Ekso Bionics (EKSO) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $2.1M, down 37% year-over-year, primarily due to lower Enterprise Health device sales across all regions.

• Net loss widened to $6.9M from $2.9M in Q1 2025, driven by lower revenue, higher legal costs, and increased interest and warrant-related expenses.

• Gross margin declined to 50% from 54% year-over-year, reflecting fixed manufacturing costs against lower sales volume.

• The company continues to face substantial doubt about its ability to continue as a going concern, with cash expected to fund operations only into early Q3 2026.

• A business combination with Applied Digital Cloud is pending, which, if completed, will result in significant dilution for current shareholders.

Financial highlights

• Revenue decreased by $1.2M (37%) compared to Q1 2025.

• Gross profit fell by $0.7M; gross margin dropped to 50%.

• Operating expenses rose 28% to $6.7M, with general and administrative costs up 59% due to legal fees.

• Net loss per share was $(2.04), compared to $(1.84) in Q1 2025.

• Cash and restricted cash at quarter-end was $4.0M, with $3.7M unrestricted.

Outlook and guidance

• Management expects operating losses and negative cash flows to continue, with additional financing required to sustain operations beyond early Q3 2026.

• Majority of 2026 revenue is expected from Enterprise Health, but Personal Health product sales are anticipated to grow sequentially.

• The business combination with Applied Digital Cloud, if completed, will shift the company’s focus and ownership structure.