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Ekso Bionics Financials

EKSO
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Ekso Bionics (EKSO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 18 / 100
Financial Profile 18/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

Ekso Bionics has an operating margin of -104.1%, meaning the company retains $-104 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -58.4% the prior year.

Growth
0

Ekso Bionics's revenue declined 28.6% year-over-year, from $17.9M to $12.8M. This contraction results in a growth score of 0/100.

Leverage
77

Ekso Bionics carries a low D/E ratio of 1.23, meaning only $1.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
28

Ekso Bionics's current ratio of 1.63 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 28/100, which could limit financial flexibility.

Cash Flow
0

While Ekso Bionics generated -$11.8M in operating cash flow, capex of $188K consumed most of it, leaving -$12.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Ekso Bionics generates a -129.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -89.2% the prior year.

Piotroski F-Score Weak
1/9

Ekso Bionics passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
1.01x

For every $1 of reported earnings, Ekso Bionics generates $1.01 in operating cash flow (-$11.8M OCF vs -$11.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-43.1x

Ekso Bionics earns $-43.1 in operating income for every $1 of interest expense (-$13.3M vs $309K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$12.8M
YoY-28.6%
5Y CAGR+7.6%
10Y CAGR+4.0%

Ekso Bionics generated $12.8M in revenue in fiscal year 2025. This represents a decrease of 28.6% from the prior year.

EBITDA
-$11.8M
YoY-32.8%

Ekso Bionics's EBITDA was -$11.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 32.8% from the prior year.

Net Income
-$11.7M
YoY-3.2%

Ekso Bionics reported -$11.7M in net income in fiscal year 2025. This represents a decrease of 3.2% from the prior year.

EPS (Diluted)
$-4.91
YoY+41.8%

Ekso Bionics earned $-4.91 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$12.0M
YoY-21.3%

Ekso Bionics generated -$12.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 21.3% from the prior year.

Cash & Debt
$1.2M
YoY-74.0%
5Y CAGR-38.1%
10Y CAGR-24.5%

Ekso Bionics held $1.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
4M
YoY+140.5%

Ekso Bionics had 4M shares outstanding in fiscal year 2025. This represents an increase of 140.5% from the prior year.

Margins & Returns

Gross Margin
53.5%
YoY+0.4pp
5Y CAGR-3.6pp
10Y CAGR+39.9pp

Ekso Bionics's gross margin was 53.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.

Operating Margin
-104.1%
YoY-45.8pp
5Y CAGR+45.5pp
10Y CAGR+144.8pp

Ekso Bionics's operating margin was -104.1% in fiscal year 2025, reflecting core business profitability. This is down 45.8 percentage points from the prior year.

Net Margin
-91.4%
YoY-28.2pp
5Y CAGR+86.8pp
10Y CAGR+134.8pp

Ekso Bionics's net profit margin was -91.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 28.2 percentage points from the prior year.

Return on Equity
-129.6%
YoY-40.4pp
5Y CAGR+227.3pp
10Y CAGR+92.8pp

Ekso Bionics's ROE was -129.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 40.4 percentage points from the prior year.

Capital Allocation

R&D Spending
$3.0M
YoY-21.8%
5Y CAGR+4.1%
10Y CAGR-7.3%

Ekso Bionics invested $3.0M in research and development in fiscal year 2025. This represents a decrease of 21.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$188K
YoY+408.1%
10Y CAGR-18.7%

Ekso Bionics invested $188K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 408.1% from the prior year.

