Q2 2025 Ekso Bionics Holdings Inc Earnings Call

July 28, 2025

One of the presentation.

Operator: A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star 0 on your telephone keypad. It is now my pleasure to introduce your host, Stephen Kilmer, Investor Relations. Thank you. You may begin.

Anyone should require operator assistance. Please press star zero on your telephone keypad.

It is now my pleasure to introduce your host Stephen Kilmer Investor Relations. Thank you you may begin.

Thank you operator, and good afternoon, everyone.

Stephen Kilmer: Thank you, operator, and good afternoon, everyone. Earlier today, Ekso Bionics released financial results for Q2 ended 30 June 2025. A copy of the press release is available on our website. I would like to point out that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operational expectations, our ability to close on delayed customer sales, our expectations of the regulatory landscape governing our products and operations are based upon management's current estimates and various assumptions.

Earlier today <unk> released financial results for the second quarter ended June 32025.

A copy of the press release is available on our website.

I would like to point out that management will make statements. During this call that include forward looking statements within the meaning of the federal Securities laws, which are made pursuant to the safe Harbor provisions of the private Securities Litigation Reform Act of 1995.

Any statements made during this call that are not statements of historical facts should be deemed to be forward looking statements.

All forward looking statements, including statements regarding our business strategy future financial or operational expectations, our ability to close on delayed customer ourselves our expectations of the regulatory landscape covering in our products and operations are based upon management's current estimates and various assumptions. These.

Statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.

Stephen Kilmer: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with the company's businesses, please see its filings with the Securities and Exchange Commission. Ekso disclaims any obligation, except as required by law, to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call. Representing Ekso Bionics today are Scott Davis, our Chief Executive Officer; Jerome Wong, our Chief Financial Officer; and Jason Jones, our Chief Operating Officer. With that said, I will now turn this call over to Jerome.

Accordingly, you should not place undue reliance on these statements.

Or a less a description of the risks and uncertainties associated with the company's businesses. Please see our filings with the Securities and Exchange Commission.

So disclaims any obligation except as required by law to update or revise any financial or operational projections, it's regulatory outlook or other forward looking statements, whether because of new information future events or otherwise any forward looking statements made on this call speak only as of the date of this call.

Rapid representing that's all Biotics today, our stock Davis, our Chief Executive Officer drawn long, our Chief Financial Officer, and Jason Jones, Our Chief operating officer.

That said I'll now turn the call over to truck.

Thank you Steve Good afternoon, everyone and welcome to our second quarter 2025 conference call on behalf of the management team and everyone at <unk> Bionics I would like to thank you for your interest in our company and for those of you who are shareholders. We appreciate your support.

Jerome Wong: Thank you, Steve. Good afternoon, everyone. Welcome to our Q2 2025 Conference Call. On behalf of the management team and everyone at Ekso Bionics, I would like to thank you for your interest in our company. For those of you who are shareholders, we appreciate your support. For the benefit of those who are new to the Ekso Bionics story, I would like to take a moment to summarize our business. Ekso designs, develops, and markets exoskeleton products that augment human strength, endurance, and mobility. The primary end market for exoskeleton technology is healthcare, where our technology primarily serves people with physical disabilities or impairment in both physical rehabilitation and mobility. We operate as one operating and reportable segment with two markets, enterprise health and personal health.

For the benefit of those who are new to the <unk> story I would like to take a moment to summarize our business.

And so designs develops and markets exoskeleton products that augment human strength endurance and mobility. The primary end market for exoskeleton technology is health care, where our technology, primarily serves people with physical disabilities or impairment in both physical rehabilitation and mobility.

We operate as one operating and reportable segment with two markets Enterprise health and personal health.

Our legacy Enterprise health product consists mainly of our XO NR device, which is a rare wearable robotic exoskeleton, specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions.

Jerome Wong: Our legacy enterprise health product consists mainly of our EksoNR device, which is our wearable robotic exoskeleton, specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions. Our newer Ekso Indego Personal device is a wearable lower extremity powered exoskeleton that enables certain individuals living with spinal cord injuries with the ability to stand and walk independently. Both products also include the sale of support and maintenance contracts. I will turn this call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do, I would like to provide a brief summary of our financial results. To streamline things, all of the numbers I will refer to have been rounded, so they are approximate. As we mentioned in today's press release, we experienced abnormal weakness in the Q2 of 2025.

And our newer XO indigo personal bias is a wearable lower extremity powered exoskeleton, then enables certain individuals living with spinal cord injuries with the ability to stand and walk independently.

Both products also include the sale of support and maintenance contracts.

I'll turn the call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do I would like to provide a brief summary of our financial results.

To streamline things all of the numbers I referred to have been a rounded so there are approximate.

As we mentioned in today's press release, we experienced abnormal weakness in the second quarter of 2025. The company recorded revenue of $2 $1 million for the period compared to $5 million for the second quarter of 2024. This was primarily driven by what we believe are short term delays in completing certain multi device enterprise health.

Jerome Wong: The company recorded revenue of $2.1 million for the period, compared to $5 million for Q2 of 2024. This was primarily driven by what we believe are short-term delays in completing certain multi-device enterprise health sales and was offset partially by higher Ekso Indego Personal device sales. As Scott will discuss shortly, we are working to get back on track for H2 of the year and beyond. Gross profit for Q2 was $800,000, representing a gross margin of approximately 40%, compared to a gross profit of $2.6 million and a gross margin of 53% for the same period of 2024. The change in gross profit was driven by a decrease in revenues associated with our enterprise health devices, partially offset by an increase in revenues associated with Ekso Indego Personal devices and a reduction in service costs.

Sales and was offset partially by higher excellent indigo personal device cells.

As Scott will discuss shortly we're working to get back on track for the second half of the year and beyond.

Gross profit for the second quarter was $800000, representing a gross margin of approximately 40% compared to a gross profit of $2 6 million and a gross margin of 53% for the same period of 2020 for.

The change in gross profit was driven by a decrease in revenues associated with our enterprise health devices, partially offset by an increase in revenues associated with XO indigo personal devices and a reduction in service costs.

The decrease in gross margin was primarily driven by fixed cost of goods in relation to the decrease of enterprise health device sales lower margin sales related to increased volume through distribution and an increase in shipping costs, partially offset by improved margins in service.

Jerome Wong: The decrease in gross margin was primarily driven by fixed cost of goods in relation to the decrease of enterprise health device sales, lower margin sales related to increased volume through distribution, and an increase in shipping costs, partially offset by improved margins and service. Operating expenses for Q2 2025, which consists of R&D, G&A, and sales and marketing expenses, were $4.8 million, a 4% improvement from $5 million for Q2 2024. Net loss applicable to common stockholders for Q2 2025 was $2.7 million, or $1.24 per basic and diluted share, compared to a net loss of $2.4 million, or $1.99 per basic and diluted share for the same period of 2024. As of 30 June 2025, the company had cash and restricted cash of $5.2 million. That is it for my summary of our Q2 2025 results.

Operating expenses for the second quarter of 2025, which consists of R&D G&A and sales and marketing expenses were $4 8, million% to 4% improvement from $5 million for the second quarter of 2024.

Net loss applicable to common stockholders for the 2025 second quarter was $2 $7 million or $1 24 per basic and diluted share compared to a net loss of $2 $4 million or $1 99 per basic and diluted share for the same period of 2024.

As of June 32025, the company had cash and restricted cash of $5 2 million that is it for my summary of our second quarter 2025 results. Please see our Form 10-Q filed earlier today for further details regarding the results.

Jerome Wong: Please see our Form 10-Q filed earlier today for further details regarding the results. I'll now turn the call over to Scott.

I'll now turn the call over to Scott.

Thank you Jerome and good afternoon, everyone.

Scott Davis: Thank you, Jerome, and good afternoon, everyone. I'll cut to the chase. Our Q2 revenues were disappointing. As Jerome noted, we believe this was a temporary setback, driven mostly by short-term delays in completing 2 significant multi-unit enterprise health device sales that were anticipated in the quarter. As we discussed on our last call, we've also had a small percentage of US customers impacted by loss of federal grants and/or concerns related to economic uncertainties who have pushed their purchases into later 2025 or early 2026. Nevertheless, we don't believe the Q2 revenue shortfall truly reflects the health of our current business, nor our prospects for the future. Several reasons are bolstering our confidence that we can get back on track for the H2 of the year and beyond.

I'll cut to the chase our second quarter revenues were disappointing.

But as Jerome noted we believe this was a temporary setback driven mostly by short term delays in completing two significant multi unit enterprise health device sales that were anticipated in the quarter.

As we discussed on our last call. We've also had a small percentage of U S customers impacted by loss of federal grants.

Our concerns related to economic uncertainties.

It will push their purchases into later 2025 early 2026.

Nevertheless, we don't believe the second quarter revenue shortfall truly reflects the health of our current business, nor our prospects for the future.

Several reasons are bolstering our confidence that we can get back on track for the second half of the year and beyond.

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We're confident that we will be able to close a significant portion of the deferred multi device enterprise health sales prior to year end.

