Ekso Bionics (EKSO) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The power o ...

Core Insights - Several small-cap stocks experienced significant gains in after-hours trading, driven by strategic updates, leadership changes, and pipeline developments, indicating renewed investor interest [1] Adaptimmune Therapeutics plc (ADAP) - ADAP's stock surged 30% in after-hours trading, reaching $0.2020 after a 98% gain during the regular session, closing at $0.16 [2] - The company reported a net loss of $30.3 million for Q2 2025, with total revenue of $13.7 million, primarily from product sales of TECELRA, which saw over 150% growth compared to Q1 [3] - In August, Adaptimmune sold several cell therapies to US WorldMeds for $55 million upfront, with potential future milestone payments of up to $30 million, allowing the company to repay its debt and restructure [4] Butterfly Network Inc. (BFLY) - BFLY's stock rose 10.58% in after-hours trading to $2.09, following a 15.95% increase during the regular session [4] - The company was recognized in TIME's list of the World's Top HealthTech Companies for 2025, and appointed a new Chief Technology Officer, enhancing its focus on innovation [5] - A recent study confirmed that Butterfly-enabled POCUS programs significantly reduce hospital stays and costs, validating its clinical impact [5] Aquestive Therapeutics Inc. (AQST) - AQST's stock increased 7.69% in after-hours trading to $5.32, continuing a year-to-date rise of nearly 39% [6] - The FDA confirmed it will not require an advisory committee meeting for AQST's NDA for Anaphylm, streamlining the regulatory process with a PDUFA date set for January 2026 [7] - The company secured a $75 million strategic funding agreement to support the potential launch of Anaphylm, reinforcing its commercial readiness [7] ALX Oncology Holdings Inc. (ALXO) - ALXO's stock rose 9.17% in after-hours trading to $1.19, following a 3.81% increase during the regular session [8] - Insider buying activity, particularly by CEO Jason Lettmann, who purchased 92,233 shares, has boosted investor confidence [9] - The company's lead candidate, Evorpacept, is in multiple Phase 1 and Phase 2 trials across various cancers, collaborating with major partners [9] Ekso Bionics Holdings Inc. (EKSO) - EKSO's stock increased 5.37% in after-hours trading to $4.51, following a 9.74% gain during the regular session [10] - The company's inclusion in the NVIDIA Connect Program has spotlighted its efforts to integrate AI into its technologies [11] - EKSO launched Virtual eksoUniversity to support continuing education for physical therapists, potentially broadening adoption of its rehabilitation devices [11] CEL-SCI Corp. (CVM) - CVM's stock rose 5.27% in after-hours trading to $9.39, after a 1.02% increase during the regular session [12] - The company completed a $10 million public offering to support ongoing clinical and regulatory efforts [13] - CEL-SCI filed for Breakthrough Medicine Designation in Saudi Arabia for its lead candidate, Multikine, which could expedite patient access and reimbursement [13]

Core Viewpoint - Ekso Bionics (EKSO) has experienced a downtrend, losing 10.1% over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with selling pressure likely subsiding, which could lead to a bullish trend for the stock [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, suggesting that despite a downtrend, buyers are starting to emerge [4][5]. - The effectiveness of the hammer pattern is enhanced when used alongside other bullish indicators, as its strength depends on its placement on the chart [6]. Fundamental Analysis - There has been a significant upward trend in earnings estimate revisions for EKSO, which is a bullish indicator, as these revisions are strongly correlated with near-term stock price movements [7]. - The consensus EPS estimate for the current year has increased by 77% over the last 30 days, indicating strong agreement among analysts regarding EKSO's potential for better earnings [8]. - EKSO holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Company Performance - Ekso Bionics reported a quarterly loss of $1.24 per share, slightly worse than the Zacks Consensus Estimate of a loss of $1.20, and an improvement from a loss of $1.95 per share a year ago [1] - The company posted revenues of $2.06 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 55.57%, and down from $4.95 million in the same quarter last year [2] - Over the last four quarters, Ekso Bionics has not surpassed consensus EPS or revenue estimates [2] Stock Performance - Ekso Bionics shares have declined approximately 47.3% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [3] - The current Zacks Rank for Ekso Bionics is 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is -$1.35 on revenues of $4.29 million, and for the current fiscal year, it is -$5.10 on revenues of $18.22 million [7] - The outlook for the Medical - Instruments industry, where Ekso Bionics operates, is currently in the bottom 32% of over 250 Zacks industries, which may impact the stock's performance [8]

Financial Data and Key Metrics Changes - The company recorded revenue of $2.1 million for Q2 2025, down from $5 million in Q2 2024, primarily due to short-term delays in multi-device enterprise health sales, partially offset by higher sales of the Ekso Indigo personal device [8] - Gross profit for Q2 2025 was $800,000, representing a gross margin of approximately 40%, compared to a gross profit of $2.6 million and a gross margin of 53% for the same period in 2024 [8] - Operating expenses for Q2 2025 were $4.8 million, a 4% improvement from $5 million in Q2 2024 [9] - The net loss applicable to common stockholders for Q2 2025 was $2.7 million, or $1.24 per share, compared to a net loss of $2.4 million, or $1.99 per share, for the same period in 2024 [9] Business Line Data and Key Metrics Changes - The legacy enterprise health product, primarily the EksoNR device, faced revenue declines, while the Ekso Indigo personal device saw increased sales, contributing to a 50% growth in personal health product revenues in the first half of 2025 [13][21] - Despite total revenues for the first six months of 2025 being down 38% compared to the same period in 2024, personal health product revenues grew by more than 50% [13] Market Data and Key Metrics Changes - The company is experiencing a trend of lower but steady growth in the legacy enterprise health business, counterweighted by growth in personal health from the Ekso Indigo device [13] - The company has developed a pipeline of over 45 Medicare beneficiaries qualified for the Ekso Indigo personal device, up more than 200% from the end of 2024 [16] Company Strategy and Development Direction - The company is focusing on a scalable go-to-market strategy for the Ekso Indigo personal device, supported by new distribution partners and educational initiatives like Ekso University [12][21] - A strategic initiative is underway to build a proprietary foundation model for human motion in physical rehabilitation, integrating new AI capabilities across the product portfolio [17][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the revenue shortfall in Q2 2025 does not reflect the overall health of the business and anticipates closing a significant portion of deferred sales in the second half of the year [11][20] - The company is actively working with partners to navigate market access and reimbursement processes, which are critical for the commercialization of personal devices [35] Other Important Information - The company joined the NVIDIA Connect program to enhance product development and cost efficiency, aiming to leverage AI in exoskeleton technology [17][19] - The company is working with Pria Healthcare to improve market access and reimbursement processes for the Ekso Indigo personal device [15][36] Q&A Session Summary Question: Can you quantify the deferred sales on the Enterprise Health side? - Management indicated that two multi-unit device sales fell out of Q2, with one being an international order delayed due to regulatory challenges and the other a North American order expected to occur in Q3, totaling approximately $1.4 million [24] Question: When do you expect the Indigo Personal to overtake the Enterprise Health business? - Management believes that by 2025, the contribution from personal health products will increase to about 25% of total revenue, with expectations to overtake enterprise health by 2027 [26] Question: How is the process of nailing down the patient profile progressing? - Management reported positive outcomes from appeals processes, with claims being approved when presented to administrative law judges, indicating that the technology is deemed medically necessary [29] Question: Will Ekso University focus solely on exoskeletons? - Management stated that while the initial courses focus on exoskeleton technology, future content will cover a wide range of neuro rehabilitation topics [30] Question: How many enterprise clients utilize federal grants? - Management estimated that approximately 10% of enterprise customers rely on federal or outside grants to fund their technology [41]

