成長 18%。這主要由 FTIR 產品營收增加所帶動，成長動能來自我們近期推出的 VipIR 與 explorer 裝置；此外，2025 年為完整年度的持有期間，相較 2024 年僅八個月，也部分推升了營收。

An element of our growth in 2025 was driven by our state and local sales channel, which grew 38% to approximately $24 million, representing 43% of revenues for the full year 2025. Compared to 37% for the full year 2024. State and local deals are generally smaller in size and more frequent, which is a more predictable balance to large, potentially lumpy federal and military enterprise sales.

2025 年成長的一部分來自我們的州與地方銷售通路，該通路成長 38% 至約 2,400 萬美元，占 2025 全年營收的 43%。相較之下，2024 全年為 37%。州與地方的交易通常規模較小、頻率較高，能更可預測地平衡聯邦與軍方的大型企業銷售（可能出現較大波動）。

Recurring revenue, which consists of consumables, accessories, software, and service revenue, represent 35% of total revenues this year and was $19.5 million a 22% or $3.5 million increase over the prior year period, largely driven by FTIR service and OEM revenues.

經常性收入（包含耗材、配件、軟體與服務收入）今年占總營收的 35%，金額為 1,950 萬美元，較去年同期增加 22%（或 350 萬美元），主要由 FTIR 服務與 OEM 收入帶動。

Gross profit was $28.4 million for the full year 2025 compared to $24.5 million for the full year 2024. Gross margin was 51% for both the full year 2025 and 2024. Adjusted gross profit was $31.9 million for the full year 2025 compared to $26.7 million for the full year 2024.

2025 全年毛利為 2,840 萬美元，2024 全年為 2,450 萬美元。2025 與 2024 全年毛利率皆為 51%。2025 全年調整後毛利為 3,190 萬美元，2024 全年為 2,670 萬美元。

Adjusted gross margin was 57% as compared to 56% for the full year 2024. The increase in gross margin was primarily due to improved service and contract gross margins. Total operating expenses for the full year 2025 were $67.8 million compared to $81.9 million in full year 2024.

調整後毛利率為 57%，相較 2024 全年為 56%。毛利率提升主要來自服務與合約毛利率改善。2025 全年營運費用總額為 6,780 萬美元，2024 全年為 8,190 萬美元。

The decrease in operating expenses was driven primarily by a $40.7 million non-cash goodwill impairment charge-offset in part by a $27 million change in the fair value of the contingent consideration liability where it was a charge in 2025 and a credit in 2024.

營運費用下降主要是因為 4,070 萬美元的非現金商譽減損費用；但部分被或有對價負債公允價值變動 2,700 萬美元所抵銷，該項在 2025 年為費用、在 2024 年為收益。

Net loss from continuing operations for the full year 2025 was $33.3 million compared to $53.1 million in the full year 2024. This increase was largely due to the non-cash charge for the impairment of goodwill and change in valuation of the contingent consideration just mentioned.

2025 全年持續營業單位淨損為 3,330 萬美元，2024 全年為 5,310 萬美元。此變動主要是由前述商譽減損的非現金費用以及或有對價估值變動所致。

Adjusted EBITDA for the full year 2025 was a loss of $9.6 million, marking a meaningful 39% reduction compared to full year 2024. We ended the year with $113 million in cash equivalents, and marketable securities with no debt outstanding. We generated approximately $0.9 million in cash in the fourth quarter of 2025. The increase was primarily related to collection efforts and timing of working capital.

2025 全年調整後 EBITDA 為虧損 960 萬美元，較 2024 全年有意義地減少 39%。年底我們持有 1.13 億美元的現金約當物與有價證券，且無任何未償債務。我們在 2025 年第四季約產生 90 萬美元現金。增加主要與收款努力以及營運資金時點有關。

Looking ahead in 2026, we expect revenue to be in the range of $64.5 million to $67.5 million, representing growth of 15% to 20% over a full year 2025. Our guidance range includes the following assumptions. First, we expect handheld product and service revenue to grow 13% to 17% year-over-year, which equates to a range of $59.5 million to $61.5 million. The increase reflects expectations around the full year impact of IPR and growth of our MX908.

展望 2026 年，我們預期營收將介於 6,450 萬至 6,750 萬美元，較 2025 全年成長 15% 至 20%。我們的指引區間包含以下假設。第一，我們預期手持式產品與服務收入年增 13% 至 17%，相當於 5,950 萬至 6,150 萬美元。此增幅反映 IPR 全年影響的預期，以及 MX908 的成長。

Second, we expect OEM and funded partnerships, including contract revenue, to be approximately $3 million. And third, we expect revenue contribution from the ACAD program to be in the range of $2 million to $3 million likely in the second half of 2026.

第二，我們預期 OEM 與受資助的合作夥伴關係（包含合約收入）約為 300 萬美元。第三，我們預期 ACAD 計畫的營收貢獻約為 200 萬至 300 萬美元，可能落在 2026 年下半年。

Moving down the P&L, we expect adjusted gross margins to be in the mid to high 50% range for full year 2026 and are targeting margin expansion of at least 100 basis points with our increased volume. Channel and product mix play a key part in our adjusted gross margin, and we'll look to balance this with our first full year of manufacturing in Danbury and insourcing initiatives with our precision machining capabilities.