Scott Davis: We're confident that we will be able to close a significant portion of the deferred multi-device enterprise health sales prior to year-end. At the same time, we are capitalizing on continued enterprise health customer demand by recently signing a master subscription agreement with another major integrated delivery network. To help support that, we are constantly looking for ways to help us raise awareness, acceptance, and adoption of our exoskeleton technology within the market. A good recent example is our launch of eksoUniversity, a new virtual platform providing continuing education courses to physical therapists and physical therapist assistants across the country. While we believe eksoUniversity can generate incremental revenue for us, the greater value is represented through the program's ability to educate the neurological physical therapy community on a wide range of relevant topics and ever-evolving patient treatment options.

At the same time, we are capitalizing on continued enterprise health customer demand by recently, signing a master subscription agreement with another major integrated delivery network.

And to help support that we are constantly looking for ways to help us raise awareness acceptance and adoption of our exoskeleton technology within the market.

A good recent example is our launch of XO University, a new virtual platform, providing continuing education courses to physical therapist, and physical therapists assistance across the country.

While we believe <unk> University can generate incremental revenue for us the greater value was represented through the program's ability to educate the neurological physical therapy community on a wide range of relevant topics and ever evolving patient treatment options.

I'm happy to share that we have already delivered our first official CDU certification to a Connecticut based P T.

Scott Davis: I'm happy to share that we've already delivered our first official CEU certification to a Connecticut-based PT, coincidentally via a course entitled Benefits of a Personal Exoskeleton. The general trend of lower but steady growth in our more mature legacy enterprise health business is being increasingly counterweighted by the growth in personal health from sales of the Ekso Indego Personal. To put that into perspective, despite total revenues for H1 2025 being down 38% compared to H1 2024, personal health product revenues grew by more than 50%. As I've said in the past, while the majority of our revenue in 2025 is expected to still come from enterprise health, we believe that we will continue to see increasing contribution from our personal health products during the remainder of the year and beyond. There are a few things driving that.

Coincidentally via a course entitled benefits of a personal exoskeleton.

In addition, the general trend of lower but steady growth in our more mature legacy enterprise health business is being increasingly counter weighted by the growth in personal health from sales to the XO indigo personal.

To put that into perspective.

Total revenues for the first six months of 2025 being down 38% compared to the same period in 2020 for personal health product revenues grew by more than 50%.

As I've said in the past while the majority of our revenue in 2025 is expected to still come from enterprise Health. We believe that we will continue to see increasing contribution from our personal health products during the remainder of the year and beyond.

There are a few things driving that.

First as we've discussed in the past CMS established pricing determination for our indigo personal exoskeleton in Q2 2024.

Scott Davis: As we've discussed in the past, CMS established pricing determination for our Ekso Indego Personal exoskeleton in Q2 2024. This regulatory change created a significant opportunity to help Medicare enrollees living with a spinal cord injury by removing what has historically been a primary barrier to accessing our exoskeleton. We immediately set out to establish a go-to-market strategy aimed at notifying as many early physician and provider adopters as possible of the new CMS benefit category redetermination and fee schedule listing. We began working closely with our extensive network of neuro rehabilitation partners across the country, focused on educational efforts and on appropriate patient selection and process for patients prescribed an Ekso Indego Personal for the home and community setting.

This regulatory change created a significant opportunity to help Medicare enrollees living with spinal cord injury by removing what has historically been a primary barrier to accessing our exoskeleton.

Accordingly, we immediately set out to establish a go to market strategy aimed at notifying us many early physician and provider adopters as possible of the new CMS benefit category Redetermination and fee schedule listing.

Additionally, we began working closely with our extensive network of neuro rehabilitation partners across the country focused on educational efforts and an appropriate patient selection and.

Process for patients prescribed and XO indigo personal for the home and community setting.

Would that early work largely completed we then shifted our primary focus from building awareness and providing customer education to advancing our scalable go to market strategy for the personal channel.

Scott Davis: With that early work largely completed, we shifted our primary focus from building awareness and providing customer education to advancing our scalable go-to-market strategy for the personal channel. One of the important changes we made was to engage PRIA Healthcare, one of the leaders in market access services, which has been instrumental in the successful commercialization of over 300 medical devices. We are confident we made the right choice in partnering with PRIA. PRIA has been providing us with invaluable strategic guidance, leveraging its expertise to help us navigate the complexities of coding, coverage, and payment, thereby allowing us to more effectively put Ekso Indego Personal within reach of individuals who need this potentially life-changing, mobility-enhancing technology.

One of the important changes we made was to engage preah healthcare one of the leaders in market access services, which has been instrumental in the successful commercialization of over 300 medical devices.

We are confident we made the right choice in partnering with Korea Korea has been providing us with invaluable strategic guidance leveraging its expertise to help us navigate the complexities of coding coverage and payment, thereby allowing us to more effectively put XO indigo personal within reach of individuals who need this potentially life changing mobility enhancing technology.

On the distribution front I'm pleased to report that in the second quarter, we received our first order from national seating and mobility or NSM.

Scott Davis: On the distribution front, I'm pleased to report that in Q2, we received the first order from National Seating & Mobility, or NSM, our exclusive Ekso Indego Personal device distributor within the complex rehabilitation technology, or CRT, industry in the United States. Also in Q2, we named Bionic P&O, a leading national provider of prosthetic and orthotic solutions, as our first O&P distributor. We're excited that they submitted an additional 3 patient claims for the Indego Personal exoskeleton to Medicare in Q2. Altogether, with Ekso's focused marketing efforts, we've now developed a pipeline of more than 45 Medicare beneficiaries that we believe are qualified candidates for Ekso Indego Personal in 2025. That's up more than 200% from where we were at the end of 2024.

Lucid XO indigo personal device distributor within the complex rehabilitation technology or CRT industry in the United States.

Also in Q2, we named Bionic piano, a leading national provider of prosthetic and Orthotic solutions as our first <unk> distributor.

Were excited that they submitted an additional three patient claims, but the indigo personal exoskeleton to Medicare in the second quarter.

Altogether with Xo's focused marketing efforts, we've now developed a pipeline of more than 45 Medicare beneficiaries that we believe are qualified candidates for XO indigo personal in 2025, that's up more than 200% from where we were at the end of 2024.

As a reminder factors considered for the candidates to be represented in our pipeline include among other things Medicare enrollment and appropriate indication for use and medical necessity.

Scott Davis: As a reminder, factors considered for the candidates to be represented in our pipeline include, among other things, Medicare enrollment, an appropriate indication for use, and medical necessity. We again caution that we cannot guarantee that all of our pipeline will result in new claims submissions occur before the end of this year or ultimately be paid. Finally, we continue to innovate. In mid-May, we announced that Ekso joined a select group of medical device companies in the NVIDIA Connect program. NVIDIA Connect brings together emerging and established technology companies to accelerate product development and increase cost efficiency.

And we again caution that we cannot guarantee that all of our pipeline as a result of new claims submissions.

Occur before the end of this year or ultimately be paid.

Finally, we continue to innovate in mid May we announced that XO joined a select group of medical device companies in the Nvidia connect program and video connected brings together emerging and established technology companies to accelerate product development and increased cost efficiency.

Members gain specialized training priority engineering support and exclusive access to Nvidia has advanced development kits GPU platforms and global ecosystem, helping facilitate the program members ability to deliver next generation solutions in AI and high performance computing.

Scott Davis: Members gain specialized training, priority engineering support, and exclusive access to NVIDIA's advanced development kits, GPU platforms, and global ecosystem, helping facilitate the program members' ability to deliver next-generation solutions in AI and high-performance computing. While we believe our advanced exoskeleton technology platforms are already state-of-the-art, we're working to use the valuable tools and resources provided through this prestigious NVIDIA program to support a new strategic initiative to build a proprietary foundation model for human motion and physical rehabilitation, and to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices. This aligns squarely with our mission of improving health and quality of life with advanced robotics designed to enhance, amplify, and restore human function. We are walking the talk.

While we believe our advanced exoskeleton technology platforms are already state of the art, we're working to use the valuable tools and resources provided through this prestigious and video program to support our new strategic initiative to build a proprietary foundation model for human motion and physical rehabilitation and.

And to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices.

This aligns squarely with our mission of improving health and quality of life with advanced robotics designed to enhance amplify and restore human function.

And we are walking the talk indeed, just 34 calendar days after announcing our acceptance into the Nvidia connect program. We revealed initial proof of concept in the form of a new AI voice agent designed for intelligent control of our legacy XO and our device.

Scott Davis: Indeed, just 34 calendar days after announcing our acceptance into the NVIDIA Connect program, we revealed initial proof of concept in the form of a new AI voice agent designed for intelligent control of our legacy EksoNR device. Ekso Voice Agent is being implemented on NVIDIA Jetson Orin Nano hardware, developed with the NVIDIA JetPack SDK and OpenAI tools for voice recognition. The proof of concept is configured as an Edge AI system, which can run with or without connection to the cloud. While this initial proof of concept was with the EksoNR, integration of new AI-powered capabilities into both our enterprise and personal health devices is a key pillar of our growth strategy.

<unk> voice agent is being implemented on Nvidia Jetson Oren nano hardware developed with the Nvidia Jetpack SDK and open AI tools for voice recognition.

Proof of concept is configured as an edge AI system, which can run with or without connection to the cloud.

While this initial proof of concept was where the XO and our integration of new AI powered capabilities into both our enterprise and personal health devices as a key pillar of our growth strategy.