Financial Data and Key Metrics Changes - The company recorded revenue of $2.1 million for Q2 2025, down from $5 million in Q2 2024, primarily due to short-term delays in completing certain multi-device enterprise health sales [8][9] - Gross profit for Q2 2025 was $800,000, representing a gross margin of approximately 40%, compared to a gross profit of $2.6 million and a gross margin of 53% for the same period in 2024 [9] - Operating expenses for Q2 2025 were $4.8 million, a 4% improvement from $5 million in Q2 2024 [10] - The net loss applicable to common stockholders for Q2 2025 was $2.7 million, or $1.24 per share, compared to a net loss of $2.4 million, or $1.99 per share, for the same period in 2024 [10] Business Line Data and Key Metrics Changes - The legacy enterprise health product, primarily the EksoNR device, experienced a decrease in revenue, while sales of the Ekso Indigo personal device increased [9][12] - Personal health product revenues grew by more than 50% in the first half of 2025, despite total revenues being down 38% compared to the same period in 2024 [15][23] Market Data and Key Metrics Changes - The company noted that a small percentage of U.S. customers were impacted by the loss of federal grants and economic uncertainties, which may delay purchases into later 2025 or early 2026 [12][13] - The company has developed a pipeline of over 45 Medicare beneficiaries qualified for the Ekso Indigo Personal, up more than 200% from the end of 2024 [19] Company Strategy and Development Direction - The company is focusing on a scalable go-to-market strategy for the Ekso Indigo Personal, supported by new distribution partners and marketing efforts [23] - A strategic initiative is underway to build a proprietary foundation model for human motion in physical rehabilitation, integrating new AI capabilities across the product portfolio [20][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the second quarter revenue shortfall does not reflect the health of the current business or future prospects, citing expected closure of deferred sales [12][13] - The company is working to manage enterprise customer budgets and has engaged a third-party financial partner to assist in transitioning purchases from capital to operational budgets [42] Other Important Information - The company launched Ekso University, a virtual platform providing continuing education courses to physical therapists, aimed at increasing awareness and adoption of exoskeleton technology [14] - The company joined the NVIDIA Connect program to leverage AI and high-performance computing for product development [20][21] Q&A Session Summary Question: Can you quantify the deferred sales on the Enterprise Health side? - Management indicated that two multi-unit device sales fell out of Q2, with one being an international order and the other a North American IDN order expected to occur in Q3, totaling approximately $1.4 million [25][26] Question: When do you expect the Indigo Personal to overtake the Enterprise Health business? - Management believes that by 2025, the contribution from Personal Health will increase to about 25% of total revenue, with expectations to overtake Enterprise Health by 2027 [27][28] Question: How is the process of nailing down the patient profile progressing? - Management noted positive outcomes from recent ALJ hearings and emphasized the importance of ensuring the best claims possible for reimbursement [30] Question: Will Ekso University focus solely on exoskeletons? - Management stated that while initial courses will center on exoskeleton technology, future content will cover a broader range of neuro rehabilitation topics [32] Question: How are new collaborations aiding the commercialization of personal devices? - Management highlighted ongoing partnerships with industry leaders to navigate market access and build a scalable process for patient claims [37][40]

Company Overview - Ekso Bionics focuses on developing exoskeleton solutions to enhance human strength, endurance, and mobility[6] - The company has deployed over 900 devices in more than 450 centers worldwide[7, 12, 37] Financial Performance & Market Opportunity - In 2023, Ekso Bionics generated $15.4 million in clinical revenue[6] - The company is targeting positive operating cash flow through revenue growth and improved efficiencies[7, 71] - The total potential addressable market for personal mobility exoskeletons in the USA is estimated at ~$34 billion, including potential future neurodegenerative indications and general debility usage[55] Reimbursement & Market Access - CMS reimbursement for Ekso Indego Personal is established at $91,000, effective April 1, 2024[7, 50] - CMS & VA covered individuals with SCI is ~176,000[52] - The company is leveraging clinical relationships and partnerships for efficient market access[56, 57] Product Portfolio - The company offers a range of products, including EksoNR and Ekso Indego Therapy for neuro-rehabilitation[6] - Ekso is developing the Nomad device, with a limited research release in 2024 and commercial release expected in 2025[24] - EVO is an upper body exoskeleton for industrial applications, with a potential market opportunity > $8 billion annually[60, 66]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity, statements of cash flows, and accompanying notes, providing a detailed view of the company's financial position and performance for the periods ended June 30, 2025 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific reporting dates Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :---------------- | | Total Assets | $23,167 | $26,652 | | Total Liabilities | $12,237 | $13,945 | | Total Stockholders' Equity | $10,930 | $12,707 | | Cash and restricted cash | $5,242 | $6,493 | | Accounts receivable, net | $4,533 | $7,238 | | Inventories | $5,439 | $4,571 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This section outlines the company's financial performance, including revenue, gross profit, operating loss, and net loss for the reported periods Three Months Ended June 30 (in thousands, except per share amounts) | Metric | 2025 | 2024 | Change ($K) | % Change | | :----------------------------------- | :----- | :----- | :---------- | :------- | | Revenue | $2,057 | $4,950 | $(2,893) | (58)% | | Gross profit | $819 | $2,637 | $(1,818) | (69)% | | Gross profit % | 40% | 53% | - | - | | Loss from operations | $(3,975) | $(2,335) | $(1,640) | 70% | | Net loss | $(2,709) | $(2,416) | $(293) | 12% | | Net loss per share, basic and diluted | $(1.24) | $(1.99) | $0.75 | (38)% | | Unrealized gain (loss) on foreign exchange | $1,339 | $(91) | $1,430 | (1571)% | Six Months Ended June 30 (in thousands, except per share amounts) | Metric | 2025 | 2024 | Change ($K) | % Change | | :----------------------------------- | :----- | :----- | :---------- | :------- | | Revenue | $5,432 | $8,706 | $(3,274) | (38)% | | Gross profit | $2,625 | $4,588 | $(1,963) | (43)% | | Gross profit % | 48% | 53% | - | - | | Loss from operations | $(7,415) | $(5,591) | $(1,824) | 33% | | Net loss | $(5,600) | $(5,845) | $245 | (4)% | | Net loss per share, basic and diluted | $(3.01) | $(4.92) | $1.91 | (39)% | | Unrealized gain (loss) on foreign exchange | $1,965 | $(440) | $2,405 | (547)% | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This section details changes in the company's equity, reflecting net loss, financing activities, and other comprehensive income adjustments Stockholders' Equity Changes (in thousands) | Metric | December 31, 2024 | June 30, 2025 | | :----------------------------------- | :---------------- | :------------ | | Total Stockholders' Equity (beginning) | $12,707 | $12,707 | | Net loss | - | $(5,600) | | Equity financing, net | - | $4,768 | | Foreign currency translation adjustments | - | $(1,640) | | Stock-based compensation expense | - | $457 | | Total Stockholders' Equity (ending) | $12,707 | $10,930 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities for the reported periods Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Net cash used in operating activities | $(5,409) | $(6,136) | | Net cash used in investing activities | $(50) | $(8) | | Net cash provided by financing activities | $4,145 | $3,392 | | Effect of exchange rate changes on cash | $63 | $(1) | | Net decrease in cash | $(1,251) | $(2,753) | | Cash and restricted cash at end of period | $5,242 | $5,885 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the condensed consolidated financial statements [1. Organization](index=9&type=section&id=1.%20Organization) Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products primarily for healthcare (physical rehabilitation and mobility) and industrial use. The company reported an accumulated deficit of $256.3 million and negative operating cash flows, leading to substantial doubt about its ability to continue as a going concern, with unrestricted cash projected to fund operations into Q4 2025. Management plans to raise additional funds - Ekso Bionics designs, develops, and markets exoskeleton products for healthcare (physical rehabilitation and mobility) and industrial applications[20](index=20&type=chunk) - As of June 30, 2025, the company had an accumulated deficit of **$256,301 thousand** and used **$5,409 thousand** in cash from operations during the six months ended June 30, 2025[22](index=22&type=chunk) - Cash on hand as of June 30, 2025, was **$5,242 thousand**, with **$2,000 thousand** restricted, leaving approximately **$3,242 thousand** unrestricted[23](index=23&type=chunk) - Substantial doubt exists about the company's ability to continue as a **going concern** for the next **12 months**, with unrestricted cash estimated to fund operations into the **fourth quarter of 2025**[24](index=24&type=chunk) [2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates](index=10&type=section&id=2.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies%20and%20Estimates) This section outlines the company's financial reporting framework, including adherence to U.S. GAAP and SEC regulations, and highlights the significant use of management estimates in preparing financial statements. It details key accounting policies for foreign currency, inventory valuation, lease accounting, and revenue recognition, and notes the evaluation of recent accounting pronouncements - The condensed consolidated financial statements are prepared in accordance with **SEC rules** and **U.S. GAAP**, requiring management to make estimates and assumptions affecting reported amounts[27](index=27&type=chunk)[30](index=30&type=chunk) - Revenue is recognized upon transfer of control of products or services, with allocation based on relative standalone selling prices for multiple-element arrangements[36](index=36&type=chunk)[37](index=37&type=chunk) - The company has significant cash balances at foreign financial institutions exceeding insurance limits and concentrations of credit risk with a few major customers[41](index=41&type=chunk)[44](index=44&type=chunk) - The company is evaluating the impact of new accounting pronouncements: **ASU 2023-09** (Income Taxes) effective for fiscal years after **December 15, 2024**, and **ASU 2024-03** (Expense Disaggregation) effective for fiscal years after **December 15, 2026**[47](index=47&type=chunk)[48](index=48&type=chunk) [3. Accumulated Other Comprehensive (Loss) Income](index=13&type=section&id=3.%20Accumulated%20Other%20Comprehensive%20(Loss)%20Income) The company's accumulated other comprehensive (loss) income primarily reflects foreign currency translation adjustments, shifting from a gain of $957 thousand at December 31, 2024, to a loss of $(683) thousand by June 30, 2025, due to a net unrealized loss of $(1,640) thousand during the six-month period Accumulated Other Comprehensive (Loss) Income (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Balance at beginning of period (Dec 31, 2024) | $957 | $156 | | Net unrealized (loss) gain on foreign currency translation (6 months) | $(1,640) | $383 | | Balance at end of period (June 30, 2025) | $(683) | $539 | [4. Fair Value Measurement](index=13&type=section&id=4.%20Fair%20Value%20Measurement) The company measures financial assets and liabilities at fair value using a three-level hierarchy. Warrant liabilities, classified as Level 3 due to unobservable inputs, decreased from $1 thousand at December 31, 2024, to zero by June 30, 2025, primarily due to revaluation gains - Fair value measurements are categorized into **Level 1** (quoted prices in active markets), **Level 2** (observable inputs other than Level 1), and **Level 3** (unobservable inputs)[53](index=53&type=chunk) Warrant Liabilities Fair Value (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------ | :------------ | :---------------- | | Warrant liabilities | $0 | $1 | | Gain on revaluation of warrants (6 months ended June 30, 2025) | $(1) | - | [5. Inventories](index=14&type=section&id=5.%20Inventories) Inventories are recorded at the lower of cost or net realizable value using the standard cost method. As of June 30, 2025, total inventories increased to $5,439 thousand from $4,571 thousand at December 31, 2024, driven by increases in raw materials and finished goods Inventories (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :---------------- | :------------ | :---------------- | | Raw materials | $4,033 | $3,551 | | Work in progress | $300 | $177 | | Finished goods | $1,106 | $843 | | **Total Inventories** | **$5,439** | **$4,571** | [6. Revenue](index=14&type=section&id=6.%20Revenue) The company's revenue primarily stems from device sales, subscriptions, and support/maintenance contracts. Total revenue significantly decreased for both the three and six months ended June 30, 2025, compared to 2024, mainly due to lower device sales in the Americas. Deferred revenue and non-cancellable backlog indicate future revenue recognition - Revenue is primarily generated from the sale and subscription of **EksoNR**, **Ekso Indego Therapy**, and **Ekso Indego Personal** devices, along with support and maintenance contracts[57](index=57&type=chunk) Deferred Revenue (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Total deferred revenues | $3,497 | $3,876 | | Less current portion | $(1,808) | $(1,956) | | Deferred revenues, non-current | $1,689 | $1,920 | - The company expects to recognize approximately **$1,132 thousand** of deferred revenue during the remainder of **2025**, **$1,206 thousand** in **2026**, and **$1,159 thousand** thereafter[61](index=61&type=chunk) - Non-cancellable backlog as of June 30, 2025, totaled **$3,256 thousand**, including customer orders (**$3,009 thousand**) and subscription units (**$247 thousand**)[62](index=62&type=chunk) Revenue by Major Source (Three Months Ended June 30, in thousands) | Source | 2025 | 2024 | Change ($K) | % Change | | :---------------- | :----- | :----- | :---------- | :------- | | Device revenue | $1,172 | $3,815 | $(2,643) | (69.3)% | | Service and support | $712 | $836 | $(124) | (14.8)% | | Subscriptions | $99 | $146 | $(47) | (32.2)% | | Parts and other | $74 | $153 | $(79) | (51.6)% | | **Total Revenue** | **$2,057** | **$4,950** | **$(2,893)** | **(58.4)%** | Revenue by Major Source (Six Months Ended June 30, in thousands) | Source | 2025 | 2024 | Change ($K) | % Change | | :---------------- | :----- | :----- | :---------- | :------- | | Device revenue | $3,659 | $6,568 | $(2,909) | (44.3)% | | Service and support | $1,420 | $1,601 | $(181) | (11.3)% | | Subscriptions | $186 | $290 | $(104) | (35.9)% | | Parts and other | $167 | $247 | $(80) | (32.4)% | | **Total Revenue** | **$5,432** | **$8,706** | **$(3,274)** | **(37.6)%** | Geographic Revenue (Six Months Ended June 30, in thousands) | Region | 2025 | 2024 | Change ($K) | % Change | | :---------------- | :----- | :----- | :---------- | :------- | | Americas | $2,839 | $5,247 | $(2,408) | (45.9)% | | EMEA | $2,062 | $2,347 | $(285) | (12.1)% | | APAC | $531 | $1,112 | $(581) | (52.2)% | | **Total Revenue** | **$5,432** | **$8,706** | **$(3,274)** | **(37.6)%** | [7. Accrued Liabilities](index=17&type=section&id=7.