10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________ 

FORM 10-Q 

____________________________________________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______ 

Commission File Number: 001-37854 

____________________________________________________________________________________________ 

Ekso Bionics Holdings, Inc.

(Exact name of registrant as specified in its charter) 

____________________________________________________________________________________________

Nevada	99-0367049
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

 

101 Glacier Point, Suite A San Rafael, CA	94901
(Address of principal executive offices)	(Zip Code)

(510) 984-1761

(Registrant’s telephone number, including area code)

________________________________

(Former name, former address, and former fiscal year, if changed since last report)

____________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Name of each exchange on which registered:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	EKSO	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares of registrant’s common stock outstanding as of April 25, 2023 was 13,502,873.

 Ekso Bionics Holdings, Inc.

Quarterly Report on Form 10-Q 

Table of Contents

  

		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets as of March 31, 2023 (unaudited) and December 31, 2022	4
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended March 31, 2023 and 2022 (unaudited)	5
	Condensed Consolidated Statements of Stockholders' Equity for the Three Months ended March 31, 2023 and 2022 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2023 and 2022 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 6.	Exhibits	40
	Signatures	41

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Ekso Bionics Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except par value)

	March 31, 2023		December 31, 2022
	(unaudited)		(Note 2)
Assets
Current assets:
Cash and cash equivalents	$	16,277	$	20,525
Accounts receivable, net of allowances of $11 and $40, respectively	4,827		4,625
Inventories	5,662		5,187
Prepaid expenses and other current assets	831		700
Total current assets	27,597		31,037
Property and equipment, net	2,454		2,680
Right-of-use assets	1,228		1,307
Intangible assets, net	5,136		5,217
Goodwill	431		431
Other assets	258		231
Total assets	$	37,104	$	40,903
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,042	$	3,151
Accrued liabilities	2,227		2,278
Deferred revenues, current	1,296		1,121
Notes payable, current	2,623		2,310
Lease liabilities, current	349		341
Total current liabilities	9,537		9,201
Deferred revenues	1,367		1,032
Notes payable, net	3,534		3,767
Lease liabilities	999		1,087
Warrant liabilities	259		233
Other non-current liabilities	125		141
Total liabilities	15,821		15,461
Commitments and contingencies (Note 15)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022	—		—
Common stock, $0.001 par value; 141,429 shares authorized; 13,342 and 13,203 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	13		13
Additional paid-in capital	249,237		248,813
Accumulated other comprehensive income	369		563
Accumulated deficit	(228,336)		(223,947)
Total stockholders’ equity	21,283		25,442
Total liabilities and stockholders’ equity	$	37,104	$	40,903

The accompanying notes are an integral part of these condensed consolidated financial statements

Ekso Bionics Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

(Unaudited)

 

	Three Months Ended March 31,
	2023		2022
Revenue	$	4,122	$	2,567
Cost of revenue	2,122		1,358
Gross profit	2,000		1,209
Operating expenses:
Sales and marketing	2,088		1,629
Research and development	1,154		921
General and administrative	3,206		2,896
Total operating expenses	6,448		5,446
Loss from operations	(4,448)		(4,237)
Other (expense) income, net:
Interest expense	(127)		(27)
Loss on revaluation of warrant liabilities	(26)		(100)
Unrealized gain (loss) on foreign exchange	217		(254)
Other expense, net	(5)		(2)
Total other income (expense), net	59		(383)
Net loss	$	(4,389)	$	(4,620)
Other comprehensive (loss) income	(194)		212
Comprehensive loss	$	(4,583)	$	(4,408)
Net loss per share applicable to common shareholders, basic and diluted	$	(0.33)	$	(0.36)
Weighted average number of shares outstanding, basic and diluted	13,296		12,728

The accompanying notes are an integral part of these condensed consolidated financial statements

Ekso Bionics Holdings, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive (Loss) Income		Accumulated Deficit		Total Stockholders’  Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2022	—	$	—	13,203	$	13	$	248,813	$	563	$	(223,947)	$	25,442
Net loss	—	—		—	—		—		—		(4,389)		(4,389)
Issuance of common stock under:
Equity incentive plan	—	—		139	—		—		—		—		—
Stock-based compensation expense	—	—		—	—		424		—		—		424
Foreign currency translation adjustments	—	—		—	—		—		(194)		—		(194)
Balance at March 31, 2023	—	$	—	13,342	$	13	$	249,237	$	369	$	(228,336)	$	21,283

	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive (Loss) Income		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2021	—	$	—	12,693	$	13	$	246,090	$	(17)	$	(208,867)	$	37,219
Net loss	—	—		—	—		—		—		(4,620)		(4,620)
Issuance of common stock under:
Matching contribution to 401(k) plan	—	—		68	—		176		—		—		176
Equity incentive plan	—	—		83	—		—		—		—		—
Stock-based compensation expense	—	—		—	—		499		—		—		499
Foreign currency translation adjustments	—	—		—	—		—		212		—		212
Balance at March 31, 2022	—	$	—	12,844	$	13	$	246,765	$	195	$	(213,487)	$	33,486

The accompanying notes are an integral part of these condensed consolidated financial statements

Ekso Bionics Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2023		2022
Operating activities:
Net loss	$	(4,389)	$	(4,620)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	414		231
Changes in allowance for doubtful accounts	1		(9)
Loss on revaluation of warrant liabilities	26		100
Stock-based compensation expense	424		499
Common stock contribution to 401(k) plan	93		64
Unrealized (gain) loss on foreign currency transactions	(217)		254
Changes in operating assets and liabilities:
Accounts receivable	(202)		1,297
Inventories	(375)		(562)
Prepaid expenses and other assets, current and noncurrent	(134)		(302)
Accounts payable	(110)		(166)
Accrued, lease and other liabilities, current and noncurrent	(248)		(504)
Deferred revenues	503		(488)
Net cash used in operating activities	(4,214)		(4,206)
Investing activities:
Acquisition of property and equipment	(42)		—
Net cash used in investing activities	(42)		—
Effect of exchange rate changes on cash	8		(24)
Net decrease in cash	(4,248)		(4,230)
Cash at beginning of period	20,525		40,406
Cash at end of period	$	16,277	$	36,176
Supplemental disclosure of cash flow activities
Cash paid for interest	$	47	$	27
Supplemental disclosure of non-cash activities
Transfer of inventory (from) to property and equipment	$	(96)	$	29
Share issuance for common stock contribution to 401(k) plan	$	—	$	176

The accompanying notes are an integral part of these condensed consolidated financial statements

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

1.    Organization

Description of Business

Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, and markets exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be utilized both by able-bodied users and by persons with physical disabilities. The Company has marketed devices that (i) enable individuals with neurological conditions affecting gait, including acquired brain injury ("ABI") and multiple sclerosis ("MS"), and spinal cord injury ("SCI"), to rehabilitate and to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”.

On December 5, 2022, the Company acquired the Human Motion and Control (“HMC”) Business Unit from Parker Hannifin Corporation (“Parker”), an Ohio corporation. The assets acquired from the business unit include intellectual property rights for devices which are U.S. Food and Drug Administration ("FDA")-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, complementing Ekso’s product offering in outpatient facilities.

Liquidity and Capital Resources

As of March 31, 2023, the Company had an accumulated deficit of $228,336.  Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the three months ended March 31, 2023, the Company used $4,214 of cash in its operations. Cash on hand as of March 31, 2023 was $16,277.

As described in Note 10, Notes payable, net, borrowings under the Company’s secured term loan agreement with Pacific Western Bank have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of March 31, 2023, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2023 is approximately $14,277.

In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, we evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In performing this analysis, we excluded certain elements of our operating plan that cannot be considered probable.

Our expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Management intends to raise funds through one or more financings. However, due to several factors, including those outside management’s control, there can be no assurance that the Company will be able to complete such financings on acceptable terms or in amounts sufficient to continue operating the business under the operating plan. If we are unable to complete sufficient additional financings, management’s plans include delaying or abandoning certain product development projects, cost reduction efforts for our products, and refocused sales efforts to accelerate revenue growth above historical results. We have concluded the likelihood that our plan to successfully reduce

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

expenses to align with our available cash is probable. Accordingly, we believe our plan will be sufficient to alleviate substantial doubt for a period of at least 12 months from the date of issuance of these consolidated financial statements which is in the second quarter of 2024. 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

2.    Basis of Presentation and Summary of Significant Accounting Policies and Estimates

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 28, 2023.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2022, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein.

Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation.

The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any future periods.

The condensed consolidated financial statements include the financial statements of Ekso Bionics Holdings, Inc. and its subsidiaries. All significant transactions and balances between Ekso Bionics Holdings, Inc. and its subsidiaries have been eliminated in consolidation.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.

Foreign Currency

The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.

Inventory

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, which approximates actual cost on a first-in, first-out basis. Materials from vendors are received and recorded as raw materials. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.

Leases

The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.

Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

Revenue Recognition

The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.

For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and type of customer. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations.