EKSO Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $3.1M-25.7% $4.2M+105.5% $2.1M-39.1% $3.4M-33.7% $5.1M+23.3% $4.1M-16.6% $5.0M+31.8% $3.8M
Cost of Revenue $1.5M-12.5% $1.7M+35.5% $1.2M-21.1% $1.6M-34.0% $2.4M+23.8% $1.9M-17.0% $2.3M+28.1% $1.8M
Gross Profit $1.7M-34.4% $2.5M+211.2% $819K-54.7% $1.8M-33.5% $2.7M+22.9% $2.2M-16.2% $2.6M+35.2% $2.0M
R&D Expenses $641K+16.5% $550K-35.4% $852K-13.8% $988K+16.9% $845K+8.8% $777K-30.4% $1.1M-1.8% $1.1M
SG&A Expenses $3.1M+48.2% $2.1M-7.3% $2.3M-11.7% $2.6M+15.2% $2.2M-4.2% $2.3M+15.0% $2.0M-10.8% $2.3M
Operating Income -$4.5M-221.6% -$1.4M+64.7% -$4.0M-15.6% -$3.4M-54.3% -$2.2M+15.5% -$2.6M-13.0% -$2.3M+28.3% -$3.3M
Interest Expense $154K+755.6% $18K-72.3% $65K-9.7% $72K+22.0% $59K-25.3% $79K+6.8% $74K+29.8% $57K
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$4.7M-228.9% -$1.4M+47.5% -$2.7M+6.3% -$2.9M+15.3% -$3.4M-64.7% -$2.1M+14.2% -$2.4M+29.5% -$3.4M
EPS (Diluted) N/A $-0.54+56.5% $-1.24 $-0.12 N/A $-1.53+23.1% $-1.99-895.0% $-0.20

EKSO Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $20.1M-7.2% $21.7M-6.5% $23.2M-15.2% $27.3M+2.5% $26.7M-8.8% $29.2M+8.2% $27.0M-6.8% $29.0M
Current Assets $14.0M-5.0% $14.8M-7.4% $16.0M-20.4% $20.1M+6.5% $18.8M-10.6% $21.1M+13.0% $18.6M-9.1% $20.5M
Cash & Equivalents $1.2M-57.1% $2.7M-48.1% $5.2M-34.9% $8.1M+79.3% $4.5M-45.8% $8.3M+40.9% $5.9M-33.1% $8.8M
Inventory $4.8M-4.0% $5.0M-7.6% $5.4M+9.6% $5.0M+8.6% $4.6M-9.1% $5.0M+1.1% $5.0M-2.6% $5.1M
Accounts Receivable $7.3M+20.8% $6.0M+33.4% $4.5M-29.8% $6.5M-10.8% $7.2M+3.9% $7.0M+6.8% $6.5M-9.9% $7.2M
Goodwill $431K0.0% $431K0.0% $431K0.0% $431K0.0% $431K0.0% $431K0.0% $431K0.0% $431K
Total Liabilities $11.1M-7.5% $12.0M-2.1% $12.2M-16.3% $14.6M+4.8% $13.9M-2.7% $14.3M-3.9% $14.9M+0.1% $14.9M
Current Liabilities $8.6M-3.4% $8.9M+33.1% $6.7M-21.5% $8.6M+13.5% $7.5M+0.4% $7.5M-2.6% $7.7M+5.4% $7.3M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $9.0M-6.7% $9.7M-11.4% $10.9M-13.9% $12.7M-0.1% $12.7M-14.5% $14.9M+23.3% $12.1M-14.2% $14.1M
Retained Earnings -$262.4M-1.8% -$257.7M-0.6% -$256.3M-1.1% -$253.6M-1.2% -$250.5M-1.4% -$247.1M-0.8% -$245.0M-1.0% -$242.6M

EKSO Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow -$4.3M-110.1% -$2.1M+40.2% -$3.4M-75.3% -$2.0M-37.1% -$1.4M+37.1% -$2.3M+14.7% -$2.7M+23.0% -$3.5M
Capital Expenditures $126K+950.0% $12K-70.0% $40K+300.0% $10K-52.4% $21K+162.5% $8K $0-100.0% $8K
Free Cash Flow -$4.5M-115.0% -$2.1M+40.5% -$3.5M-76.4% -$2.0M-35.8% -$1.5M+36.4% -$2.3M+14.4% -$2.7M+23.1% -$3.5M
Investing Cash Flow -$126K-950.0% -$12K+70.0% -$40K-300.0% -$10K+52.4% -$21K-162.5% -$8K $0+100.0% -$8K
Financing Cash Flow $2.9M+768.4% -$437K-170.9% $616K-82.5% $3.5M+1223.9% -$314K-106.7% $4.7M+1870.2% -$265K-107.2% $3.7M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