We are in the fortunate and enviable position of already having a repository consisting of approximately 350000 patient sessions and over $15 million step by step data points and that is growing by an additional 60000 patient steps on average every day.

Scott Davis: We are in the fortunate and enviable position of already having a repository consisting of approximately 350,000 patient sessions and over 15 million step-by-step data points, that is growing by an additional 60,000 patient steps on average every day. The aim is to develop AI tools designed to leverage this proprietary data in order to help transform human-robot interaction. In other words, while the AI hardware is coming from NVIDIA and others, much of the software is open source, we believe our large and growing database sets us apart, making us uniquely positioned to utilize AI to advance exoskeleton technology platforms. In summary, the Q2 was abnormally weak from a revenue perspective, that was primarily due to what we believe are short-term delays in completing some multi-device enterprise health sales.

The aim is to develop AI tools designed to leverage this proprietary data in order to help transform human robot interaction.

Other words, while the AI hardware is coming from Nvidia and others and much of our software is open source, we believe our large and growing database sets us apart, making us uniquely positioned to utilize AI to advanced exoskeleton technology platforms.

In summary, the second quarter was abnormally weak from a revenue perspective and that was primarily due to what we believe are short term delays in completing some multi device enterprise health sales and we're working diligently to get back on track for the second half of the year and beyond.

Scott Davis: We're working diligently to get back on track for the H2 and beyond. At the same time, as we work to capture deferred sales and capitalize on anticipated customer demand in the legacy enterprise health market, we are continuing to build and execute on a scalable go-to-market strategy for Ekso Indego Personal, supported by established and new industry-leading DME, O&P, and market access partners that is driving an increased contribution from our personal health products, which grew by more than 50% year over year in H1 2025. Finally, we've launched a strategic initiative aimed at building a proprietary foundation model for human motion and physical rehabilitation, and to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices. We believe AI is a necessary component to enable broader adoption of exoskeletons for personal use.

At the same time as we work to capture deferred sales and capitalize on anticipated customer customer demand and the legacy enterprise health market.

We are continuing to build and execute on a scalable go to market strategy for indigo personal supported by established a new industry, leading <unk> <unk> and market access partners.

That is driving an increased contribution from our personal health products, which grew by more than 50% year over year in the first half of 2025.

Finally, we've launched a strategic initiative aimed at building a proprietary foundation model for human motion and physical rehabilitation.

And to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices.

We believe AI is a necessary component to enable broader adoption of exoskeleton for personal use.

This ends our prepared remarks for today and with that we're happy to take any questions you might have operator.

Scott Davis: This ends our prepared remarks for today. With that, we are happy to take any questions you might have. Operator?

Thank you we will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May press star two to remove yourself from the queue for participants using speaker equipment. It may be necessary to pick up the handset before pressing the star keys.

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from the line of Ben Haynor with Lake Street. Please proceed with your question.

One moment, please while we poll for questions.

Our first question comes from the line of.

Been here with Lake Street. Please proceed with your question.

Good afternoon, gentlemen, thanks for taking the questions.

Ben Haynor: Good afternoon, gentlemen. Thanks for taking the questions. First off for me on the deferred sales that you guys have on the enterprise health side, it sounds like a lot of them are potentially gonna fall into the current quarter. Can you quantify how much is deferred there? How much do you expect kind of the H2 of the year?

First off for me on the first sale for you you guys have on the enterprise health side. It sounds like a lot of them are are potentially going to fall into the current quarter.

Can you quantify how much was deferred there how much do you expect kind of the back half of the year.

Hello, Ben Thanks for your question.

Scott Davis: Hello, Ben. Thanks for your question. As we had indicated, we had 2 multi-unit device sales that fell out of Q2. To shed a little bit more light on those, there were 2. One was an international order that was delayed due to some regulatory challenges that we expect to occur in this calendar year. We have a strong belief that that will happen within 2025. The other was a North American IDN. This was a sizable multi-unit order that was comprised of renewals as well as new hospitals coming online. That, we believe, will occur in Q3, in the quarter that we're in today. That one is in the million-dollar range. Between the 2, it was about $1.4 million.

Yes.

As we had indicated we had.

Two multi unit.

Device sales that that fell out of Q2.

And.

To.

Shed a little bit more light on those.

There were two one was in international.

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Order that was delayed.

Delayed due to some regulatory challenges.

Challenges that we expect.

To occur in.

This this calendar year, we have a strong belief that that will happen.

Within 2025, and the other was a north American and this was a.

Sizable multi unit order that was comprised of.

Renewals as well as new hospitals coming online.

And that we believe will.

All occur in.

The <unk>.

Third quarter and the quarter that we're in today and that one is in the million dollar range.

And the other between the two.

It was about $1 $4 million.

Okay got it.

Definitely helpful and then on the Indigo personal I know, that's obviously growing at a faster rate than you expect the enterprise health business to grow.

Ben Haynor: Okay. Got it. That's definitely helpful. On the Indego Personal, I know that's obviously growing at a faster rate than you expect the enterprise health business to grow. Eventually it'll overtake the enterprise health business. Do you have any sense on what's your thinking, I guess, on when that sort of flip could happen?

You know eventually overtake the enterprise health.

<unk> you have any sense.

On whats Youre thinking I guess on on when that sort of a flip could happen.

That's a great question and something that we've been.

Scott Davis: That's a great question and something that we've been working really hard on as a management team, as a company. All of the work that we've done internally with our own resources, as well as working with PRIA Healthcare, the onboarding of our two new distribution partners in the space for scalable go-to-market strategy, the work we've done to increase the marketing efforts to continue to increase leads and build pipeline demand, as well as the business development work we continue to do, looking for other national O&P providers to work with. We're already beginning to see the positive impacts of that work. In addition to that, we're doing a lot of work within the VA systems to increase those opportunities, as well as workers' compensation.

Working really hard on it as a.

As a management team as a company.

All of the work that we've done.

Internally with our own resources as well as working with health care.

The on boarding of our two new distribution partners in this space for scalable go to market strategy. The work we've done to increased.

The marketing efforts to continue to increase leads and build pipeline demand as well as the.

The business development work, we continue to do looking for other national LNP providers to work with.

We're already beginning to.

See the positive impacts of that work.

In addition to that we're doing a lot of work within the VA systems too.

Increase those opportunities as well as workers' compensation, so as we're looking at that sort of blended ecosystem.

Scott Davis: As we're looking at that sort of blended ecosystem, and we look back at 2024, that represented approximately 10% of our revenue for the company. As we're looking at 2025, we believe that that will be closer to 25% contribution to our total revenue. As we move forward and cross into 2027, we believe that it will begin to overtake what we're seeing on enterprise.

And we look back at 2024.

<unk> represented.

Approximately 10%.

Our revenue for the for the company and as we're looking at 2025, we believe that that will be closer to 25%.

<unk> contribution to.

To our revenue total revenue and.

We move forward and cross into 2027.

We believe that.

It will begin to overtake what we're what we're seeing on an enterprise.

Okay.

All right.

Ben Haynor: Okay. A couple of years out, maybe 18 months from today. That's good. Just kind of thinking about PRIA and just kind of curious, it does sound like you've really nailed down the patient profile. How is nailing down the process come along? Have you been before any more ALJs, learned anything new that's worth noting? Kind of anything on that front?

A couple of years out maybe 18 months from today.

So then just kind of thinking about Korea and.

Just kind of curious I mean, it does sound like you've really nailed down the patient.

Profile.

How has that how is nailing down the process come along you know have you been before any anymore. ALJ has learned anything new that's worth noting kind of anything on that front.

Yeah, I mean, that's that that remains.

<unk> and.

Scott Davis: Yeah, that remains an area of focus for us as we work through appeals process. We have a couple of patient claims that will go before ALJ in Q3. In Q2, we had one that went before ALJ that was remanded to a lower level in CMS and ultimately approved. We are seeing positive outcomes. They are getting reimbursed. When we're able to get in front of these administrative law judges, they can really understand this a bit better.

An area of focus for us as we work through appeals process, we have.

A couple of pace.

Patient claims that will go before ALJ in Q3.

In Q2.

We.

Had one that went before ALJ that was <unk>.

<unk> to.

Two or lower.

Level in.

In CMS and ultimately approved.

So we are seeing positive outcomes. The important part here is that we are.

We are being reaffirm that.

These are medically necessary. So they are getting they are getting reimbursed when we're able to.

Get in front.

These administrative law judges they can really understand this a bit better.

And again this is a ramp up.

Scott Davis: Again, this is a ramp-up period, so what we're being very cautious with in working with our DME partners and O&P partners is to ensure that we're level-setting expectations with patients and healthcare providers and ensuring that we're putting forth the best claims possible so that we can pave a way to these happening on a more routine basis. With any new process, it takes a little time to prime it. We believe that we're starting to make some good progress.

<unk> so what we're.

Being very.

Cautious with and working with our <unk> partners.

Partners and <unk> partners is to ensure that.

That were level setting expectations with patients and healthcare providers and ensuring that.

We're putting forth the best claims possible so that we can pave away.

Do these happening on a on a more routine.

But with any new process. It takes a little a little time to prime it.

But we believe that we're starting to make some good progress.

Okay got it and then lastly for me on extra University is that going to be something that is solely focused on exoskeletons or are there additional modules or you'll see yes.