%20Accrued%20Liabilities) Accrued liabilities decreased to $1,760 thousand at June 30, 2025, from $2,352 thousand at December 31, 2024, primarily due to lower salaries, benefits, and related expenses. The device warranty liability, a component of accrued liabilities, was $628 thousand at June 30, 2025 Accrued Liabilities (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Salaries, benefits and related expenses | $1,120 | $1,684 | | Device warranty | $487 | $474 | | Other | $153 | $194 | | **Total Accrued Liabilities** | **$1,760** | **$2,352** | Device Warranty Liability (in thousands) | Metric | June 30, 2025 | | :---------------- | :------------ | | Balance as of beginning of period (Dec 31, 2024) | $655 | | Additions for estimated future expense | $299 | | Incurred costs | $(326) | | **Balance as of June 30, 2025** | **$628** | | Current portion | $487 | | Long-term portion | $141 | [8. Goodwill and Intangible Assets](index=19&type=section&id=8.%20Goodwill%20and%20Intangible%20Assets) Goodwill remained stable at $431 thousand with no impairment. Total net intangible assets decreased to $4,235 thousand at June 30, 2025, from $4,580 thousand at December 31, 2024, primarily due to a $180 thousand impairment loss recognized on intellectual property related to the termination of the Vanderbilt Knee License Agreement - Goodwill of **$431 thousand**, recognized from the HMC Acquisition, remained unchanged with no impairment found for the periods presented[70](index=70&type=chunk)[71](index=71&type=chunk) Net Intangible Assets (in thousands) | Component | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Developed technology | $1,568 | $1,712 | | Trade name | $2,310 | $2,310 | | Intellectual property | $262 | $454 | | Customer relationships | $95 | $104 | | **Total intangible assets, net** | **$4,235** | **$4,580** | - An impairment loss of **$180 thousand** was recognized for intellectual property related to the **Knee License Agreement** with Vanderbilt University, which was terminated on **April 16, 2025**[75](index=75&type=chunk) Estimated Future Amortization Expenses (in thousands) | Fiscal Year | Amount | | :---------------- | :----- | | 2025 - remainder | $165 | | 2026 | $330 | | 2027 | $330 | | 2028 | $330 | | 2029 | $330 | | 2030 and thereafter | $440 | | **Total** | **$1,925** | [9. Notes Payable, net](index=20&type=section&id=9.%20Notes%20Payable,%20net) The company's notes payable consist of the BoC Term Loan ($2,000 thousand principal, due August 2026) and the Parker Hannifin Promissory Note ($5,000 thousand unsecured, subordinated, maturing September 2027). The BoC Term Loan includes a liquidity covenant requiring $2,000 thousand in restricted cash - The **BoC Term Loan** has a principal amount of **$2,000 thousand**, due in full in **August 2026**, and requires the company to maintain **$2,000 thousand** in restricted cash as a liquidity covenant[78](index=78&type=chunk)[80](index=80&type=chunk)[85](index=85&type=chunk) - The **Parker Hannifin Promissory Note** is an unsecured, subordinated **$5,000 thousand** note, with principal payable in sixteen equal quarterly installments, maturing on **September 30, 2027**[86](index=86&type=chunk) Notes Payable, Net (in thousands) | Note | June 30, 2025 | | :-------------------------- | :------------ | | BoC Term Loan, net | $1,998 | | Parker Hannifin Promissory Note, net | $2,587 | | **Total Notes Payable, net** | **$4,585** | Effective Interest Rates (Six Months Ended June 30) | Note | 2025 | 2024 | | :-------------------------- | :----- | :----- | | BoC Term Loan | 7.68% | 8.74% | | Parker Hannifin Promissory Note | 7.14% | 7.30% | [10. Lease Obligations](index=23&type=section&id=10.%20Lease%20Obligations) The company has operating lease agreements for its San Rafael headquarters, Ohio facility, and a new Ratingen, Germany facility, with the Hamburg office lease expiring in June 2025. Lease liabilities are recorded based on the present value of lease payments, totaling $806 thousand as of June 30, 2025 - Operating leases include facilities in **San Rafael, California** (expires **Nov 2026**), **Brecksville, Ohio** (expires **July 2027**), and **Ratingen, Germany** (new, commenced **May 2025**, expires **April 2030**); the **Hamburg, Germany** office lease expired in **June 2025**[91](index=91&type=chunk)[93](index=93&type=chunk)[95](index=95&type=chunk)[97](index=97&type=chunk) Operating Lease Liabilities (in thousands) | Metric | June 30, 2025 | | :-------------------------------- | :------------ | | Total lease payments | $877 | | Less: imputed interest | $(71) | | **Present value of lease liabilities** | **$806** | | Weighted-average remaining lease term | 2.10 years | | Weighted-average discount rate | 8.3% | - Lease expense for the six months ended June 30, 2025, was **$317 thousand**, compared to **$271 thousand** for the same period in 2024[100](index=100&type=chunk) [11. Capitalization and Equity Structure](index=25&type=section&id=11.%20Capitalization%20and%20Equity%20Structure) The company executed a 1-for-15 reverse stock split in June 2025 to regain Nasdaq compliance. It engaged in several equity financing activities, including a March 2025 Inducement Warrant transaction ($3.9 million net proceeds), a September 2024 Offering ($5.0 million net proceeds), a January 2024 Offering ($3.9 million net proceeds), and sales under an At The Market (ATM) Agreement ($0.9 million net proceeds in H1 2025). Warrants are classified as either equity or liability based on their terms - A **1-for-15 reverse stock split** was effected on **June 2, 2025**, to raise the per share trading price and regain compliance with Nasdaq's minimum bid price requirement[103](index=103&type=chunk)[104](index=104&type=chunk) - As of June 30, 2025, **2,605 thousand shares** of common stock were issued and outstanding, compared to **1,480 thousand shares** as of December 31, 2024[105](index=105&type=chunk) - The **March 2025 Inducement Warrant** transaction generated approximately **$3,853 thousand** in net proceeds from the exercise of existing warrants and issuance of new warrants for **700 shares** at **$6.36 per share**[106](index=106&type=chunk) - The **September 2024 Offering** generated approximately **$5,003 thousand** in net proceeds, and the **January 2024 Offering** generated approximately **$3,932 thousand** in net proceeds[107](index=107&type=chunk)[109](index=109&type=chunk) - Under the **ATM Agreement**, the company sold **231 thousand shares** of common stock for **$914 thousand** in net proceeds during the six months ended June 30, 2025, with **$3,125 thousand** remaining available for future offerings[110](index=110&type=chunk) Warrants Outstanding (in thousands) | Source | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Inducement Warrant | 700 | — | | Pre-Funded Warrant | — | 171 | | Series A Warrants | 73 | 400 | | Series B Warrants | 73 | 400 | | 2021 Warrants | 18 | 18 | | June 2020 Investor Warrants | 9 | 9 | | June 2020 Placement Agent Warrants | — | 3 | | December 2019 Warrants | — | 37 | | **Total Warrants Outstanding** | **873** | **1,038** | | Weighted average exercise price | $12.38 | - | - The **2021 Warrants** and **June 2020 Investor Warrants** are classified as liabilities due to put-option provisions and are measured at fair value using **Level 3 inputs** (Black-Scholes Model)[128](index=128&type=chunk)[132](index=132&type=chunk) [12. Stock-based Compensation](index=33&type=section&id=12.