EKSO Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 53.2%-7.1pp 60.3%+20.5pp 39.8%-13.7pp 53.5%+0.2pp 53.3%-0.2pp 53.5%+0.2pp 53.3%+1.3pp 51.9%
Operating Margin -143.6%-110.4pp -33.2%+160.1pp -193.2%-91.3pp -101.9%-58.1pp -43.8%+20.1pp -63.9%-16.7pp -47.2%+39.5pp -86.7%
Net Margin -148.8%-115.2pp -33.6%+98.1pp -131.7%-46.0pp -85.7%-18.6pp -67.0%-16.9pp -50.2%-1.4pp -48.8%+42.5pp -91.3%
Return on Equity -51.8%-37.1pp -14.7%+10.1pp -24.8%-2.0pp -22.8%+4.1pp -26.9%-12.9pp -13.9%+6.1pp -20.0%+4.4pp -24.4%
Return on Assets -23.2%-16.7pp -6.6%+5.1pp -11.7%-1.1pp -10.6%+2.2pp -12.8%-5.7pp -7.1%+1.9pp -8.9%+2.9pp -11.8%
Current Ratio 1.63-0.0 1.66-0.7 2.38+0.0 2.35-0.2 2.50-0.3 2.81+0.4 2.42-0.4 2.81
Debt-to-Equity 1.23-0.0 1.24+0.1 1.12-0.0 1.15+0.1 1.10+0.1 0.96-0.3 1.24+0.2 1.06
FCF Margin -141.9%-92.9pp -49.0%+120.3pp -169.4%-110.8pp -58.5%-30.0pp -28.6%+26.8pp -55.3%-1.4pp -53.9%+38.6pp -92.5%

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Frequently Asked Questions

Ekso Bionics (EKSO) reported $12.8M in total revenue for fiscal year 2025. This represents a -28.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Ekso Bionics (EKSO) revenue declined by 28.6% year-over-year, from $17.9M to $12.8M in fiscal year 2025.

No, Ekso Bionics (EKSO) reported a net income of -$11.7M in fiscal year 2025, with a net profit margin of -91.4%.

Ekso Bionics (EKSO) reported diluted earnings per share of $-4.91 for fiscal year 2025. This represents a 41.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ekso Bionics (EKSO) had EBITDA of -$11.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Ekso Bionics (EKSO) had a gross margin of 53.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Ekso Bionics (EKSO) had an operating margin of -104.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Ekso Bionics (EKSO) had a net profit margin of -91.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Ekso Bionics (EKSO) has a return on equity of -129.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Ekso Bionics (EKSO) generated -$12.0M in free cash flow during fiscal year 2025. This represents a -21.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Ekso Bionics (EKSO) generated -$11.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Ekso Bionics (EKSO) had $20.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Ekso Bionics (EKSO) invested $188K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Ekso Bionics (EKSO) invested $3.0M in research and development during fiscal year 2025.

Ekso Bionics (EKSO) had 4M shares outstanding as of fiscal year 2025.

Ekso Bionics (EKSO) had a current ratio of 1.63 as of fiscal year 2025, which is generally considered healthy.

Ekso Bionics (EKSO) had a debt-to-equity ratio of 1.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Ekso Bionics (EKSO) had a return on assets of -58.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Ekso Bionics (EKSO) had $1.2M in cash against an annual operating cash burn of $11.8M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Ekso Bionics (EKSO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Ekso Bionics (EKSO) has an earnings quality ratio of 1.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Ekso Bionics (EKSO) has an interest coverage ratio of -43.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Ekso Bionics (EKSO) scores 18 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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