Revenue momentum has deteriorated significantly, evidenced by a 36.6% year-over-year decline in 2026Q1 and an unsustainable operating margin of -2.6% despite a 50.2% gross margin.
| 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 |
|---|
| Sales/Revenue | 11.56M | 12.8M | 17.93M | 18.28M | 12.91M | 11.25M | 8.88M | 13.92M | 11.33M | 7.35M | 14.22M | 8.66M | 5.33M | 3.3M |
| Revenue Growth % | -34.08% | -28.6% | -1.94% | 41.57% | 14.81% | 26.62% | -36.18% | 22.81% | 54.11% | -48.29% | 64.2% | 62.59% | 61.33% | - |
| Cost of Goods Sold | 5.45M | 5.95M | 8.41M | 9.2M | 6.7M | 4.5M | 3.81M | 7.15M | 7.02M | 5.28M | 11.27M | 7.48M | 3.77M | 2.71M |
| COGS % of Revenue | - | 46.52% | 46.94% | 50.33% | 51.87% | 39.99% | 42.92% | 51.4% | 61.97% | 71.86% | 79.28% | 86.39% | 70.73% | 82.22% |
| Gross Profit | 6.11M | 6.84M | 9.51M | 9.08M | 6.21M | 6.75M | 5.07M | 6.76M | 4.31M | 2.07M | 2.95M | 1.18M | 1.56M | 587K |
| Gross Margin % | 52.86% | 53.48% | 53.06% | 49.67% | 48.13% | 60.01% | 57.08% | 48.6% | 38.03% | 28.14% | 20.72% | 13.61% | 29.27% | 17.78% |
| Gross Profit Growth % | - | -28.03% | 4.76% | 46.11% | -7.93% | 33.12% | -25.04% | 56.97% | 108.26% | -29.79% | 149.96% | -24.37% | 165.59% | - |
| Operating Expenses | 21.62M | 20.17M | 19.97M | 24.19M | 21.77M | 20.58M | 17.93M | 23.4M | 31.37M | 33.35M | 30.73M | 22.74M | 18.35M | 11.44K |
| OpEx % of Revenue | - | 157.6% | 111.41% | 132.34% | 168.6% | 182.97% | 201.85% | 168.16% | 276.86% | 453.61% | 216.08% | 262.56% | 344.53% | 0.35% |
| Selling, General & Admin | 18.99M | 17.14M | 16.1M | 19.17M | 18.14M | 17.83M | 15.45M | 18.81M | 25.53M | 23.87M | 21.85M | 16.26M | 14.48M | 10.94K |
| SG&A % of Revenue | - | 133.92% | 89.8% | 104.85% | 140.52% | 158.54% | 173.99% | 135.14% | 225.26% | 324.64% | 153.65% | 187.74% | 271.92% | 0.33% |
| Research & Development | 2.63M | 3.03M | 3.87M | 5.03M | 3.63M | 2.75M | 2.47M | 4.6M | 5.85M | 9.48M | 8.88M | 6.48M | 3.87M | 3.93M |
| R&D % of Revenue | - | 23.68% | 21.61% | 27.49% | 28.08% | 24.44% | 27.85% | 33.02% | 51.6% | 128.97% | 62.44% | 74.82% | 72.61% | 119.05% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 296K | -166K | -45K | -61K | 500 |
| Operating Income | -15.5M | -13.33M | -10.46M | -15.11M | -15.56M | -13.83M | -12.86M | -16.64M | -27.03M | -31.61M | -27.59M | -21.56M | -16.79M | -12.29K |
| Operating Margin % | -134.06% | -104.12% | -58.35% | -82.67% | -120.48% | -122.96% | -144.76% | -119.56% | -238.53% | -429.92% | -193.98% | -248.94% | -315.26% | -0.37% |
| Operating Income Growth % | - | -27.4% | 30.78% | 2.85% | -12.5% | -7.54% | 22.72% | 38.44% | 14.49% | -14.59% | -27.94% | -28.39% | -136525.45% | - |
| EBITDA | -14.31M | -11.75M | -8.85M | -13.41M | -14.67M | -13.27M | -12.24M | -15.95M | -25.53M | -29.88M | -25.73M | -20.63M | -16.05M | -10.9K |
| EBITDA Margin % | -123.73% | -91.83% | -49.38% | -73.38% | -113.61% | -117.97% | -137.78% | -114.6% | -225.29% | -406.36% | -180.94% | -238.17% | -301.28% | -0.33% |
| EBITDA Growth % | -44.26% | -32.77% | 34.01% | 8.56% | -10.57% | -8.41% | 23.27% | 37.53% | 14.56% | -16.12% | -24.74% | -28.53% | -147138.53% | - |
| D&A (Non-Cash Add-back) | 1.2M | 1.57M | 1.61M | 1.7M | 887K | 561K | 620K | 690K | 1.5M | 1.73M | 1.85M | 933K | 745K | 1.39K |
| EBIT | -8.26M | -11.39M | -11.06M | -14.9M | -14.92M | -9.65M | -15.69M | -11.75M | -26.39M | -28.47M | -23.45M | -19.58M | -33.33M | -10.96M |
| Net Interest Income | -547K | -309K | -269K | -302K | -156K | -113K | -139K | -1.48M | -600K | -648K | -4K | -2K | -429K | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 384K | 0 | 0 | 12K | 11K | 6K | 0 |
| Interest Expense | 404K | 309K | 269K | 302K | 156K | 113K | 139K | 384K | 600K | 648K | 16K | 13K | 435K | 0 |
| Other Income/Expense | -185K | 1.63M | -870K | -86K | 476K | 4.06M | -2.97M | 4.51M | 38K | 2.49M | 4.12M | 1.97M | -16.98M | -1.59M |
| Pretax 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 |
| Pretax Margin % | -135.66% | -91.37% | -63.21% | -83.14% | -116.79% | -86.82% | -178.17% | -87.17% | -238.19% | -396.06% | -165.04% | -226.19% | -633.92% | -0.37% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -541 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 4.4% |
| 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 |
| Net Margin % | -135.66% | -91.37% | -63.21% | -83.14% | -116.79% | -86.82% | -178.17% | -87.17% | -238.19% | -396.06% | -165.04% | -226.19% | -633.92% | -0.37% |
