Ekso Bionics Holdings Inc

Ekso Bionics operates with a market capitalization of $42.8 million and a price-to-book ratio of 3.55, indicating a premium valuation relative to its equity base. The company's liquidity position is characterized by a current ratio of 2.42, suggesting moderate short-term solvency, but its operating cash flow of -$6.1 million and free cash flow of -$2.0 million highlight ongoing cash burn. The debt-to-equity ratio of 0.46 reflects a conservative capital structure, with long-term debt of $5.6 million against total equity of $12.1 million.

Profitability metrics reveal significant challenges, with a net loss of $2.4 million and an operating loss of $2.3 million in the latest period. Return on equity of -20.03% and return on assets of -8.95% underscore the company's inability to generate returns for shareholders or asset holders. Gross profit of $2.6 million on $4.95 million in revenue suggests margin pressures, with a gross margin of 53.3%, which is below the industry median for advanced medical equipment firms.

The company's revenue is concentrated in a single business segment focused on exoskeletons for medical and industrial use, with no disclosed geographic diversification. This concentration increases exposure to market-specific risks, particularly in the healthcare and industrial sectors where adoption of bionic technology is still nascent.

Looking ahead, Ekso Bionics is projected to face continued revenue and margin pressures, with no clear path to profitability in the near term. The company's operating cash flow and free cash flow remain negative, and its capital expenditures of -$8,000 suggest minimal investment in growth infrastructure. Analysts have assigned a mean price target of $9.50, which is below the current market price of $12.01, indicating a bearish outlook.

Risk factors include liquidity constraints, with net cash negative after subtracting total debt, and a high probability of continued operating losses. The company's dilution risk is currently low, but its equity base is small, and any future capital raise could significantly dilute existing shareholders. No recent filings or transcripts indicate material changes in strategy or operations.

Revenue grew at a 3.3% CAGR over four years, indicating modest top-line expansion despite recent volatility.

Cash conversion of 2.54 ranks best-in-class among 205 peers, suggesting superior operational efficiency relative to competitors.

Capex to revenue ratio of -0.0016 sits in the top quartile, implying minimal capital intensity requirements.

Long-term debt decreased to $4.1 million in FY2026, reflecting a gradual reduction in leverage obligations.

Gross profit reached $9.5 million in FY2025, demonstrating the ability to generate positive gross margins on sales.

The company carries a high credit risk flag, suggesting significant concerns regarding its ability to meet financial obligations.

Free cash flow remained deeply negative at -$11.0 million in FY2026, highlighting persistent cash burn issues.

Revenue $2.1M, −36,6% YoY; Net income −138,2% YoY.

• ▍Revenue $2.1M, −36,6% YoY
• ▍Net income −138,2% YoY
• ▍Net margin -321.6%

Revenue $3.1M, −38,3% YoY; Operating income −102,2% YoY.

• ▍Revenue $3.1M, −38,3% YoY
• ▍Operating income −102,2% YoY
• ▍Net income −37,0% YoY
• ▍Free cash flow −43,2% YoY
• ▍Net margin -148.9%

Revenue $4.2M, +2,4% YoY; Operating income +46,9% YoY.

• ▍Revenue $4.2M, +2,4% YoY
• ▍Operating income +46,9% YoY
• ▍Net income +31,4% YoY
• ▍Free cash flow +36,3% YoY
• ▍Net margin -33.6%

Revenue $2.1M, −58,4% YoY; Operating income −70,2% YoY.

• ▍Revenue $2.1M, −58,4% YoY
• ▍Operating income −70,2% YoY
• ▍Net income −12,1% YoY
• ▍Free cash flow −17,5% YoY
• ▍Net margin -131.7%

Revenue $3.4M; Operating income -$3.4M.

• ▍Revenue $3.4M
• ▍Operating income -$3.4M
• ▍Net margin -85.7%

Revenue $5.1M; Operating income -$2.2M.

• ▍Revenue $5.1M
• ▍Operating income -$2.2M
• ▍Net margin -67.1%

Revenue $4.1M; Operating income -$2.6M.

• ▍Revenue $4.1M
• ▍Operating income -$2.6M
• ▍Net margin -50.2%

Revenue $5.0M; Operating income -$2.3M.

• ▍Revenue $5.0M
• ▍Operating income -$2.3M
• ▍Net margin -48.8%

Revenue $12.8M, −28,6% YoY; Operating income −26,1% YoY.

• ▍Revenue $12.8M, −28,6% YoY
• ▍Operating income −26,1% YoY
• ▍Net income −3,2% YoY
• ▍Free cash flow −2,6% YoY
• ▍Net margin -91.4%

Revenue $17.9M, −1,9% YoY; Operating income +30,1% YoY.

• ▍Revenue $17.9M, −1,9% YoY
• ▍Operating income +30,1% YoY
• ▍Net income +25,4% YoY
• ▍Free cash flow +26,8% YoY
• ▍Net margin -63.2%

Revenue $18.3M, +41,6% YoY; Operating income +2,9% YoY.

• ▍Revenue $18.3M, +41,6% YoY
• ▍Operating income +2,9% YoY
• ▍Net income −0,8% YoY
• ▍Free cash flow +1,1% YoY
• ▍Net margin -83.1%

Revenue $12.9M, +14,8% YoY; Operating income −22,2% YoY.

• ▍Revenue $12.9M, +14,8% YoY
• ▍Operating income −22,2% YoY
• ▍Net income −54,4% YoY
• ▍Free cash flow −59,7% YoY
• ▍Net margin -116.8%