%20Stock-based%20Compensation) The company's 2014 Equity Incentive Plan had 468 thousand shares authorized for issuance as of June 30, 2025, with 128 thousand available for future grants. Stock-based compensation expense for the six months ended June 30, 2025, was $457 thousand, a decrease from $660 thousand in the prior year - The total number of shares authorized for grant under the **2014 Equity Incentive Plan** increased by **153 thousand shares** to **468 thousand**, with **128 thousand** available for future grants as of June 30, 2025[140](index=140&type=chunk) - As of June 30, 2025, **98 thousand unvested Restricted Stock Units (RSUs)** were outstanding, with **$637 thousand** of unrecognized compensation expense expected to be recognized over a weighted average period of **1.17 years**[142](index=142&type=chunk) Stock-based Compensation Expense (in thousands) | Expense Category | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :----------------------------- | :----------------------------- | | Sales and marketing | $33 | $58 | | Research and development | $24 | $171 | | General and administrative | $400 | $431 | | **Total** | **$457** | **$660** | - The **401(k) Plan** share matching expense for the six months ended June 30, 2025, was **$15 thousand**, compared to **$113 thousand** in 2024[150](index=150&type=chunk) [13. Income Taxes](index=35&type=section&id=13.%20Income%20Taxes) There were no material changes to the company's unrecognized tax benefits during the six months ended June 30, 2025, and no significant changes are anticipated through the end of the fiscal year 2025 - No material changes to unrecognized tax benefits occurred during the six months ended June 30, 2025, and no significant changes are expected for the fiscal year ending December 31, 2025[152](index=152&type=chunk) [14. Commitments and Contingencies](index=35&type=section&id=14.%20Commitments%20and%20Contingencies) The company has material contracts including license agreements with the University of California and Vanderbilt University (one of which was terminated in April 2025). Purchase obligations totaled $1,357 thousand, and operating lease commitments were $877 thousand as of June 30, 2025. Management believes current legal matters will not materially adversely affect the financial statements - The company holds two license agreements with the **Regents of the University of California** and one with **Vanderbilt University** for exclusive patent rights[153](index=153&type=chunk)[154](index=154&type=chunk) - The **Vanderbilt Knee License Agreement** was terminated on **April 16, 2025**, eliminating future royalty payments[155](index=155&type=chunk) - Purchase obligations, primarily for inventory and manufacturing services, totaled **$1,357 thousand** as of June 30, 2025, expected to be paid within **one year**[157](index=157&type=chunk) - Operating lease commitments totaled **$877 thousand** as of June 30, 2025[158](index=158&type=chunk) - Management believes the resolution of current legal matters will not have a **material adverse effect** on the condensed consolidated financial statements[159](index=159&type=chunk) [15. Net Loss Per Share](index=36&type=section&id=15.%20Net%20Loss%20Per%20Share) The company reported a basic and diluted net loss per common share of $(3.01) for the six months ended June 30, 2025, an improvement from $(4.92) in the prior year, despite an increase in weighted-average common shares outstanding. Anti-dilutive common stock equivalents totaled 982 thousand shares Net Loss Per Common Share (Six Months Ended June 30) | Metric | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Net loss applicable to common stockholders | $(5,600) | $(5,845) | | Adjustment for deemed dividend | $(226) | $0 | | Adjusted net loss for basic and diluted calculation | $(5,826) | $(5,845) | | Weighted-average common shares, basic and diluted | 1,938 | 1,188 | | **Net loss per common share, basic and diluted** | **$(3.01)** | **$(4.92)** | - Potential common stock equivalents totaling **982 thousand shares** (options, restricted stock units, warrants) were excluded from diluted EPS calculation as they were anti-dilutive[162](index=162&type=chunk) [16. Segment Disclosures](index=36&type=section&id=16.%20Segment%20Disclosures) The company operates as a single operating segment, with its Chief Executive Officer serving as the chief operating decision maker (CODM). The CODM reviews consolidated financial information to allocate resources and assess performance, primarily focusing on the healthcare market for exoskeleton products - The company is managed as a **single operating segment**, primarily serving the **healthcare market** with exoskeleton products[163](index=163&type=chunk) - The **Chief Executive Officer** acts as the **CODM**, reviewing consolidated financial information, annual operating plans, and long-range forecasts to make operating decisions and evaluate financial performance[163](index=163&type=chunk)[164](index=164&type=chunk) [17. Related Party Transactions](index=37&type=section&id=17.%20Related%20Party%20Transactions) There were no related party transactions during the six months ended June 30, 2025. A previous settlement agreement from February 2023 with an affiliated entity, totaling $325 thousand, was fully paid in April 2024 - No related party transactions occurred during the six months ended June 30, 2025[166](index=166&type=chunk) - A **$325 thousand settlement agreement** with an affiliated entity, entered into in **February 2023**, was fully paid in **April 2024**[167](index=167&type=chunk)[168](index=168&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, highlighting business overview, critical accounting estimates, detailed financial performance analysis, and liquidity and capital resources. It emphasizes the company's focus on exoskeleton products, the impact of Medicare reimbursement for Ekso Indego Personal, and ongoing challenges related to profitability and financing [Overview](index=40&type=section&id=Overview) Ekso Bionics designs and markets exoskeleton products for healthcare (Enterprise and Personal Health) and industrial markets. The company is strategically focusing on expanding its Personal Health market, particularly with the Ekso Indego Personal device, following Medicare CMS reimbursement approval, despite initial challenges in the reimbursement process. Economic trends, including increased price-based competition and foreign currency fluctuations, continue to impact market demand - The company designs, develops, and markets exoskeleton products for human strength, endurance, and mobility, primarily serving the **healthcare market** (physical rehabilitation and mobility) and industrial workers[175](index=175&type=chunk) - **CMS** approved a payment level of approximately **$91,000** for Medicare reimbursement of the **Ekso Indego Personal**, effective **April 1, 2024**, creating potential for increased demand in the Personal Health market[181](index=181&type=chunk) - The company is refining its **CMS reimbursement process** for the **Ekso Indego Personal**, with initial claims reimbursed in **July 2024** and **April 2025**; partnerships with DMEs and O&P providers are being developed to scale this sales channel[183](index=183&type=chunk) - As of **June 2025**, there is a backlog of approximately **45 individuals** who qualify for **Ekso Indego Personal** reimbursement, with claims expected to be submitted in **2025** and early **2026**[183](index=183&type=chunk) - Market demand is influenced by awareness of robotic exoskeleton rehabilitation, reimbursement levels, economic growth, and increasing price-based competition, particularly affecting **Enterprise Health products** with lengthy sales cycles[186](index=186&type=chunk) [Critical Accounting Estimates](index=42&type=section&id=Critical%20Accounting%20Estimates) Management's discussion highlights several critical accounting estimates requiring significant judgment, including standalone selling prices for revenue allocation, fair value measurement of warrant liabilities, provision for credit losses on accounts receivable, inventory valuation, realizability of deferred tax assets, valuation of assets/liabilities in business combinations, future warranty costs, lease accounting, and useful lives of long-lived assets. Changes in these estimates could materially impact financial results - Key estimates include **standalone selling prices** for revenue allocation, **fair value of warrant liabilities** (using Black-Scholes model), **provision for credit losses**, **inventory valuation**, and the **realizability of deferred tax assets**[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) - Significant estimates are also made for valuing tangible and intangible assets acquired in business combinations, future warranty costs, accounting for leases (using incremental borrowing rates), and assigning useful lives to long-lived assets[194](index=194&type=chunk)[195](index=195&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) For the three and six months ended June 30, 2025, the company experienced significant decreases in revenue and gross profit, primarily due to delays in Enterprise Health device sales. Operating expenses saw mixed changes, with R&D and sales & marketing decreasing, while G&A increased. Net loss increased for the three-month period but slightly decreased for the six-month period, heavily influenced by a substantial unrealized foreign exchange gain Revenue and Gross Profit Performance (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (YoY) | | :---------------- | :--------------------------- | :--------------------------- | :------------- | :--------------------------- | :--------------------------- | :------------- | | Revenue | $2,057 | $4,950 | (58)% | $5,432 | $8,706 | (38)% | | Cost of revenue | $1,238 | $2,313 | (46)% | $2,807 | $4,118 | (32)% | | Gross profit | $819 | $2,637 | (69)% | $2,625 | $4,588 | (43)% | | Gross profit % | 40% | 53% | - | 48% | 53% | - | Operating Expenses Performance (in thousands) | Expense Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (YoY) | | :----------------------- | :--------------------------- | :--------------------------- | :------------- | :--------------------------- | :--------------------------- | :------------- | | Sales and marketing | $1,690 | $1,846 | (8)% | $3,397 | $3,664 | (7)% | | Research and development | $852 | $1,116 | (24)% | $1,839 | $2,252 | (18)% | | General and administrative | $2,252 | $2,010 | 12% | $4,804 | $4,263 | 13% | | Total operating expenses | $4,794 | $4,972 | (4)% | $10,040 | $10,179 | (1)% | Other Income (Expense), Net (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change (YoY) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | % Change (YoY) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------------- | :--------------------------- | :--------------------------- | :------------- | | Interest expense, net | $(65) | $(74) | (12)% | $(136) | $(131) | 4% | | Gain on revaluation of warrant liabilities | $0 | $84 | (100)% | $1 | $426 | (100)% | | Loss on modification of warrant | $0 | $0 | - | $0 | $(109) | (100)% | | Unrealized gain (loss) on foreign exchange | $1,339 | $(91) | (1571)% | $1,965 | $(440) | (547)% | | Other expense, net | $(8) | $0 | * | $(15) | $0 | * | | **Total other income (expense), net** | **$1,266** | **$(81)** | **(1663)%** | **$1,815** | **$(254)** | **(815)%** | - Net loss for the three months ended June 30, 2025, was **$(2,709) thousand**, an increase of **12%** from **$(2,416) thousand** in 2024; for the six months, net loss was **$(5,600) thousand**, a decrease of **4%** from **$(5,845) thousand** in 2024[200](index=200&type=chunk)[211](index=211&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company's cash and working capital decreased as of June 30, 2025. Operations continue to use cash, but financing activities provided significant funds through warrant exercises and equity offerings. The company faces substantial doubt about its ability to continue as a going concern, with unrestricted cash estimated to fund operations into Q4 2025, and is actively seeking additional financing to meet future cash requirements - As of June 30, 2025, total cash and restricted cash was **$5.2 million**, with **$2.0 million** restricted, leaving approximately **$3.2 million** unrestricted[222](index=222&type=chunk) - Working capital decreased to **$9.3 million** as of June 30, 2025, from **$11.3 million** at December 31, 2024[223](index=223&type=chunk) - Net cash used in operating activities decreased by **$0.7 million (12%)** to **$(5.4) million** for the six months ended June 30, 2025, due to higher accounts receivable collections and cost efficiencies[232](index=232&type=chunk) - Net cash provided by financing activities was **$4.1 million** for the six months ended June 30, 2025, primarily from **$3.9 million** net proceeds from the **March 2025 Inducement Warrant** and **$0.9 million** from **ATM common stock sales**[225](index=225&type=chunk)[228](index=228&type=chunk)[234](index=234&type=chunk) - Substantial doubt exists about the company's ability to meet cash requirements for the next **12 months**, with unrestricted cash estimated to fund operations into the **fourth quarter of 2025**; management is actively seeking additional financing through equity offerings, debt, asset sales, or factoring receivables[236](index=236&type=chunk)[237](index=237&type=chunk) Contractual Obligations and Commitments (in thousands) | Obligation | Total | Less than One Year | 1-3 Years | 3-5 Years | | :------------------------ | :---- | :----------------- | :-------- | :-------- | | Term loan | $2,176 | $151 | $2,025 | $0 | | Promissory note | $2,812 | $1,250 | $1,562 | $0 | | Facility operating leases | $877 | $494 | $352 | $31 | | Purchase obligations | $1,357 | $1,357 | $0 | $0 | | **Total** | **$7,222** | **$3,252** | **$3,939** | **$31** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reported no material changes in its market risk during the six months ended June 30, 2025, compared to the disclosures in its Annual Report - No material changes in market risk were identified during the six months ended June 30, 2025[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025. No material changes in internal control over financial reporting occurred during the most recent fiscal quarter - Disclosure controls and procedures were evaluated and deemed effective as of June 30, 2025[240](index=240&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[242](index=242&type=chunk) [PART II. OTHER INFORMATION](index=54&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, other information, and exhibits related to the company's operations and financial reporting [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the ordinary course of business but believes that the resolution of these matters will not have a material adverse effect on its financial condition or results of operations - The company is subject to legal proceedings and claims arising in the ordinary course of business[244](index=244&type=chunk) - Management believes that the resolution of such matters will not have a **material adverse effect** on the company's business, results of operations, or financial condition[244](index=244&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) The company updated its risk factors, highlighting new concerns regarding federal funding disruptions for customers, the critical impact of third-party payor reimbursement