在損益表方面往下看，我們預期 2026 全年調整後毛利率將落在 50% 中段至高段，並以隨著出貨量提升至少擴張 100 個基點為目標。通路與產品組合對調整後毛利率至關重要；我們也將在丹伯里（Danbury）第一個完整年度製造，以及透過精密加工能力推動內製化（insourcing）措施之間取得平衡。

During 2025, we were able to streamline our research and development and selling general and administrative costs. We will continue to be thoughtful on investments in 2026 and likely we'll see an increase in selling and marketing expenses as we look to drive revenue growth with targeted headcount investments.

在 2025 年期間，我們得以精簡研發以及銷售、一般與行政（SG&A）成本。2026 年我們將持續審慎投資，且隨著我們透過有針對性的人力投資來推動營收成長，銷售與行銷費用可能會增加。

And on the bottom line, we expect to cut our 2025 adjusted EBITDA loss in half for 2026, reducing it to the mid-single-digit millions. Making another significant step-down year over year while we go after the growth opportunity.

在最終損益方面，我們預期 2026 年將把 2025 年調整後 EBITDA 虧損減半，降至數百萬美元的中段單位數水準。在追求成長機會的同時，年對年再邁出顯著的下修一步。

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

此時我想把電話會議交回給 Kevin。

Thanks, Joe. As we wrap up today's call, I want to emphasize that 2025 was a defining year for 908 devices. The results we've delivered demonstrate that our strategic transformation is working. With our lower cost structure and healthy balance sheet, our trajectory is firmly within our control as we balance disciplined growth investments with profitability.

謝謝，Joe。結束今天的電話會議前，我想強調 2025 年對 908 Devices 而言是具有指標性的一年。我們交出的成果證明，我們的策略轉型正在奏效。憑藉更低的成本結構與健全的資產負債表，在兼顧紀律性的成長投資與獲利能力之下，我們的發展軌跡完全掌握在自己手中。

I'm confident in our ability to capitalize on the significant and growing opportunity in front of us. We've entered 2026 with a late-stage pipeline that is double the size it was at the start of 2025, which is a tangible reflection of stronger customer demand.

我對我們把握眼前重大且持續成長機會的能力充滿信心。我們在 2026 年開局時，後期商機管線（late-stage pipeline）規模已是 2025 年初的兩倍，這是客戶需求更強勁的具體反映。

With funding momentum building and favorable US policy decisions reinforcing the priorities of our end markets, we believe we are well positioned to translate this demand into sustained growth in the year ahead. Lastly, and perhaps most importantly, we're executing a mission that matters. Every device we deploy helps protect frontline responders who put their lives on the line to keep our communities safe.

隨著資金動能持續累積，且美國有利的政策決策強化了我們終端市場的優先事項，我們相信自己已處於有利位置，能在未來一年把這股需求轉化為可持續的成長。最後，也許最重要的是，我們正在執行一項有意義的使命。我們部署的每一台裝置，都能協助保護第一線應變人員；他們冒著生命危險守護社區安全。

This purpose-driven focus combined with our technology, leadership and operational excellence creates a powerful foundation for continued success. Thank you for your continued support and confidence in 908 devices. We look forward to updating you on our progress as we continue executing this transformation strategy.

這種以使命為導向的專注，結合我們的技術、領導力與卓越營運，為持續成功奠定了強而有力的基礎。感謝各位持續支持並信任 908 Devices。我們期待在持續執行這項轉型策略的同時，向各位更新我們的進展。

With that, let's open it up for questions.

接下來，我們開放提問。

(Operator Instructions) Matt Larew, William Blair.

(接線員指示) Matt Larew，William Blair。

Hi, good morning. Thanks for taking my question. The first one on the relationship with Mountain Horse Kevin that you referenced, I'm just curious, why you decided this was the right time to kind of work with an external partner, how much, volume of those particular products that you're trying to work with them on, and, Joe, I think you referenced, sort of the change in economics that might be involved there relative to margin expansion from being in your first full year at Danbury. So just kind of curious how the economics will look with that relationship as well.

嗨，早安。謝謝讓我提問。第一個問題是關於你提到的與 Mountain Horse 的合作關係，Kevin。我想了解為什麼你們認為現在是與外部夥伴合作的適當時機；你們希望與他們合作的那些特定產品，其量體大概有多少；另外，Joe，我記得你提到相較於在丹伯里第一個完整年度所帶來的毛利擴張，這段合作關係可能涉及經濟條件（economics）的變化。因此也想請教，這段合作關係下的經濟效益大致會呈現什麼樣貌。

Yeah, absolutely, happy to take that question. Thank you. As a reminder, as I think but we drive the demand for all our products, right? We've got direct employees that are across the United States working with federal and military accounts and they work very closely with those end customers.

是的，當然，很樂意回答這個問題。謝謝。提醒一下，我想我們是推動所有產品需求的一方，對吧？我們在全美各地都有直屬員工與聯邦及軍方客戶合作，並且與這些終端客戶密切配合。

But in many cases, these larger US military and federal customers, they really need to work with, we need to work with a procurement specialist. We need to work with a contracting partner. The factor behind that consolidation from four partners to one for the federal and military size was really to drive some procurement efficiencies, and predictability, help us improve forecasting.

