EKSO BIONICS (EKSO) AI Stock Analysis

• Market Cap: $29.52M
• Dividend Yield: N/A
• Average Volume (3M): 56.84K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.45
• Revenue Growth: -16.59%
• EPS Growth: 43.20%
• Country: US
• Employees: 61
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.54
• Shares Outstanding: 3,392,723
• 10 Day Avg. Volume: 46,910
• 30 Day Avg. Volume: 56,843
• PEG Ratio: 0.33
• Price to Book (P/B): 14.52
• Price to Sales (P/S): 10.29
• P/FCF Ratio: -18.67
• Enterprise Value/Market Cap: 0.78
• Enterprise Value/Revenue: 1.57
• Enterprise Value/Gross Profit: 2.93
• Enterprise Value/Ebitda: -2.38
• 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: $8.00 ▼(-14.62% Downside)

The score is held back primarily by weak financial performance (large ongoing losses and continued cash burn) despite strong TTM revenue growth and improving leverage. Technicals are a key positive with the price in an uptrend and momentum not overheated, while valuation is hard to assess with negative earnings. Corporate events add some upside potential via added funding and a possible strategic pivot, but with meaningful execution and dilution uncertainty.

Positive Factors

Strategic Partnership

This partnership expands EKSO's product offerings in the rehabilitation market, potentially increasing revenue streams and market penetration in the US.

Gross Margin Improvement

Improved gross margins indicate better cost control and operational efficiency, which can enhance profitability if sustained over time.

AI-Focused Merger

The merger could reposition EKSO into the AI infrastructure space, potentially opening new growth avenues and diversifying its business model.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow indicates ongoing cash management challenges, potentially limiting investment in growth initiatives and necessitating external financing.

Declining Revenue

A declining revenue trend suggests challenges in market demand or competitive positioning, which could impact long-term growth prospects.

High Execution Risk

The proposed merger involves significant execution risks, including regulatory and shareholder approvals, which could delay or derail strategic benefits.

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

Revenue growth re-accelerated sharply in TTM (+66.9%) with relatively steady gross margins, and leverage improved as total debt declined. However, financial quality remains weak due to very large ongoing losses (TTM net margin ~-70.7%, ROE ~-90.7%) and continued cash burn (TTM operating cash flow and free cash flow both about -$8.9M), keeping overall financial risk elevated.

Income Statement

Revenue growth improved sharply in TTM (Trailing-Twelve-Months) (+66.9%) after a flat-to-down 2024 (-1.9%), and gross margin has stayed relatively steady around the low-to-mid 50% range. However, profitability remains the core issue: TTM (Trailing-Twelve-Months) net margin is deeply negative (~-70.7%) with similarly large operating losses, showing the cost structure is still not scaling with revenue. Losses have narrowed versus 2022–2023 levels, but the business is still far from breakeven.

Balance Sheet

Leverage is moderate and improving: total debt declined materially from 2023–2024 levels to $3.0M in TTM (Trailing-Twelve-Months), with debt-to-equity down to ~0.31 (from ~0.57 in 2023). Equity remains positive ($9.7M), supporting balance sheet flexibility. The weakness is persistent, very large losses driving highly negative returns on equity (about -90.7% in TTM), which can continue to pressure equity over time if losses persist.

Cash Flow

Cash generation remains weak with ongoing cash burn: operating cash flow is -$8.9M and free cash flow is -$8.9M in TTM (Trailing-Twelve-Months). Cash burn has improved versus 2022–2024 (less negative), but free cash flow growth is sharply negative in TTM (Trailing-Twelve-Months), signaling volatility and no sustained inflection yet. With free cash flow still materially negative, the company likely remains reliant on external funding or balance sheet resources if conditions don’t improve.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	14.75M	17.93M	18.28M	12.91M	11.25M	8.88M
Gross Profit	7.89M	9.51M	9.08M	6.21M	6.75M	5.07M
EBITDA	-9.70M	-9.45M	-13.20M	-14.04M	-9.09M	-15.07M
Net Income	-10.43M	-11.33M	-15.20M	-15.08M	-9.76M	-15.82M
Balance Sheet
Total Assets	21.66M	26.65M	28.92M	40.90M	49.17M	20.60M
Cash, Cash Equivalents and Short-Term Investments	2.72M	6.49M	8.64M	20.52M	40.41M	12.86M
Total Debt	3.02M	5.98M	7.17M	7.50M	2.22M	3.86M
Total Liabilities	11.98M	13.95M	16.31M	15.46M	11.95M	16.16M
Stockholders Equity	9.68M	12.71M	12.61M	25.44M	37.22M	4.43M
Cash Flow
Free Cash Flow	-8.87M	-9.88M	-12.21M	-14.88M	-11.21M	-8.76M
Operating Cash Flow	-8.90M	-9.85M	-12.05M	-14.69M	-11.16M	-8.76M
Investing Cash Flow	-83.00K	-37.00K	-157.00K	-5.17M	-59.00K	0.00
Financing Cash Flow	3.39M	7.77M	348.00K	0.00	38.71M	10.70M

EKSO BIONICS Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.37
• 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 9.37 is above the 20-day moving average (MA) of 8.47, above the 50-day MA of 6.45, and above the 200-day MA of 5.00, indicating a bullish trend. The MACD of 0.58 indicates Positive momentum. The RSI at 61.87 is Neutral, neither overbought nor oversold. The STOCH value of 71.24 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	$29.52M	-1.68	-85.01%	―	-16.59%	43.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HBIO	48 Neutral	$22.40M	-0.41	-135.62%	―	-10.60%	-271.93%
LUCY	43 Neutral	$6.10M	-0.43	-74.10%	―	53.22%	72.69%
MLSS	42 Neutral	$22.09M	-3.23	-136.47%	―	0.59%	-39.76%

EKSO BIONICS Corporate Events

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.

Ekso Bionics Announces Executive Equity Award Grants

On November 5, 2025, Ekso Bionics Holdings, Inc. announced equity award grants to executives Scott Davis, Jerome Wong, and Jason Jones to motivate stockholder growth and achieve strategic goals. The grants include restricted stock units and phantom performance-based RSUs, with specific vesting conditions tied to company performance metrics. Additionally, the company entered into Change in Control and Severance Agreements with these executives, outlining severance benefits in case of employment termination under certain conditions, which may impact the company’s financial obligations and executive retention strategies.

The most recent analyst rating on (EKSO) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on EKSO BIONICS stock, see the EKSO Stock Forecast page.

Ekso Bionics Announces $3.2 Million Stock Offering

On October 28, 2025, Ekso Bionics entered into a securities purchase agreement with institutional investors to sell 769,490 shares of its common stock at $4.81 per share in a registered direct offering. The offering is expected to close by October 30, 2025, with net proceeds of approximately $3.2 million intended for general corporate purposes, including research and development, administrative costs, and strategic initiatives. The company also entered into a placement agency agreement with Lake Street Capital Markets, LLC, which will receive a 6% cash fee and a warrant to purchase additional shares.

The most recent analyst rating on (EKSO) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on EKSO BIONICS stock, see the EKSO Stock Forecast page.