AI Analysis | Feedback

• Think of it like Medtronic or Stryker, but instead of internal devices, they make robotic exoskeletons to help people with mobility impairments walk again for rehabilitation.
• It's the DeWalt or Milwaukee Tools of wearable tech, providing powered exoskeletons to help industrial workers lift, carry, and work with less strain and injury.

AI Analysis | Feedback

• EksoNR: A robotic exoskeleton designed for neurorehabilitation to help patients with conditions like stroke or spinal cord injury relearn to walk.
• EksoUE: An upper extremity robotic exoskeleton used in rehabilitation to help patients improve arm and hand function after neurological injury.
• EksoVest: An industrial exoskeleton that provides upper body support to workers, reducing fatigue and physical strain during overhead and chest-level tasks.

AI Analysis | Feedback

Ekso Bionics (EKSO) primarily sells its products to other companies and institutions, rather than directly to individuals. Its customer base can be broadly divided into two main sectors:

1. Industrial Customers (for products like the EksoVest)

These customers are typically large manufacturing, automotive, construction, and logistics companies that purchase exoskeletons to enhance worker safety, reduce fatigue, and improve productivity. Major customers and publicly known partners in this sector include:

• Ford Motor Company (NYSE: F)
• BMW (Bayerische Motoren Werke AG, XTRA: BMW.DE)
• The Boeing Company (NYSE: BA)
• Honda Motor Co., Ltd. (NYSE: HMC)
• Deere & Company (NYSE: DE)
• Numerous other manufacturing and industrial companies globally.

2. Medical and Rehabilitation Institutions (for products like EksoNR and EksoUE)

These customers are hospitals, rehabilitation centers, and physical therapy clinics that acquire Ekso Bionics' medical exoskeletons for patient rehabilitation and therapy. While these institutions serve individuals, the purchasing entity is the facility itself. Examples of the types of institutions that utilize Ekso Bionics' medical devices include:

• Major rehabilitation hospitals (e.g., Kessler Institute for Rehabilitation, Shepherd Center, MossRehab)
• University medical centers and health systems (e.g., UPMC, Mayo Clinic for research/deployment)
• Specialized physical therapy clinics

These medical and rehabilitation institutions are typically not publicly traded companies with stock symbols.

AI Analysis | Feedback

null

AI Analysis | Feedback

Scott Davis, Chief Executive Officer

Mr. Davis has served as the Chief Executive Officer of Ekso Bionics since December 2022, previously holding roles as President and COO since 2022, and Executive Vice President of Strategy and Corporate Development since 2021. He brings over two decades of global executive leadership experience in high-tech companies, focusing on scalability and commercial performance. Prior to Ekso Bionics, he was CEO of Globalmatix, Inc., an IoT connected telematics solution provider, and SVP Strategy for GetWireless, LLC, a telecommunications equipment provider. From 2015 to 2020, he served as President of SGD Executive Services LLC, providing C-level consulting, including M&A support. He also served as Vice President of Global Sales Enterprise Solutions for Sierra Wireless, Inc.

Jerome Wong, Chief Financial Officer

Mr. Wong joined Ekso Bionics in January 2016 and was appointed Chief Financial Officer in November 2022, having previously served as Interim CFO and Controller since May 2017. He has over 20 years of experience in finance, accounting, and strategy, primarily in public companies within the high technology and life sciences sectors. His prior experience includes corporate controller and assistant corporate controller positions at ABM Industries, Inc., XOMA Corporation, and Pattern Energy Group Inc.

Jason Jones, Chief Operating Officer

Mr. Jones became Chief Operating Officer in January 2023, after serving as the Vice President of Product Development. His career has involved building products, technology, and companies across various industries, including medical devices, industrial automation, semiconductors, and solar energy. He previously worked at Berkeley Renewables LLC and as Product Line Manager for Utilities at SunPower Corporation.

Chwee Foon Lim, President, APAC

Ms. Lim possesses over 20 years of international experience in the Healthcare & Life Science sector, having lived and worked across Asia, Europe, and the Americas. Before joining Ekso Bionics, she was the Head of Healthcare for The Linde Group, Asia Pacific, where she was responsible for leading healthcare business growth in the region.

Stephan Aderhold, Sr. Vice President & General Manager, EMEA

Mr. Aderhold has 15 years of experience in medical devices, specifically in areas such as eye health care and gastroenterology.

AI Analysis | Feedback

The key risks to Ekso Bionics' business (NASDAQ: EKSO) primarily revolve around its financial viability, intense market competition, and the complex regulatory and reimbursement landscape.

1. Financial Position and Ability to Achieve Profitability: Ekso Bionics has consistently incurred significant losses and anticipates continued losses in the future. The company faces challenges in achieving and maintaining profitability, with high research and development expenditures relative to its size. Securing adequate financing to fund its operations and develop new technologies remains a critical concern, and some analyses indicate a very high probability of financial distress in the upcoming years.
2. Market Competition: The company operates in a highly competitive market for medical devices and robotics. Ekso Bionics faces competition from established players with significant market presence in both its enterprise health and personal health product lines, potentially impacting sales and market share.
3. Regulatory and Reimbursement Environment: As a medical technology company, Ekso Bionics is subject to a complex regulatory environment, including stringent FDA approval processes and ongoing compliance requirements. Furthermore, the company's sales and market adoption are significantly influenced by the coverage policies and reimbursement levels set by third-party payers, such as Medicare and Medicaid, which can be unpredictable and limit revenue growth.