policies (including CMS and private insurers) on product sales, potential dilution from future equity issuances, challenges in achieving profitability and securing future financing, difficulties in reducing manufacturing and service costs, and risks associated with supply chain disruptions and international sales - Federal policy changes, including budget cuts to health agencies, could disrupt federal funding for customers, impacting their ability to purchase the company's products[247](index=247&type=chunk) - Coverage policies and reimbursement levels from **third-party payors** (VA, Medicare, Medicaid, commercial) significantly impact product sales, especially for the **Ekso Indego Personal** device; delays or changes in **CMS reimbursement**, or lack of coverage from other insurers, could diminish market access and revenue[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - Future issuances of equity securities (e.g., through **ATM agreements**, offerings, warrant exercises) or compensatory awards could dilute existing stockholders and depress the market price of common stock[252](index=252&type=chunk) - The company may not achieve profitability and historically relies on external financing; substantial doubt exists about its ability to continue as a **going concern**, necessitating additional capital raises through various means (equity, debt, asset sales, or factoring receivables)[253](index=253&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk) - Challenges exist in significantly reducing manufacturing costs and achieving planned improvements in product reliability and decreased service costs[254](index=254&type=chunk) - Shortages in materials (electronic components, battery cells, metals, plastics) and supply chain disruptions (shipping delays, changes in trade policies, tariffs) could negatively impact operating results and increase costs[258](index=258&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) - International sales are subject to risks including intellectual property protection, protectionist laws, expenses of foreign operations, language/cultural differences, regulatory changes, tax schemes, currency fluctuations, political/economic instability, and differing payor reimbursement regimes[261](index=261&type=chunk)[262](index=262&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** or a **non-Rule 10b5-1 trading arrangement** during the quarter ended June 30, 2025[264](index=264&type=chunk) [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including various certifications (e.g., Sarbanes-Oxley Act certifications) and the Inline Extensible Business Reporting Language (iXBRL) financial statements and related taxonomy documents - The exhibits include certifications of the Principal Executive Officer and Principal Financial Officer (**31.1, 31.2, 32.1, 32.2**) and the **Inline XBRL financial statements** and taxonomy documents (**101, 101.ins, 101.sch, 101.cal, 101.def, 101.lab, 101.pre, 104**)[265](index=265&type=chunk) [Signatures](index=60&type=section&id=Signatures) The Quarterly Report on Form 10-Q was duly signed on behalf of Ekso Bionics Holdings, Inc. by its Chief Executive Officer, Scott G. Davis, and Chief Financial Officer, Jerome Wong, on July 28, 2025 - The report was signed by **Scott G. Davis**, Chief Executive Officer, and **Jerome Wong**, Chief Financial Officer, on **July 28, 2025**[269](index=269&type=chunk)

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) Ekso Bionics reported Q2 2025 results, highlighting operational achievements and strategic initiatives despite short-term sales delays [Company Introduction](index=1&type=section&id=Company%20Introduction) Ekso Bionics Holdings, Inc., a leader in exoskeleton technology for medical and industrial use, reported its financial results for the second quarter and six months ended June 30, 2025 - Ekso Bionics is an industry leader in exoskeleton technology for medical and industrial use[2](index=2&type=chunk) [Recent Highlights and CEO Commentary](index=1&type=section&id=Recent%20Highlights%20and%20CEO%20Commentary) CEO Scott Davis acknowledged abnormal weakness in Q2 2025, primarily due to short-term delays in Enterprise Health sales, but expressed confidence in a recovery for the second half of the year, bolstered by over 50% year-over-year growth in Personal Health products in H1 2025 - CEO noted abnormal weakness in Q2 2025 due to short-term delays in multi-device Enterprise Health sales[4](index=4&type=chunk) - Company expects recovery in H2 2025, supported by increasing contribution from Personal Health products[4](index=4&type=chunk) - Personal Health products grew by more than **50% year-over-year** in the first half of 2025[4](index=4&type=chunk) [Key Operational Accomplishments](index=1&type=section&id=Key%20Operational%20Accomplishments) Ekso Bionics achieved several operational milestones, including appointing Bionic P&O as its first Ekso Indego® Personal device distributor, joining the NVIDIA Connect program to develop AI capabilities for human motion, announcing an initial AI voice agent proof-of-concept, and launching eksoUniversity for continuing education - Named Bionic Prosthetics & Orthotics Group as the first Ekso Indego® Personal device distributor within the orthotics and prosthetics industry[10](index=10&type=chunk) - Accepted into the NVIDIA Connect program to build a proprietary foundation model for human motion and integrate new AI capabilities across its device portfolio[10](index=10&type=chunk) - Launched eksoUniversity, a new platform offering a library of continuing education courses targeted to physical therapists and physical therapy assistants[10](index=10&type=chunk) [Financial Results Overview](index=1&type=section&id=Financial%20Results%20Overview) This section details Ekso Bionics' Q2 and H1 2025 financial performance, including revenue, expenses, and balance sheet changes [Summary Second Quarter 2025 Financial Results](index=1&type=section&id=Summary%20Second%20Quarter%202025%20Financial%20Results) Ekso Bionics reported a significant decline in Q2 2025 revenue and gross profit compared to Q2 2024, primarily due to lower Enterprise Health device sales, partially offset by growth in Personal Health devices. Operating expenses saw mixed changes, leading to an increased net loss [Revenue and Gross Profit Analysis](index=1&type=section&id=Revenue%20and%20Gross%20Profit%20Analysis) Q2 2025 saw a substantial year-over-year decline in revenue and gross profit, primarily driven by reduced Enterprise Health device sales Revenue and Gross Profit (in thousands) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :---------------- | :--------------------- | :--------------------- | :----------- | | Revenue | $2,057 | $4,950 | -58.4% | | Gross Profit | $819 | $2,637 | -69.0% | | Gross Margin | 40% | 53% | -13 ppts | - Revenue decrease primarily due to lower sales of Enterprise Health devices, partially offset by higher Ekso Indego® Personal device sales[5](index=5&type=chunk) - Decrease in gross margin driven by fixed costs of goods in relation to decreased Enterprise Health device sales, lower margin sales through distribution, and increased shipping costs, partially offset by improved service margins[6](index=6&type=chunk) [Operating Expenses Analysis](index=1&type=section&id=Operating%20Expenses%20Analysis) Operating expenses showed varied changes in Q2 2025, with decreases in sales, marketing, and R&D, but an increase in general and administrative costs Operating Expenses (in thousands) | Expense Category | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (YoY) | | :----------------------- | :--------------------- | :--------------------- | :----------- | | Sales and marketing | $1,690 | $1,846 | -8.4% | | Research and development | $852 | $1,116 | -23.7% | | General and administrative | $2,252 | $2,010 | +12.0% | - Sales and marketing decrease primarily due to lower discretionary payroll expense[7](index=7&type=chunk) - Research and development expenses decreased primarily due to lower