EKSO BIONICS (EKSO) AI Stock Analysis

• Market Cap: $36.24M
• Dividend Yield: N/A
• Average Volume (3M): 56.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.48
• Revenue Growth: -16.59%
• EPS Growth: 43.20%
• Country: US
• Employees: 61
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -1.57
• Shares Outstanding: 3,563,381
• 10 Day Avg. Volume: 46,910
• 30 Day Avg. Volume: 56,843
• PEG Ratio: >-0.01
• Price to Book (P/B): 2.32
• Price to Sales (P/S): 1.64
• P/FCF Ratio: -1.78
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 2.09
• Enterprise Value/Gross Profit: 3.91
• Enterprise Value/Ebitda: -2.55
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: $11.00 ▲(14.11% Upside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is held back mainly by weak financial performance (ongoing losses and cash burn with recent revenue decline) and a negative earnings-based valuation signal. These are partially offset by strong technical uptrend indicators and mixed corporate-event catalysts, including a major strategic pivot but with substantial dilution and control-transfer risk.

Positive Factors

Healthy gross margins

Gross margins persistently in the low-to-mid 50% range indicate the company’s core exoskeleton products have durable unit economics. If sales scale or utilization increases, these margins provide a pathway to improved contribution profit and eventual operating leverage, supporting long-term viability.

Improving leverage

Meaningful reduction in leverage and declining total debt strengthen balance-sheet flexibility and reduce interest burden. A lower debt-to-equity ratio and positive equity position provide capacity to fund R&D or absorb near-term losses without immediate insolvency risk, supporting multi-quarter execution.

Strategic repositioning to AI infra

The proposed Applied Digital Cloud transaction would reposition the company into high-performance compute for AI, opening materially larger addressable markets and new revenue models (cloud/compute). This structural pivot, if executed and approved, diversifies the business beyond hardware and could attract strategic capital and partnerships.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow, including roughly -$11.8M FCF in 2025, creates continuous financing needs. This undermines internal funding for product development and commercialization, forces dilution or debt raises, and elevates execution risk over multiple quarters absent a durable move to positive cash generation.

Weak, inconsistent revenue trends

Declining and uneven revenue indicates challenges scaling commercial adoption of exoskeleton products. Without consistent top-line growth, the company cannot fully leverage healthy gross margins to cover fixed costs, lengthening the path to profitability and leaving margins vulnerable to continued operating losses.

Severe dilution and control-transfer risk

The contemplated Applied Digital transaction would massively dilute legacy holders and grant the contributor dominant ownership and board control. This shifts strategic control, risks abandonment of the exoskeleton business, and concentrates governance and execution risk in the new controlling party, threatening long-term continuity for current stakeholders.

EKSO BIONICS Business Overview & Revenue Model

Company Description

Ekso Bionics Holdings, Inc. designs, develops, sells, and rents exoskeleton products in the Americas, Europe, the Middle east, Africa, the Asia Pacific, and internationally. The company operates in two segments, EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and markets exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and markets exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. It also provides EksoNR, a wearable bionic suit and rehabilitation device that assists physical therapists and physicians to treat patients with acquired brain injury, stroke, and spinal cord injury; and EksoUE is a wearable upper extremity assistive device that helps to reduce the effect of gravity on the wearer's shoulders and arms. Ekso Bionics Holdings, Inc. has a license agreement with Lockheed Martin Corporation. The company was incorporated in 2005 and is headquartered in Richmond, California.

How the Company Makes Money

EKSO BIONICS generates revenue through several key streams, primarily from the sale and leasing of its exoskeleton devices to healthcare facilities and industrial clients. The company also earns money through service contracts, which include maintenance, training, and support for its products. Additionally, EKSO may benefit from partnerships with rehabilitation centers and industrial organizations that integrate their technology into existing workflows. Grants and funding from governmental and private research initiatives can also contribute to their revenue, particularly in the development of new technologies and applications for their exoskeleton systems.

EKSO BIONICS Financial Statement Overview

Summary

Financials are dominated by persistent operating losses and ongoing cash burn (negative operating cash flow and free cash flow each year). Revenue has been inconsistent and recently declined (~13% in 2025 vs. 2024). Offsetting this, gross margins are relatively steady in the low-to-mid 50% range and leverage improved with lower debt-to-equity and reduced total debt.

Income Statement

Revenue has been inconsistent and recently weakened (down ~13% in 2025 vs. 2024 after being roughly flat in 2024). Gross margin is solid and fairly steady around the low-to-mid 50% range, indicating the core product economics are reasonable. However, profitability remains a major issue: the company is deeply loss-making with very negative net margins across all years, and operating losses remain substantial, with 2025 losses widening versus 2024.

Balance Sheet

Leverage appears manageable, with debt-to-equity improving to ~0.29 in 2025 from ~0.47 in 2024, and total debt declining meaningfully year over year. Equity remains positive, providing some balance-sheet support. The key weakness is ongoing heavy losses that pressure the equity base over time, and the company’s history shows periods of higher leverage (e.g., 2020), highlighting potential balance-sheet volatility if losses persist.

