Ekso Bionics Holdings, Inc. (EKSO): Business Model Canvas [Dec-2025 Updated]

You're looking at a medical device company at a critical inflection point, trying to translate deep, patented exoskeleton technology into broad, profitable market adoption. That's exactly what Ekso Bionics Holdings, Inc. (EKSO) is doing right now, shifting focus to the personal mobility space where Medicare reimbursement-about $91,000 per unit for the Ekso Indego Personal-is the real game-changer, moving beyond just hospital sales. Honestly, seeing their Q3 2025 spend-$2.1 million in G&A alone-against a trailing revenue of $14.75 million shows the high-stakes R&D and sales push required to make this pivot work. This Business Model Canvas breaks down exactly how they plan to fund that journey, so dive in to see the structure behind the strategy.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Key Partnerships

You're looking at how Ekso Bionics Holdings, Inc. is building out its market reach through strategic alliances, which is crucial given the recent revenue fluctuations-Q3 2025 revenue hit $4.2 million, a rebound from Q2 2025's $2.1 million. These partnerships are designed to drive adoption, especially for the Personal Health segment, which grew by more than 50% year-over-year in the first half of 2025.

Distribution Network Expansion for Ekso Indego Personal

Ekso Bionics is aggressively scaling access to the Ekso Indego Personal exoskeleton through two key channels in the U.S. market. The first is an exclusive arrangement in the Complex Rehabilitation Technology (CRT) sector.

• National Seating & Mobility (NSM): Exclusive U.S. distributor for Ekso Indego Personal within the CRT industry.
• NSM supports more than 250,000 mobility solutions each year.
• NSM operates a network of over 180 locations across the U.S. and Canada.

The second channel targets the Orthotics & Prosthetics (O&P) space, marking Ekso Bionics' first entrance into that market segment.

• Bionic Prosthetics & Orthotics Group (Bionic P&O): Named as a non-exclusive Ekso Indego Personal device distributor.
• Bionic P&O operates across 12 states, including Florida, Illinois, Indiana, Kentucky, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, and Wisconsin.

Here's a quick look at the primary distribution structure for the Personal Health product line:

Partner	Product Focus	Exclusivity Status (U.S. Sector)	Geographic/Sector Scope
National Seating & Mobility (NSM)	Ekso Indego Personal	Exclusive (CRT Industry)	United States
Bionic Prosthetics & Orthotics Group (Bionic P&O)	Ekso Indego Personal	Non-exclusive	Operations across 12 states

Strategic Technology Alliances

To advance the intelligence of its robotics, Ekso Bionics entered a strategic collaboration with NVIDIA. This is defintely a play for future differentiation.

• NVIDIA: Acceptance into the NVIDIA Connect program to build a proprietary foundation model for human motion in physical rehabilitation.
• The AI initiative leverages approximately 350,000 patient sessions and over 15 million step-by-step data points.
• The data pool is growing by about 60,000 patient steps daily.
• Initial proof-of-concept included an AI voice agent for the legacy EksoNR device, using NVIDIA Jetson Orin Nano hardware.

Also, Ekso Bionics expanded its rehabilitation portfolio by securing distribution rights for a complementary balance system.

• MediTouch Inc.: Ekso Bionics became the exclusive authorized sales agent and distributor for the BalanceTutor™ rehabilitation system in the U.S. as of December 2025.

Reimbursement and Payer Support

With Medicare coverage secured, streamlining the claims process is key to unlocking the addressable market for the Ekso Indego Personal. The established payment level is a concrete number you need to track.

• PRIA Healthcare: Partnership to support the claims submission process for Medicare reimbursement.
• The Centers for Medicare & Medicaid Services (CMS) determined a final payment level of $91,031.93 for the Ekso Indego Personal under HCPCS code K1007.
• As of Q1 2025, Ekso Bionics had a pipeline of more than 35 Medicare beneficiaries identified as potential candidates.
• This pipeline represented a 37% increase compared to the previous quarter.

