10-K · August 19, 2026
The 10-K documents a fundamental transition from Legacy Ekso exoskeletons to a single-segment AI infrastructure business, highlighted by a planned divestiture and a potential 50 MW Microsoft deployment. Fiscal 2026…
Earnings analysis · 10-Q
EKSO earnings analysis
Filed October 14, 2026 · Our reading of the company's report
The latest report
Revenue increased 148% year over year to $41.482 million, but the company remained deeply unprofitable, with approximately negative 10.0% gross margin, approximately negative 60.0% operating margin and a $42.484 million…
Read full summary
Revenue increased 148% year over year to $41.482 million, but the company remained deeply unprofitable, with approximately negative 10.0% gross margin, approximately negative 60.0% operating margin and a $42.484 million net loss including discontinued operations. Operating cash flow improved to $14.625 million, and $328.2 million of post-quarter-end customer prepayments plus $85.0 million of undrawn Grid Note capacity provide near-term support. However, the $70.5 million working-capital deficit, $1.999 billion of fiscal 2027 purchase obligations and dependence on financing to execute the 50 MW Microsoft deployment create substantial financial and execution risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- -10.0%
- Operating margin
- -60.0%
What stood out
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Revenue grew 148% year over year
Revenue increased 148% year over year to $41.482 million from $16.718 million, primarily from new customers and AI infrastructure hardware resale arrangements.
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Cloud business now dominates revenue
The Cloud Business represented approximately 94.1% of total revenue, and the company had deployed 6,144 NVIDIA H100 GPUs as of August 31, 2026.
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Operating cash flow improved sharply
Operating cash flow was $14.625 million versus $0.095 million in the prior-year quarter, with management attributing the improvement primarily to accounts receivable collections and accounts payable timing.
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Large customer prepayments received
The company received $328.2 million in aggregate customer-contract prepayments after quarter-end, supporting planned infrastructure investment and liquidity.
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Microsoft contract creates expansion runway
The Microsoft Agreement covers approximately 50 MW of AI compute capacity over approximately three years, with two NVIDIA GB300 delivery tranches expected in February and March 2027.
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Additional liquidity is available
Cash from continuing operations was $15.221 million at quarter-end, while the Applied Parent Grid Note provided $85.0 million of undrawn capacity after the September 15, 2026 draw.
What to watch
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Growth is not yet profitable
Gross margin deteriorated to approximately negative 10.0% as cost of revenues rose 91% to $45.628 million, versus revenue growth of 148% to $41.482 million. Operating loss widened to $24.887 million from $8.033 million year over year.
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Liquidity remains a major risk
The company reported a $70.5 million working-capital deficit and only $15.2 million of cash as of August 31, 2026; management stated that the deficit raised substantial doubt about going concern before concluding that planned financing and customer payments alleviated that doubt.
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Very large near-term infrastructure commitments
Contractual purchase obligations totaled $1.999 billion, all due in fiscal 2027, primarily for planned AI infrastructure purchases. Funding these commitments depends on additional financing and customer-related cash flows.
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Microsoft execution and financing risk
The Microsoft deployment requires approximately 50 MW of capacity and deliveries in February and March 2027, but remains subject to financing, construction and operational milestones; failure could lead to customer credits, penalties, termination or repayment of upfront payments.
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New financing risk factor
The new financing risk factor states that customer agreements and growth plans require substantial additional financing, while the company had $15.2 million of cash and a $70.5 million working-capital deficit at quarter-end.
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New international compliance risk
The company added a sanctions and export-control risk covering international discussions in China and Singapore, including potential restrictions on advanced computing equipment and technology transfers.
Management's outlook
No explicit numerical revenue or EPS guidance was provided. Management expects Microsoft GPU deliveries in February and March 2027, subject to financing and other conditions, and expects the approximately 4 MW Baseten deployment to be completed in the first calendar quarter of 2027. The company also reported $328.2 million of aggregate customer prepayments after quarter-end.
Earlier filings 2
10-Q · April 28, 2026
For Q1 2026, Ekso Bionics reported revenues of $3 million, a noticeable decline of 25% from $4 million in Q4 2025, showcasing a continuing downward trend. The gross margin remained consistent at 53.5%, yet the operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.