Ekso Bionics Reports 37% Revenue Decline and Increased Net Loss in Q1 2026

Ekso Bionics Holdings, Inc. reported a significant decline in financial performance for the first quarter of 2026, with total revenue of $2.1 million, a decrease of 37% compared to $3.4 million in the same period of 2025. The drop in revenue was primarily attributed to reduced sales of Enterprise Health devices across the Americas, EMEA, and APAC regions. Gross profit also fell to $1.1 million, down from $1.8 million, resulting in a gross margin of 50%, down from 54% in the prior year. The company recorded a net loss of $6.9 million, compared to a loss of $2.9 million in the first quarter of 2025, reflecting a 138% increase in losses.

Operating expenses increased to $6.7 million, up 28% from $5.2 million in the previous year. This rise was driven by a 20% increase in sales and marketing expenses, primarily due to higher bad debt expenses related to a specific customer. General and administrative expenses surged by 59%, largely due to increased legal costs associated with the company's ongoing business combination efforts. In contrast, research and development expenses decreased by 41%, reflecting lower headcount and the absence of severance costs.

In terms of operational metrics, Ekso Bionics reported a cash balance of $4.0 million as of March 31, 2026, with $0.3 million classified as restricted cash due to a standby letter of credit established for inventory procurement. The company had working capital of $5.0 million, a slight decrease from $5.4 million at the end of 2025. The company’s cash flow from operating activities showed a net outflow of $2.1 million, which was an increase of 8% compared to the previous year, primarily due to higher legal costs.

Strategically, Ekso Bionics is pursuing a business combination with APLD Intermediate HoldCo LLC, which is expected to enhance its market position. The company issued 5,852 shares of Series B Preferred Stock in January 2026, raising approximately $5.3 million in net proceeds for working capital and general corporate purposes. The company is also focusing on expanding its Personal Health market, particularly following the approval of Medicare reimbursement for its Ekso Indego Personal device, which is anticipated to drive future sales growth.

Looking ahead, Ekso Bionics faces substantial challenges, including the need for additional funding to support operations and the uncertainty surrounding the timing and success of its business combination. Management has indicated that it expects to continue experiencing operating losses and negative cash flows, raising doubts about its ability to sustain operations without further financing. The company is actively exploring various financing options, including equity offerings and debt financing, to meet its cash requirements over the next 12 months.