Finance: draft 13-week cash view by Friday.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Key Activities

You're looking at the core engine of Ekso Bionics Holdings, Inc. (EKSO) operations-the things they absolutely must execute well to turn their robotics into revenue. These aren't just tasks; they are the daily grind that dictates survival and growth, especially in late 2025 as they pivot hard toward personal health adoption.

Research and development (R&D) of advanced robotic exoskeletons.

The R&D function is about keeping the technology ahead, but the numbers show a clear trend of cost reduction in the first three quarters of 2025. This suggests a shift from heavy development cycles to product commercialization and refinement. You need to watch this closely, as under-investment here is a near-term risk to long-term product leadership.

Here's the quick math on R&D expenses:

Period Ending	R&D Expense
March 31, 2025 (Q1)	$1.0 million
June 30, 2025 (Q2)	$0.9 million
September 30, 2025 (Q3)	$0.6 million

For context, the full year 2024 R&D spend was $3.9 million. The decrease in 2025 is primarily attributed to lower headcount and reduced use of product development consultants.

Manufacturing and assembly of medical and industrial devices.

While direct unit volume data isn't public, the efficiency of turning those units into profit-the gross margin-is a key indicator of manufacturing and supply chain execution. You see significant fluctuation here, which you'd expect with a mix shift toward the newer, potentially lower-margin distribution channel sales.

• Q3 2025 Gross Margin reached 60.3%, an improvement from Q2 2025's 40%.
• Q1 2025 Gross Profit was $1.8 million on 53.5% margin.
• Q2 2025 Gross Profit dropped to $0.8 million, with margin falling to 40%.
• Q3 2025 Gross Profit rebounded to $2.5 million, driven by higher margin Enterprise Health sales.

Scaling the go-to-market strategy for the Ekso Indego Personal device.

This is where the action is, as the company is betting its future on the personal device following the critical reimbursement win. The strategy involves moving beyond direct sales to leveraging established distribution networks. This is how they plan to scale access without immediately scaling their own sales force.

The growth in this segment is real, though it's still being masked by declines in the legacy Enterprise Health business:

• Personal Health products grew by more than 50% year-over-year in the first half of 2025.
• Management anticipates Personal Health products will surpass Enterprise Health revenues by 2027.

The key activity here is managing these new channel relationships:

Distributor Partner	Market/Industry Segment	Key Detail
National Seating & Mobility (NSM)	U.S. Complex Rehabilitation Technology (CRT)	Exclusive distributor; NSM brings a network of over 180 locations and over 2,400 team members.
Bionic Prosthetics & Orthotics Group (Bionic P&O)	Orthotics and Prosthetics (O&P)	First distributor in the O&P space; operates across 12 states.

Clinical training and support for over 450 rehabilitation centers globally.

The existing clinical footprint is a massive Key Resource that feeds the go-to-market strategy for the Indego Personal. You're maintaining relationships and ensuring quality of care across this installed base. As of the Q2 2025 investor roadmap presentation, Ekso Bionics had a substantial footprint:

• Technology used in over 450 centers worldwide.
• Over 900 devices deployed globally across these centers.

This network is critical because it serves as the natural referral base for patients transitioning to home-use devices.

Navigating complex regulatory and reimbursement pathways, defintely a core task.

This activity is arguably the most important, as it unlocks the entire personal market. The Centers for Medicare & Medicaid Services (CMS) approval was the game-changer, making the device financially accessible to a much larger population of individuals with spinal cord injuries (SCI).

The critical numbers here are the reimbursement amount and the resulting market size:

• CMS approved a substantial reimbursement of $91,032 for the Ekso Indego Personal device, effective April 1, 2024.
• This approval expanded the total addressable market to approximately $13.1 billion.
• The immediate serviceable obtainable market from CMS and VA coverage for SCI patients is estimated at $2 billion.

The ongoing task is optimizing the submission process with their Durable Medical Equipment (DME) partner to ensure consistent payment realization.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Key Resources

You're looking at the core assets Ekso Bionics Holdings, Inc. relies on to execute its strategy in late 2025. These aren't just line items; they are the tangible and intellectual foundations of the business.