Ben Haynor: Okay. Got it. Lastly for me on eksoUniversity, is that going to be something that is solely focused on exoskeletons, or are there additional modules?

So it's going to be.

Put them in there.

Scott Davis: Yeah

Ben Haynor: content that you're going to be putting in there?

Yes, great.

Great question, So we see that as as just an area that can really focus in on.

Scott Davis: Yeah, great question. We see that as just an area that can really focus in on neurorehabilitation. Our first courses are centered more around exoskeleton technology, but we expect that they'll run the gamut in the latest in neurorehabilitation process and procedures that we're seeing out there. We have a rich population of neuro PTs that are part of our ecosystem, that are contributors as we're developing these materials. We have a lot to pull from as we're putting these courses together. For us, it's purely about education, and if we can show, demonstrate, and expose more people to what's possible with technology, all different types of technology, then we believe it benefits the entire industry.

Neuro rehabilitation and are our first call.

<unk> are centered more around exoskeleton technology, but we expect that they'll run the gamut in the latest in.

Neuro rehabilitation process and procedures that that we're seeing out there we have.

Yeah.

Rich population of.

Neuro Pts debt that are part of our ecosystem.

That are contributors as we're developing these materials. So we have a lot to pull from as we're.

Putting these.

These courses together so for us it's it's it's purely about education and if we can show.

Demonstrate.

And expose more people to what's possible with technology all different types of technology, then we believe it benefits the entire industry.

Okay got it thanks for all the color gentlemen, no that's it for me.

Ben Haynor: Okay. Got it. Thanks for all the color, gentlemen. That's it for me.

Thanks Ben.

Okay.

Scott Davis: Thanks, Ben.

Thank you.

Our next question comes from the line swam particular now Ram <unk> with H C. Wainwright. Please proceed with your question.

Operator: Thank you. Our next question comes from the line of Swayampakula Ramakanth with H.C. Wainwright. Please proceed with your question.

Thank you and.

Good afternoon, Scott on your own.

Swayampakula Ramakanth: Thank you. Good afternoon, Scott and Jerome. Sorry, I've been on the call on and off. Just to understand, the new collaborations that you generated to ensure smooth commercialization of the personal devices, how is that working out? When do you think the growth will be meaningful based on these new relationships? Just on the personal before we get into the enterprise. I have a couple of questions there.

Sorry, I've been on the call on and off.

So just just to understand.

What.

The new collaborations that you generated in <unk>.

Sure.

Smooth commercialization of the personal devices.

Is that working out.

And do you.

When do you think.

The group will be meaningful based on this new relationships just under personal before we get into the enterprise.

Couple of questions there.

Sure. Thanks RK.

Scott Davis: Sure. Thanks, RK. As we talked about today on our comments, as I had previously said, we're working diligently with industry partners, PRIA, on just helping us navigate the nuances of market access and working with CMS. Not only us, but also being a resource for our partners, for our distribution partners, whether on the CRT side or on the O&P side, helping with the appeals process and really navigate and help us sort of build this new road brick by brick. That has been helping us tremendously. The partnerships that we have developed with Bionic Prosthetics & Orthotics, with NSM, and with other large O&P providers that we're also building relationships with. We see that progressing quarter over quarter. What starts slow with initial discovery, then getting those first patients through and initial claims submitted to more claims submitted the following quarter, we're seeing the progression.

The.

Okay.

Yes.

As we talked about.

Today on our on our comments.

And.

As I had previously said we're working with.

Diligently with with industry partners.

Just helping us navigate the nuances of market access and working with.

CMS has not only us, but also being a resource for.

<unk>.

Our partners for our distribution partners weather.

On the CRT side or on the <unk>.

Side, helping with the appeals process and really navigate.

And help us sort of build this this new road brick by brick so that has been <unk>.

Helping us tremendously the partnerships that we have developed with bionic piano.

And with with NSM and with.

Other large LNP providers that were also building relationships with.

We see that progressing quarter over quarter.

What would start slow with.

Initial discovery and then.

Getting those first patients through an initial claims submitted two more claims submitted the following quarter, we're seeing the progression we're going from one to a handful two to more through these through these partners each quarter end.

Scott Davis: We're going from one to a handful to more through these partners each quarter. Today, a lot of the leads that we've been developing have been ones that Ekso has created, but we're already beginning to see a bit of a shift through the ecosystem where, as we're out doing trainings and onboardings out at the various rehabilitation sites, the sites themselves have patients that they want to bring in. These are our existing, maybe legacy customers who have used our technology for years, where the training happens, are beginning to identify some individuals who could use the technology, as well as our distribution partners through their own connections. We see this as a lead source that's just beginning to develop.

Today.

A lot of the.

Leads that we've been developing have been ones that.

That XO has has created but we're already beginning to see a bit of a shift.

Through the ecosystem, where as we're out doing trainings and on boardings.

I think the various rehabilitation sites.

<unk> themselves have patients that they're that they want to bring in and these are our existing.

Legacy customers, who are using who have used our technology for years, where the training happens.

Identify beginning to identify some.

Some individuals who could use the technology as well as.

Our distribution partners through their own.

Connections are.

Sure.

We see this as a <unk>.

As the lead source, that's just beginning to develop so.

This truly is what we believe is a scalable process working with best in breed providers.

Scott Davis: This truly is what we believe is a scalable process, working with best-in-breed providers, all focused on what we do best to bring this technology out to the people who can use it most.

All focused on what we do best.

Bring.

This technology out to the people, who can who can use it most.

Okay, Great and then.

Swayampakula Ramakanth: Okay, great. Then on the enterprise sales, what do you think needs to be done immediately to manage to get back to growth, and how long do you think it'll take?

The on the enterprise sales.

Hum.

What do you think needs to be done in <unk>.

Mediately due to manage.

And.

I'll get back to growth and how long do you think it will take.

Yeah. So.

Yes.

Scott Davis: Yeah. As I had said, we are certainly disappointed with the results of Q2. To get back on track, I guess the good news in that is that we had a number of devices and 2 large deals in particular that are still on the table, very much on the table, and the North American IDN, which was over $1 million in Q2, which we believe has potential for even more in Q3. We are bullish that we can pull that in Q3, we don't view that as a lost deal, rather as one that's deferred. We're continuing to work in our rich pipeline that we've developed over the years to help enterprise customers who maybe have had some budget interruptions, whether it's a loss of a federal grant or whether it's just concerns in their budget.

As I had said we are certainly.

Disappointed with the results of <unk>.

Q2.

And to get to get back on track.

The good news in that is that we had a number of.

<unk>.

Devices and two large deals in particular that are still on the table very much on the table in the North American.

The North American IBM, which was over a $1 million.

In Q2, which we believe has potential for.

Even more in Q3.

We are.

A bullish that we can pull that in in Q3. So we don't view that as a loss deal rather is one that's that's deferred.

And we're continuing to work in our rich pipeline that we've developed over the over the years to help enterprise.

As customers, who maybe have had some <unk>.

Budget interruptions, whether it is a loss of a federal grant or whether it's.

Just concerns in their budget, we're working with them to identify.

Scott Davis: We're working with them to identify potentially other options for being able to onboard the technology that maybe isn't leveraging a capital budget or leveraging a grant. We are actually working with a new third-party financial partner that can also help these individuals switch this into their operational budgets from their capital budgets. We are, I will say, pulling out all the stops to help the enterprise customers who want to use this technology to treat patients still have the wherewithal to do that, even with some concerns over their 2025 budgets.

Potentially.

Other option other options for being able to onboard the technology that maybe isn't leveraging our capital budget or leveraging a grant.

We are actually working with her.

Our new third party.

Financial partner that can also help these individuals switched this into their operational budgets from their capital budget. So.

We are.

I will say pulling out all the stops to.

To help the enterprise customers, who want to use this technology to treat patients still have the wherewithal to do that even.

With some.

Concerns over.

Over their 2025 budgets.

No. Thanks for that then the last question from me is.

Swayampakula Ramakanth: No, thanks for that. The last question from me is, so far we have been talking about potential enterprise clients who are being impacted by the loss of federal grants. The corollary question is how many of the current enterprise clients are actually utilizing federal grants, and how sure are we that those things will get extended over the next contract period?

So far we have been talking about.

Enterprise.

Potential enterprise clients, who are being impacted by the loss of private clients.

The corollary question is like how many of them how many of the current enterprise.

Yeah.

Yes.

Clients.

Our actually.

Utilizing federal grants.

Hum.

How should RV that those things will get extended out over the next call.

<unk> period.

Yes so.

In general.

Scott Davis: In general, we don't have a magic number on how many hospitals go for federal grants for this technology. I think if we look historically from a pure revenue standpoint in North America, I would approximate 10% of our enterprise customers rely on federal or outside grants to fund their technology, and I think that's a conservative estimate.

We don't have.

You a magic number on how many.

Hospitals go for federal grants.

This technology I think.

If we look.

Historically.

Your revenue standpoint in North America.

I would approximate 10%.

Of our.

Our enterprise customers rely on.

Federal or outside grants.

Two.

To fund there.

Their technology.

I think that's a conservative estimate.

Okay.

Thanks for taking all my questions.

Swayampakula Ramakanth: Okay. Thanks for taking all my questions.