但在許多情況下，這些規模較大的美國軍方與聯邦客戶，確實需要與——我們也需要與——採購專家合作。我們需要與承包合作夥伴合作。將聯邦與軍方規模客戶的合作夥伴從四家整併為一家，背後的因素主要是為了提升採購效率與可預測性，並協助我們改善預測。

As historically, it could be lumpy, some of these large US federal opportunities. So Mountain Horse is very unique. They've been a great partner for us. They're led by US veterans. They've got great procurement relationships across all levels of the US government, which gives us wonderful visibility and helps us move those along in various contracting vehicles.

因為從歷史上看，這些大型美國聯邦機會可能會呈現不均勻、忽高忽低的情況。因此 Mountain Horse 非常獨特。他們一直是我們很棒的合作夥伴。他們由美國退伍軍人領導。他們在美國政府各層級都擁有很強的採購關係，這讓我們有極佳的能見度，並幫助我們透過各種合約載具推進這些案子。

They've got experts on their team that help us get through the contracting, help us get through any integrations that are required. They can do kitting. They also do logistics. If you think about some of our orders, they may have to go and then be shipped to bases across the globe. There's a lot of complexities around that. So they do a great job for us.

他們團隊裡有專家協助我們完成簽約流程，也協助我們完成任何所需的整合。他們可以做套件組裝（kitting）。他們也做物流。如果你想想我們的一些訂單，可能需要先出貨，然後再運送到全球各地的基地。這裡面有很多複雜性。所以他們為我們做得非常好。

And we thought now. Really the right time to consolidate to one because you know we can gain commitments, we can gain forecasting visibility, we can gain a mix and some volume incentives, and it also is very helpful to the US government because they can get these more fully configured, ready to go solutions out of the box and in some cases at a lower cost. So it certainly helps us, certainly has helped us here in 2025, and we do expect them to continue to be a great partner in 2026 and we're really excited about it.

而我們認為現在——確實是整併為一家合作夥伴的正確時機，因為你知道，我們可以取得承諾、提升預測能見度、獲得更好的產品組合與一些量的激勵；同時這對美國政府也很有幫助，因為他們可以拿到更完整配置、開箱即可用的解決方案，而且在某些情況下成本更低。所以這確實幫助了我們，也確實在 2025 年幫助了我們；我們也預期他們在 2026 年會持續成為很棒的合作夥伴，我們對此非常興奮。

And Matt, you were asking about kind of the benefits of Danbury and a lot of efforts went into that, and I think it translates across the P&L in a few areas, but primarily within the adjusted gross margin. And, we were pleased with the way the 2025 results fell out and I hope it becomes a baseline to drive it up over time. For 2,206, we're targeting margin expansion of about 100 basis points from the 56.7% adjusted gross margin that we did achieve.

另外，Matt，你剛才問到 Danbury 的效益，為此投入了很多努力；我認為它在損益表上會反映在幾個面向，但主要是在調整後毛利率。而且，我們對 2025 年的成果呈現方式感到滿意，也希望這能成為基準，隨時間推進再把它拉高。對於 2,206 年，我們的目標是毛利率擴張約 100 個基點，相較於我們達成的 56.7% 調整後毛利率。

We certainly have operational momentum now resulting from last year's structural improvements, that full year of manufacturing in Danbury being a key, some of the expanded insourcing that we can do with our precision machining capabilities, and these efficiencies really drive a create a strong foundation to absorb the quarterly variability of channels and products.

我們現在確實有營運動能，來自去年結構性改善的成果，其中一個關鍵是 Danbury 製造的完整年度運作；再加上我們透過精密加工能力所能做的更多內製（insourcing）擴張，而這些效率確實驅動並建立了強大的基礎，以吸收通路與產品在季度間的波動。

Yeah, and Matt, maybe. I'll just also add in, I mean, we're really at a point in our business with the transformation. We've done a ton to make the business much more predictable. We talked today about recurring revenue increases. We talked today about how we have so many more state and local sales, and that was a big driver of our Q4.

是的，Matt，也許——我再補充一下，我是說，我們的業務轉型已經來到一個階段。我們做了大量工作，讓業務變得更可預測。我們今天談到經常性收入的提升。我們今天也談到我們有更多州與地方層級的銷售，而那是我們第四季的一個重要驅動因素。

So we're having maybe a smaller percentage now of exposure to these large lumpy potential federal opportunities. We like them. It's just, it can be difficult to get through contracting, and that's another reason. That Mountain Horse helps us.

因此，我們現在對這些大型、可能忽高忽低的聯邦機會的曝險比例可能更小了。我們喜歡這些機會。只是合約流程可能很難走完，而這也是另一個原因——Mountain Horse 能夠幫助我們。

Okay, that's great. And. Then just wanted to ask on the new, next gen MX908, platform. I think that is still on schedule for 2026, but, curious sort of from a timing perspective, when do you think that might appear, how to think about adoption. I know you have more than 3,000 placements, out there.

好的，這很棒。另外——我想再問一下新的、下一代 MX908 平台。我想它仍然按計畫在 2026 年推出，但從時間點角度來看，我很好奇你認為它可能何時會出現，以及該如何看待採用情況。我知道你們已經部署了超過 3,000 台。

Yeah, that's all remains accurate. We're really continuing to advance that next gen platform with a commercial launch here later this year. We're excited about the progress the team's made, but obviously for commercial and competitive reasons we're not providing really specifics today. What I'd say is that we're really disrupting ourselves, right?