Intellectual Property and Technology Foundation

The bedrock of Ekso Bionics Holdings, Inc. is its proprietary technology. This includes the patented exoskeleton technology underpinning devices like Ekso EVO, which features a patented low profile, multi-link structure designed to track natural movement without restricting the user's torso or waist. The company also holds patents for its medical devices, such as the technology that allows users to mobilize earlier and with more high-intensity steps. Furthermore, the integration of proprietary AI algorithms is central, with the company actively developing capabilities through its participation in the NVIDIA Connect program. Software like SmartAssist and GaitCoach demonstrates this focus on intelligent assistance for therapy.

Key technological assets include:

• Patented low profile, multi-link structure for Ekso EVO.
• SmartAssist software for pre-gait activities.
• Proprietary foundation model development via NVIDIA Connect.
• FDA-cleared devices for multiple indications including stroke and SCI.

Operational Footprint and Deployment Scale

The company's physical reach is substantial, built over years of clinical and industrial deployment. As of late 2025, Ekso Bionics Holdings, Inc. has an established clinical presence with over 900 devices deployed worldwide. This deployment base is supported by relationships with approximately 260 U.S. rehabilitation centers already using Ekso technology, which serves as a channel for personal device adoption.

Here's a snapshot of the scale:

Metric	Value (Late 2025)	Context
Devices Deployed Worldwide	Over 900	Total installed base across medical and industrial applications.
U.S. Rehabilitation Centers Using Ekso Tech	Approximately 260	Built-in channels for reaching potential personal device users.
Ekso EVO Industrial Market Opportunity Estimate	Exceeds $8 billion annually	Estimated potential market in automotive, aerospace, construction, and manufacturing.

Strategic Partnerships and Distribution Network

Access to the market is heavily reliant on key distribution agreements. The partnership with National Seating & Mobility (NSM) is a prime example of leveraging established infrastructure. Ekso Bionics Holdings, Inc. named NSM as the exclusive Ekso Indego® Personal device distributor within the Complex Rehabilitation Technology (CRT) industry in the U.S.. NSM itself operates with a network of over 180 locations across the U.S. and Canada. Additionally, the company secured an agreement in December 2025 to become the exclusive U.S. sales agent and distributor for MediTouch's BalanceTutor™ rehabilitation system. They also have a partnership with Bionic Prosthetics & Orthotics Group for the Indego Personal device.

The distribution network includes:

• National Seating & Mobility (NSM): Exclusive CRT distributor for Ekso Indego Personal, with over 180 locations.
• MediTouch Inc.: Exclusive U.S. distributor for the BalanceTutor™ system.
• Bionic Prosthetics & Orthotics Group: Distributor for Ekso Indego Personal.

Human Capital and Financial Liquidity

The specialized nature of the product requires highly specialized engineering and clinical staff. This team supports the technology and the educational infrastructure, including eksoUniversity, which offers continuing education courses for physical therapists. On the financial side, liquidity is a critical resource, especially given the company's history of operating losses.

Here's the quick math on the balance sheet as of the end of Q3 2025:

Financial Metric (as of September 30, 2025)	Amount (in thousands USD)
Cash on Hand	$2,722
Cash Used in Operations (9 Months Ended Sep. 30, 2025)	$7,470
Restricted Cash Balance (Prior to Payoff)	$2,000

The company reported cash of $2.7 million as of September 30, 2025. This followed the payoff of the entire $2,000 thousand secured term loan with Banc of California using restricted cash, meaning no cash remained restricted as of that date. Finance: draft 13-week cash view by Friday.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Value Propositions

You're looking at the core value Ekso Bionics Holdings, Inc. (EKSO) delivers across its distinct customer segments. It's not just about selling hardware; it's about measurable functional change, which is why the numbers here are so important for understanding their proposition.