The Company exercised judgement to determine that a product return reserve was not required as historical returns activity have not been material.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Going Concern

The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company extends credit to customers in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable.

Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. The Company has not experienced material losses related to accounts receivable as of March 31, 2023 and December 31, 2022.

Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon collecting receivables denominated in a foreign currency.

At March 31, 2023 the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (30%) as compared with no customers at December 31, 2022.

During the three months ended March 31, 2023, the Company had two customers with sales of 10% or more of the Company’s total revenue (26% and 14%), as compared with one in the three months ended March 31, 2022 (11%).

Accounting Pronouncements Adopted in 2023

In June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amended the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which is based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The Company adopted ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company's financial position or the results of operations.

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2024 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2020-06 to be material on its consolidated financial statements.

3.    Accumulated Other Comprehensive Income (Loss)

The Company's accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive income (loss) presented on the condensed consolidated balance sheets for the three months ended March 31, 2023 and 2022, is reflected in the table below net of tax:

	Three Months Ended March 31,
	2023		2022
Balance at beginning of period	$	563	$	(17)
Net unrealized (loss) gain on foreign currency translation	(194)		212
Balance at end of period	$	369	$	195

4.     Human Motion and Control Acquisition

On December 5, 2022, the Company acquired the HMC business from Parker. The assets acquired from the business unit include intellectual property rights for devices which are FDA-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, complementing Ekso’s product offering in outpatient facilities.

The assets purchased by the Company include intellectual property related to the aforementioned Ekso Indego devices and future products in the orthotics and prosthetics space, inventories related to the Ekso Indego product line, fixed assets configured for the manufacture of the Ekso Indego products, and Ekso Indego devices maintained for service and sales demonstrations. The Company did not acquire any cash in connection with the acquisition of the business unit.

As consideration for the assets acquired, the Company (i) paid the Parker $5,000 in cash and (ii) delivered to Parker a $5,000 unsecured, subordinated zero percent interest promissory note (the “Promissory Note”). Under the terms of the Promissory Note, the Company shall pay Parker sixteen (16) equal quarterly installments of $313, with the first payment being due and payable December 31, 2023, and the last payment being due and payable September 30, 2027. For additional information see Note 10.

The Company accounted for the acquisition as a business combination in accordance with ASC 805, Business Combinations, by applying the acquisition method, and accordingly, the purchase price of $9,055, as calculated in the table below, was allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The fair values presented for fixed assets, intangible assets, and goodwill are preliminary figures pending final fair value analyses. In accordance with ASC 805, the acquirer has a year from the date of acquisition to recognize measurement period adjustments. The preliminary fair values presented below could be subject to change as result of the aforementioned adjustments. The excess of the purchase price over the preliminary net assets acquired of $431 was recorded as goodwill. The goodwill recognized is attributed primarily to expected synergies of HMC with the Company. From the acquisition date and as of March 31, 2023, there were no changes in the recognized amounts of goodwill resulting from the acquisition.

The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below:

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Inventories	$	1,935
Fixed assets	1,599
Intangible assets	5,240
Goodwill	431
Total assets	$	9,205
Accrued royalties	150
Total liabilities	$	150
Net assets acquired	$	9,055
Cash delivered at close	$	5,000
Fair value of promissory note	4,055
Total consideration	$	9,055

The fair value of finished goods inventories acquired was estimated at retail selling price less estimated costs to sell and a reasonable profit allowance for the selling effort. The fair value of raw materials acquired were estimated using current prices from suppliers. The fair value of fixed assets was estimated using a cost approach, adjusting historical gross asset values for inflation, reduced for the remaining estimated economic life of the assets. The preliminary fair values of intangible assets were estimated using a relief from royalty method, the excess earnings method, and a distributor method, all income approaches, which required significant estimates from management regarding future sales expectations, long term operating margins, the weighted average cost of capital or other appropriate discount rates, and royalty rates. The fair value of the promissory note was estimated as the present value of scheduled principal payments discounted at the Company's estimated borrowing rate.

The Company recorded $5,240 to intangible assets as of the acquisition date and is amortizing the value of the developed technology, customer relationships and intellectual property over a weighted average estimated useful life of eight years. Amortization expense related to the acquired definite lived intangible assets was $82 for the three months ended March 31, 2023, and was included as a component of operating expenses and cost of revenue in the consolidated statement of operations and comprehensive loss. Of the $431 of goodwill, none was expected to be deductible for tax purposes.

5.    Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement on a recurring basis are as follows:

	Total		Level 1		Level 2		Level 3
March 31, 2023
Liabilities
Warrant liabilities	$	259	$	—	$	—	$	259
December 31, 2022
Liabilities
Warrant liabilities	$	233	$	—	$	—	$	233

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the three months ended March 31, 2023, which were measured at fair value on a recurring basis:

	Warrant Liability
Balance at December 31, 2022	$	233
Net loss on revaluation of warrants issued	26
Balance at March 31, 2023	$	259

Refer to Note 12. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants.

6.    Inventories

Inventories consisted of the following:

	March 31, 2023		December 31, 2022
Raw materials	$	3,907	$	3,837
Work in progress	705		487
Finished goods	1,050		863
Inventories	$	5,662	$	5,187

7.    Revenue

The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and subscription of the EksoNR, EksoUE, Ekso Indego Therapy, and Ekso Indego Personal devices, along with the sale of support and maintenance contracts. Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoNR, Ekso UE, Ekso Indego Therapy, and Ekso Indego Personal devices. Support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced support and maintenance contracts range from 12 to 48 months. The Company typically receives payment at the inception of the contract and recognizes revenue evenly over the term of the contracts. Revenue from medical device subscriptions is recognized evenly over the contract term, typically over 12 months.

The Company’s industrial device segment (EksoWorks) revenue is primarily generated through the sale and subscription of the upper body exoskeleton EVO and associated accessories. Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility. Revenue from industrial device subscriptions is recognized evenly over the contract term, typically 12 months.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

In June 2022, the Company ceased commercialization of the EksoZeroG support arm and related products and accessories. Refer to Note 15. Commitment and Contingencies for further information regarding commitments and obligations related to the EksoZeroG product line.

Deferred Revenue

Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts, but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service.

Deferred revenue consisted of the following:

	March 31, 2023		December 31, 2022
Deferred extended maintenance and support	$	2,519	$	2,124
Customer advances	144		29
Total deferred revenues	2,663		2,153
Less current portion	(1,296)		(1,121)
Deferred revenues, non-current	$	1,367	$	1,032

Deferred revenue activity consisted of the following for the three months ended March 31, 2023:

Beginning balance	$	2,153
Deferral of revenue	1,170
Recognition of deferred revenue	(660)
Ending balance	$	2,663

The Company expects to recognize approximately $1,080 of the deferred revenue during the remainder of 2023, $795 in 2024, and $788 thereafter.

In addition to deferred revenue, the Company has a non-cancellable backlog of $1,396, expected to be recognized between 2023 and 2025, related to its contracts for subscription units with its customers. These subscription contracts typically have 12 to 24 month terms, and subscription income is recognized on a straight-line basis over the term of the contract.

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2023:

	EksoHealth		EksoWorks		Total
Device revenue	$	3,048	$	111	$	3,159
Service and support	644		—		644
Subscriptions	275		7		282
Parts and other	30		7		37
	$	3,997	$	125	$	4,122

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2022:

	EksoHealth		EksoWorks		Total
Device revenue	$	963	$	309	$	1,272
Service and support	467		—		467
Subscriptions	216		69		285
Parts and other	156		308		464
Collaborative arrangements	79		—		79
	$	1,881	$	686	$	2,567

8.    Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2023		December 31, 2022
Salaries, benefits and related expenses	$	1,739	$	1,843
Device warranty	301		274
Other	187		161
Total	$	2,227	$	2,278

Warranty

The current portion of the device warranty liability is classified as a component of Accrued liabilities, while the long-term portion of the device warranty liability is classified as a component of Other non-current liabilities in the condensed consolidated balance sheets. A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2023 is as follows:

	Three months ended
	March 31, 2023
Balance at beginning of period	$	413
Additions for estimated future costs	113
Incurred costs	(100)
Balance at end of period	$	426
	Balance as of March 31, 2023
Current portion	$	308
Long-term portion	118
Total	$	426

9.    Goodwill and Intangible Assets

Goodwill

The Company determined no impairment existed for goodwill for the three months ended March 31, 2023.

Intangible Assets

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of March 31, 2023:

	March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	2,310	$	(93)	$	2,217
Trade name	2,310		N/A		2,310
Intellectual property	460		—		460
Customer relationships	140		(6)		134
Below market lease	20		(5)		15
Total intangible assets	$	5,240	$	(104)	$	5,136

Definite lived intangible assets are amortized over their estimated lives using the straight line method, which is estimated as 8 years for developed technology, 12 years for intellectual property, eight years for customer relationships and one year for below market lease. The acquired trade name was estimated to have an indefinite life, and consequently, no amortization expense was recorded. The Company determined no impairment existed for intangible assets for the three months ended March 31, 2023.