| Net Income Growth % | -45.38% | -3.22% | 25.45% | -0.78% | -54.44% | 38.3% | -30.44% | 55.05% | 7.31% | -24.08% | -19.81% | 41.99% | -274623.4% | - |
| Net Income (Continuing) | -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 | -11.89M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.40 | -4.91 | -0.56 | -1.10 | -1.16 | -0.88 | -2.21 | -2.44 | -6.61 | -12.27 | -18.90 | -15.52 | -34.96 | -0.05 |
| EPS Growth % | -1022.92% | -776.79% | 49.09% | 5.17% | -31.82% | 60.18% | 9.43% | 63.09% | 46.13% | 35.08% | -21.78% | 55.61% | -77074.39% | - |
| EPS (Basic) | - | -4.91 | -0.56 | -1.10 | -1.16 | -0.80 | -2.21 | -2.44 | -6.61 | -12.27 | -19.42 | -15.53 | -34.96 | -0.05 |
| Diluted Shares Outstanding | 3.56M | 2.43M | 20.16M | 13.87M | 12.96M | 12.27M | 7.16M | 4.79M | 4.08M | 2.37M | 1.24M | 1.26M | 965.88K | 271.3K |
| Basic Shares Outstanding | 3.56M | 2.43M | 20.16M | 13.87M | 12.96M | 12.19M | 7.16M | 4.79M | 4.08M | 2.37M | 1.21M | 1.26M | 965.88K | 271.3K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency crisis
As reported in recent financial filings, Ekso Bionics experienced a significant 36.6% year-over-year revenue decline in 2026Q1, signaling a sharp deterioration in market demand that suggests the company's current commercial strategy is failing to gain traction within the competitive medical exoskeleton landscape for institutional rehabilitation facilities.
The consistent pattern of negative revenue growth over the last several quarters indicates that the company is struggling to convert its clinical value proposition into reliable capital equipment sales. This trend suggests that hospital procurement cycles are increasingly excluding the EksoNR platform, potentially due to budget constraints or a lack of clear reimbursement pathways.
Based on the company's reported figures, the operating margin of -104.12% highlights a profound inability to scale revenue against fixed overhead, as SG&A expenses continue to dwarf gross profit, leaving the firm without the necessary operating leverage to achieve a path toward sustainable profitability.
The persistent gap between gross profit and operating expenses suggests that the current cost structure is misaligned with the company's actual sales volume. Investors should monitor whether management can implement meaningful cost-cutting measures, as the current burn rate appears to be structurally embedded in the business model.
According to recent SEC filings, Ekso's cost structure is heavily burdened by high SG&A requirements, which consistently exceed gross profit, indicating that the company's reliance on a specialized, high-touch sales force is currently unsustainable given the prevailing weakness in top-line revenue generation and unit growth.
The company's inability to reduce SG&A in proportion to declining revenue suggests a lack of expense discipline or a requirement for high-cost clinical support that cannot be easily scaled down. This cost rigidity may force the company into further dilutive financing to maintain operations.
Based on the provided income statement data, the combination of a -104% operating margin and critically low cash reserves suggests that the company faces an existential risk, as the current trajectory of losses appears to outpace the firm's ability to generate sufficient cash from operations.
Short-sellers would likely focus on the widening gap between cash burn and revenue, which implies that the company may be nearing a point where it can no longer fund its R&D and sales efforts. The lack of a clear inflection point in the data warrants extreme caution regarding the company's long-term solvency.
Quick answers to the most common questions about buying EKSO stock.
For fiscal year 2025, Ekso Bionics Holdings, Inc. (EKSO) reported total revenue of $12.8M. This represents a 287.6% increase compared to $3.3M in 2013.
Ekso Bionics Holdings, Inc. (EKSO) reported a net loss of $11.7M for the fiscal year ending 2025.
Ekso Bionics Holdings, Inc. (EKSO) reported an operating income of $-13.3M, resulting in an operating profit margin of -104.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ekso Bionics Holdings, Inc. (EKSO) generated $6.8M in gross profit for the year, representing a gross profit margin of 53.5%. This demonstrates the company's core pricing power and production efficiency.