Thank you RK.

Scott Davis: Thank you, RK.

Thank you.

And we have reached the end of the question and answer session I would like to turn the floor back to CEO, Scott Davis for closing remarks.

Operator: Thank you. We have reached the end of the question-and-answer session. I would like to turn the floor back to CEO Scott Davis for closing remarks.

Alright, Thank you operator, and thank you to everyone for joining us today.

Scott Davis: All right. Thank you, operator, and thank you to everyone for joining us today. We look forward to updating you as we continue to progress.

We look forward to updating you as we continue to progress.

Thank you and this concludes today's conference and you may disconnect. Your lines at this time. Thank you for your participation have a great day.

Operator: Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation. Have a great day.

Unknown Executive: A question and answer session will follow the formal presentation.

Participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance. Please press star zero on your telephone keypad.

Operator: If anyone should require operator assistance, please press star zero on your telephone key.

Stephen Kilmer: It is now my pleasure to introduce your host, Stephen Kilmer, Investor Relations. Thank you. You may begin.

It is now my pleasure to introduce your host Stephen Kilmer Investor Relations. Thank you you may begin.

Unknown Executive: Thank you, Operator, and good afternoon, everyone.

Unknown Executive: Earlier today, Ekso Bionics released financial results for the second quarter ended June 30, 2025.

Thank you operator, and good afternoon, everyone.

Earlier today <unk> released financial results for the second quarter ended June 32025.

Unknown Executive: A copy of the press release is available on our website. I would like to point out that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are non-statements of historical facts should be deemed to be forward-looking statements. All four Lincoln statements, including statements regarding our business strategy, future financial or operational expectations, our ability to close on delayed customer sales, our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions.

A copy of the press release is available on our website.

Any statements made during this call that are not statements of historical facts should be deemed to be forward looking statements.

Unknown Executive: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these data.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.

Unknown Executive: For a list and description of the risks and uncertainties associated with the company's businesses, please see its filings with the Securities and Exchange Commission. Ekso disclaims any obligation except as required by law to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements, whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call.

Accordingly, you should not place undue reliance on these statements.

Lesson description of the risks and uncertainties associated with the company's businesses. Please see our filings with the Securities and Exchange Commission.

<unk> disclaims any obligation except as required by law to update or revise any financial or operational projections, it's regulatory outlook or other forward looking statements, whether because of new information future events or otherwise.

Any forward looking statements made on this call speak only as of the date of this call.

Jerome Wong: Representing Ekso Bionics today are Scott Davis, our Chief Executive Officer, Jerome Wong, our Chief Financial Officer, and Jason Jones, our Chief Operating Officer. With that said, I will now turn this all over to Jerome.

Rapid representing that's all Biotics today, our South Davis, our Chief Executive Officer drawn long, our Chief Financial Officer, and Jason Jones, Our Chief operating officer with.

Jerome Wong: Thank you, Steve.

But that said I will now turn the call over to truck.

Jerome Wong: Good afternoon, everyone, and welcome to our second quarter 2025 conference call. On behalf of the management team and everyone at Ekso Bionics, I would like to thank you for your interest in our company. And for those of you who are shareholders, we appreciate your support.

Thank you Steve Good afternoon, everyone and welcome to our second quarter 2025 conference call.

Behalf of the management team and everyone at <unk> Bionics I would like to thank you for your interest in our company and for those of you who are shareholders. We appreciate your support.

Jerome Wong: For the benefit of those who are new to the Ekso Bionics story, I would like to take a moment to summarize our business. Ekso designs, develops, and markets exoskeleton products that augment human strength, endurance, and mobility. The primary end market for exoskeleton technology is healthcare, where our technology primarily serves people with physical disabilities or impairment in both physical rehabilitation and mobility.

For the benefit of those who are new to the <unk> story I would like to take a moment to summarize our business.

Excellent designs develops and markets exoskeleton products that augment human strength endurance and mobility. The primary end market for exoskeleton technology is healthcare, where our technology, primarily serves people with physical disabilities or impairment in both physical rehabilitation and mobility.

Jerome Wong: We operate as one operating and reportable segment with two markets, enterprise health and personal health. Our legacy enterprise health product consists mainly of our Ekso NR device, which is a wearable robotic exoskeleton specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions. and our newer Ekso Indigo personal device is a wearable, lower extremity powered exoskeleton that enables certain individuals living with spinal cord injuries with the ability to stand and walk independently. Both products also include the sale of support and maintenance contract.

We operate as one operating and reportable segment with two markets Enterprise health and personal health.

And our newer XO indigo personal device is a wearable lower extremity powered exoskeleton, then enables certain individuals living with spinal cord injuries with the ability to stand and walk independently.

Both products also include the sale of support and maintenance contracts.

Jerome Wong: I will turn this call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do, I would like to provide a brief summary of our financial results. To streamline things, all the numbers I referred to have been rounded, so they're approximate.

I'll turn the call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do I would like to provide a brief summary of our financial results.

To streamline things all of the numbers I referred to have been rounded. So there are approximate.

Jerome Wong: As we mentioned in today's press release, we experienced abnormal weakness in the second quarter of 2025. The company recorded revenue of $2.1 million for the period, compared to $5 million for the second quarter of 2024. This was primarily driven by what we believe are short-term delays in completing certain multi-device enterprise health sales and was offset partially by higher Ekso Indigo personal device sales. As Scott will discuss shortly, we are working to get back on track for the second half of the year and beyond. Gross profit for the second quarter was $800,000 representing a gross margin of approximately 40% compared to a gross profit of $2.6 million and a gross margin of 53% for the same period of 2024.

And was offset partially by higher excellent indigo personal device cells.

As Scott will discuss shortly we're working to get back on track for the second half of the year and beyond.

Gross profit for the second quarter was $800000, representing a gross margin of approximately 40% compared to a gross profit of $2 $6 million and a gross margin of 53% for the same period of 2020 for.

Jerome Wong: The change in gross profit was driven by a decrease in revenues associated with our enterprise health devices, partially offset by an increase in revenues associated with Ekso Indigo personal devices, and a reduction in service costs. The decrease in gross margin was primarily driven by fixed cost of goods in relation to the decrease of enterprise health device sales, lower margin sales related to increased volume through distribution and an increase in shipping costs, partially offset by improved margins in service. Operating expenses for the second quarter of 2025, which consists of R&D, G&A, and sales and marketing expenses, were $4.8 million, a 4% improvement from $5 million for the second quarter of 2024.

Operating expenses for the second quarter of 2025, which consists of R&D G&A and sales and marketing expenses were $4 8, million% to 4% improvement from $5 million for the second quarter of 2024.

Jerome Wong: net loss applicable to common stockholders for the 2025 second quarter was $2.7 million or $1.24 cents per basic and diluted share compared to a net loss of $2.4 million or $1.99 per basic and diluted share for the same period of 2024. As of June 30, 2025, the company had cash and restricted cash of $5.2 million.

Net loss applicable to common stockholders for the 2025 second quarter was $2 $7 million or $1 24 per basic and diluted share compared to a net loss of $2 4 million or $1 99 per basic and diluted share for the same period of 2024.

As of June 30 of 2025, the company had cash and restricted cash of $5 $2 million that is it for my summary of our second quarter 2025 results. Please see our Form 10-Q filed earlier today for further details regarding the results.

Jerome Wong: That is it for my summary of our second quarter 2025 results.

Jerome Wong: Please see our Form 10-Q filed earlier today for further details regarding the results.

Scott Davis: I'll now turn the call over to Scott. Thank you, Jerome, and good afternoon, everyone. I'll cut to the chase.

Ill now turn the call over to Scott.

Thank you Jerome and good afternoon, everyone.

Scott Davis: Our second quarter revenues were disappointing. But as Jerome noted, we believe this was a temporary setback driven mostly by short-term delays in completing two significant multi-unit enterprise health device sales that were anticipated in the quarter. As we discussed on our last call, we've also had a small percentage of U.S. customers impacted by loss of federal grants and or concerns related to economic uncertainties who have pushed their purchases into later 2025 or early 2026. Nevertheless, we don't believe the second quarter revenue shortfall truly reflects the health of our current business, nor our prospects for the future.

I'll cut to the chase our second quarter revenues were disappointing.

But as Jerome noted we believe this was a temporary setback driven mostly by short term delays in completing two significant multi unit enterprise health device sales.

Were anticipated in the quarter.

As we discussed on our last call. We've also had a small percentage of U S customers impacted by loss of federal grants and or concerns related to economic uncertainties will push their purchases into later 2025 early 2026.

Nevertheless, we don't believe the second quarter revenue shortfall truly reflects the health of our current business, nor our prospects for the future.

Scott Davis: Several reasons are bolstering our confidence that we can get back on track for the second half of the year and beyond. First, We're confident that we will be able to close a significant portion of the deferred multi-device enterprise health sales prior to year end. At the same time, we're capitalizing on continued enterprise health customer demand by recently signing a master subscription agreement with another major integrated delivery network. And to help support that we are constantly looking for ways to help us raise awareness, acceptance and adoption of our exoskeleton technology within the market. A good recent example is our launch of Ekso University, a new virtual platform providing continuing education courses to physical therapists and physical therapist assistants across the country.

