Liquidity remains under severe pressure, highlighted by a free cash flow margin of -99.2% in 2026Q1 and a reliance on stock-based compensation add-backs reaching $758,000 in 2025Q4 to mask operational burn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | -11.96M | -11.8M | -9.85M | -12.05M | -14.69M | -11.16M | -8.76M | -15.77M | -22.16M | -31.23M | -25M | -18.27M | -15.01M | -11.99K |
| Operating CF Margin % | - | -92.2% | -54.93% | -65.94% | -113.75% | -99.2% | -98.57% | -113.33% | -195.6% | -424.67% | -175.78% | -210.93% | -281.72% | -0.36% |
| Operating CF Growth % | -229.78% | -19.86% | 18.32% | 17.93% | -31.66% | -27.42% | 44.49% | 28.84% | 29.02% | -24.92% | -36.83% | -21.74% | -125041.76% | - |
| Net Income | -15.69M | -11.7M | -11.33M | -15.2M | -15.08M | -9.76M | -15.82M | -12.13M | -26.99M | -29.12M | -23.47M | -19.59M | -33.77M | -12.29K |
| Depreciation & Amortization | 1.65M | 1.57M | 1.61M | 1.7M | 887K | 561K | 620K | 690K | 1.51M | 1.73M | 1.85M | 933K | 745K | 0 |
| Stock-Based Compensation | 1.34M | 1.47M | 1.63M | 2.24M | 2.73M | 2.5M | 2.58M | 2.4M | 3.08M | 2.92M | 3.12M | 1.73M | 1.14M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -4.12M | 2.43M | -5.87M | -606K | -3.24M | -4.15M | -2.5M | 16.48M | 0 |
| Other Non-Cash Items | 3.53M | -1.11M | 771K | -207K | -647K | 134K | 319K | 1.16M | 308K | 55K | -202K | 484K | 159K | 0 |
| Working Capital Changes | -2.79M | -2.04M | -2.52M | -583K | -2.58M | -468K | 1.12M | -2.02M | 530K | -3.58M | -2.15M | 678K | 230K | 300 |
| Change in Receivables | 1.97M | 446K | -1.97M | -1.21M | -67K | -1.62M | 1.75M | -1.6M | -850K | -1.08M | 154K | -520K | -1M | 0 |
| Change in Inventory | 272K | -275K | 257K | 232K | -1.4M | -752K | 379K | 893K | -1.66M | -2.1M | -541K | -200K | 354K | 0 |
| Change in Payables | 98K | -137K | -288K | -1.31M | -102K | 1.61M | -402K | -1.23M | 752K | 77K | -818K | 1.74M | -716K | 0 |
| Cash from Investing | -178K | -188K | -37K | -157K | -5.17M | -59K | 0 | -60K | -131K | -456K | -1.1M | -1.49M | -1.49M | 0 |
| Capital Expenditures | -40K | -188K | -37K | -157K | -194K | -59K | 0 | -60K | -131K | -456K | -1.1M | -1.49M | -1.49M | 0 |
| CapEx % of Revenue | 0.35% | 1.47% | 0.21% | 0.86% | 1.5% | 0.52% | - | 0.43% | 1.16% | 6.2% | 7.71% | 17.23% | 27.91% | - |
| Acquisitions | 0 | 0 | 0 | 0 | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -138K | 0 | 0 | 0 | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 8.05M | 6.63M | 7.77M | 348K | 0 | 38.71M | 10.7M | 19.04M | 2.27M | 42.57M | 23.31M | 14.12M | 40.88M | 32.72K |
| Debt Issued (Net) | -1.01M | -1.32M | -1.25M | -313K | 0 | 0 | 288K | -2.38M | -2.17M | -54K | 6.85M | -60K | -2.6M | 5.1M |
| Equity Issued (Net) | 256K | 4.1M | 9.02M | 661K | 0 | 37.3M | 7.08M | 21.19M | 4.45M | 42.46M | 14.52M | 14.18M | 21.96M | 4.36M |
| Dividends Paid | 0 | -226K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.35M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8.81M | 4.08M | 0 | 0 | 0 | 1.42M | 3.33M | 228K | 1K | 159K | 12.28M | 0 | 21.51M | -947.76K |
| Net Change in Cash | -4.06M | -5.32M | -2.15M | -11.89M | -19.88M | 27.54M | 1.99M | 3.22M | -20.16M | 10.97M | -2.71M | -5.64M | 24.39M | 20.73K |
| Free Cash Flow | -11.96M | -11.99M | -9.88M | -12.21M | -14.88M | -11.21M | -8.76M | -15.83M | -22.3M | -31.68M | -26.09M | -19.76M | -16.49M | -11.99K |
| FCF Margin % | -103.41% | -93.67% | -55.14% | -66.8% | -115.26% | -99.72% | -98.57% | -113.76% | -196.75% | -430.87% | -183.48% | -228.16% | -309.63% | -0.36% |
| FCF Growth % | -42.81% | -21.31% | 19.06% | 17.95% | -32.7% | -28.1% | 44.7% | 28.99% | 29.63% | -21.42% | -32.04% | -19.81% | -137441.69% | - |
