Ekso Bionics Reports First Quarter 2025 Financial Results
- Net loss improved to $2.9M from $3.4M YoY
- Operating cash burn reduced by 43%
- Gross margin increased to 53.5% from 51.9%
- Secured $3.8M from warrant exercises
- Strategic partnerships with NSM (180+ locations) and Bionic P&O (12 states) expanding market reach
- Revenue declined 10.5% to $3.4M from $3.8M YoY
- Lower sales of legacy EksoNR devices
- Increased G&A expenses to $2.6M from $2.3M YoY
- Impairment loss on intangible asset reported
Insights
Mixed Q1 results show 10.5% revenue decline but significantly improved cash efficiency with new strategic distribution partnerships potentially offsetting future declines.
Ekso Bionics' Q1 2025 results paint a picture of a company in transition. Revenue declined 10.5% to
Despite the revenue dip, several operational metrics improved significantly. Gross margin expanded to
The most impressive improvement came in cash efficiency, with operating cash burn decreasing by
Net loss narrowed to
Ekso's entrance into CRT and O&P markets through partnerships with NSM and Bionic P&O creates substantial new distribution channels for Indego Personal devices.
Ekso Bionics has established two potentially transformative distribution partnerships that mark the company's strategic entry into untapped rehabilitation markets. The exclusive agreement with National Seating & Mobility (NSM) gives Ekso access to the complex rehabilitation technology (CRT) industry through NSM's extensive network of over 180 locations and 2,400 team members who support more than 250,000 mobility solutions annually.
The second partnership with Bionic Prosthetics & Orthotics Group extends Ekso's reach into the specialized orthotics and prosthetics sector across 12 states through an ABC-accredited independent clinical practice group. This represents a deliberate market expansion strategy.
These partnerships specifically focus on distributing the Ekso Indego® Personal device, which appears to be gaining momentum as its sales partially offset the decline in legacy EksoNR devices. This suggests a strategic pivot in Ekso's product focus toward the personal mobility market.
The distribution model represents a fundamental shift in how Ekso reaches patients. Moving from what was likely a more direct sales approach to leveraging established rehabilitation networks can dramatically increase device accessibility while potentially reducing certain sales and marketing costs. However, as noted in the financial results, this transition involves "lower margin sales related to increased volume through distribution" - a common trade-off when scaling through distribution partnerships.
Management explicitly expects these new distribution channels to increase the contribution from Personal Health products in 2025, suggesting these partnerships are central to their growth strategy rather than merely incremental additions.
SAN RAFAEL, Calif., May 05, 2025 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (“Ekso Bionics” or the “Company”), an industry leader in exoskeleton technology for medical and industrial use, today reported financial results for the three months ended March 31, 2025.
Recent Highlights and Accomplishments
- Strengthened financial position by improving operating cash burn by
43% combined with$3.8 million in net proceeds from the exercise of warrants - Named National Seating & Mobility (“NSM”) as its exclusive Ekso Indego® Personal device distributor within the U.S. complex rehabilitation technology (“CRT”) industry
- Named Bionic Prosthetics & Orthotics Group (“Bionic P&O”) as its first Ekso Indego® Personal device distributor within the orthotics and prosthetics industry
“Over the past few weeks, we have significantly expanded access to Ekso Indego Personal via potentially transformative partnerships with two key leaders within their respective industries,” said Scott Davis, the Company’s Chief Executive Officer. “NSM, which operates in the CRT industry, brings a network of over 180 locations and more than 2,400 team members, who support more than 250,000 mobility solutions each year. While Bionic P&O, a leading national provider of prosthetic and orthotic solutions, is an ABC accredited independent clinical practice group that now operates across 12 states. Both partnerships represent Ekso Bionics’ first entrances into these large and growing markets, and we believe that will start to see increased contribution from our Personal Health products in 2025 as a result.”
Summary First Quarter 2025 Financial Results
For the quarter ended March 31, 2025, the Company recorded revenue of
Gross profit for the 2025 first quarter was
Sales and marketing expenses for the 2025 first quarter were
Research and development expenses for the three months ended March 31, 2025 were
General and administrative expenses for the 2025 first quarter were
Net loss applicable to common stockholders for the 2025 first quarter was
For the first quarter of 2025, the Company used
As of March 31, 2025, the Company had cash and restricted cash of
Conference Call Details
Ekso Bionics is pleased to invite all interested parties to participate in a conference call today at 1:30 p.m. PT / 4:30 p.m. ET, during which time the financial results and recent business developments will be discussed.
To participate in the conference call by telephone, please dial 877-407-6184 (domestic) or 201-389-0877 (international). The call will also be broadcast live and archived on the Company’s website at www.eksobionics.com under “Presentations & Events” in the Investors section.