是的，這些都仍然正確。我們持續推進下一代平台，並計畫在今年稍晚進行商業化上市。我們對團隊取得的進展感到興奮，但顯然出於商業與競爭考量，我們今天不會提供太多具體細節。我要說的是，我們其實是在顛覆自己，對吧？

We're not reacting to a competitive pressure. MX908 really remains a very highly differentiated product, and really limited direct competition. So we're really working on that product. We think it can be compelling, but we also want to make sure right now we're focused on really dialing it in before broad commercialization. So we do see demand coming as we go from both existing and also opening up some new customers due to its step change in simplicity and size and goals that that we've set for ourselves.

我們不是在回應競爭壓力。MX908 仍然是一款高度差異化的產品，而且直接競爭非常有限。所以我們正專注在這個產品上。我們認為它會很有吸引力，但我們也想確保目前在更廣泛商業化之前，先把它真正調校到位。因此，隨著我們推進，我們確實看到需求將同時來自既有客戶，以及因其在簡易性與尺寸上的躍升式改善、以及我們為自己設定的目標，而開拓的一些新客戶。

And you're right, we More than 3,100 MX908 devices out there. The advantage of the MX908 is it's been tested from A to Z. We have something that's very thick, probably a 2-inch binder of various third-party test reports. So obviously we're going to be very thoughtful with the pacing and the transition, and some enterprise accounts likely are going to continue with our MX908 for some time, and then we'll be getting this out to disrupt.

而你說得沒錯，我們在外部已有超過 3,100 台 MX908 裝置。MX908 的優勢在於它已從 A 到 Z 經過測試。我們有一份非常厚的資料，可能是一個 2 吋厚的活頁夾，裡面是各種第三方測試報告。所以很明顯，我們會非常審慎地掌握節奏與轉換；一些企業客戶很可能還會在一段時間內持續使用 MX908，然後我們再把這個新產品推出去進行顛覆。

And take us further. We absolutely believe there's a lot of opportunity there with the increased funding in the opioid crisis, fentanyl, illicit drug area, the rising of global defense spending, particularly across these NATO countries. So, absolutely the MX908 today remains a great growth driver as we see it for 2026, but the next gen will help us set up and if we do our jobs right, it could be pretty impactful to next year on a full year basis.

並帶領我們更進一步。我們絕對相信這裡有很大的機會，因為在阿片類危機、芬太尼與非法藥物領域的資金投入增加，以及全球國防支出上升，特別是在這些北約國家。所以，毫無疑問，MX908 目前仍是我們所看到的 2026 年重要成長驅動因素；但下一代產品將幫助我們做好布局，如果我們把工作做好，按全年口徑來看，它對明年可能會相當有影響力。

Okay, thank you.

好的，謝謝。

Puneet Souda, Leerink.

Puneet Souda，Leerink。

Yeah, hi guys. Thanks for the questions here. So, first one, Kevin, when we look at, the overall growth for this year, 17.5 or 18, close to almost 18 at the midpoint. You have a number of drivers this year, obviously including ACAD. You have a state and local pent crisis ongoing still. There's international growth from Eastern Europe with disruption there and conflict, and now we've got a new conflict.

是的，嗨，各位。謝謝讓我提問。所以第一個問題，Kevin，當我們看今年的整體成長，17.5 或 18，在中位數接近 18。今年你們有多個驅動因素，顯然包括 ACAD。州與地方層級的芬太尼危機仍在持續。東歐因動盪與衝突帶來的國際成長，現在又出現了一場新的衝突。

So I was just wondering if you can. Talk to us about what takes you to the higher end versus the lower end of the guidance range on the top-line growth, and then, how should we think about the current conflict if that was to expand. Could that drive additional handheld sales, and obviously it's very hard to tell, with the current, currently where we stand, but I just wanted to get your sense on if there are any prior proceedings that you can point to that help us understand where 908 can be, more helpful if this conflict was to get worse.

所以我想請教你是否可以——跟我們談談，什麼因素會讓你們的營收成長落在指引區間的高端或低端；另外，如果目前的衝突擴大，我們該如何看待其影響。這是否可能帶動更多手持式設備的銷售？當然這很難判斷，因為就目前我們所處的位置而言——但我想了解你是否能分享一些看法：是否有任何過往案例可供參考，幫助我們理解如果衝突惡化，908 可能會在哪些方面更有幫助。

Yeah, absolutely. Yeah, maybe I'll start with some of that and pass to Joe as well for his comments. But yes, we have some great growth drivers in front of us from a macro tailwind perspective, and that's increased funding, that's increased defense budgets, NATO, global concerns, as you mentioned, which seems to unfortunately be expanding each day.

是的，當然。是的，也許我先談一部分，然後也請 Joe 補充他的看法。不過沒錯，從總體順風的角度來看，我們面前有一些很好的成長驅動因素，包括資金投入增加、國防預算增加、北約與全球關切——如你所提到的——而且不幸的是，這些似乎每天都在擴大。

Those are all drivers. For increased defense spending, increased spending on the public safety side, ACAD is absolutely, as you mentioned in the prepared remarks, a program of record that we've been working on for some time with miss detection that we do view as nearing its next phase.