The estimated future amortization expenses related to definite lived intangible assets as of March 31, 2023 is as follows (in thousands):

Fiscal Year	Amount
2023 - remainder	$	320
2024	306
2025	345
2026	345
2027	345
2028 and thereafter	1,164
Total	$	2,825

10.    Notes Payable, net

PWB Term Loan

In August 2020, the Company entered into a loan agreement (the "PWB Loan Agreement") with a lender, Pacific Western Bank, and received a loan in the principal amount of $2,000 (the "PWB Term Loan") that bears interest on the outstanding daily balance at a rate equal to the greater of: (a) 0.50% above the variable rate of interest announced by the lender as its “prime rate” then in effect; or (b) 4.50%. The PWB Loan Agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself.

The Company is required to pay accrued interest on the current loan on the 13th day of each month through and including August 13, 2023. The principal balance of the PWB Term Loan matures on August 13, 2023, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. The interest rate of the PWB Term Loan is subject to increase in the event of late payments and after occurrence of and during the continuation of an event of default. The Company may elect to prepay the PWB Term Loan at any time, in whole or in part, without penalty or premium.

The PWB Loan Agreement contains a liquidity covenant, which requires that the Company maintain cash in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least the outstanding balance of the PWB Term Loan, which was $2,000 as of March 31, 2023. On March 31, 2023, with cash on hand of $16,277, the Company was compliant with this covenant. In March 2023, the Company entered into an amendment to the PWB Loan Agreement increasing

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

the primary depository covenant which restricts the Company from having more than $3,000 held in subsidiary accounts outside of the United States until July 2, 2023 at which time the amount decreases to $1,000.

The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 8.54% for the three months ended March 31, 2023. The debt issuance costs are amortized to interest expense using the effective interest method over the life of the loan.

The following table presents scheduled principal payments of the Company’s PWB term loan as of March 31, 2023:

Period	Amount
2023 - remainder	$	2,000
Total principal payments	2,000
Less debt discount and issuance cost	2
Note payable, net	$	1,998
Current portion	$	1,998
Long-term portion	—
Note payable, net	$	1,998

Parker Hannifin Promissory Note

In connection with the HMC Acquisition, on December 5, 2022, the Company delivered a $5,000 unsecured, subordinated promissory note (the "Promissory Note") to Parker. The Promissory Note, subordinate to the PWB Term Loan, bears no interest with principal payable in sixteen equal installments due on the last day of each quarter, commencing on December 31, 2023 and maturing on September 30, 2027. For additional information see Note 4.

The Promissory Note, upon the occurrence of an event of default, allows for the levying of interest equal to the lesser of (a) 5% per annum and (b) the maximum interest rate permitted under applicable law on the then entire outstanding principal balance, and also for the acceleration of all outstanding liabilities and obligations, making them immediately payable. Under the terms of the Promissory Note, the following occurrences constitute a default, and could, upon written notice or declaration by Parker Hannifin Corporation, allow for the levying of interest and or the acceleration of principal outstanding: (i) failure to pay any amount of the principal when due and payable, (ii) the dissolution of the Company (including the declaration of bankruptcy), and (iii) the acquisition of the Company by another entity or the sale of substantially all of its assets to another entity.

The Company recorded the Promissory Note of $4,055 in its condensed consolidated balance sheets under the captions Notes Payable, Current and Notes Payable, Net, estimating an implicit discount rate of 7.5% via reference to the interest charged on the Company's PWB Term Loan and other relevant economic factors present at the execution date of the Promissory Note. The amortization of debt discounts resulted in an effective interest rate of 7.6% for the three months ended March 31, 2023. The debt discount is amortized to interest expense using the effective interest method over the life of the loan. Interest expense on the Promissory Note was $79 for the three months ended March 31, 2023.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The following table presents scheduled principal payments of the Company's note payable as of March 31, 2023:

Period	Amount
2023 - remainder	$	313
2024	1,250
2025	1,250
2026	1,250
2027	937
Total principal payments	5,000
Less debt discount	(841)
Note payable, net	$	4,159
Current portion	625
Long-term portion	3,534
Note payable, net	$	4,159

11.    Lease Obligations

The Company maintained a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California (the "Richmond Lease") which expired at the end of May 2022. The Company continued to maintain its tenancy at this location until the end of August 2022. Pursuant to the terms of the original lease agreement, the Company incurred monthly expenses equal to the most recent monthly lease payment under the now expired lease agreement and common area maintenance costs plus a 25% mark-up.

In July 2022, the Company entered into an operating lease agreement for its new headquarters and manufacturing facility in San Rafael, California (the "San Rafael Lease") expiring in October 2026 with the option to renew for an additional three-year period at the prevailing market rate at the time of extension. At the end of August 2022, the Company relocated to its new headquarters and manufacturing facility in San Rafael.

The Company has determined that the new San Rafael Lease constitutes an operating lease under ASC 842 and estimates the lease term as July 2022 through October 2026. The option to extend for a three-year period lacks significant economic incentives and disincentives, which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate as of the date of contract execution and are reflected in the condensed consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the condensed consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for the San Rafael Lease equal to the sum of all fixed lease payments divided by the number of months in the lease term.

The Company previously maintained a five-year operating lease agreement for its European operations office in Hamburg, Germany, which was originally set to expire in July 2022. In February 2022, the Company executed a new lease agreement with the same landlord for a replacement office in Hamburg, Germany commencing May 1, 2022 and expiring June 30, 2025 with an option to renew for one five-year period. Upon the early termination of the previous lease agreement, it was agreed between the landlord and the Company that access to the previously leased office space would be revoked and the Company would be relieved of its payment obligations for the final two months of the lease term. Consequently, the Company removed the right of use asset and lease liability, $15 and $16 respectively, recorded in its condensed consolidated financial statements related to the original Hamburg tenancy.

The Company has determined that the new Hamburg lease agreement constitutes a lease under ASC 842 and estimates the lease term as May 2022 through June 2025. The option to extend for a five-year period lacks significant economic incentives and disincentives which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate and are reflected in the condensed

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the condensed consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for this lease equal to the sum of all fixed lease payments divided by the number of months in the lease term.

The Company’s future lease payments as of March 31, 2023, which are presented as Lease liabilities, current and Lease liabilities on the Company’s condensed consolidated balance sheets are as follows:

Periods	Operating Leases
2023 - remainder	$	308
2024	421
2025	402
2026	349
2027	—
Total lease payments	1,480
Less: imputed interest	(132)
Present value of lease liabilities	$	1,348
Weighted-average remaining lease term (in years)	3.45
Weighted-average discount rate	5.4		%

Lease expense under the Company’s operating leases was $133 and $142 for the three months ended March 31, 2023 and 2022, respectively.

12.    Capitalization and Equity Structure

Summary

The Company’s authorized capital stock at March 31, 2023 and December 31, 2022 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of March 31, 2023 and December 31, 2022, there were 13,342 and 13,203, respectively, shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.

At the Market Offering

In October 2020, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC (the "Agent"), under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent. The Company may offer and sell shares having an aggregate offering price of up to $7,500 under the registration statement and prospectus supplement filed with the SEC related to such offering. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. The Company did not sell any shares under the ATM agreement during the three months ended March 31, 2023 and 2022. As of March 31, 2023, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Warrants

Warrants outstanding as of March 31, 2023 and December 31, 2022 were as follows:  

Source	Exercise Price		Term (Years)	December 31, 2022	Issued	Exercised	March 31, 2023
2021 Warrants	$	12.81	5	273	—	—	273
June 2020 Investor Warrants	$	5.18	5.5	127	—	—	127
June 2020 Placement Agent Warrants	$	5.64	5	39	—	—	39
December 2019 Warrants	$	8.10	5	556	—	—	556
December 2019 Placement Agent Warrants	$	8.44	5	52	—	—	52
May 2019 Warrants	$	3.52	5	193	—	—	193
				1,240	—	—	1,240

No warrants were exercised during the three months ended March 31, 2023 and 2022.

2021 Warrants

In February 2021, the Company issued warrants (the "2021 Warrants"), exercisable for up to 273 shares of the Company’s common stock at an exercise price of $12.81 per share. The 2021 Warrants were exercisable immediately, and will expire five years from the date of issuance, or on February 11, 2026.

In addition, the 2021 Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its 2021 Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the 2021 Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the 2021 Warrants. The 2021 Warrants will be automatically exercised on a cashless basis on their expiration date. The 2021 Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants.

The 2021 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the 2021 Warrants, the Company or any successor entity will, at the option of a holder of a 2021 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s 2021 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s 2021 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the 2021 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the 2021 Warrants is measured at fair value upon issuance and at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	12.81		$	12.81
Risk-free interest rate	4.68		%	4.21		%
Expected term (years)	2.86			3.11
Volatility of stock	93.5		%	99.6		%

June 2020 Investor Warrants

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

In June 2020, the Company issued warrants (the "June 2020 Investor Warrants"), exercisable for up to 874 shares of the Company’s common stock at an exercise price of $5.18 per share. The June 2020 Investor Warrants were immediately exercisable, and will expire five and one-half years from the date of issuance, or on December 10, 2025.

