Ekso Bionics Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Ekso Bionics (Nasdaq: EKSO) reported Q3 2025 results on Oct 28, 2025: revenue $4.2M (up 2% YoY, up 105% sequentially), gross margin 60.3% (up 680 bps YoY, driven by higher Enterprise Health sales and lower device cost), and net loss $1.4M (improved 31% YoY, $0.54 per share). Operating expenses declined across S&M, R&D and G&A mainly due to Employee Retention Credit benefits.

The company had $2.7M cash at Sept 30, 2025 and announced it is exploring strategic transactions, which may include divestiture or acquisition and could require substantial issuance of company securities.

Positive

• Revenue rebound +105% sequentially to $4.2M in Q3 2025
• Gross margin +680 bps YoY to 60.3% in Q3 2025
• Net loss improved 31% YoY to $1.4M in Q3 2025

Negative

• Cash balance only $2.7M as of Sept 30, 2025
• Strategic review may require issuance of substantial stock, risking shareholder dilution
• No timetable or assurance that a strategic transaction will occur, creating execution uncertainty

Insights

Senior Financial Analyst

Ekso shows modest year‑over‑year revenue growth, stronger sequential recovery, margin improvement, and an active strategic review.

Ekso Bionics reported $4.2 million in revenue for Q3-2025, up 2% year‑over‑year and up 105% sequentially. Gross margin rose to 60.3%, driven by higher‑margin Enterprise Health sales and lower device costs. Net loss narrowed to $1.4 million and cash on hand was $2.7 million.

The improvement came mostly from mix and cost reductions, including receipt of the Employee Retention Credit and lower payroll. Risks remain visible: cash is limited at $2.7 million, and management is exploring strategic transactions that could materially change the business or dilute equity.

Monitor near term: cash runway and operating cash flow, outcomes or milestones in the strategic review, any shareholder vote triggers, and quarterly revenue trajectory in the next Q4-2025 and beyond. The CEU launch and first certification are operational positives to watch for uptake.

SAN RAFAEL, Calif., Oct. 28, 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 and nine months ended September 30, 2025.

Third Quarter 2025 Highlights and Accomplishments

• Revenue grew 2% year-over-year and rebounded 105% sequentially quarter-over-quarter to $4.2 million
• Gross margin increased 680 basis points year-over-year and 2,050 basis points sequentially quarter-over-quarter to 60.3%
• Net loss improved 31% year-over-year and 48% sequentially quarter-over-quarter to $1.4 million
• Launched eksoUniversity, and soon thereafter, delivered the first official CEU certification to a Connecticut-based physical therapist

“As demonstrated by our revenue rebound, increased gross margin and improved bottom line in Q3-2025, we were able to successfully navigate through an unusually challenging second quarter,” said Scott Davis, the Company’s Chief Executive Officer. “Moving forward, we remain focused on executing our growth strategy while carefully managing our resources.”

Summary Third Quarter 2025 Financial Results

For the quarter ended September 30, 2025, the Company recorded revenue of $4.2 million, up 2% year-over-year from $4.1 million for the same period in 2024, and a 105% sequential increase from $2.1 million for Q2-2025.

Gross profit for the 2025 third quarter was $2.5 million, representing a gross margin of approximately 60.3%, compared to $2.2 million for the same period in 2024, representing a gross margin of 53.5%. The increase in gross profit was driven primarily by an increase in high margin Enterprise Health sales, while the increase in gross margin was primarily driven by lower device cost and improved margins in service.

Sales and marketing expenses for the 2025 third quarter were $1.3 million, compared to $1.8 million for the same period in 2024. The decrease was primarily due to lower payroll expense from the receipt of the Employee Retention Credit (“ERC”) under the CARES Act and lower discretionary payroll expense.

Research and development expenses for the three months ended September 30, 2025 were $0.6 million, compared to $0.8 million for the same period in 2024. The decrease was primarily due to lower payroll expense from the receipt of the ERC and lower headcount.

General and administrative expenses for the 2025 third quarter were $2.1 million, compared to $2.3 million for the same period in 2024. The decrease was primarily due to lower payroll expense from the receipt of the ERC, partially offset by higher legal costs.

Net loss applicable to common stockholders for the 2025 third quarter was $1.4 million, or $0.54 per basic and diluted share, a 31% improvement form a net loss of $2.1 million, or $1.53 per basic and diluted share, for the same period in 2024.

As of September 30, 2025, the Company had cash of $2.7 million.