這些都是驅動因素。在國防支出增加、公共安全端支出增加方面，ACAD 絕對是——如你在事先準備的講稿中提到——我們已經投入一段時間在推進的正式列管計畫（program of record），並且搭配我們所做的漏檢偵測（miss detection）；我們確實認為它正接近下一個階段。

And from our survey of those involved, I remain very encouraged and positive that we'll see an award this spring and hence we're factoring into some of the guidance discussion today. Maybe I'll pass it to you, Joe.

而根據我們對相關人士的調查，我仍然非常受到鼓舞並保持正向，認為我們將在今年春季看到授標，因此我們也把這點納入今天對部分財測指引的討論中。也許我把問題交給你，Joe。

For some other, absolutely. And maybe to revisit and reinforce some of the drivers that can get you within the range and for us to get to the top end of the range, we do see those multiple paths to drive the organic growth which will more than double our pro forma growth from 25, getting us to that 15% to 20% range, they include the viper to be a key contributor, driven by our first full year impact.

在其他一些方面，絕對是。另外，為了回顧並強化一些能讓你落在區間內、以及讓我們達到區間上緣的驅動因素，我們確實看到多條路徑可以推動有機成長，將使我們的備考成長率相較於2025年超過倍增、把我們帶到15%到20%的區間；其中包括VipIR將成為關鍵貢獻者，主要來自我們第一個完整年度的影響。

It was great that we were able to get 40 plus in Q4, which feels meaningful. However, '25 had less than 50, and we believe it could be 2 times to 3 times that in 2026. So it helped get us to the top end of the range. We expect explorer again to be a big contributor. It was last year. It's our first full year with the quant enabled explorer here in 2025. We shipped over 150 devices and had 40% year over year growth.

我們在第四季能做到40多台很棒，這感覺很有意義。不過，2025年不到50台，而我們相信2026年可能會是其2到3倍。因此這有助於我們達到區間上緣。我們預期Explorer也會再次成為重要貢獻者。去年就是如此。2025年是我們搭載Quant功能的Explorer的第一個完整年度。我們出貨超過150台設備，年增40%。

And we just started to tap into our Federal Defense channel and see this as an opportunity for '26 and beyond with Explorer, and we're opening up a broader fire gas detection market with Explorer, which is exciting. It, we are continuing to keep extending our platform leadership and trace chemical identification and enterprise accounts and green field placements across our state and local that Kevin touched on international channels, the opportunity there, and our law enforcement customers continue to rely on the MX908.

而我們才剛開始切入聯邦國防通路，並將其視為2026年及之後Explorer的機會；同時我們也透過Explorer開拓更廣泛的火災與氣體偵測市場，這令人振奮。此外，我們持續延伸在痕量化學物質辨識與企業客戶、以及州與地方政府的綠地部署（green field placements）方面的平台領導地位；Kevin也提到國際通路的機會，以及我們的執法客戶仍持續仰賴MX908。

And I'm excited that the next gen mass spec platform as it comes out. And ACAD, we just touched on it, we're planning on $2 million to $3 million this year in our guide. I guess I would add to just as we think about, the full year and maybe provide a little bit of insight on seasonality, for '25, our revenues stepped up each quarter, and we had 44% of the revenues in the first half.

而我也很期待下一代質譜平台推出之後的表現。至於ACAD，我們剛剛也提到，在今年的指引中我們規劃為2百萬到3百萬美元。我想我再補充一下：就全年來看，並提供一些季節性資訊，2025年我們的營收每一季都逐季提升，上半年占全年營收的44%。

The fourth quarter was maybe 30%, about 31% of our revenues overall. So for '26, I think there are a few factors to consider. I expect H1, H2 to be comparable to '25, and within H1, I would expect Q1 growth to be in the low 10s, say maybe 10%, maybe getting to the 15% level, and then Q2 would be closer to the higher end of our guide of 20% year-on growth.

第四季大概占我們全年營收的30%，約31%。因此對2026年，我認為有幾個因素需要考量。我預期上半年、下半年的分布會與2025年相近；而在上半年之內，我預期第一季成長會落在10%出頭，例如約10%，可能到15%的水準，接著第二季會更接近我們指引上緣、也就是約20%的年增。

So there's some Q1, Q2 timing dynamics, partly due to our production limits of our new product VipIR, which I mentioned had a lot of demand in Q4, requires us to replenish material inventory. So, a lot to think about, a lot of different elements there as we go into '26, but excited, in laying out the 15% to 20% growth and looking to try to achieve that top end where possible.

所以第一季、第二季之間存在一些時點動態，部分原因是我們新產品VipIR的產能限制；我提到第四季需求很強，這需要我們補充材料庫存。因此，進入2026年有很多事情要思考、也有很多不同的要素，但我們很興奮能提出15%到20%的成長目標，並在可能的情況下努力達成上緣。

Got it. That's super helpful. And then just, on the EBITDA aside, just wanted to get a, you, you're pointing to 50% improvement, but just wanted to, understand any of the levers that you have and how should we think about that cadence as well, and, with the, DHS shutdown, should we, I'm just wondering, are you accounting for that, in sort of the first quarter here? Thank you.