In addition, the June 2020 Investor Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its June 2020 Investor Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the June 2020 Investor Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the June 2020 Investor Warrant. The June 2020 Investor Warrants will be automatically exercised on a cashless basis on their expiration date.

The June 2020 Investor Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants.

The June 2020 Investor Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the June 2020 Investor Warrants, the holders of the June 2020 Investor Warrants will be entitled to receive upon exercise of the June 2020 Investor Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the June 2020 Investor Warrants immediately prior to such Fundamental Transaction. Alternatively, the Company or any successor entity will, at the option of a holder of a June 2020 Investor Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s June 2020 Investor Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s June 2020 Investor Warrant. Because of this put-option provision, the June 2020 Investor Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Investor Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	5.18		$	5.18
Risk-free interest rate	4.73		%	4.23		%
Expected term (years)	2.69			2.94
Volatility of stock	72.5		%	99.6		%

June 2020 Placement Agent Warrants

In June 2020, the Company issued warrants (the "June 2020 Placement Agent Warrants"), exercisable for up to 122 shares of the Company’s common stock, to the placement agent for such offering. The June 2020 Placement Agent Warrants have substantially the same form as the June 2020 Investor Warrants, including the put option described above, except that they have an exercise price per share equal to $5.64, subject to adjustment in certain circumstances, and will expire on June 7, 2025.

Because of the put-option provision in the June 2020 Placement Agent Warrants, these warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Placement Agent Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	5.64		$	5.64
Risk-free interest rate	4.88		%	4.33		%
Expected term (years)	2.19			2.44
Volatility of stock	70.7		%	73.5		%

December 2019 Warrants

In December 2019, pursuant to a securities purchase agreement (the "December 2019 Offering"), the Company issued warrants (the "December 2019 Warrants") to purchase 556 shares of common stock. The December 2019 Warrants are currently exercisable, have an exercise price of $8.10 per share, and will expire five years from the date they initially became exercisable, or on June 21, 2025.

The December 2019 Warrants also contain a cashless exercise provision and could require cash payments in the event of a failure to timely deliver securities or in the event of insufficient authorized shares. The December 2019 Warrants will be automatically exercised on a cashless basis on their expiration date. The December 2019 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the December 2019 Warrants, the Company or any successor entity will, at the option of a holder of a December 2019 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s December 2019 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s December 2019 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the December 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the December 2019 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	8.10		$	8.10
Risk-free interest rate	4.87		%	4.32		%
Expected term (years)	2.22			2.47
Volatility of stock	70.8		%	73.3		%

December 2019 Placement Agent Warrants

In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 52 shares of the Company’s common stock to the placement agent for such offering (the "December 2019 Placement Agent Warrants"). The December 2019 Placement Agent Warrants have substantially the same form as the December 2019 Warrants, except that they have an exercise price per share equal to $8.44, subject to adjustment in certain circumstances, and will expire on December 18, 2025.

The warrant liability related to the December 2019 Placement Agent Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	8.44		$	8.44
Risk-free interest rate	4.95		%	4.42		%
Expected term (years)	1.72			1.97
Volatility of stock	62.1		%	71.8		%

Management has assessed that the likelihood of a Change of Control (as defined in the December 2019 Placement Agent Warrants), occurring during the term of the December 2019 Placement Agent Warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the warrants fair value is nominal.

May 2019 Warrants

In May 2019, pursuant to an underwriting agreement, (the "May 2019 Offering"), the Company issued the warrants (the "May 2019 Warrants") to purchase 444 shares of common stock. The May 2019 Warrants are currently exercisable, have a current exercise price of $3.52 per share, and will expire five years from the date of their issuance, or on May 24, 2024. The May 2019 Warrants contain a price protection feature, pursuant to which, subject to certain exceptions, if shares of common stock are sold or issued in the future, or securities convertible or exercisable for shares of the Company’s common stock are sold or issued in the future, for consideration, or with an exercise price or conversion price, as applicable, per share less than the exercise price per share then in effect for the May 2019 Warrants, the exercise price of the May 2019 Warrants is reduced to the consideration paid for, or the exercise price or conversion price of, as the case may be, the securities issued in such offering. Pursuant to this provision, in connection with the June 2020 Offering, the exercise price of the May 2019 Warrants was reduced to $3.52 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the June 2020 Offering, or $4.51 per share, (y) the lowest exercise price of the June 2020 Investor Warrants, or $5.18, and (z) the lowest one-day volume-weighted average price of the Company’s Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on June 8, 2020, rounded to the nearest share, or $3.52.

In addition, if the Company effects or enters into any issuance of common stock or options or convertible securities exercisable for or convertible into common stock at a price which varies or may vary with the market price of the shares of the Company's common stock, subject to certain exceptions, a May 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price.

The May 2019 Warrants include a put option, whereby while the May 2019 Warrants are outstanding, if the Company enters into a Change of Control, as defined in the May 2019 Warrants, the Company or any successor entity will, at the option of a 2019 Warrant holder exercise within 90 days after the public disclosure of the Change of Control transaction, purchase such holder’s May 2019 Warrants by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such warrants on the later date of consummation of the Change of Control transaction or two trading days after the notice of such request. Because of this put option provision, the May 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the May 2019 Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. Because of the price protection feature contained in the May 2019 Warrants, the Company uses a combination of the Black-Scholes Model and the Lattice Model to estimate the fair value of the warrants at each reporting period. The following assumptions were used in the Black-Scholes Model in combination with the Lattice Model to measure the fair value of the May 2019 Warrants:

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	March 31, 2023			December 31, 2022
Share price	$	1.65		$	1.19
Conversion price	$	3.52		$	3.52
Risk-free interest rate	4.55		%	4.6		%
Expected term (years)	1.2			1.4
Volatility of stock	62.8		%	74.5		%

Management has assessed that the likelihood of a Change of Control occurring during the term of the warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the May 2019 Warrants fair value is nominal.

13.    Stock-based Compensation

Shares available to grant

As of March 31, 2023, the total number of shares authorized for grant under the Company's Amended and Restated 2014 Equity Incentive Plan was 2,524, of which 53 were available for future grants.

Stock Options

The following table summarizes information about the Company’s stock options outstanding as of March 31, 2023, and activity during the three months then ended:

	Stock Awards	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2022	270	$	37.96
Options forfeited	—	—
Options cancelled	(2)	56.70
Balance as of March 31, 2023	268	$	37.85	5.00	$	—
Vested and expected to vest at March 31, 2023	268	$	37.85	5.00	$	—
Exercisable as of March 31, 2023	262	$	38.51	4.97	$	—

As of March 31, 2023, total unrecognized compensation cost related to unvested stock options was $36. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 0.63 years.

There were no stock options awarded during the three months ended March 31, 2023 and 2022.

Restricted Stock Units

The Company issues time-based restricted stock units (“RSUs”) and performance-based restricted stock units ("PSUs") to employees and non-employee members of the Board. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan.

The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant.

Combined RSU and PSU activity for the three months ended March 31, 2023 is summarized below:

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2022	1,383	$	2.17
Granted	—	—
Vested	(354)	1.52
Forfeited	—	—
Unvested at March 31, 2023	1,029	$	2.40

As of March 31, 2023, $1,542 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 1.46 years.

Compensation Expense

Total stock-based compensation expense related to options, RSUs and PSUs granted to employees and non-employee members of the board of directors is included in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended March 31,
	2023		2022
Sales and marketing	$	64	$	69
Research and development	82		79
General and administrative	278		351
	$	424	$	499

401(k) Plan Share Match

During the three months ended March 31, 2023 and 2022, the Company issued 0 and 68 shares of common stock with a fair value of $0 and $176, to eligible employees’ deferral accounts for the 401(k) Plan matching contribution representing 50% of each eligible employee’s elected deferral (up to the statutory limit) for the years ended December 31, 2022 and 2021, respectively. The share issuance related to the matching of contributions for the year ended December 31, 2022 was delayed to the three months ended June 30, 2023.

The expense for the 401(k) plan share matching was $93 and $64 for the three months ended March 31, 2023 and 2022, respectively.

14.    Income Taxes

There were no material changes to the unrecognized tax benefits in the three months ended March 31, 2023, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year.

15.    Commitments and Contingencies

Material Contracts

The Company enters various license, research collaboration and development agreements, which provide for payments to the Company primarily for technology transfer and license fees, and royalty payments on sales.

The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to certain patents. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The Company entered into a research and development collaboration agreement in December 2021 with a party that develops technologies having utility in robotic exoskeletons from research and development activities associated with a specific set of government funded research projects. Since January 2022, the Company has assisted with research and development activities in exchange for access to a worldwide, royalty free, transferable, sublicensable, exclusive license to design and market products that use or incorporate the jointly-developed technology within Ekso’s target market segments.

