Ekso Bionics Holdings Inc. reported a net loss of $6.9 million for the first quarter of 2026, translating to a per‑share loss of $2.04. Revenue for the period was $2.1 million, a decline from the $3.375 million recorded in the same quarter of 2025.
Revenue fell 38% year‑over‑year, driven by a drop in device sales across the Personal Health and Industrial segments. The company cited lower demand for its exoskeletons and higher general and administrative and sales and marketing expenses as the primary drivers of the revenue shortfall.
The net loss widened to $6.9 million from $2.891 million in Q1 2025, reflecting a sharp increase in operating expenses, including research and development, general and administrative, and sales and marketing costs. The company’s gross margin contracted as the revenue base shrank while cost growth outpaced sales.
Ekso Bionics missed analyst consensus estimates, reporting an EPS of –$2.04 versus an expected –$0.23 and revenue of $2.14 million versus an estimate of $4.54 million. The magnitude of the miss—$1.81 below consensus EPS and $2.4 million below revenue expectations—underscored the company’s ongoing financial challenges.
An auditor’s “going‑concern” warning was issued, indicating that the company’s cash reserves are projected to support operations only into early Q3 2026. The warning highlights significant doubt about the company’s ability to continue as a going concern for at least 12 months.
Despite the earnings miss, Ekso Bionics achieved a regulatory milestone with the Centers for Medicare & Medicaid Services approving reimbursement for its Ekso Indego Personal device. The reimbursement, effective April 1 2024, is expected to open a sizable serviceable market for the company’s Personal Health segment.
To bolster liquidity, the company completed a private placement of Series B Convertible Preferred Stock and warrants in January 2026, raising net proceeds of approximately $5.265 million. The capital infusion is intended to support ongoing operations and strategic initiatives.
CEO Scott Davis highlighted the significance of the CMS reimbursement, stating, “CMS' reimbursement of our Ekso Indego Personal device represents a major milestone for Ekso and, importantly, those living with spinal cord injury (“SCI”), allowing them to achieve improved mobility and independence in their homes and communities.”
Ekso Bionics operates in a competitive powered exoskeleton market estimated at $758 million in 2025, with key rivals including Ottobock, ReWalk Robotics (now Lifeward), Sarcos Robotics, Cyberdyne, and Parker Hannifin. The company’s broad product lineup and early market entry provide a competitive edge, but the market remains highly contested.
Investors reacted negatively to the earnings release, citing the significant miss on both revenue and earnings, the widening net loss, and the auditor’s going‑concern warning as primary concerns. The market’s focus on the company’s liquidity position and the need for additional capital raised questions about its near‑term viability.
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