For individuals with paralysis, the value proposition centers on restored mobility and independence via the Ekso Indego Personal device. This unit is designed to be highly accessible for home use, weighing just 29 lbs (13 kg), making it the lightest commercial exoskeleton available. A key feature supporting this is its modular quick connect design, which lets users put on and take off the device without assistance. The financial barrier to this independence is significantly lowered because the Centers for Medicare & Medicaid Services (CMS) established a lump-sum Medicare reimbursement rate of $91,031.93 for the device under HCPCS Code K1007, effective April 1, 2024.

In neurorehabilitation, the EksoNR system offers enhanced outcomes for stroke and SCI patients by providing intensive, high-quality gait training. The clinical data shows how effectively it moves patients past initial deficits. For instance, in one rehabilitation center's stroke patient cohort, those entering EksoNR therapy had an average Postural Assessment Scale for Stroke (PASS) score of 12.4 out of 36, indicating significant impairment.

Here's a quick look at how that therapy translates into measurable functional gains from clinical studies:

Metric	Comparison/Result	Source Context
Therapist Assistance Reduction	From taking 20 steps with three physical therapists to taking hundreds of steps in a session with one	Case Study with EksoNR
Average Steps Improvement	Difference of 506.79±252.49 steps post-therapy	Stroke Patient Study
Walking Time Improvement	Difference of 13.02±7.91 minutes post-therapy	Stroke Patient Study
Berg Balance Scale Score (Exo Candidates)	Average of 4.9 out of 56	IFR Stroke Patient Data

The value proposition extends to the industrial sector with the Ekso EVO exoskeleton, which focuses on industrial injury prevention and augmented strength for workers. While specific unit sales data for late 2025 isn't public, the addressable market opportunity Ekso Bionics estimates in segments like automotive, aerospace, construction, and manufacturing exceeds $8 billion annually.

To drive future value, Ekso Bionics is integrating advanced technology for personalized therapy. This includes leveraging its acceptance into the NVIDIA Connect program to build a proprietary foundation model for human motion. As a tangible result of this AI push, the company announced an initial proof-of-concept: a new AI voice agent designed for intelligent control of the legacy EksoNR device. This points directly to the value of AI-driven real-time adaptive support for personalized therapy sessions.

The current business environment shows the personal health focus is gaining traction, as that segment grew by over 50% year-over-year in the first half of 2025. Still, the company is managing resources carefully, holding $2.7 million in cash as of September 30, 2025, following a Q3 2025 revenue of $4.2 million. The established clinical footprint, with approximately 260 U.S. rehabilitation centers using Ekso technology, serves as a direct channel to deliver these value propositions.

Finance: draft 13-week cash view by Friday.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Customer Relationships

You're looking at how Ekso Bionics Holdings, Inc. manages its relationships across its two primary customer segments, which is crucial given the recent shift in focus.

Direct sales and clinical support model for Enterprise Health customers.

For Enterprise Health customers, the model centers on direct engagement to educate clinical and executive stakeholders on the economic and clinical value of devices like the EksoNR and Ekso Indego Therapy. This segment saw Q3 2025 revenue of $4.2 million, a 2% increase year-over-year. However, Q2 2025 revenue was $2.1 million, down significantly from $5.0 million in Q2 2024, largely due to short-term delays in completing multi-device Enterprise Health sales. Management anticipates closing deferred enterprise sales totaling approximately $1.4 million in upcoming quarters. Federal grant uncertainties affected about 10% of these Enterprise Health customers. The sales priority here involves direct education to drive adoption of the robotic exoskeleton portfolio.

High-touch, specialized support through distributor networks for personal users.

For personal users of the Ekso Indego Personal device, the relationship is channeled through specialized distributor networks to handle the complex path to individual adoption. Personal Health product revenues grew by more than 50% year-to-date as of Q2 2025. This channel is being built out through key partnerships that offer specialized, high-touch support. The sales cycle for an Ekso Indego Personal device averages eight to 12 months from the first interaction. The Centers for Medicare & Medicaid Services (CMS) established a payment level of approximately $91,000 for this device.