About Ekso Bionics®
Ekso Bionics® is a leading developer of exoskeleton solutions that amplify human potential by supporting or enhancing strength, endurance and mobility across medical and industrial applications. Based upon its industry-leading expertise, the Company focuses on improving health and quality of life with advanced robotics designed to enhance, amplify, and restore human function. Ekso Bionics is the only known exoskeleton company to offer technologies that range from helping those with paralysis to stand up and walk, to enhancing human capabilities on job sites across the globe. The Company is headquartered in the San Francisco Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO.” For more information, visit: www.eksobionics.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the plans, objectives and expectations of management with respect to the Company’s industry, growth and strategy, including the Company’s focus will be on aggressively executing on its growth strategy and the corresponding pillars of that strategy. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing to fund and grow the Company's operations and necessary to develop or enhance the Company’s technology, the Company’s inability to successfully collaborate with its network of existing neuro-rehabilitation facilities, physicians, and DMEs in seeking CMS reimbursements, the Company’s inability to obtain future reimbursements from CMS in a timely manner and at the expected reimbursement levels, the Company’s ability to raise funds to operate and grow its business, the Company’s inability to obtain insurance coverage beyond CMS, the Company’s inability to obtain additional indications of use for its devices, the significant length of time and resources associated with the development of the Company’s products, the Company’s failure to achieve broad market acceptance of the Company’s products, the failure of the Company’s sales and marketing efforts or of partners to market the Company’s products effectively, adverse results in future clinical studies of the Company’s medical device products, the failure of the Company to obtain or maintain patent protection for the Company’s technology, the failure of the Company to obtain or maintain regulatory approval to market the Company’s medical devices, lack of product diversification, existing or increased competition, disruptions in the Company’s supply chain, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC, including the Company’s most recently filed Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. To learn more about Ekso Bionics please visit the Company’s website at www.eksobionics.com or refer to the Company’s X page, formerly Twitter, at @EksoBionics. Any forward-looking statements made in this press release speak only as of the date of this press release. The Company does not undertake to update these forward-looking statements, except as required by law.
Contact:
Stephen Kilmer
Investor Relations
Direct: (646) 274-3580
Email: skilmer@eksobionics.com
| Ekso Bionics Holdings, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash and restricted cash | $ | 8,054 | $ | 6,493 | ||||
| Accounts receivable, net | 6,457 | 7,238 | ||||||
| Inventories | 4,962 | 4,571 | ||||||
| Prepaid expenses and other current assets | 595 | 541 | ||||||
| Total current assets | 20,068 | 18,843 | ||||||
| Property and equipment, net | 1,450 | 1,577 | ||||||
| Right-of-use assets | 687 | 788 | ||||||
| Intangible assets, net | 4,317 | 4,580 | ||||||
| Goodwill | 431 | 431 | ||||||
| Other assets | 357 | 433 | ||||||
| Total assets | $ | 27,310 | $ | 26,652 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,999 | $ | 1,552 | ||||
| Accrued liabilities | 2,966 | 2,352 | ||||||
| Deferred revenues, current | 1,913 | 1,956 | ||||||
| Notes payable, current | 1,250 | 1,250 | ||||||
| Lease liabilities, current | 425 | 427 | ||||||
| Total current liabilities | 8,553 | 7,537 | ||||||
| Deferred revenues | 1,959 | 1,920 | ||||||
| Notes payable, net | 3,597 | 3,854 | ||||||
| Lease liabilities | 345 | 452 | ||||||
| Warrant liabilities | 0 | 1 | ||||||
| Other non-current liabilities | 164 | 181 | ||||||
| Total liabilities | 14,618 | 13,945 | ||||||
| Stockholders' equity: | ||||||||
| Common stock | 28 | 22 | ||||||
| Additional paid-in capital | 265,832 | 262,203 | ||||||
| Accumulated other comprehensive income | 424 | 957 | ||||||
| Accumulated deficit | (253,592 | ) | (250,475 | ) | ||||
| Total stockholders' equity | 12,692 | 12,707 | ||||||
| Total liabilities and stockholders' equity | $ | 27,310 | $ | 26,652 | ||||
| Ekso Bionics Holdings, Inc. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (In thousands, except per share amounts) | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 3,375 | $ | 3,756 | ||||
| Cost of revenue | 1,569 | 1,805 | ||||||
| Gross profit | 1,806 | 1,951 | ||||||
| Operating expenses: | ||||||||
| Sales and marketing | 1,707 | 1,818 | ||||||
| Research and development | 988 | 1,136 | ||||||
| General and administrative | 2,551 | 2,253 | ||||||
| Total operating expenses | 5,246 | 5,207 | ||||||
| Loss from operations | (3,440 | ) | (3,256 | ) | ||||
| Other income (expense), net: | ||||||||
| Interest expense, net | (72 | ) | (57 | ) | ||||
| Gain on revaluation of warrant liabilities | 1 | 342 | ||||||
| Loss on modification of warrant | - | (109 | ) | |||||
| Unrealized gain (loss) on foreign exchange | 626 | (349 | ) | |||||
| Other expense, net | (6 | ) | - | |||||
| Total other income (expense), net | 549 | (173 | ) | |||||
| Net loss | $ | (2,891 | ) | $ | (3,429 | ) | ||
| Net loss per share, basic and diluted | $ | (0.12 | ) | $ | (0.20 | ) | ||
| Weighted average number of shares of common stock outstanding, basic and diluted | 25,393 | 17,419 | ||||||
FAQ
What was EKSO's revenue and EPS in Q1 2025?
How much cash does Ekso Bionics (EKSO) have as of Q1 2025?
Who are Ekso Bionics' new distribution partners for the Indego Personal device?
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What was Ekso Bionics' operating cash burn improvement in Q1 2025?
