Ekso Bionics(EKSO) - 2025 Q2 - Quarterly Results

Executive Summary & Business Update Ekso Bionics reported Q2 2025 results, highlighting operational achievements and strategic initiatives despite short-term sales delays Company Introduction 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] Recent Highlights and CEO Commentary 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] - Company expects recovery in H2 2025, supported by increasing contribution from Personal Health products[4] - Personal Health products grew by more than 50% year-over-year in the first half of 2025[4] Key Operational Accomplishments 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] - 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] - Launched eksoUniversity, a new platform offering a library of continuing education courses targeted to physical therapists and physical therapy assistants[10] Financial Results Overview This section details Ekso Bionics' Q2 and H1 2025 financial performance, including revenue, expenses, and balance sheet changes Summary Second Quarter 2025 Financial Results 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 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] - 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] Operating Expenses Analysis 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] - Research and development expenses decreased primarily due to lower headcount[7] - General and administrative expenses increased primarily due to lower allocable costs to manufacturing[8] Net Loss and EPS 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] Condensed Consolidated Balance Sheets 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 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] Corporate Information This section provides corporate communication details, company overview, forward-looking statement disclaimers, and investor contact Conference Call Information 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] - Call details provided for telephone access (877-407-6184 domestic / 201-389-0877 international) and webcast on the company's website[12] About Ekso Bionics 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] - The company focuses on improving health and quality of life with advanced robotics designed to enhance, amplify, and restore human function[13] - Ekso Bionics is headquartered in the San Francisco Bay Area and is listed on the Nasdaq Capital Market under the symbol 'EKSO'[13] Forward-Looking Statements 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] - Factors influencing results include inability to obtain adequate financing, challenges with CMS reimbursements, market acceptance, competition, and supply chain disruptions[14] - 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] Investor Contact Provides contact information for investor relations inquiries, specifically Stephen Kilmer - Investor Relations contact: Stephen Kilmer, Direct: (646) 274-3580, Email: skilmer@eksobionics.com[15]