Here's a look at the scale these new partners bring to the personal user relationship:

Distributor Partner	Market Focus	Network Size/Reach Data
National Seating & Mobility (NSM)	U.S. complex rehabilitation technology (CRT) industry	Over 180 locations and more than 2,400 team members supporting over 250,000 mobility solutions annually
Bionic Prosthetics & Orthotics Group (Bionic P&O)	Orthotics and prosthetics channel	Operates across 12 states

The company also has a pipeline of more than 35 Medicare beneficiaries identified as potential candidates for the Ekso Indego Personal device in Q1 2025, which was a 37% increase from the prior quarter.

Dedicated training and certification programs (EksoUniversity).

Ekso Bionics launched eksoUniversity, a new virtual platform designed to offer continuing education courses targeted to physical therapists and physical therapy assistants working with patients needing neurological condition support. This platform aims to generate incremental revenue while building awareness. The company delivered its first official CEU certification to a Connecticut-based physical therapist shortly after the launch. Courses offered include a 1 hour CEU course on planning and executing a clinical trial and a 1.5 hour CEU course on Evidence Based Practice.

Leveraging clinical relationships to drive adoption of personal devices.

A pivotal part of the strategy involves using established clinical touchpoints to push personal device adoption. Ekso Bionics has built-in channels because approximately 260 U.S. rehabilitation centers already use Ekso technology. Management believes that AI integration is a necessary component to enable broader adoption of exoskeletons for personal use. The company is working closely with PRIA Healthcare to navigate market access complexities and establish a scalable go-to-market strategy for the personal channel.

• The Personal Health segment is projected to contribute closer to 25% of total revenue in 2025, up from 10% in 2024.
• The company is focused on leveraging learnings from past Medicare claims to enhance future submissions.

Finance: draft 13-week cash view by Friday.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Channels

You're looking at how Ekso Bionics Holdings, Inc. gets its products to customers as of late 2025. It's a mix of direct selling for the big hospital systems and using specialized partners for the personal mobility devices.

Direct sales force for Enterprise Health (hospitals and rehab facilities)

The direct sales channel primarily supports the Enterprise Health segment, which includes sales of devices like the EVO exoskeleton for industrial use and clinical systems for hospitals and rehab facilities. For the quarter ended September 30, 2025, Ekso Bionics recorded total revenue of $4.2 million, with gross profit of $2.5 million, which represented a gross margin of approximately 60.3%. The increase in gross profit for that quarter was driven primarily by an increase in high margin Enterprise Health sales. As of September 30, 2025, the number of shares of common stock outstanding was 2,623,233.

Third-party distributors (NSM, Bionic P&O) for Personal Health devices

The Personal Health segment, driven by the Ekso Indego Personal device, relies heavily on specialized third-party distributors for market penetration. Ekso Bionics expects the personal health segment to account for 25% of revenue in 2025. The company has established key partnerships to access the Complex Rehabilitation Technology (CRT) and Orthotics and Prosthetics (O&P) markets.

Here's a breakdown of the key U.S. Personal Health distribution partners as of early 2025:

Distributor Name	Market Segment	Key Metric/Reach
National Seating & Mobility (NSM)	Exclusive U.S. CRT industry distributor for Ekso Indego Personal	Network of over 180 locations and more than 2,400 team members
Bionic Prosthetics & Orthotics Group (Bionic P&O)	First distributor in the orthotics and prosthetics industry	Operates across 12 states
MediTouch (via exclusive agreement)	U.S. distributor for BalanceTutor rehabilitation system	Targeting the same customer base as Ekso exoskeletons

For the quarter ended March 31, 2025, higher Ekso Indego Personal device sales partially offset lower sales of legacy EksoNR devices.

International distributors across EMEA and APAC regions

Ekso Bionics Holdings, Inc. conducts business in the EMEA and APAC regions, relying on international distributors to support this reach. The company is continuously looking for new distribution partners in the EMEA region (Europe, Middle East, Africa). In the second quarter of 2025, an international order was delayed due to regulatory challenges, which the company expected to occur within the calendar year 2025. The total number of employees across North America, Europe, and Asia was approximately 111 as of October 2025.

