7. 908 Devices Inc. (NASDAQ:MASS)
908 Devices Inc. (NASDAQ: MASS) ranks No. 7 as a fast-growing provider of portable chemical-analysis equipment used in healthcare, public safety, pharmaceutical manufacturing, law enforcement, and defense. Its handheld instruments allow users to identify illicit drugs, hazardous chemicals, and unknown substances at the point of need instead of waiting for conventional laboratory testing.
Second-quarter 2026 revenue increased 23% to $16.1 million, while recurring revenue reached $4.9 million and represented 31% of quarterly sales. The installed base expanded 23% to 4,101 devices, and adjusted EBITDA loss narrowed to $1.9 million from $3.9 million. Management raised the lower end of its full-year revenue guidance to $68 million to $70 million, implying annual growth of 21% to 25%.
Although 908 Devices Inc. (NASDAQ: MASS) remains unprofitable, it ended June with approximately $101.5 million in cash and marketable securities and no outstanding debt. That balance sheet provides room to expand while working toward profitability. Government-procurement timing, uneven instrument orders, and continuing GAAP losses remain important risks, but the company’s revenue momentum and financial flexibility make it an intriguing small-cap growth stock.