Exploration of Strategic Transactions

The Company also announced today that it is in the process of exploring one or more strategic transactions with certain third parties, which transactions may include the acquisition of a line of business that is in a different industry than the Company’s current business and/or the sale of all or substantially all of the Company’s current business. There can be no assurances that any such transaction will occur, and the Company expects to continue executing on its growth strategy during this process. The Company expects that the consummation of any such transaction would be subject to the Company obtaining stockholder approval and any such acquisition would involve the issuance of a substantial amount of Company securities. The Company has not set a timetable for the strategic review process, and the Company does not intend to provide updates until the Company determines that disclosure is appropriate or required.

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, including the Company’s evaluation of one or more strategic transactions, the structure of any such transaction(s), the expectation that any such transaction(s) would require stockholder approval and the Company’s expected plans during the evaluation process. 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 inability to obtain insurance coverage beyond CMS, the Company’s inability to obtain additional indications of use for its devices, the timing of executing sales contracts with large hospital networks, 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, including any potential strategic transaction(s). 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)
			September 30,			December 31,
			2025			2024
Assets			(unaudited)
Current assets:
	Cash	$	2,722		$	4,493
	Restricted cash		0			2,000
	Accounts receivable, net		6,048			7,238
	Inventories		5,023			4,571
	Prepaid expenses and other current assets		1,003			541
Total current assets			14,796			18,843
Property and equipment, net			1,237			1,577
Right-of-use assets			632			788
Intangible assets, net			4,152			4,580
Goodwill			431			431
Other assets			413			433
Total assets		$	21,661		$	26,652
Liabilities and Stockholders' Equity
Current liabilities:
	Accounts payable	$	1,661		$	1,552
	Accrued liabilities		1,930			2,352
	Deferred revenues, current		1,700			1,956
	Convertible promissory note, net		1,937			0
	Notes payable, current		1,250			1,250
	Lease liabilities, current		461			427
Total current liabilities			8,939			7,537
Deferred revenues			1,631			1,920
Notes payable, net			1,070			3,854
Lease liabilities			237			452
Warrant liabilities			0			1
Other non-current liabilities			105			181
Total liabilities			11,982			13,945
Stockholders' equity:
	Common stock		36			22
	Additional paid-in capital		268,065			262,203
	Accumulated other comprehensive (loss) income		(700	)		957
	Accumulated deficit		(257,722	)		(250,475	)
Total stockholders' equity			9,679			12,707
Total liabilities and stockholders' equity		$	21,661		$	26,652

Ekso Bionics Holdings, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
		Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Revenue	$	4,227		$	4,129		$	9,659		$	12,835
Cost of revenue		1,678			1,920			4,485			6,038
Gross profit		2,549			2,209			5,174			6,797
Operating expenses:
Sales and marketing		1,313			1,760			4,710			5,424
Research and development		550			777			2,389			3,029
General and administrative		2,088			2,311			6,892			6,574
Total operating expenses		3,951			4,848			13,991			15,027
Loss from operations		(1,402	)		(2,639	)		(8,817	)		(8,230	)
Other (expense) income, net:
Interest expense, net		(18	)		(79	)		(154	)		(210	)
Gain on revaluation of warrant liabilities		-			14			1			440
Loss on modification of warrant		-			-			-			(109	)
Unrealized gain on foreign exchange		4			634			1,969			194
Other expense, net		(5	)		(2	)		(20	)		(2	)
Total other (expense) income, net		(19	)		567			1,796			313
Net loss	$	(1,421	)	$	(2,072	)	$	(7,021	)	$	(7,917	)
Net loss per share, basic and diluted	$	(0.54	)	$	(1.53	)	$	(3.35	)	$	(6.37	)
Weighted average number of shares of common
stock outstanding, basic and diluted		2,616			1,354			2,166			1,244

FAQ

What were Ekso Bionics (EKSO) Q3 2025 revenue and growth rates?

Ekso reported $4.2M revenue for Q3 2025, up 2% year-over-year and up 105% sequentially from Q2 2025.

How did Ekso Bionics' gross margin and profitability change in Q3 2025?

Gross margin rose to 60.3% (up 680 bps YoY) and net loss improved to $1.4M in Q3 2025.

What is Ekso Bionics' cash position as of Sept 30, 2025 and why does it matter?

Ekso held $2.7M cash at Sept 30, 2025, indicating limited near-term liquidity for operations or transactions.

What strategic transactions is Ekso Bionics (EKSO) exploring in Oct 2025?

The company is exploring one or more strategic transactions, including potential acquisitions outside its industry or sale of substantially all current business.

Could Ekso Bionics' strategic review affect shareholders of EKSO?

Yes. The company said any acquisition could involve issuing a substantial amount of company securities and would likely require shareholder approval, which may dilute existing holders.

Did Ekso Bionics mention a timetable or guarantee for completing a strategic transaction?

No. The company has not set a timetable and said there are no assurances that any transaction will occur.