AI Analysis | Feedback

The increasing adoption and technological advancement of collaborative robots (cobots) and other advanced automation solutions in industrial settings pose a clear emerging threat to Ekso Bionics' industrial exoskeleton business. While Ekso's industrial exoskeletons, such as the EksoVest, are designed to augment human workers by reducing fatigue and improving safety in physically demanding tasks (e.g., overhead work), the proliferation of more capable, flexible, and cost-effective cobots offers an alternative solution. Companies seeking to improve efficiency and worker safety may increasingly opt to fully automate specific tasks with robots rather than augmenting human workers with exoskeletons, thereby reducing the addressable market and demand for industrial exoskeletons.

AI Analysis | Feedback

Ekso Bionics (symbol: EKSO) operates in the exoskeleton market, offering products for both healthcare and industrial applications. The addressable markets for their main products and services are as follows:

Medical/Rehabilitation Exoskeletons (EksoNR, Ekso Indego Therapy, Ekso Indego Personal)

Ekso Bionics' medical products, including EksoNR, Ekso Indego Therapy, and Ekso Indego Personal, cater to patients with spinal cord injuries, stroke, acquired brain injury, and multiple sclerosis, aiding in rehabilitation and mobility. This segment is part of the broader medical exoskeleton market.

• Global Medical Exoskeleton Market: The medical exoskeleton market was valued at approximately USD 428.4 million in 2023. It is a dominant segment within the overall exoskeleton market, with rehabilitation and assistive applications driving growth. The lower extremity exoskeleton segment, which Ekso Bionics' medical products primarily address, held a significant market share in 2023 and is expected to reach USD 1.9 billion by 2032.
• U.S. Medical Exoskeleton Market: The U.S. medical exoskeleton market is projected to grow from USD 1.08 billion in 2025 to USD 3.26 billion by 2031, at a Compound Annual Growth Rate (CAGR) of 19.8%. North America, including the U.S., held the largest share of the medical exoskeleton market in 2023. Another estimate indicates the U.S. exoskeleton market size was USD 212.8 million in 2024 and is expected to reach USD 980.9 million by 2035, growing at a CAGR of 14.90% from 2025 to 2035.

Industrial Exoskeletons (Ekso EVO)

Ekso Bionics' Ekso EVO (formerly EksoVest) is a shoulder support device designed for industrial applications, aiming to enhance the strength, mobility, and endurance of industrial workers.

• Global Industrial Exoskeleton Market: The global industrial exoskeleton market was valued at USD 330 million in 2024 and is projected to reach approximately USD 1.62 billion by 2030, registering a CAGR of 30.2% during the forecast period. This growth is propelled by the adoption of exoskeletons in sectors like warehousing, assembly lines, and field services to prevent repetitive strain injuries.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Ekso Bionics (EKSO)

• Medicare Reimbursement for Ekso Indego Personal: The recent approval of substantial Medicare reimbursement for the Ekso Indego Personal device is a significant driver. This regulatory milestone considerably expands Ekso Bionics' total addressable market by making its technology financially accessible to patients with spinal cord injuries, a demographic representing over 26,000 new cases annually in the U.S. alone.
• Expansion of the Personal Health Segment: Ekso Bionics is strategically focusing on the growth of its Personal Health segment, particularly driven by the Ekso Indego Personal device. The company anticipates that this segment will account for 25% of its revenue in 2025 and is projected to surpass enterprise health revenue by 2027.
• Strategic Partnerships and Distribution Expansion: The company has established key exclusive distribution partnerships in the U.S., including agreements with National Seating & Mobility (NSM) within the complex rehabilitation technology industry and Bionic Prosthetics & Orthotics Group (Bionic P&O) for the orthotics and prosthetics sector. These alliances are expected to significantly expand U.S. distribution and market access for Ekso Bionics' personal health products in large and growing markets.
• International Market Expansion: Ekso Bionics is actively pursuing growth in international markets, with a particular emphasis on the Asia-Pacific (APAC) region and Europe. This expansion aims to diversify the company's customer base and unlock additional revenue potential globally.
• Technological Innovation and AI Integration: Ongoing technological advancements and the integration of artificial intelligence (AI) are expected to drive future growth. Ekso Bionics is leveraging AI through collaborations with companies like NVIDIA to enable real-time adaptive support in devices such as EksoNR. Continuous innovation in its product lines and platforms, such as EksoPulse, further strengthens its market position and competitiveness.

AI Analysis | Feedback

Share Issuance

• In October 2025, Ekso Bionics announced a registered direct offering to sell 769,490 shares of common stock at $4.81 per share, expected to generate approximately $3.7 million in gross proceeds.
• Effective June 2, 2025, the company implemented a 1-for-15 reverse stock split, reducing outstanding shares from around 35 million to approximately 2.4 million, to comply with Nasdaq listing requirements.
• In March 2025, shareholders were asked to approve the potential issuance of up to 10,500,000 shares of common stock upon the exercise of an inducement warrant issued under an agreement dated March 17, 2025.

Outbound Investments

• As of October 2025, Ekso Bionics is exploring one or more strategic transactions, which may include the acquisition of a line of business in a different industry or the sale of all or substantially all of the company's current business.

Capital Expenditures

• Proceeds from the October 2025 registered direct offering are designated for general corporate purposes, including research and development activities, selling, general and administrative costs, strategic initiatives, and working capital needs.