Several reasons are bolstering our confidence that we can get back on track for the second half of the year and beyond.

First.

We're confident that we will be able to close a significant portion of the deferred multi device enterprise health sales prior to year end at.

At the same time, we are capitalizing on continued enterprise health customer demand by recently, signing a master subscription agreement with another major integrated delivery network.

And to help support that we are constantly looking for ways to help us raise awareness sept instead of adoption of our exoskeleton technology within the market.

Good. Recent example is our launch of XO University, New virtual platform, providing continuing education courses to physical therapist, and physical therapists assistance across the country.

Scott Davis: While we believe Ekso University can generate incremental revenue for us, the greater value is represented through the program's ability to educate the neurological physical therapy community on a wide range of relevant topics and ever evolving patient treatment options. I'm happy to share that we've already delivered our first official CEU certification to a Connecticut-based PT. Coincidentally, via a course entitled Benefits of a Personal Exoskeleton. In addition, the general trend of lower but steady growth in our more mature legacy enterprise health business is being increasingly counterweighted by the growth in personal health from sales of the Ekso Indigo Personal.

I'm happy to share that we've already delivered our first official CDU certification to a Connecticut based P. T. Coincidentally.

Coincidentally via a course entitled benefits of a personal exoskeleton.

Scott Davis: To put that into perspective, despite total revenues for the first six months of 2025 being down 38% compared to the same period in 2024, personal health product revenues grew by more than 50%. As I've said in the past, while the majority of our revenue in 2025 is expected to still come from enterprise health, we believe that we will continue to see increasing contribution from our personal health products during the remainder of the year and beyond. There are a few things driving that. First, as we've discussed in the past, CMS established pricing determination for our indigo personal exoskeleton in Q2 2024.

To put that into perspective, despite total revenues for the first six months of 2025 being down 38% compared to the same period in 2020 for personal health product revenues grew by more than 50%.

There are a few things driving that.

First as we've discussed in the past CMS established pricing determination or our indigo personal exoskeleton in Q2 2024.

Scott Davis: This regulatory change created a significant opportunity to help Medicare enrollees living with a spinal cord injury by removing what has historically been a primary barrier to accessing our exoskeleton. Accordingly, we immediately set out to establish a go-to-market strategy aimed at notifying as many early physician and provider adopters as possible of the new CMS benefit category redetermination and fee schedule listings. Additionally, we began working closely with our extensive network of neurorehabilitation partners across the country, focused on educational efforts and on appropriate patient selection and process for patients prescribed an Ekso Indigo Personal for the home and community setting.

Additionally, we began working closely with our extensive network of neuro rehabilitation partners across the country focused on educational efforts and an appropriate patient selection and <unk>.

Process for patients prescribed and XO indigo personal for the home and community setting.

Scott Davis: With that early work largely completed, we then shifted our primary focus from building awareness and providing customer education to advancing our scalable go-to-market strategy for the personal channel. One of the important changes we made was to engage Priya Healthcare, one of the leaders in market access services, which has been instrumental in the successful commercialization of over 300 medical devices. We are confident we made the right choice in partnering with PRIA. PRIA has been providing us with invaluable strategic guidance, leveraging its expertise to help us navigate the complexities of coding, coverage, and payment, thereby allowing us to more effectively put Ekso Indigo Personal within reach of individuals who need this potentially life-changing mobility-enhancing technology.

With that early work largely completed we then shifted our primary focus from building awareness and providing customer education.

Advancing our scalable go to market strategy for the personal channel.

Scott Davis: On the distribution front, I'm pleased to report that in the second quarter, we received the first order from National Seating and Mobility, or NSM, our exclusive Ekso Indigo personal device distributor within the Complex Rehabilitation Technology, or CRT, industry in the United States. Also in Q2, we named Bionic P&O a leading national provider of prosthetic and orthotic solutions as our first O&P distributor. We're excited that they submitted an additional three patient claims for the indigo personal exoskeleton to Medicare in the second quarter. All together, with Ekso's focused marketing efforts, we've now developed a pipeline of more than 45 Medicare beneficiaries that we believe are qualified candidates for Ekso Indigo Personal in 2025.

<unk>.

On the distribution front I am pleased to report that in the second quarter. We received the first order from national seating and mobility or NSM, our exclusive XO indigo personal device distributor within the complex rehabilitation technology or CRT industry in the United States.

Also in Q2, we named Bionic piano, a leading national provider of prosthetic and Orthotic solutions as our first <unk> distributor.

We're excited that they submitted an additional three patient claims, but the indigo personal exoskeleton to Medicare in the second quarter.

Altogether with Xo's focused marketing efforts, we've now developed a pipeline of more than 45 Medicare beneficiaries that we believe are qualified candidates for XO indigo personal in 2025.

Scott Davis: That's up more than 200% from where we were at the end of 2024. As a reminder, factors considered for the candidates to be represented in our pipeline include, among other things, Medicare enrollment, an appropriate indication for use, and medical necessity. And we again caution that we cannot guarantee that all of our pipeline will result in new claims submissions. occur before the end of this year or ultimately be paid.

That's up more than 200% from where we were at the end of 2024.

As a reminder factors considered for the candidates to be represented in our pipeline include among other things Medicare enrollment and appropriate indication for use and medical necessity.

And we again caution that we cannot guarantee that all of our pipeline as a result of new claims submissions occur.

Scott Davis: Finally, we continue to innovate. In mid-May, we announced that Ekso joined a select group of medical device companies in the NVIDIA Connect program. NVIDIA Connect brings together emerging and established technology companies to accelerate product development and increase cost efficiency. Members gain specialized training, priority engineering support, and exclusive access to NVIDIA's advanced development kits, GPU platforms, and global ecosystem, helping facilitate the program members ability to deliver next generation solutions in AI and high performance computing. While we believe our advanced exoskeleton technology platforms are already state-of-the-art, we're working to use the valuable tools and resources provided through this prestigious NVIDIA program to support a new strategic initiative to build a proprietary foundation model for human motion and physical rehabilitation, and to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices.

Occur before the end of this year or ultimately be paid.

Finally, we continue to innovate in mid May we announced at XO joined a select group of medical device companies in the Nvidia connect program Nvidia connected brings together emerging and established technology companies to accelerate product development and increased cost efficiency.

Remember <unk> specialized training priority engineering support and exclusive access to Nvidia has advanced development kits GPU platforms and global ecosystem, helping facilitate the program members ability to deliver next generation solutions in AI and high performance computing.

And to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices.

Scott Davis: This aligns squarely with our mission of improving health and quality of life with advanced robotics designed to enhance, amplify, and restore human function. And we are walking the talk. Indeed, just 34 calendar days after announcing our acceptance into the NVIDIA Connect program, we revealed initial proof of concept in the form of a new AI voice agent designed for intelligent control of our legacy XO and our device. Ekso VoiceAgent is being implemented on NVIDIA Jetson Orin Nano hardware developed with the NVIDIA Jetpack SDK and OpenAI tools for voice recognition. The proof of concept is configured as an edge AI system, which can run with or without connection to the cloud.

This aligns squarely with our mission of improving health and quality of life with advanced robotics designed to enhance amplify and restore human function.

<unk> voice agent is being implemented on Nvidia Jetson <unk> nano hardware developed with the Nvidia Jetpack SDK and open AI tools for voice recognition.

The proof of concept is configured as an edge AI system, which can run with or without connection to the cloud.

Scott Davis: While this initial proof of concept was with the ExoNR, integration of new AI-powered capabilities into both our enterprise and personal health devices is a key pillar of our growth strategy. We are in the fortunate and enviable position of already having a repository consisting of approximately 350,000 patient sessions and over 15 million step-by-step data points, and that is growing by an additional 60,000 patient steps on average every day. The aim is to develop AI tools designed to leverage this proprietary data in order to help transform human robot interaction.

This initial proof of concept was where the XO and our integration of new AI powered capabilities into both our enterprise and personal health devices as a key pillar of our growth strategy.

The aim is to develop AI tools designed to leverage this proprietary data in order to help transform human robot interaction.

Scott Davis: In other words, while the AI hardware is coming from NVIDIA and others, and much of the software is open source, we believe our large and growing database sets us apart, making us uniquely positioned to utilize AI to advance exoskeleton technology platforms. In summary, the second quarter was abnormally weak from a revenue perspective, and that was primarily due to what we believe are short-term delays in completing some multi-device enterprise health sales, and we're working diligently to get back on track for the second half of the year and beyond. At the same time, as we work to capture deferred sales and capitalize on anticipated customer demand in the legacy enterprise health market, We are continuing to build and execute on a scalable go-to-market strategy for Indigo Personal.

In other words, while the AI hardware is coming from Nvidia and others and much of our software is open source, we believe our large and growing database sets us apart, making us uniquely positioned to utilize AI to advanced exoskeleton technology platforms.

At the same time as we work to capture deferred sales and to capitalize on anticipated customer customer demand and the legacy enterprise health market.

We are continuing to build and execute on a scalable go to market strategy for indigo personal supported by established a new industry, leading <unk> <unk> and market access partners.

Scott Davis: Supported by established and new industry-leading DME, O&P, and market access partners. that is driving an increased contribution from our personal health products, which grew by more than 50% year over year in the first half of 2025. Finally, we've launched a strategic initiative aimed at building a proprietary foundation model for human motion in physical rehabilitation, and to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices. We believe AI is a necessary component to enable broader adoption of exoskeletons for personal use.