Online resources and clinical webinars for education and awareness

Education and awareness are channeled through dedicated online platforms and professional development opportunities. The company launched eksoUniversity in the third quarter of 2025.

Key educational channel metrics include:

• Launched eksoUniversity in Q3 2025.
• Delivered the first official CEU certification to a Connecticut-based physical therapist following the launch.

The trailing twelve-month revenue as of September 30, 2025, was approximately $14.7 million.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Customer Segments

Ekso Bionics Holdings, Inc. structures its customer base across distinct markets, primarily categorized into Enterprise Health and Personal Health, with an underlying industrial application focus.

Enterprise Health: Inpatient and outpatient physical rehabilitation facilities.

This segment involves clinical and executive stakeholders educated on the economic benefits of the technology. As of the investor presentation context, Ekso Bionics has built a presence with more than 450 centers and 900 devices deployed worldwide. The third quarter of 2025 saw an increase in high margin Enterprise Health sales, contributing to the $4.2 million in revenue for that period. However, the second quarter of 2025 revenue of $2.1 million was impacted by short-term delays in completing some multi-device Enterprise Health sales, with management anticipating closing deferred sales totaling approximately $1.4 million in subsequent quarters. The company maintains an expansive clinical and rehabilitation customer base, including more than 260 U.S. rehabilitation centers already using Ekso technology.

Industrial: Companies in automotive, aerospace, construction, and manufacturing.

Industrial applications focus on boosting worker safety, mitigating fatigue, and enhancing productivity, particularly in sectors like manufacturing, logistics, construction, and automotive. For example, Ford Motor Company uses Ekso Bionics Eksovest to enhance worker safety. The industrial use case is part of the overall Enterprise Health market structure.

Personal Health: Individuals with spinal cord injuries (SCI) and other mobility impairments.

This segment is driven by the Ekso Indego Personal device. The Personal Health product line grew by more than 50% year-over-year in the first half of 2025. Management projected this segment to contribute closer to 25% of total revenue in 2025, up from 10% in 2024. As of July 2025, management noted a growing pipeline of over 45 Medicare beneficiaries for the Ekso Indego Personal device. The company is leveraging its network of over 260 U.S. rehabilitation centers to reach potential personal device users.

U.S. Medicare beneficiaries now eligible for personal device reimbursement.

A significant catalyst for the Personal Health segment is the Centers for Medicare & Medicaid Services (CMS) final payment determination for the Ekso Indego Personal. The established lump-sum Medicare purchase fee schedule amount is $91,031.93 under HCPCS code K1007, effective April 1, 2024. This reimbursement is expected to put the technology within reach of tens of thousands of Medicare enrollees with SCI. The company is working to access this broader U.S. patient population.

Here's a quick look at the financial context surrounding these segments as of late 2025:

Metric	Value (As of Q3 2025 or Latest Reported)
Trailing Twelve-Month Revenue (as of Sep 30, 2025)	$14.7 million
Q3 2025 Revenue	$4.2 million
Q2 2025 Revenue	$2.1 million
Projected Personal Health Revenue Contribution (2025)	Closer to 25%
Medicare Reimbursement Rate (Ekso Indego Personal)	$91,031.93
Cash and Restricted Cash (as of June 30, 2025)	$5.2 million
Cash (as of Sep 30, 2025)	$2.7 million
Total Deployed Devices (Enterprise/Clinical)	Over 900

The company's customer base is served through various channels, including direct sales to clinical partners and distribution networks. For instance, National Seating & Mobility (NSM) is an exclusive distributor within the complex rehabilitation technology industry, supporting more than 250,000 mobility solutions each year. Also, Bionic Prosthetics & Orthotics Group (Bionic P&O) acts as a distributor within the orthotics and prosthetics industry.

• Enterprise Health sales involve education for clinical and executive stakeholders.
• Personal Health adoption is bolstered by the $91,031.93 Medicare payment.
• Industrial use focuses on load reduction and ergonomic support.
• The company has established relationships with over 260 U.S. rehabilitation centers.
• Personal Health revenue grew over 50% year-over-year in the first half of 2025.