In connection with the HMC Acquisition, the Company assumed two license agreements with Vanderbilt University to maintain exclusive rights to patents on the Company's behalf. The Vanderbilt Exoskeleton License Agreement was entered into as of October 15, 2012 and will continue until April 29, 2038, unless sooner terminated. Under this agreement, the Company is required to pay 6% of net sales of licensed patent products and 3% of net sales of licensed software products. The minimum annual royalty for licensed products is $250 after July 31, 2018. The Vanderbilt Knee License Agreement was entered into as of March 1, 2022 and will continue until February 15, 2041, unless sooner terminated. Under this agreement, the Company is required to pay the remaining issue fee balance of $100 on April 30, 2023, and pay 3.75% of net sales for licensed patent products and the minimum annual royalty is $75 due on or before July 31, 2028. In addition to the assumption of the license agreements, the Company entered into transitional use agreements with Parker granting the Company access to certain information technology systems and manufacturing facilities in Macedonia, Ohio for twelve months following the date of the acquisition. As consideration for access to these resources, the Company is required to make monthly payments of $20.

Purchase Obligations

The Company purchases components from a variety of suppliers and uses contract manufacturers to provide manufacturing services for its products. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company is currently experiencing shortages and supply chain disruptions. Electronic components in general, semiconductor chips, battery cells, metals and plastics, all of which are used in the Company's products, are also in shorter supply compared to prior periods, and the Company is also experiencing longer lead times for manufacturing services such as machining and tool making and increased pricing.

The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $3,800 as of March 31, 2023, which are expected to be paid within one year, and $3,480 as of December 31, 2022. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations.

The Company has operating lease commitments totaling $1,480 payable over 43 months related to the San Rafael and Hamburg leases disclosed in Note 11. Lease Obligations.

Contingencies

In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

16.    Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss applicable to common stockholders, basic and diluted	$	(4,389)	$	(4,620)
Denominator:
Weighted-average number of shares, basic and diluted	13,296		12,728
Net loss per share, basic and diluted	$	(0.33)	$	(0.36)

The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented:

	Three Months Ended March 31,
	2023	2022
Options to purchase common stock	268	449
Restricted stock units	1,029	581
Warrants for common stock	1,240	1,240
Total common stock equivalents	2,537	2,270

17.    Segment Disclosures

The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and markets exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and markets exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The reportable segments are each managed separately because they serve distinct markets.

The Company evaluates performance and allocates resources based on segment gross profit margin. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Segment reporting information is as follows:

	EksoHealth		EksoWorks		Total
Three months ended March 31, 2023
Revenue	$	3,997	$	125	$	4,122
Cost of revenue	1,951		171		2,122
Gross profit	$	2,046	$	(46)	$	2,000
Three months ended March 31, 2022
Revenue	$	1,881	$	686	$	2,567
Cost of revenue	1,015		343		1,358
Gross profit	$	866	$	343	$	1,209

The Company operates in the following regions: (1) Americas, (2) Europe, the Middle East, and Africa (EMEA), and (3) Asia Pacific (APAC). Individual countries with revenue greater than 10% of total revenue for the three months ended March 31, 2023 and 2022 are disclosed separately from the regional totals. Geographic information for revenue based on location of customers is as follows:

	Three Months Ended March 31,
	2023		2022
Americas
United States	$	2,958	$	1,343
Other	4		55
Americas	2,962		1,398
EMEA
Germany	244		124
Other	512		440
EMEA	756		564
APAC
Japan	—		280
Other	404		325
APAC	404		605
Total Revenue	$	4,122	$	2,567

Note. 18     Related Party Transactions

On February 4, 2023, the Company entered into a mutual release and settlement agreement with an entity to settle and resolve any and all potential claims brought forth in connection with a consulting agreement executed between the entity and the Company in July 2017. Under the terms of the consulting agreement, the Company was required to make milestone payments for the introduction of potential partners for, and the consummation of, a strategic joint venture. A member of the Company's board of directors is affiliated with one of two entities under common control.

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The Company settled on an amount of $325 to be paid in cash over fourteen months, with combined initial payments of $145 due in the first 40 days and $15 per month for the remaining 12 months.The Company has a liability of $180 and $325 related to this settlement on its consolidated balance sheet as of March 31, 2023 and December 31, 2022, respectively.

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

In this Quarterly Report, the “Company”, “we”, “its” and “our” refers to Ekso Bionics Holdings, Inc. and its wholly-owned subsidiaries. The following discussion of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 (this “Quarterly Report”) and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which is incorporated herein by reference (the “Annual Report”).

This Quarterly Report contains forward-looking statements. These forward-looking statements include statements other than statements of historical facts contained or incorporated by reference in this Quarterly Report, including statements regarding (i) the plans and objectives of management for future operations, including those relating to the design, development and commercialization of exoskeleton products for humans, (ii) the manufacturing of our products and strengthening our supply chain, and potential opportunities for strategic partnerships, (iii) beliefs regarding the regulatory path for our products, including potential approvals required and timing of approvals, (iv) statements regarding the financial and operational impacts on our business following the completion of the HMC Acquisition, (v) our future financial performance, including any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included pursuant to the rules and regulations of the SEC, (vi) our beliefs regarding the potential for commercial opportunities, including for exoskeleton technology and our exoskeleton products, and for strategic partnerships, (vii) our beliefs regarding potential clinical and other health benefits of our medical devices, (viii) the impact and effects of the COVID-19 pandemic and other risk factors on our business, results of operations or prospects, and (ix) the assumptions underlying or relating to any statement described in points (i), through (viii) above. The words “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and similar expressions (including the negative of any of the foregoing) are intended to identify forward-looking statements.

The following factors, among others, including those described in the section titled “Risk Factors” included in our Annual Report, as updated and supplemented in this Quarterly Report under the heading “Part II – Item 1A. Risk Factors,” could cause our future results to differ materially from those expressed in the forward-looking information:

•our ability to obtain adequate financing to fund operations and to develop or enhance our technology;

•our ability to generate sufficient cash flow to service our debt obligations;

•our ability to obtain or maintain regulatory approval to market our medical devices;

•our ability to complete clinical trials on a timely basis and that completed clinical trials will be sufficient to support commercialization of our products;

•the anticipated timing, cost and progress of the development and commercialization of new products or services, and improvements to our existing products, and related impacts on our profitability and cash position;

•our ability to effectively market and sell our products and expand our business, both in unit sales and product diversification;

•our ability to achieve broad customer adoption of our products and services;

•existing or increased competition;

•rapid changes in technological solutions available to our markets;

•volatility with our business, including long and variable sales cycles, which could have a negative impact on our results of operations for any given quarter;

•changes to our domestic or international sales and operations;

•our ability to obtain or maintain patent protection for our intellectual property;

•the scope, validity and enforceability of our and third-party intellectual property rights;

•significant government regulation of medical devices and the healthcare industry;

•our ability to receive regulatory clearance from certain government authorities, including any conditions, limitations or restrictions placed on such approvals;

•our customers’ ability to get third-party reimbursement for our products and services associated with them and our ability to manage the complex and lengthy reimbursement process;

•the potential for our products to be subject to voluntary or involuntary recall;

•our product liability insurance may not adequately cover potential claims;

•warrant claims and our accelerated maintenance program results in additional operating costs to us;

•our failure to implement our business plan or strategies;

•our ability to successfully consummate acquisitions on acceptable terms and to integrate any such acquisitions;

•our early termination of leases, difficulty filling vacancies or negotiating improved lease terms;

•our ability to retain or attract key employees;

•scope, scale and duration of the impact of outbreaks of a pandemic disease, such as COVID-19;

•stock volatility or illiquidity;

•our ability to maintain adequate internal controls over financial reporting;

•the impacts of foreign currency price fluctuations; and

•overall economic and market conditions.

Although we believe that the assumptions underlying the forward-looking statements and forward-looking information contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, such statements and information included in this Quarterly Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements and forward-looking information included herein, the inclusion of such statements and information should not be regarded as a representation by us or any other person that the results or conditions described in such statements and information or that our objectives and plans will be achieved. Such forward-looking statements speak only as of the date of this Quarterly Report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Overview

Our Business

We design, develop, and market exoskeleton products that augment human strength, endurance and mobility. Our exoskeleton technology serves multiple markets and can be utilized both by able-bodied persons and by persons with physical disabilities. We have sold or leased devices that (i) enable individuals with neurological conditions affecting gait, including ABI, SCI and MS, to rehabilitate, and in some cases, to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods.

We believe that the commercial opportunity for exoskeleton technology adoption is accelerating as a result of recent advancements in material technologies, electronic and electrical engineering, control technologies, and sensor and software development. Taken individually, many of these advancements have become ubiquitous in peoples’ everyday lives. We believe that we have learned how to integrate these existing technologies and wrap the result around a human being efficiently, elegantly and safely, supported by an industry leading intellectual property portfolio. We further believe that we can do so across a broad spectrum of applications, from persons with lower limb paralysis to able-bodied users.