了解。這非常有幫助。另外，關於EBITDA這一塊，你們提到要改善50%，我想了解你們有哪些槓桿可以運用，以及我們應該如何看待這個節奏；還有，若DHS停擺，我只是想確認，你們是否已把這點納入第一季的考量？謝謝。

Yeah, great question. I'll start with the funding dynamics and pass it to you, Joe, and the EBITBA remarks. But on the funding dynamics, overall, I think we're in a better spot than this time last year, right, because we do have 11 of the 12 federal appropriations bills complete, which means the federal government and agencies are funded through September 30.

是的，這是個好問題。我先談資金動態，然後把EBITDA的說明交給你，Joe。就資金動態而言，整體來看，我認為我們比去年此時處在更好的位置，因為12項聯邦撥款法案中已有11項完成，這代表聯邦政府與各機構的資金已確保到9月30日。

You're absolutely right. Homeland Security is the one, the oddball there that's in short-term extensions and remains unresolved and unfunded at. At the moment, so different funding dynamics there, I think in the state and local markets that rely upon grant funding that often flows through DHS, we haven't seen a slowdown there. It remains active customer applications. So, I think we also, we're just entering 2026 with the material stronger late-stage funnel.

你說得完全正確。國土安全部（DHS）是其中的例外，目前仍以短期延長案運作，且尚未解決、也尚未獲得資金支持。因此那裡的資金動態確實不同；我認為在依賴補助資金、且補助往往透過DHS流入的州與地方市場，我們尚未看到放緩。客戶申請仍然活躍。所以我也認為，我們進入2026年時，後期漏斗（late-stage funnel）明顯更強。

So DHS specifically, it's a little hard to quantify the impact here in the first quarter or the first half, but again, many of the adjacent grant preparedness programs are these multi-year funding cycles which really helps smooth it out. So all in all, I think it's a net positive in where we sit from our funding dynamics today versus a year ago or certainly on our earlier in Q4.

因此就DHS本身而言，要量化第一季或上半年的影響有點困難；但同樣地，許多相鄰的補助備災計畫是多年期的資金週期，這確實有助於平滑波動。總體而言，我認為相較一年前、或至少相較我們在第四季早期的狀況，今天我們在資金動態上的位置是淨正向的。

Yeah, on the adjusted EBITDA, for '26, we are committed to cutting our adjusted EBITDA loss in half from that approximately $10 million in 2025. And we think there's another significant step down. We believe we can do it without handicapping our ability to address the expanding opportunity, that we really feel is key.

是的，關於2026年的調整後EBITDA，我們承諾將調整後EBITDA虧損相較於2025年約1,000萬美元減半。而我們認為還能再顯著下降一個台階。我們相信可以在不削弱我們掌握擴大機會能力的前提下做到，而我們確實認為這點很關鍵。

It's such a great opportunity, and we need to go after it hard. I think getting to the low to mid-single-digit millions of adjusted EBITDA loss for the full year of '26 is huge and monumental with our balance sheet and efficient cost structure. We can firmly control our trajectory, we are focused on that growth in cash runway. And it's not as much of a concern at this point.

這是一個非常好的機會，我們必須全力以赴。對我們而言，2026年全年把調整後EBITDA虧損降到低至中個位數百萬美元，是非常重大且具里程碑意義的成果，這也符合我們的資產負債表狀況與高效率的成本結構。我們可以穩健地掌控自身的軌跡，並專注於延長現金跑道的成長。因此在這個時間點，這不再是那麼大的疑慮。

And with some targeted investments on the selling and marketing side, whether it's internationally within specific opportunities on the state and local, and making sure that we get the next gen MX off and running a little bit of investment on the R&D side. So we think the adjusted EBITDA with volume is under our control and we're excited to be on that journey.

同時，我們也會在銷售與行銷端做一些有針對性的投資，不論是在國際市場、或州與地方的特定機會；並確保下一代MX能順利啟動，研發端也會投入一些資源。因此我們認為，隨著出貨量提升，調整後EBITDA是在我們可控範圍內的，我們也很期待走在這段旅程上。

That's helpful. Okay, thank you.

這很有幫助。好的，謝謝。

Welcome.

不客氣。

Daniel Arias, Stifel.

Daniel Arias，Stifel。

Hey good morning guys. Thank you, Kevin, maybe just going back to the Middle East conflict here, can you just talk through the way in which these situations at the federal level or the global level tend to impact timing and just the focus of the federal government? I mean, another way to say it is.

各位早安。謝謝你，Kevin。我想回到中東衝突這件事，你能否談談這類在聯邦層級或全球層級的情勢，通常會如何影響時程，以及聯邦政府的關注重點？換個方式說就是。

When we go to war with Iran, does that sort of suck up all the air in the room for the defense folks, DHS, military in a way that creates some uncertainty when it comes to the stuff that you're working on with them?

如果我們與伊朗開戰，這是否會在某種程度上占據國防相關人士、DHS、軍方的全部注意力，從而對你們正在與他們合作的事項帶來一些不確定性？

Yeah, no, that's a great question. We're not seeing that or feeling that today, I think that the government's very large and has many prongs of engagement here with 908 and increasing amounts on that state and local side, right? It was about maybe 30% of our sales last year with the larger federal and military.

是的，這確實是個好問題。我們目前沒有看到或感受到這種情況；我認為政府體系非常龐大，對908也有多個面向的推進，同時在州與地方端的比重也在提高，對吧？去年我們的銷售中，大約30%來自較大的聯邦與軍方客戶。

And 70% was outside. I would say that if you look internationally, certainly in the Middle East, there's a lot of people working from home here right now, right? So can that slow down some of our opportunities in the Middle East that's possible. Can that also create, can this conflict increase the demand there?