Cash Flow

Cash burn remains significant: operating cash flow and free cash flow are negative every year shown, including about -$11.8M of free cash flow in 2025. While free cash flow improved versus 2024 (positive growth rate), the business still does not generate cash internally, and cash outflows remain closely tied to ongoing net losses, implying continued funding needs unless operating performance improves materially.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.80M	17.93M	18.28M	12.91M	11.25M
Gross Profit	6.84M	9.51M	9.08M	6.21M	6.75M
EBITDA	-9.81M	-9.45M	-13.20M	-14.04M	-9.09M
Net Income	-11.70M	-11.33M	-15.20M	-15.08M	-9.76M
Balance Sheet
Total Assets	20.11M	26.65M	28.92M	40.90M	49.17M
Cash, Cash Equivalents and Short-Term Investments	1.17M	6.49M	8.64M	20.52M	40.41M
Total Debt	2.64M	5.98M	7.17M	7.50M	2.22M
Total Liabilities	11.08M	13.95M	16.31M	15.46M	11.95M
Stockholders Equity	9.03M	12.71M	12.61M	25.44M	37.22M
Cash Flow
Free Cash Flow	-11.80M	-9.88M	-12.21M	-14.88M	-11.21M
Operating Cash Flow	-11.80M	-9.85M	-12.05M	-14.69M	-11.16M
Investing Cash Flow	-188.00K	-37.00K	-157.00K	-5.17M	-59.00K
Financing Cash Flow	6.63M	7.77M	348.00K	0.00	38.71M

EKSO BIONICS Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.64
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EKSO, the sentiment is Positive. The current price of 9.64 is below the 20-day moving average (MA) of 9.94, above the 50-day MA of 8.24, and above the 200-day MA of 5.28, indicating a bullish trend. The MACD of 0.83 indicates Positive momentum. The RSI at 53.01 is Neutral, neither overbought nor oversold. The STOCH value of 42.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EKSO.

EKSO BIONICS Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EKSO	54 Neutral	$36.24M	-1.90	-85.01%	―	-16.59%	43.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HBIO	48 Neutral	$25.98M	-0.49	-135.62%	―	-10.60%	-271.93%
LUCY	43 Neutral	$5.99M	-0.45	-74.10%	―	53.22%	72.69%
MLSS	42 Neutral	$20.26M	-3.20	-136.47%	―	0.59%	-39.76%

EKSO BIONICS Corporate Events

Ekso Bionics to Acquire Cloud Unit, Rebrand ChronoScale

On February 15, 2026, Ekso Bionics entered into a Contribution and Exchange Agreement with subsidiaries of Applied Digital Corporation to acquire all of Applied Digital Cloud Corporation in exchange for issuing 138,216,820 new Ekso shares, with closing targeted for the second quarter of 2026. Upon completion, Cloud will become a wholly owned subsidiary, Ekso will be renamed ChronoScale Corporation, and the Contributor is expected to own about 97% of the combined company before further transactions, significantly diluting legacy Ekso shareholders and cementing Applied Digital’s control.

The deal is subject to customary conditions including stockholder approval, SEC clearance of an information or proxy statement, minimum cash of $15 million including a planned PIPE financing, Nasdaq listing approval, and adoption of new charter documents that notably expand authorized shares and entrench governance rights for Applied Digital. An Investor Rights Agreement will give Applied Digital the right to designate a majority of the board while it holds a controlling stake, along with extensive consent, preemptive and registration rights, and recent bylaw and charter changes further reinforce its influence over ChronoScale’s capital structure and board composition.

The most recent analyst rating on (EKSO) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on EKSO BIONICS stock, see the EKSO Stock Forecast page.

Ekso Bionics Raises Capital via Series B Preferred

On January 20, 2026, Ekso Bionics Holdings, Inc. entered into securities purchase agreements with institutional and accredited investors for a private placement of 5,852 shares of newly designated Series B Convertible Preferred Stock, along with warrants to purchase up to 355,960 shares of common stock, which closed on January 22, 2026. The transaction, structured with conversion and exercise prices of $8.22 per share and subject to transfer, conversion, ownership caps and voting limits to prevent any single holder or the investor group from exceeding roughly 20% of the company’s voting power, is expected to yield approximately $5.3 million in net proceeds for working capital and general corporate purposes. Ekso Bionics also granted investors registration rights for the resale of the underlying common shares by mid-2026, set warrant exercisability to begin in July 2026 under specified conditions, and established detailed protective and redemption rights for the Series B preferred stock, underscoring a balance between raising growth capital and maintaining control and dilution safeguards for existing shareholders.

The most recent analyst rating on (EKSO) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on EKSO BIONICS stock, see the EKSO Stock Forecast page.

Ekso Bionics Plans AI-Focused Merger With Applied Digital

On December 29, 2025, Ekso Bionics and Applied Digital Corporation signed an exclusive, non-binding term sheet for a proposed business combination between Applied Digital’s cloud computing arm, Applied Digital Cloud, and Ekso, to form ChronoScale Corporation, a dedicated accelerated compute platform aimed at high-performance GPU infrastructure for artificial intelligence workloads. Under the contemplated terms, Applied would own about 97% of the combined entity, with Ekso shareholders holding roughly 3%, while Ekso continues to explore strategic options for selling all or substantially all of its existing exoskeleton business; the deal, which targets closing in the first half of 2026, would separate Applied’s cloud platform from its data center development operations and, if completed, would reposition Ekso’s listed vehicle into the AI infrastructure space, subject to due diligence, definitive agreements, regulatory and shareholder approvals, and other customary closing conditions.

The most recent analyst rating on (EKSO) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on EKSO BIONICS stock, see the EKSO Stock Forecast page.