headcount[7](index=7&type=chunk) - General and administrative expenses increased primarily due to lower allocable costs to manufacturing[8](index=8&type=chunk) [Net Loss and EPS](index=1&type=section&id=Net%20Loss%20and%20EPS) Ekso Bionics reported an increased net loss in Q2 2025, despite a significant unrealized foreign exchange gain, while net loss per share improved due to higher weighted average shares outstanding Net Loss and EPS (in thousands, except EPS) | Metric | Q2 2025 (in thousands, except EPS) | Q2 2024 (in thousands, except EPS) | Change (YoY) | | :---------------------------------- | :--------------------------------- | :--------------------------------- | :----------- | | Net Loss | $(2,709) | $(2,416) | +12.1% | | Net Loss per share, basic and diluted | $(1.24) | $(1.99) | -37.7% | | Weighted average shares outstanding | 2,180 | 1,215 | +79.4% | - Net loss increased despite a significant unrealized gain on foreign exchange of **$1.339 million** in Q2 2025, compared to a loss of **$0.091 million** in Q2 2024[19](index=19&type=chunk) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Ekso Bionics reported total assets of $23.2 million, a decrease from $26.7 million at December 31, 2024. Cash and restricted cash decreased to $5.2 million from $6.5 million. Total liabilities also decreased to $12.2 million from $13.9 million, while total stockholders' equity decreased to $10.9 million from $12.7 million Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------------- | :-------------- | :---------------- | :----- | | Cash and restricted cash | $5,242 | $6,493 | $(1,251) | | Total current assets | $15,974 | $18,843 | $(2,869) | | Total assets | $23,167 | $26,652 | $(3,485) | | Total current liabilities | $6,714 | $7,537 | $(823) | | Total liabilities | $12,237 | $13,945 | $(1,708) | | Total stockholders' equity | $10,930 | $12,707 | $(1,777) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, revenue was $5.4 million, down from $8.7 million in the prior year period. Gross profit was $2.6 million (48% margin) compared to $4.6 million (53% margin). The net loss for the six months was $5.6 million, or $3.01 per share, an improvement from $5.8 million, or $4.92 per share, in the first half of 2024, largely due to a significant unrealized gain on foreign exchange Condensed Consolidated Statements of Operations (in thousands, except EPS) | Metric (in thousands, except EPS) | H1 2025 | H1 2024 | Change (YoY) | | :---------------------------------- | :------ | :------ | :----------- | | Revenue | $5,432 | $8,706 | -37.6% | | Cost of revenue | $2,807 | $4,118 | -31.8% | | Gross profit | $2,625 | $4,588 | -42.7% | | Gross margin | 48.3% | 52.7% | -4.4 ppts | | Total operating expenses | $10,040 | $10,179 | -1.4% | | Loss from operations | $(7,415) | $(5,591) | +32.6% | | Total other income (expense), net | $1,815 | $(254) | N/A (swing to gain) | | Net loss | $(5,600) | $(5,845) | -4.2% | | Net loss per share, basic and diluted | $(3.01) | $(4.92) | -38.8% | | Weighted average shares outstanding | 1,938 | 1,188 | +63.1% | - Significant unrealized gain on foreign exchange of **$1.965 million** in H1 2025, compared to a loss of **$0.440 million** in H1 2024, positively impacted net loss[19](index=19&type=chunk) [Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides corporate communication details, company overview, forward-looking statement disclaimers, and investor contact [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) Ekso Bionics hosted a conference call on July 28, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss financial results and recent business developments, with details provided for telephone participation and webcast access - Conference call held on July 28, 2025, at **1:30 p.m. PT / 4:30 p.m. ET**[11](index=11&type=chunk) - Call details provided for telephone access (877-407-6184 domestic / 201-389-0877 international) and webcast on the company's website[12](index=12&type=chunk) [About Ekso Bionics](index=3&type=section&id=About%20Ekso%20Bionics) Ekso Bionics is a leading developer of exoskeleton solutions for medical and industrial applications, focused on improving health and quality of life through advanced robotics. The company offers technologies ranging from assisting paralysis patients to enhancing capabilities on job sites and is headquartered in the San Francisco Bay Area, listed on Nasdaq under 'EKSO' - Ekso Bionics is a leading developer of exoskeleton solutions that amplify human potential across medical and industrial applications[13](index=13&type=chunk) - The company focuses on improving health and quality of life with advanced robotics designed to enhance, amplify, and restore human function[13](index=13&type=chunk) - Ekso Bionics is headquartered in the San Francisco Bay Area and is listed on the Nasdaq Capital Market under the symbol '**EKSO**'[13](index=13&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The report includes forward-looking statements regarding future plans, objectives, and expectations, which are subject to various risks and uncertainties. These statements are not guarantees of actual results and are influenced by factors such as financing, reimbursement, market acceptance, competition, and supply chain disruptions, as detailed in SEC filings - Forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized due to various risks and uncertainties[14](index=14&type=chunk) - Factors influencing results include inability to obtain adequate financing, challenges with CMS reimbursements, market acceptance, competition, and supply chain disruptions[14](index=14&type=chunk) - These and other factors are identified and described in more detail in the Company's filings with the SEC, including the most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q[14](index=14&type=chunk) [Investor Contact](index=3&type=section&id=Investor%20Contact) Provides contact information for investor relations inquiries, specifically Stephen Kilmer - Investor Relations contact: Stephen Kilmer, Direct: **(646) 274-3580**, Email: **skilmer@eksobionics.com**[15](index=15&type=chunk)

Core Viewpoint - Ekso Bionics Holdings, Inc. reported a significant decline in revenue for the second quarter of 2025, primarily due to lower sales of Enterprise Health devices, but anticipates recovery in the second half of the year driven by growth in Personal Health products [3][4]. Financial Performance - For Q2 2025, the company recorded revenue of $2.1 million, down from $5.0 million in Q2 2024, attributed mainly to decreased Enterprise Health device sales [4]. - Gross profit for Q2 2025 was $0.8 million, with a gross margin of approximately 40%, compared to $2.6 million and a gross margin of 53% in Q2 2024 [5]. - The net loss for Q2 2025 was $2.7 million, or $1.24 per share, compared to a net loss of $2.4 million, or $1.99 per share, in Q2 2024 [7][17]. Expenses - Sales and marketing expenses for Q2 2025 were $1.7 million, slightly down from $1.8 million in Q2 2024, mainly due to lower discretionary payroll [6]. - Research and development expenses decreased to $0.9 million in Q2 2025 from $1.1 million in Q2 2024, primarily due to a reduction in headcount [6]. - General and administrative expenses increased to $2.3 million in Q2 2025 from $2.0 million in Q2 2024, attributed to lower allocable costs to manufacturing [7]. Cash Position - As of June 30, 2025, the company had cash and restricted cash totaling $5.2 million, down from $6.5 million at the end of 2024 [8][15]. Strategic Developments - The company named Bionic Prosthetics & Orthotics Group as its first distributor for the Ekso Indego Personal device within the orthotics and prosthetics industry [10]. - Ekso Bionics was accepted into the NVIDIA Connect program, aiming to develop a proprietary foundation model for human motion and integrate AI capabilities across its product portfolio [10]. - The launch of eksoUniversity provides a library of continuing education courses for physical therapists and assistants working with patients with neurological conditions [10].