Ekso Bionics Holdings, Inc.

Ekso reported Q2 2025 revenue of $2.1 million, down from $5.0 million in Q2 2024. Gross profit was $800,000, with gross margin of approximately 40%, versus $2.6 million and 53% a year ago. Operating expenses were $4.8 million, down 4% from $5.0 million in the prior-year quarter. Net loss applicable to common stockholders was $2.7 million, or $1.24 per basic and diluted share, versus a net loss of $2.4 million, or $1.99 per basic and diluted share, in Q2 2024. Cash and restricted cash were $5.2 million at June 30, 2025. Management did not provide formal quarterly or full-year revenue guidance, but said it expects a significant portion of the deferred Enterprise Health sales to close before year-end; one deferred North American IDN order was described as being in the $1 million range, and the two delayed deals together were about $1.4 million. Management also said Personal Health should continue to contribute more during the remainder of 2025 and beyond.

Scott Davis framed Q2 as a temporary setback rather than a change in the business’s underlying trajectory, saying the revenue miss was driven mostly by short-term delays in two significant multiunit Enterprise Health sales. He emphasized that the company is working to close deferred enterprise deals, improve market awareness through eksoUniversity, and expand Personal Health through a more scalable go-to-market model. He also positioned AI as a strategic pillar, saying Ekso is using NVIDIA Connect and its proprietary motion data to build future capabilities across both product lines.

Jerome Wong said Q2 revenue of $2.1 million reflected abnormal weakness, primarily from delayed Enterprise Health sales, but partially offset by higher Ekso Indego Personal sales. He cited gross profit of $800,000 and a gross margin of approximately 40%, down from 53% a year ago, and explained the pressure came from lower Enterprise Health volume, lower-margin distribution sales, shipping costs, and fixed cost of goods. Operating expenses were $4.8 million, and cash and restricted cash totaled $5.2 million at quarter-end. He also noted net loss applicable to common stockholders of $2.7 million, or $1.24 per share.

Analysts focused on how much of the delayed Enterprise Health revenue could return in Q3 and whether Personal Health can eventually overtake Enterprise Health. Management said two deferred multiunit deals totaled about $1.4 million, with one North American IDN order in the $1 million range expected in Q3 and an international order expected in 2025. On Personal Health, management said the market-access process is progressing quarter over quarter, with more claims moving through PRIA, NSM, Bionic P&O and other partners, and said the business could begin to overtake Enterprise Health around 2027. They also said roughly 10% of North American enterprise customers may rely on federal or outside grants.