That is driving an increased contribution from our personal health products, which grew by more than 50% year over year in the first half of 2025.

Finally, we've launched a strategic initiative aimed at building a proprietary foundation model for human motion and physical rehabilitation.

And to help develop and integrate related new AI capabilities across our portfolio of enterprise health and personal health devices.

We believe AI is a necessary component to enable broader adoption of exoskeleton for personal use.

Unknown Executive: This ends our prepared remarks for today, and with that, we are happy to take any questions you might have.

This ends our prepared remarks for today and with that we're happy to take any questions you might have operator.

Unknown Executive: Operator? Thank you.

Operator: We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star 2. One moment, please, while we pull for questions.

They probably start to remove yourself from the queue for participants using speaker equipment. It may be necessary to pick up the handset before pressing this darkies.

One moment, please while we poll for questions.

Ben Haynor: Our first question comes from the line of Ben Haynor with Lake Street. Please proceed with your question. Good afternoon, gentlemen. Thanks for taking the questions.

Our first question comes from the line of.

Been here with Lake Street. Please proceed with your question.

Ben Haynor: First off for me on the first sales that you guys have on the enterprise health side, it sounds like a lot of them are potentially going to fall into the current quarter. Can you quantify how much is deferred there? How much do you expect kind of the back half of the year?

Good afternoon, gentlemen, thanks for taking the questions.

First off for me on the first sales, but you guys have on the enterprise health side. It sounds like a lot of them are are potentially going to fall into the current quarter.

You quantify how much was deferred there how much do you expect kind of the back half of the year.

Scott Davis: Hello, Ben. Thanks for your question. Yeah, we, as we had indicated, we had two multi unit device sales that that fell out of Q2. And, you know, to shed a little bit more light on those, you know, there were two one was an international order that was delayed due to some regulatory challenges that we expect to occur in this calendar year. We have a strong belief that that will happen within 2025. And the other was a North American IDN. This was a sizable multi-unit order that comprised of renewals as well as new hospitals coming online.

Hello, Ben Thanks for your question.

Yes.

As we had indicated we had.

Two multi unit.

Device sales that that fell out of Q2.

And.

To shed.

<unk> had a little bit more light on those.

There were two one was in international.

Yes.

Order that was.

Delayed due to some regulatory.

<unk> that we expect.

To occur in.

This this calendar year, we have a strong belief that that will happen.

Within 2025.

And the other was a north American and this was a.

Sizable multi unit order that was comprised of.

Renewals as well as new hospitals coming online.

Scott Davis: And that we believe will occur in the third quarter, in the quarter that we're in today. And that one is, you know, in the million dollar range. And the other, you know, between the two, it was about $1.4 million.

And that we believe will.

<unk> occur.

The <unk>.

Third quarter and the quarter that we're in today and that one is in the million dollar range.

And the other between the two.

It was about $1 $4 million.

Scott Davis: Okay, got it. That's definitely helpful. And then on the indigo personal, I know that's obviously growing at a faster rate than you expect the enterprise health business to grow. And, you know, eventually it'll overtake the enterprise health business. Do you have any sense on, you know, what's your thinking, I guess, on on when that sort of flip could happen? That's a great question and something that we've been, you know, working really hard on as a management team, as a company. You know, all of the work that we've done internally with our own resources, as well as working with Bria Healthcare, the onboarding of our two new distribution partners in the space for scalable go-to-market strategy, the work we've done to increase the marketing efforts to continue to increase leads and build pipeline demand, as well as the business development work we continue to do looking for other national O&P providers to work with.

Okay got it.

Definitely helpful and then on the Indigo personal I know, that's obviously growing at a faster rate than you expect the enterprise health business to grow.

You know eventually overtake the enterprise health.

<unk> you have any sense.

On whats Youre thinking I guess on on when that sort of a flip could happen.

That's a great question and something that we've been.

Working really hard on it as a as a management team as a company.

No.

All of the work that we've done.

Internally with our own resources as well as working with health care.

The on boarding of our two new distribution partners in this space for scalable go to market strategy. The work we've done to increased.

The marketing efforts to continue to increase leads and build pipeline demand as well as the.

The business development work, we continue to do looking for other national LNP providers to work with.

Scott Davis: You know, we're already beginning to see the positive impacts of that work. And in addition to that, we're doing a lot of work within the VA systems to, you know, increase those opportunities, as well as workers' compensation. So, as we're looking at that sort of blended ecosystem, and we look back at 2024, you know, that represented approximately 10% of our revenue for the company. And, you know, as we're looking at 2025, we believe that that will be closer to 25% contribution to, you know, to our revenue, total revenue. And, you know, as we move forward and cross into, you know, 2027, we believe that it will begin to overtake what we're seeing on enterprise.

We're already beginning to.

The positive impacts of that work.

And in addition to that we're doing a lot of work within the VA systems too.

Increase those opportunities as well as workers' compensation, so as we're looking at that sort of blended ecosystem.

And we look back at 2024.

<unk> represented approximately 10%.

Our revenue for the for the company and as we're looking at 2025, we believe that that will be closer to 25%.

Contribution to.

To our revenue total revenue and as we.

We move forward and cross into 2027.

We believe that.

It will begin to overtake what we're what we're seeing on an enterprise.

Scott Davis: Okay, so So a couple of years out, maybe 18 months from today, that's good.

Okay.

All right.

A couple of years out maybe 18 months from today.

Scott Davis: So then just kind of thinking about Priya and just kind of curious, I mean, it does sound like you've really nailed down the patient profile. You know, how has that – how is nailing down the process come along? You know, have you been before any more ALJs, learned anything new that's worth noting, kind of anything on that front? Yeah, I mean, that's, that remains, you know, an area of focus for us as we work through appeals process, we have a couple of patient claims that will go before ALJ in Q3, in Q2, you know, we had one that went before ALJ that was remanded to a lower level in in CMS and ultimately approved.

So then just kind of thinking about Korea and.

Just kind of curious I mean, it does sound like you've really nailed down the patient.

Profile.

How has that apollo's nailing down the process come along have you been before any anymore. ALJ has learned anything new that's worth noting kind of anything on that front.

Yeah, I mean, that's.

That remains an.

An area of focus for us as we work through appeals process, we have.

A couple of.

Patient claims that will go before ALJ in Q3.

In Q2.

We.

Had one that went before ALJ that was remanded to too.

Lower.

Level in.

Scott Davis: So, you know, we are seeing positive outcomes. The important part here is that we're, you know, we are being reaffirmed that these are medically necessary. So they are getting, they are getting reimbursed, you know, when we're able to, you know, get in front of these administrative law judges, they can, you know, really understand this a bit better. And again, you know, this is a ramp up period.

In CMS and ultimately approved.

So we are seeing positive outcomes. The important part here is that we are.

We are being reaffirm that these are medically necessary. So they are getting they are getting reimbursed when we're able to.

Get in front.

These administrative law judges they can really understand this a bit better and again this is a ramp up.

Scott Davis: So what we're being very cautious with and working with our DME partners and O&P partners is to ensure that, you know, we're level setting expectations with patients and healthcare providers and ensuring that, you know, we're putting forth the best claims possible so that we can pave a way to these happening on a more routine basis. But with any new process, it takes a little time to prime it. But we believe that we're starting to make some good progress. Okay, got it.

Periods, so what were.

Being very.

Cautious with and working with our <unk> partners.

Partners and <unk> partners is to ensure that we're level setting expectations with patients and healthcare providers and ensuring that.

We're putting forth the best claims possible so that we can pave away.

Two.

He is happening on a on a more routine.

<unk>, but with any new process. It takes a little a little time to prime it.

But we believe that we're starting to make some good progress.

Scott Davis: And then lastly, for me on Exo University, is that going to be something that is solely focused on exoskeletons? Or are there, you know, additional modules or, you know, CE content that we're going to be putting in there? Yeah, great. Great question. So we see that as as just an area that can really focus in on on neuro rehabilitation and our, you know, our first courses are centered more around exoskeleton technology, but we expect that they'll run the gamut in the latest in, you know, neuro rehabilitation process and procedures that that we're seeing out there.

Okay got it and then lastly for me on extra University is that going to be something that is solely focused on exoskeletons or are there additional modules or you'll see yes.

The content.

Put them in there.

Yes, great.

Great question, So we see that as as just an area that can really focus in on.

Neuro rehabilitation and are our first <unk>.

<unk> are centered more around exoskeleton technology, but we expect that they'll run the gamut in the latest in.

Neuro rehabilitation process and procedures that that we're seeing out there we have.

Scott Davis: We have, you know, a rich population of neuro PTs that that are part of our ecosystem that are contributors as we're developing these materials. So, you know, we have a lot to pull from as we're putting these, these courses together. So, you know, for us, it's, it's, it's purely about education. And, you know, if we can show, demonstrate and expose more people to what's possible with technology, all different types of technology, then we believe it benefits the entire industry. Okay, got it.

Yeah.

Rich population of.

Neuro Pts debt.

That are part of our ecosystem.

That are contributors as we're developing these materials. So we have a lot to pull from as we're.

Putting these.