Finance: review the impact of the Q3 2025 high-margin Enterprise Health sales on Q4 2025 projections by Wednesday.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Cost Structure

You're analyzing the cost base for Ekso Bionics Holdings, Inc. (EKSO) as of late 2025. Understanding where the money goes is key to assessing operational efficiency, especially in a high-tech, low-volume manufacturing space like exoskeletons. Here's a breakdown of the major cost drivers based on the third quarter of 2025 results.

The company's operating expenses show a clear focus on commercialization and maintaining the technology pipeline. For the quarter ended September 30, 2025, the primary overheads were substantial, reflecting the nature of a medical device company scaling its market presence.

Here are the reported operating expense figures for the three months ended September 30, 2025:

Cost Category	Q3 2025 Amount (Millions USD)	Comparison Note
General and Administrative (G&A)	$2.1 million	Reflected overhead, partially offset by lower payroll from the ERC receipt.
Sales and Marketing	$1.3 million	Focused on driving revenue rebound seen in Q3 2025.
Research and Development (R&D)	$0.6 million	Lower than the prior year period ($0.8 million) due to reduced headcount and ERC benefit.

The Cost of Goods Sold (COGS) is intrinsically linked to the complexity of the devices Ekso Bionics Holdings, Inc. produces. Since they manufacture complex, low-volume devices for both medical (EksoNR, EksoGT) and industrial (EksoVest, EksoZeroG) applications, COGS per unit remains a significant factor. To be fair, the gross margin improvement to 60.3% in Q3 2025 suggests they are successfully managing these costs, driven by lower device cost and better margins on service revenue.

Specific cost components that drive the COGS structure for Ekso Bionics Holdings, Inc. include:

• High material costs for specialized robotics components.
• Labor costs associated with skilled assembly and quality control.
• Costs related to servicing and maintaining deployed exoskeleton systems.

You should also note that G&A included higher legal costs in Q3 2025, which can sometimes be a proxy for ongoing compliance or intellectual property defense activities. What this estimate hides is the specific dollar amount allocated directly to securing and maintaining regulatory clearances, such as those from the FDA for the US market. While legal costs were noted, a distinct line item for regulatory compliance and FDA approvals is not separately broken out in the summary financial data provided for Q3 2025.

Finance: draft 13-week cash view by Friday.

Ekso Bionics Holdings, Inc. (EKSO) - Canvas Business Model: Revenue Streams

You're looking at how Ekso Bionics Holdings, Inc. brings in cash, which is key for understanding their financial health right now. The revenue streams are clearly segmented across medical and industrial applications, though the Enterprise Health segment still forms the bulk of the income for 2025.

The overall financial snapshot for the most recent reported period is quite specific.

Metric	Amount	Period End Date
Trailing Twelve-Month (TTM) Revenue	$14.75 million	September 30, 2025
Quarterly Revenue (Q3 2025)	$4.2 million	September 30, 2025
Projected Personal Health Revenue Contribution (2025)	25%	Fiscal Year 2025 Estimate

The streams break down across their core product and service offerings. The gross margin improvement in Q3 2025 to 60.3% was partly due to an increase in high margin Enterprise Health sales and improved margins in service. That's a significant jump from 53.5% in the prior year period.

Here's how the specific revenue sources feed into that total:

• Sales of Enterprise Health devices, such as the EksoNR, to clinical centers.
• Sales of Personal Health devices, specifically the Ekso Indego Personal, to individuals. Personal Health product revenues grew by more than 50% year-over-year in the first half of 2025.
• Service and maintenance contracts for deployed devices, with revenue recognized evenly over the contract term, typically 12 to 48 months.
• Revenue from industrial exoskeletons, like the upper body exoskeleton EVO, sold to corporate customers under the EksoWorks segment.

For context on the Personal Health segment, the Centers for Medicare & Medicaid Services (CMS) established a pricing determination for the Ekso Indego Personal device at $91,000 in April 2024, which is a major driver for that revenue stream.