EksoHealth

EksoHealth is our business unit focused on developing and marketing exoskeletons for medical applications.

Our leading product in EksoHealth, the EksoNR, is a robotic exoskeleton used to provide physical therapy for patients with lower extremity impairment. EksoNR includes unique features designed specifically to assist physical therapists and other clinicians to teach patients to walk again after suffering a neurological impairment. Typical conditions that can be treated with the assistance of EksoNR include ABIs, such as stroke and traumatic brain injuries, as well as SCIs, MS, and others. The benefits of EksoNR rehabilitation can include earlier mobilization of patients, longer and more intense rehab sessions, and increased quality of sessions as compared to alternative therapies. EksoNR is typically used in clinical settings, most commonly at inpatient rehab facilities and stroke centers.

EksoHealth expanded its product offerings to include Ekso Indego Therapy and Ekso Indego Personal with the HMC acquisition in the fourth quarter of 2022. The Ekso Indego devices are FDA-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, address market opportunities across the continuum of care, particularly within outpatient facilities, complementary to those most typically addressed by the EksoNR, expanding Ekso’s product offering to home and community use markets.

EksoWorks

EksoWorks is our business unit focused on developing, marketing, and selling exoskeletons and other assistive tools for industrial applications. The target users for these devices are generally able-bodied, and as such the goal of these products is to reduce fatigue for workers. The benefits of fatigue reduction can include reduced rates of injuries, higher productivity, higher worker morale, and lower turnover. Currently, we primarily sell these products directly to companies that deploy them for use

in their operations. EVO, our wearable upper body exoskeleton, supersedes the EksoVest as our primary product designed to support the weight of a worker’s arms and tools, reducing the fatigue associated with working at or above shoulder height for extended periods. In 2022 the EksoWorks unit refocused its product offerings and go to market strategies, placing increased emphasis on EVO and its placement into large industrial settings within our identified target markets. We believe EVO has industrial applications across a broad range of market verticals, and the unit is currently targeting end markets in aerospace, automotive, manufacturing, commercial construction, and renewable energy.

Prior to ceasing commercialization of the EksoZeroG support arm and related products and accessories, at the end of the second quarter of 2022, we manufactured and sold our EksoZeroG tool holder, which could mount on an aerial lift platform or scaffolding.

First Quarter 2023 Highlights

•Booked a total of 23 EksoNR units in the first quarter of 2023

•Reported revenue of $4.1 million in the first quarter of 2023, an increase of 61% year-over-year

Economic and Industry Trends

Our revenue is highly dependent on market demand for our exoskeleton products. This market demand is influenced by many factors including the level of awareness of robotic exoskeleton rehabilitation among the rehabilitation clinics with significant stroke, ABI, and SCI populations, the imperatives among construction and manufacturing companies to drive adoption of improved safety and health practices, the levels of reimbursements our customers will be able to receive, as well as conditions relating to overall economic growth and general business activity. Difficult and challenging economic conditions, including growing supply chain issues amidst an increasingly inflationary environment, could lead to increased price-based competition. In particular, the effects of such increasing price-based competition may have an especially significant impact on certain products that we offer, including the EksoNR and Ekso Indego, which have a lengthy sale and purchase order cycle because they are major capital expenditure items and generally require the approval of senior management at purchasing institutions. Furthermore, our business includes operations in the Americas, EMEA and APAC, so we are affected by demand for our products in those regions, as well as the strengthening or weakening of local currencies relative to the U.S. Dollar.

The current economic environment is impacting our customers financially and operationally. Hospitals are experiencing staffing shortages and supply chain issues that affect their ability to provide patient care. Additionally, hospitals are facing significant financial pressure as supply chain constraints and inflation drive up operating costs and fiscal stimulus programs enacted during the COVID-19 pandemic wind down. As a consequence of the financial pressures and decreased profitability, some hospitals have indicated that they are lowering their capital investment plans and tightening their operational budgets. We believe that these factors could contribute to a reduced demand for our offerings, particularly in the United States, which may have a material adverse effect on our business, financial condition, results of operations, or cash flows.

We believe the clinical need for our products has not diminished, as evidenced by clinical data showing the increased prevalence of strokes during the pandemic. We continue to engage with our current and prospective customers both onsite and virtually through video conferencing, virtual training events and online education demos to offer our support and showcase the value of our Ekso devices. While the impacts of the COVID-19 pandemic are starting to dissipate, it is possible a resurgence of COVID-19 could result in adverse effects on our business, financial condition, and results of operations in the future.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Our estimates form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Our most critical accounting estimates include:

•the standalone selling prices used to allocate the contract consideration to the individual performance obligations in our device sales arrangements, which impacts revenue recognition;

•the unobservable inputs and assumptions used by management in estimating the fair value of our warrant liabilities, which impacts net income or loss;

•the valuation of inventory, which impacts gross profit margins; and

•the estimates made regarding the recoverability of our net deferred tax asset, which impacts our financial condition.

Standalone Selling Prices

Our device sales arrangements contain multiple products and services, most often including the device(s) and service, both of which we have identified as distinct performance obligations. Revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which we separately sell the products or services. If a standalone selling price is not directly observable, then we estimate the standalone selling prices considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, type of customer, and gross margin targets. Changes in the relative standalone selling price between devices and service can have an impact on how transaction prices are allocated between revenue and deferred revenue.

Warrant Liabilities

We use the Black-Scholes option-pricing model to value our warrant liabilities at each reporting period, which requires the input of highly subjective assumptions, most notably the estimated volatility of our common stock over the expected term. We use our historical common stock volatility to estimate expected volatility over the warrant terms. Management must also make uncertain estimates regarding the likelihood and timing of certain future events for application of the Lattice Model for the valuation of certain warrants. Changes in these assumptions could have potential material impacts on the estimated fair value of warrant liabilities. During the three months ended March 31, 2023, management made no changes to its estimates regarding the likelihood of future events, but revised its estimates regarding the timing of future events. We do not believe the revision resulted in a material impact to the estimated fair value of warrant liabilities measured using the Lattice Model.

Inventory Valuation

Inventory is stated at the lower of cost or net realizable value. Cost is computed using the standard cost method which approximates actual cost on a first-in, first-out basis. The cost basis of our inventory is reduced for any products that are considered excessive or obsolete based upon assumptions about future demand and market conditions. If actual future demand or market conditions are less favorable than those projected by management, additional inventory write-downs may be required, which could have a material adverse effect on the results of our operations.

Deferred Tax Asset

We estimate a valuation allowance in consideration of the realizability of our net deferred tax assets, primarily based on our assessment of the timing, likelihood and amounts of potential future income during which such items become deductible. It is inherently difficult and subjective to estimate such amounts, as we must determine the probability of various possible outcomes and estimate future amounts. Management does not believe it is more likely than not that we will generate future income in a timeframe and amount sufficient to realize our net deferred tax assets. Changes in management's estimate of future income in the timeframe during which the temporary differences and carryforwards comprising our deferred tax assets become deductible could result in a material impact to our financial position including the recognition of a net deferred tax asset.

Accounting Policies

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimate that are reasonably likely to occur, could materially impact the condensed consolidated financial statements. We believe that our critical accounting policies reflect the more significant estimates and assumptions used in the preparation of the condensed consolidated financial statements. Refer to Note. 2 Basis of Presentation and Summary of Significant Accounting Policies and Estimates in the notes to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Results of Operations

The following table presents our results of operations for the three months ended March 31, 2023 and 2022 (in thousands, except percentages):

	Three Months Ended March 31,
	2023			2022			Change		% Change
Revenue	$	4,122		$	2,567		$	1,555	61	%
Cost of revenue	2,122			1,358			764		56	%
Gross profit	2,000			1,209			791		65	%
Gross profit %	49		%	47		%
Operating expenses:
Sales and marketing	2,088			1,629			459		28	%
Research and development	1,154			921			233		25	%
General and administrative	3,206			2,896			310		11	%
Total operating expenses	6,448			5,446			1,002		18	%
Loss from operations	(4,448)			(4,237)			(211)		5	%
Other (expense) income, net:
Interest expense	(127)			(27)			(100)		370	%
Loss on revaluation of warrant liabilities	(26)			(100)			74		n/m(1)
Unrealized gain (loss) on foreign exchange	217			(254)			471		n/m(1)
Other expense, net	(5)			(2)			(3)		n/m(1)
Total other (expense) income, net	59			(383)			442		(115)	%
Net loss	$	(4,389)		$	(4,620)		$	231	(5)	%

(1)Not Meaningful

Revenue

Revenue increased $1.6 million, or 61%, for the three months ended March 31, 2023, compared to the same period of 2022. This increase was comprised of a $2.1 million increase in EksoHealth revenue, partially offset by a $0.6 million decrease in EksoWorks.