These courses together so for us it's it's it's purely about education and if we can show.

Demonstrate.

And expose more people to what's possible with technology all different types of technology, then we believe it benefits the entire industry.

Ben Haynor: Thanks for all the color gentlemen. That's it for me. Thanks, Ben.

Okay got it thanks for all the color gentlemen, no that's it for me.

Swayampakula Ramakanth: Our next question comes from the line of Swayampakula Ramakanth with HC Wainwright. Please proceed with your question. Thank you. Good afternoon, Scott and Jerome. Sorry, I've been on the call on and off.

Thanks Ben.

Okay.

Thank you.

Our next question comes from the line swam Kunal <unk> with H C. Wainwright. Please proceed with your question.

Thank you.

Good afternoon, Scott and Jerome I'm, sorry, I'm being on the call on and off.

Swayampakula Ramakanth: So just just to understand what You know, the new collaborations that you generated, you know, to ensure smooth commercialization of the personal devices, how is that working out and do you, you know, when do you think that the growth will be meaningful based on these new relationships, just on the personal before we get into the enterprise? I have a couple of questions there. Sure. Thanks, R.K. The You know, as you know, as we talked about, you know, today on our in our comments, And, you know, as I had previously said, we're working diligently with industry partners, Priya, on the, you know, just helping us navigate the nuances of market access and working with CMS, and not only us, but also being a resource for our partners, for our distribution partners, whether, you know, on the CRT side or on the O&P side, you know, helping with the appeals process and really navigate and help us sort of build this new road brick by brick.

So just just to understand.

What.

The new collaborations that you generated in <unk>.

Sure.

Smooth commercialization of the personal devices.

Is that working out.

And do you.

When do you think.

The group will be meaningful based on this new relationships just under personnel before we get into the enterprise.

Couple of questions there.

Sure. Thanks RK.

The.

Okay.

Yes.

As we talked about.

Today on our in our comments.

And.

As I had previously said we're working with.

Diligently with with industry partners.

On the just helping us navigate the nuances of market access and working with.

CMS has not only us, but also being a resource for.

Our partners for our distribution partners weather.

On the CRT side or on the LLP.

Syed you, helping with the appeals process and really navigate.

Scott Davis: So that has been helping us tremendously. The partnerships that we have developed with Bionic P&O and with NSM and with other large O&P providers that we're also building relationships with, you know, we see that progressing, you know, quarter over quarter. You know, what starts slow with, you know, initial discovery and then, you know, getting those first patients through and initial claims submitted to more claims submitted the following quarter, we're seeing the progression. You know, we're going from one to a handful to more through these, you know, through these partners each quarter and You know, today, a lot of the leads that we've been developing, you know, have been ones that, that Ekso has, has created, but we're already beginning to see a bit of a shift through the ecosystem where, you know, as we're out doing trainings and onboardings, you know, out of the various rehabilitation sites, you know, the sites themselves have patients that they, that they want to bring in.

And help us sort of build this this new road brick by brick so that has been <unk>.

Helping us tremendously the partnerships that we have developed with bionic piano.

And with with NSM and with.

Other large LNP providers.

We're also building relationships with.

We see that progressing quarter over quarter.

What would start slow with.

Initial discovery and then.

Getting those first patients through an initial claims submitted two more claims submitted the following quarter, we're seeing that progression, we're going from one to a handful two to more through these through these partners each quarter end.

Today.

A lot of the.

Leads that we've been developing have been ones that.

That XO has has created but we're already beginning to see a bit of a shift.

Through the ecosystem, where as we're out doing trainings and on boardings.

I think the various rehabilitation sites.

The sites themselves have patients that they want to bring in these are our existing maybe.

Scott Davis: These are our existing, you know, maybe legacy customers who are using, who have used our technology for years where the training happens, are identifying, beginning to identify some, some individuals who could use the technology as well as, you know, our distribution partners through their own connections are, we see this as a as a lead source that's just beginning to develop. So You know, this truly is what we believe is a scalable process working with best in breed providers, all focused on what we do best to bring this technology out to the people who can who can use it most.

Maybe legacy customers, who are using it.

Used our technology for years, where the training happens.

Our identify beginning to identify some.

Some individuals who could use the technology as well as.

Our distribution partners through their own.

Connections are.

Our.

We see this as a.

As the lead source Thats, just beginning to develop so.

This truly is what we believe is a scalable process working with best in breed providers.

All focused on what we do best.

To bring.

This technology out to the people, who can who can use it most.

Swayampakula Ramakanth: Okay, great.

Scott Davis: And then, you know, on the on the enterprise sales, What do you think needs to be done, you know, immediately to manage, you know, to get back to growth, and how long do you think it will take? Yeah, so, Yeah, we're, as I had said, we are certainly disappointed with the results of Q2. And to get to get back on track, that I guess the good news in that is that we had a number of devices and two large deals in particular that are still on the table, very much on the table and the North American, the North American IDN, which was over a million dollars, you know, in Q2, which we believe has potential for, you know, even more in Q3.

Okay, Great and then.

On the on the enterprise sales.

Hum.

Or do you think needs to be done in immediately to manage.

<unk>.

And I think to get back to growth and how long do you think it will take.

Yeah. So.

Yes.

<unk> had said we are certainly.

Disappointed with the results of.

Q2.

And to get to get back on track.

The good news in that is that we had a number of.

<unk>.

Devices and two large deals in particular that are still on the table very much on the table and the North American.

The North American IDM, which was over $1 billion.

In Q2, which we believe has potential for.

Scott Davis: We are, you know, bullish that, that we could pull that in, in, in Q3. So we don't view that as a lost deal, rather as as one that's, that's deferred. And, you know, we're continuing to work in our rich pipeline that we've developed, you know, over the over the years to help enterprise customers who maybe have had some budget interruptions, whether it's a loss of a federal grant, or whether it's, you know, just concerns in their budget, we're working with them to identify potentially another option other options for you know being able to onboard the technology that maybe isn't leveraging a capital budget or leveraging a grant you know we we are actually working with a new third-party financial partner that can also help these individuals you know switch this into their operational budgets from their capital budgets so you know we are I will say pulling out all the stops.

Even more in Q3.

We are.

A bullish that we can pull that in in Q3. So we don't view that as a loss deal rather is one that's this deferred.

And we're continuing to work in our rich pipeline that we've developed over the over the years to help enterprise.

As customers, who maybe have had some <unk>.

Budget interruptions, whether it is a loss of a federal grant or whether it's.

Just concerns in their budget, we're working with them to identify.

Potentially.

Another option other options for being able to onboard the technology that maybe isn't leveraging our capital budget or leveraging a grant.

We are actually working with her.

Our new third party.

Financial partner that can also help these individuals switch this into their operational budgets from their capital budget. So.

Scott Davis: to help the enterprise customers who want to use this technology to treat patients still have the wherewithal to do that, even with some, you know, concerns over, you know, over their 2025 budget. And thanks for that.

We are.

I will say pulling out all the stops to.

To help the enterprise customers, who want to use this technology to treat patients still have the wherewithal to do that even.

With some.

Concerns over.

Over their 2025 budgets.

Scott Davis: And the last question for me is, you know, so far we've been talking about enterprise, potential enterprise clients who are being impacted by the loss of federal grants. The corollary question is, like, how many of them, how many of the current enterprise enterprise clients are actually utilizing federal grants. And, you know, how sure are we that those things will get extended over the next, you know, contract period. Yes, so. So in in general, we we don't have a to a magic number on how many hospitals go for federal grants for this technology. I think, you know, if we look You know, historically, your revenue standpoint in North America, you know, I would approximate 10% of our enterprise customers rely on federal or outside grants to to fund their, their technology and I think that's a conservative estimate.

No. Thanks for that then the last question from me is.

So far we have been talking about.

Enterprise.

Potential enterprise clients, who are being impacted by the loss of private clients.

The corollary question is like how many of them how many of the current enterprise.

And spreads.

Clients.

Our actually.

Utilizing federal grants.

Hum.

How should I read that those things will get extended over the next call.

<unk> period.

Yes so.

In general.

We don't have.

You a magic number on how many.

Hospitals go for federal grants.

This technology I think if.

If we look.

Historically.

Your revenue.

A new standpoint in North America.

I would approximate 10%.

Of our.

Our enterprise customers rely on.

Federal or outside grants.

Two.

To fund there.

Their technology.

Swayampakula Ramakanth: Okay, thanks for taking all my questions. Thank you, RK. Thank you.

I think that's a conservative estimate.

Okay.

Thanks for taking all my questions.

Thank you RK.

Unknown Executive: And we have reached the end of the question and answer session.

Thank you and.

Scott Davis: I would like to turn the floor back to CEO Scott Davis for a closing remark. Thank you, operator, and thank you to everyone for joining us today. We look forward to updating you as we continue to progress.

And we have reached the end of the question and answer session I would like to turn the floor back to CEO, Scott Davis for closing remarks.

Alright, Thank you operator, and thank you to everyone for joining us today.

We look forward to updating you as we continue to progress.

Unknown Executive: Thank you, and this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Thank you and this concludes today's conference and you may disconnect. Your lines at this time. Thank you for your participation have a great day.

Unknown Executive: Have a great day.

Q2 2025 Ekso Bionics Holdings Inc Earnings Call

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