MASS908 Devices Inc.
Laboratory Analytical Instruments
- Revenue
- $56M
- 18% YoY
- Operating margin
- -70.1%
- 42% YoY
- EBITDA
- −$35M
- 34% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$48M net debt
- AI in 10-K
- —
Red flags 2 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashFired-122% of net incomeCash flow under 80% of net income
- Dilutive SBCFired18% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear6% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $42M | $47M | $50M | $48M | $56M | 18% |
| Operating income | −$22M | −$35M | −$43M | −$57M | −$39M | 31% |
| Net income | −$22M | −$34M | −$36M | −$72M | $19M | 127% |
| Operating cash flow | −$29M | −$21M | −$25M | −$30M | −$24M | 22% |
| Capex | $737K | $2M | $2M | $602K | $955K | 59% |
| Stock-based comp | $3M | $7M | $10M | $12M | $10M | 16% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $3M | 47 | — |
| FY2024 | $2M | $29K | 20 | — |