The increase in EksoHealth revenue was primarily driven by an increase in the volume of EksoNR device sales. The decrease in EksoWorks revenue was primarily driven by a reduction in the volume of EVO and EksoVest sales and the absence of the recognition of prepaid royalties in the same period of 2022, which was associated with a license and distribution agreement that expired.

Gross Profit

Gross profit increased $0.8 million for the three months ended March 31, 2023 compared to the same period of 2022, driven by an increase in sales in the EksoHealth segment.

Gross margin increased to 49% for the three months ended March 31, 2023, compared to a gross margin of 47% for the same period of 2022. The overall increase in gross margin was primarily due to lower device costs.

Operating Expenses

Sales and marketing expenses increased $0.5 million, or 28%, for the three months ended March 31, 2023, compared to the same period of 2022. The increase was primarily due to the addition of headcount associated with the acquisition of HMC and an increase in marketing activities.

Research and development expenses increased $0.2 million, or 25%, for the three months ended March 31, 2023, compared to the same period of 2022. The increase was primarily due to the addition of headcount and costs associated with the acquisition of HMC

General and administrative expenses increased $0.3 million, or 11%, for the three months ended March 31, 2023, compared to the same period of 2022, primarily due to an increase in HMC related audit and integration costs offset by the absence of severance costs associated with the departure of our former Chief Executive Officer in the same period of 2022.

Total Other (Expense) Income, Net

Loss on revaluation of warrant liabilities was de minimis for the three months ended March 31, 2023, and was associated with the revaluation of warrants issued in 2019, 2020 and 2021. Loss on warrant liabilities was $0.1 million for the three months ended March 31, 2022, and was associated with the revaluation of warrants issued in 2019, 2020 and 2021. Gains and losses on revaluation of warrants are primarily driven by changes in our stock price and the risk-free rate.

Unrealized gain on foreign exchange for the three months ended March 31, 2023 was $0.2 million compared to an unrealized loss on foreign exchange of $0.3 million for the same period of 2022. These unrealized gains and losses are primarily the result of foreign currency revaluations of our inter-company monetary assets and liabilities.

Liquidity and Capital Resources

Since our inception, we have devoted substantially all of our efforts toward the development and commercialization of exoskeletons for the medical and industrial markets and toward raising capital. We have financed our operations primarily through the issuance and sale of equity securities for cash consideration and through bank debt.

Liquidity and Capital Resources

On March 31, 2023, we had working capital of $18.1 million, compared to working capital of $21.8 million at December 31, 2022. The decrease in working capital was primarily due to a lower cash balance from cash used in operations. Our cash as of March 31, 2023, consisted of bank deposits with third party financial institutions. As of March 31, 2023, of our $16.3 million of cash, $15.3 million was held domestically while $1.0 million was held by foreign subsidiaries.

As described in Note 10 in the notes to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q under the caption Notes Payable, net, borrowings under our secured term loan agreement with Pacific Western Bank have a requirement of minimum cash on hand equivalent to the current outstanding principal balance. As of March 31, 2023, $2.0 million of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2023 is approximately $14.3 million.

Cash

The following table summarizes the sources and uses of cash (in thousands).

	Three months ended March 31,
	2023		2022
Net cash used in operating activities	$	(4,214)	$	(4,206)
Net cash used in investing activities	(42)		—
Effect of exchange rate changes on cash	8		(24)
Net decrease in cash	(4,248)		(4,230)
Cash at the beginning of the period	20,525		40,406
Cash at the end of the period	$	16,277	$	36,176

Net Cash Used in Operating Activities

Net cash used in operations increased 0%, for the three months ended March 31, 2023, compared to the same period of 2022 was primarily due to payments of acquisition and integration costs associated with HMC, offset by payments of business development costs incurred in late 2021.

Net Cash Used in Investing Activities

Net cash used in investing activities for the three months ended March 31, 2023, was related to leasehold improvements for our new headquarters and manufacturing facility in San Rafael, California.

Material Cash Requirements

Our material cash requirements include the following items, some of which are represented in the table of Contractual Obligations and Commitments: (1) employee wages, benefits and incentives, (2) the procurement of raw materials and components to support the manufacturing and sale of our products, (3) expenditures for the ongoing improvement and development of existing and new technologies, (4) debt repayments (for additional information see Note 10 in the notes to our condensed consolidated financial statements included elsewhere in the Quarterly Report on Form 10-Q), and (5) operating lease payments (for additional information see Note 11 in the notes to our condensed consolidated financial statements included elsewhere in the Quarterly Report on Form 10-Q).

We expect that our operating cash requirements in the near term will continue to exceed cash provided by operations with the additional headcount and product development activities assumed in the HMC Acquisition. Additionally, our term loan with Pacific Western Bank will mature in August 2023 requiring cash outflows of $2.0 million for the repayment of principal. Principal payments on our promissory note with Parker Hannifin begin in December 2023. Notwithstanding our ability to refinance our maturing loan obligation, coordinate with our suppliers to delay the receipt of materials on order, or delay product development activities, with cash on hand of $16.3 million at March 31, 2023 we have sufficient resources to finance our operations until the first quarter of 2024. However, as described in Note. 1 of the notes to our condensed consolidated financial statements management believes our plans are sufficient to alleviate the substantial doubt raised at March 31, 2023 about our ability to meet cash requirements twelve months from the issuance of the financial statements which is in the second quarter of 2024.

The Company does not expect, nor do our historical operating results suggest, that cash flows generated from operations will be sufficient to meet our material cash requirements in the long term. Management expects that the Company's historical reliance on external financing, from both equity and debt financings, will continue to provide the capital necessary to meet its material cash requirements in the long term. Management has not yet determined the form such additional financing may take, but management expects that the most likely forms include one or more of the following: (i) underwritten offerings of shares of our common stock (ii) sales of shares of our common stock under an "at the market" offering program, (iii) incurring indebtedness with one or more financial institutions, and (iv) the factoring of trade receivables.

Contractual Obligations and Commitments

The following table summarizes our outstanding contractual obligations as of March 31, 2023, and the effect those obligations are expected to have on our liquidity and cash flows in future periods (in thousands):

	Payments Due By Period:
	Total		Less than One Year		1-3 Years		3-5 Years
Term loan	$	2,067	$	2,067	$	—	$	—
Promissory note	5,000		625		2,500		1,875
Facility operating leases	1,480		412		813		255
Purchase obligations	3,800		3,800		—		—
Total	$	12,347	$	6,904	$	3,313	$	2,130

In response to, or in anticipation of, supplier disruptions and extended lead times, we may stockpile certain components or raw materials to help prevent disruption in our production of the EksoNR, and Ekso Indego Therapy and Ekso Indego Personal devices. Such purchasing behavior is a contributing factor to the increase in purchase obligations as compared to prior periods. These actions have, and could continue to have, a short-term adverse impact on our cash used in operating activities and increase our inventory balance. Obligations related to these activities are reflected in the line purchase obligations in the table above.

Refer to Note 15. Commitments and Contingencies in the notes to our condensed consolidated financial statements for additional information regarding our contractual obligations, and lease commitments.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

There have been no material changes in our market risk during the three months ended March 31, 2023, compared to the disclosures in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 4. Controls and Procedures

Disclosure Controls and Procedures.

Our management, with the participation of our principal executive officer and principal financial officer, conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed by us under the Exchange Act is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

It should be noted that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment and makes assumptions about the likelihood of future events. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Management believes that the financial statements included in this Quarterly Report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time we are subject to legal proceedings and claims arising in the ordinary course of business. Based on our current knowledge, we believe that the amount or range of reasonably possible losses will not, either individually or in the aggregate, have a material adverse effect on our business, results of operations, or financial condition.

The results of any litigation cannot be predicted with certainty, and an unfavorable resolution in any legal proceedings could materially affect our future business, results of operations, or financial condition. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. For additional information, please refer to Note 13. Commitments and Contingencies in the notes to our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

We have not identified any material changes to the risk factors previously disclosed in Part I - Item 1A - “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022.

Item 6. Exhibits

 

Exhibit Number	Description
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1+	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	The following financial statements from the Ekso Bionics Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Extensible Business Reporting Language (“XBRL”):
	•	unaudited condensed consolidated balance sheets;
	•	unaudited condensed consolidated statements of operations and comprehensive income (loss);
	•	unaudited condensed consolidated statements of stockholders’ equity;
	•	unaudited condensed consolidated statement of cash flows; and
	•	notes to unaudited condensed consolidated financial statements.