| FCF per Share | -3.36 | -4.94 | -0.49 | -0.88 | -1.15 | -0.91 | -1.22 | -3.30 | -5.46 | -13.35 | -21.02 | -15.66 | -17.08 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.01x | 0.87x | 0.79x | 0.97x | 1.14x | 0.55x | 1.30x | 0.82x | 1.07x | 1.07x | 0.93x | 0.44x | 0.98x |
| Interest Paid | 42K | 0 | 182K | 191K | 126K | 104K | 109K | 309K | 457K | 429K | 16K | 12K | 138K | 0 |
| Taxes Paid | 4K | 0 | 8K | 45K | 13K | 1K | 6K | 23K | 18K | 20K | 33K | 5K | 38K | 0 |
Imminent liquidity and solvency crisis
According to the provided quarterly data, Ekso Bionics consistently reports negative net income while operating cash flow remains similarly depressed, with the OCF/NI ratio fluctuating wildly, suggesting that accruals and non-cash charges are failing to bridge the gap between accounting losses and actual cash burn.
The lack of a stable relationship between net income and operating cash flow suggests that the company's earnings are not merely accounting-driven but reflect a fundamental inability to generate cash from its core operations. Investors should monitor the volatility in this ratio, as it indicates that the company's cash position is highly sensitive to working capital swings rather than operational efficiency.
As reported in financial statements, Ekso's free cash flow margins remain deeply negative, reaching a low of -167.4% in 2025Q2, which underscores a structural inability to fund operations through internal cash generation and highlights the company's reliance on external financing to sustain its current business model.
The persistent negative FCF trajectory suggests that the company is effectively consuming its capital base to maintain its current R&D and SG&A footprint. Without a significant pivot toward positive FCF, the company appears to be on an unsustainable path that necessitates frequent capital raises.
Based on the reported figures, working capital changes have been highly erratic, with a significant $1.5 million outflow in 2025Q4, indicating that the company's cash conversion cycle is likely inefficient and prone to sudden, unpredictable drains on its already limited liquidity reserves.
The erratic nature of these working capital movements suggests that the company may be struggling with inventory management or collection cycles, which further complicates its cash flow planning. This volatility warrants further investigation into the underlying causes of these swings, as they directly impact the company's ability to meet short-term obligations.
Data from recent filings indicates that stock-based compensation remains a consistent add-back to cash flow, with figures reaching as high as $758,000 in 2025Q4, which effectively masks the true economic cost of operations and dilutes the quality of the company's reported cash flow metrics.
While SBC is a non-cash expense, its consistent presence suggests that the company is utilizing equity to preserve cash, which may be a necessary survival tactic but ultimately obscures the true cost of talent acquisition. Analysts should adjust cash flow metrics to account for this dilution to better understand the company's actual burn rate.
Quick answers to the most common questions about buying EKSO stock.
Ekso Bionics Holdings, Inc. (EKSO) generated $-11.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ekso Bionics Holdings, Inc. (EKSO) reported negative free cash flow of $12.0M in 2025, indicating capital requirements exceeded cash from operations.
Ekso Bionics Holdings, Inc. (EKSO) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ekso Bionics Holdings, Inc. (EKSO) returned $0.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.