而70%是在其之外。我會說，如果看國際市場，尤其是中東，目前那邊有很多人正在居家工作，對吧？所以這是否可能讓我們在中東的一些機會放慢？有可能。而這場衝突是否也可能帶來、是否會提高那邊的需求？

I think that's also highly likely, but those deals take a long time to progress, so we're not particularly seeing a meaningful immediate impact one way or the other on that from the US government. Absolutely our troops in the US are in harm's way. Some of our employees' children are involved in those conflicts, so we very much wish them the best.

我認為這也非常有可能，但那些交易推進需要很長時間，因此我們並沒有特別看到美國政府在這方面對其產生任何一方或另一方的有意義的即時影響。我們在美國的部隊絕對處於危險之中。我們一些員工的孩子也捲入了那些衝突，因此我們非常祝福他們一切順利。

If you think from a demand side, we know some of our customers are there. We do know that some of our customers are involved, and, where that plays out we'll see. But I think it's pretty balanced at the moment. We're not really expecting any disruption from it at this time.

如果從需求端來看，我們知道有些客戶在那裡。我們也確實知道有些客戶牽涉其中，至於事情如何發展我們會再觀察。但我認為目前相當均衡。我們目前並不預期會因此受到任何干擾。

Okay, and then Joe, you mentioned op expenses, maybe kicking a little bit higher this year. What specifically are you looking to do when it comes to the commercial efforts and then how are you thinking about the return on that spend? Is it more immediate? Is there, or is it longer-term investment? Thanks.

好的，接著 Joe，你提到今年營運費用可能會略微上升。就商業推進而言，你具體打算做些什麼？以及你如何看待這筆支出的回報？是比較即時的嗎？還是說，這是一項較長期的投資？謝謝。

Yeah, great question. I think some of the opportunity that we've seen performance on the state and local, at a high level, and we see more opportunity there as far as getting more penetration, in the field, but also leveraging inside sales capabilities. Outreach remote demos and opportunities, so adding some folks to support those efforts and drive the need and the funding sources that we're seeing on the state and local side.

是的，問得很好。我認為我們在州與地方層面看到了一些機會，整體表現不錯，而且我們也看到更多機會可以提高滲透率——不僅是在外勤端，也包括運用內勤銷售能力。例如遠端外聯、線上展示（demo）與相關機會，因此我們會增補一些人力來支援這些工作，並推動我們在州與地方端所看到的需求與資金來源。

I think on the international side, we work with a distribution network, over, I think it's 65, almost 70 countries that we sell through today, and those are supported by 908 employees. I think opportunity to build out, provide more of a commercial presence internationally, whether it's in Europe, Middle East, and AIPAC across the board.

我認為在國際方面，我們透過一個經銷網路運作，目前我們在超過 65、接近 70 個國家透過該網路銷售，而這些業務由 908 名員工支援。我認為我們有機會在國際上擴建、提供更多商業據點與能見度，無論是在歐洲、中東，以及整體 APAC（亞太）地區。

Yeah, international sales was about 27% of our revenues last year. That's up from 25% in 2024 and obviously a larger number and so we really do believe there's a lot of potential in that area and Joe said we've got channel managers and apps people across Europe, the Middle East, and APAC, but you know we do think it's an area well worth investing.

是的，去年國際銷售約占我們營收的 27%。這高於 2024 年的 25%，而且顯然金額也更大，因此我們確實相信那個領域有很大的潛力。Joe 提到我們在歐洲、中東與 APAC 都有通路經理與應用（apps）人員，但我們確實認為這是一個非常值得投資的領域。

Yeah, from a timing perspective, I think the state and local can have some more immediate opportunity and contribution with those investments. They turn around a bit quicker. International is a little bit more of the long game. There might be some benefit in the back half, but definitely as we grow and continue to show a growth trajectory in the years to come.

是的，從時程角度來看，我認為州與地方端透過這些投資，可能會有更即時的機會與貢獻。它們的回轉速度更快一些。國際則比較像是長期布局。下半年可能會有一些效益，但更重要的是，隨著我們成長並在未來幾年持續展現成長軌跡。

Okay, thank you.

好的，謝謝。

Chad Wiatrowski, TD Cowen.

Chad Wiatrowski，TD Cowen。

Hey Kevin, hey Joe, obviously the FTIR replacement cycle is a major driver this year. In your words, you've only made a dent so far, so can you help kind of frame the path forward, in light of initial '26 guidance, but even looking at '27, '28, how do you expect this to play out? And is this sort of a durable multi-year driver?

嗨 Kevin、嗨 Joe，顯然 FTIR 的汰換週期是今年的一個主要驅動因素。用你們的話說，你們目前只是稍微打入一些，所以能否協助我們在初步的 2026 年指引之下，甚至展望 2027、2028 年，勾勒一下接下來的推進路徑，你們預期會如何發展？而這是否會是一個可持續的多年驅動因素？

Yeah, absolutely. Great question. I mean, to us, innovation is absolutely a focus and a multi-year driver for it. So yeah, we just launched our VipIR, our newest product in call it the July time frame, and now we've shipped more than 40 devices in Q4, 3 million of revenue. So we're very excited for that early reception and those placements in the US and internationally. So we do think about that as a great driver for us for.

是的，當然。問得很好。我的意思是，對我們而言，創新絕對是重點，也是推動我們的多年驅動因素。所以是的，我們剛在大約 7 月的時間推出了最新產品 VipIR，而在第四季我們已出貨超過 40 台設備，帶來 300 萬美元營收。因此我們對早期的市場反應以及在美國與國際上的部署非常興奮。所以我們確實把它視為我們的一個很好的驅動因素。

For 2026 and beyond, right? There's a pretty large market opportunity we see for that and all of our FTIR products in total. And as we called out, Explorer is another great example of that. It delivered 40% year-over-year and again in last in 2025 and we again expect it to be a very significant contributor. So yeah, we really do believe the innovation cycle, the modernization, the increased capabilities that we're bringing does drive very durable growth.

用於 2026 年及之後，對吧？我們看到它以及我們所有 FTIR 產品整體都有相當大的市場機會。而正如我們提到的，Explorer 也是另一個很好的例子。它在 2025 年的年增率達到 40%，而我們也預期它仍將是非常重要的貢獻者。所以是的，我們確實相信創新週期、現代化，以及我們帶來的能力提升，會驅動非常持久的成長。

And just to recap a bit, so '25, 58% of our revenues was mass spec related, 42% was FTIR, and super excited to see that contribution, kind of within the first two years of acquisition and some of the product traction and Kevin highlighted VipIR and with our product portfolio, typically you see some of the initial opportunities being able to be secured, within state, local, international, and then FED and military defense might be a little bit further down the pipeline.

再稍微回顧一下，2025 年我們營收中有 58% 與質譜（mass spec）相關，42% 來自 FTIR；我們非常興奮看到這樣的貢獻——在收購後的前兩年內就有這樣的表現，以及一些產品動能。Kevin 也特別提到 VipIR。以我們的產品組合來看，通常一開始較容易拿下的機會會是在州、地方與國際市場，接著聯邦（FED）與軍事國防可能會在管線中更後面一些。

So as we think about growth in '27 and beyond. That would be anticipated through some of those enterprise accounts and adoption that have to go through more of a testing cycle to get adoption. So it's not just the initial, but then the longer-term trajectory of things like VipIR. And explorer where we're just getting going.

因此當我們思考 2027 年及之後的成長時，預期會透過一些企業級客戶（enterprise accounts）以及必須經過更多測試週期才能導入的採用（adoption）來實現。所以不只是初期機會，還包括像 VipIR 這類產品的長期成長軌跡。以及 Explorer——我們才剛開始起步。

And on that same theme, I guess for 2027 and beyond on the deck, I see you referenced integrations with UGVs, UAVs, and robots. Could you just spend a minute explaining what applications you're referring to there and what that could actually look like?

延續同一個主題，我想問在你們簡報中提到 2027 年及之後，引用了與 UGV、UAV 以及機器人的整合。你能否花一點時間說明你們指的是哪些應用情境，以及實際上可能會長什麼樣子？

Yeah, absolutely, Chad. That's an area that we've been planting seeds, and we continue to do that today, and those seeds are working with partners across different countries. We've talked about. A collaboration with Dall Defense Group in France where they've put it on their quadrabot.

是的，當然，Chad。這是我們一直在播種的領域，而且我們今天仍持續在做；這些種子包括與不同國家的合作夥伴合作。我們曾談到。與法國 Dall Defense Group 的合作，他們把我們的設備裝在他們的四足機器人（quadrabot）上。

We've talked about and showcased an effort at the Indy 500 where it was our gas sensing technology was added to a patrolling quadrabot that went through the tunnels underneath the raceway looking for toxic industrial chemicals and any leakages or hazardous conditions.

我們也談過並展示過在印第 500 大賽的一項成果：我們的氣體感測技術被加裝到一台巡邏用的四足機器人上，它穿梭於賽道下方的隧道，尋找有毒工業化學品以及任何洩漏或危險狀況。

So those are the types of areas that we talk about as our platforms, all of our platforms, as you look at our roadmap, we're always thinking about smaller size, weight, power, all that just enables more and more opportunity in those areas. So we're trying to align our engagements out there and call it seeding of the market because we do think it opens up even further the number of sockets as we look towards 2027 and beyond.

所以這些就是我們所說的平台應用類型；就我們所有平台而言，當你看我們的產品路線圖時，我們一直在思考更小的尺寸、重量、功耗等，這些都能在那些領域帶來越來越多的機會。因此我們正嘗試讓我們在外部的合作與投入（可稱為市場播種）對齊，因為我們確實認為，當我們展望 2027 年及之後時，這會進一步擴大可部署的「插槽」（sockets）數量。

There are no further questions at this time. I will now turn the call back to Kevin Knopp, CEO and Co-Founder of 908, for closing remarks.

目前沒有其他問題。我現在把電話交回給 908 的執行長兼共同創辦人 Kevin Knopp，請他做結語。

Okay, well, thank you very much for the thoughtful questions and your time today, and we appreciate you listening to our call and have a great day.

好的，非常感謝各位今天提出深思熟慮的問題並撥冗參與，我們也感謝各位收聽我們的電話會議，祝各位有美好的一天。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。