*	Filed herewith.
+	Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Ekso Bionics Holdings, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	EKSO BIONICS HOLDINGS, INC.
Date: April 27, 2023	By:	/s/ Scott G. Davis
		Scott G. Davis
		Chief Executive Officer
		(Principal Executive Officer)
Date: April 27, 2023	By:	/s/ Jerome Wong
		Jerome Wong
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Scott G. Davis, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

(4)The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

(5)The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: April 27, 2023

/s/ Scott G. Davis

Scott G. Davis

Principal Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Jerome Wong, certify that:

(1)I have reviewed this Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

(4)The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

(5)The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: April 27, 2023

/s/ Jerome Wong

Jerome Wong

Principal Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc. (the “Company”), for the quarterly period ended March 31, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Scott G. Davis, Chief Executive Officer and principal executive officer, hereby certify as of the date hereof, solely for purposes of 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Dated: April 27, 2023

/s/ Scott G. Davis

Scott G. Davis

Principal Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc. (the “Company”), for the quarterly period ended March 31, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Jerome Wong, Chief Financial Officer and principal financial officer, hereby certify as of the date hereof, solely for purposes of 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Dated: April 27, 2023

/s/ Jerome Wong

Jerome Wong

Principal Financial Officer

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-37854
Entity Registrant Name	Ekso Bionics Holdings, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	99-0367049
Entity Address, Address Line One	101 Glacier Point
Entity Address, Address Line Two	Suite A
Entity Address, City or Town	San Rafael
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94901
City Area Code	510
Local Phone Number	984-1761
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	EKSO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,502,873
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001549084
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 16,277	$ 20,525
Accounts receivable, net of allowances of $11 and $40, respectively	4,827	4,625
Inventories	5,662	5,187
Prepaid expenses and other current assets	831	700
Total current assets	27,597	31,037
Property and equipment, net	2,454	2,680
Right-of-use assets	1,228	1,307
Intangible assets, net	5,136	5,217
Goodwill	431	431
Other assets	258	231
Total assets	37,104	40,903
Current liabilities:
Accounts payable	3,042	3,151
Accrued liabilities	2,227	2,278
Deferred revenues, current	1,296	1,121
Notes payable, current	2,623	2,310
Lease liabilities, current	349	341
Total current liabilities	9,537	9,201
Deferred revenues	1,367	1,032
Notes payable, net	3,534	3,767
Lease liabilities	999	1,087
Warrant liabilities	259	233
Other non-current liabilities	125	141
Total liabilities	15,821	15,461
Commitments and contingencies (Note 15)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value; 141,429 shares authorized; 13,342 and 13,203 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	13	13
Additional paid-in capital	249,237	248,813
Accumulated other comprehensive income	369	563
Accumulated deficit	(228,336)	(223,947)
Total stockholders’ equity	21,283	25,442
Total liabilities and stockholders’ equity	$ 37,104	$ 40,903

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 11	$ 40
Convertible Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Convertible Preferred stock, shares issued (in shares)	0	0
Convertible Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	141,429,000	141,429,000
Common stock, shares issued (in shares)	13,342,000	13,203,000
Common stock, shares outstanding (in shares)	13,342,000	13,203,000

XML

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 4,122	$ 2,567
Cost of revenue	2,122	1,358
Gross profit	2,000	1,209
Operating expenses:
Sales and marketing	2,088	1,629
Research and development	1,154	921
General and administrative	3,206	2,896
Total operating expenses	6,448	5,446
Loss from operations	(4,448)	(4,237)
Other (expense) income, net:
Interest expense	(127)	(27)
Loss on revaluation of warrant liabilities	(26)	(100)
Unrealized gain (loss) on foreign exchange	217	(254)
Other expense, net	(5)	(2)
Total other income (expense), net	59	(383)
Net loss	(4,389)	(4,620)
Other comprehensive (loss) income	(194)	212
Comprehensive loss	$ (4,583)	$ (4,408)
Net loss per share applicable to common shareholders, basic (in dollars per share)	$ (0.33)	$ (0.36)
Net loss per share applicable to common shareholders, diluted (in dollars per share)	$ (0.33)	$ (0.36)
Weighted average number of shares outstanding, basic (in shares)	13,296	12,728
Weighted average number of shares outstanding, diluted (in shares)	13,296	12,728

XML

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Stock Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2021		0
Common stock, beginning balance (in shares) at Dec. 31, 2021			12,693,000
Beginning balance at Dec. 31, 2021	$ 37,219	$ 0	$ 13	$ 246,090	$ (17)	$ (208,867)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,620)					(4,620)
Issuance of common stock under:
Matching contribution to 401(k) plan (in shares)			68,000
Stock Issued During Period, Value, Employee Benefit Plan	176			176
Equity incentive plan (in shares)			83,000
Stock-based compensation expense	499			499
Foreign currency translation adjustments	212				212
Convertible preferred stock, ending balance (in shares) at Mar. 31, 2022		0
Common stock, ending balance (in shares) at Mar. 31, 2022			12,844,000
Ending balance at Mar. 31, 2022	$ 33,486	$ 0	$ 13	246,765	195	(213,487)
Convertible preferred stock, beginning balance (in shares) at Dec. 31, 2022	0	0
Common stock, beginning balance (in shares) at Dec. 31, 2022	13,203,000		13,203,000
Beginning balance at Dec. 31, 2022	$ 25,442	$ 0	$ 13	248,813	563	(223,947)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (4,389)					(4,389)
Issuance of common stock under:
Matching contribution to 401(k) plan (in shares)	0
Stock Issued During Period, Value, Employee Benefit Plan	$ 0
Equity incentive plan (in shares)			139,000
Stock-based compensation expense	424			424
Foreign currency translation adjustments	$ (194)				(194)
Convertible preferred stock, ending balance (in shares) at Mar. 31, 2023	0	0
Common stock, ending balance (in shares) at Mar. 31, 2023	13,342,000		13,342,000
Ending balance at Mar. 31, 2023	$ 21,283	$ 0	$ 13	$ 249,237	$ 369	$ (228,336)

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss	$ (4,389)	$ (4,620)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	414	231
Changes in allowance for doubtful accounts	1	(9)
Loss on revaluation of warrant liabilities	26	100
Stock-based compensation expense	424	499
Common stock contribution to 401(k) plan	93	64
Unrealized (gain) loss on foreign currency transactions	(217)	254
Changes in operating assets and liabilities:
Accounts receivable	(202)	1,297
Inventories	(375)	(562)
Prepaid expenses and other assets, current and noncurrent	(134)	(302)
Accounts payable	(110)	(166)
Accrued, lease and other liabilities, current and noncurrent	(248)	(504)
Deferred revenues	503	(488)
Net cash used in operating activities	(4,214)	(4,206)
Investing activities:
Acquisition of property and equipment	(42)	0
Net cash used in investing activities	(42)	0
Effect of exchange rate changes on cash	8	(24)
Net decrease in cash	(4,248)	(4,230)
Cash at beginning of period	20,525	40,406
Cash at end of period	16,277	36,176
Supplemental disclosure of cash flow activities
Cash paid for interest	47	27
Supplemental disclosure of non-cash activities
Transfer of inventory (from) to property and equipment	(96)	29
Share issuance for common stock contribution to 401(k) plan	$ 0	$ 176

XML

Organization

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Description of Business

Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, and markets exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be utilized both by able-bodied users and by persons with physical disabilities. The Company has marketed devices that (i) enable individuals with neurological conditions affecting gait, including acquired brain injury ("ABI") and multiple sclerosis ("MS"), and spinal cord injury ("SCI"), to rehabilitate and to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”.

On December 5, 2022, the Company acquired the Human Motion and Control (“HMC”) Business Unit from Parker Hannifin Corporation (“Parker”), an Ohio corporation. The assets acquired from the business unit include intellectual property rights for devices which are U.S. Food and Drug Administration ("FDA")-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, complementing Ekso’s product offering in outpatient facilities.

Liquidity and Capital Resources

As of March 31, 2023, the Company had an accumulated deficit of $228,336.  Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the three months ended March 31, 2023, the Company used $4,214 of cash in its operations. Cash on hand as of March 31, 2023 was $16,277.

As described in Note 10, Notes payable, net, borrowings under the Company’s secured term loan agreement with Pacific Western Bank have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of March 31, 2023, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2023 is approximately $14,277.

In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, we evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of our plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In performing this analysis, we excluded certain elements of our operating plan that cannot be considered probable.

Our expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Management intends to raise funds through one or more financings. However, due to several factors, including those outside management’s control, there can be no assurance that the Company will be able to complete such financings on acceptable terms or in amounts sufficient to continue operating the business under the operating plan. If we are unable to complete sufficient additional financings, management’s plans include delaying or abandoning certain product development projects, cost reduction efforts for our products, and refocused sales efforts to accelerate revenue growth above historical results. We have concluded the likelihood that our plan to successfully reduce

expenses to align with our available cash is probable. Accordingly, we believe our plan will be sufficient to alleviate substantial doubt for a period of at least 12 months from the date of issuance of these consolidated financial statements which is in the second quarter of 2024. 

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

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Basis of Presentation and Summary of Significant Accounting Policies and Estimates

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies and Estimates

Basis of Presentation and Summary of Significant Accounting Policies and Estimates

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 28, 2023.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2022, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein.

Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation.

The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any future periods.

The condensed consolidated financial statements include the financial statements of Ekso Bionics Holdings, Inc. and its subsidiaries. All significant transactions and balances between Ekso Bionics Holdings, Inc. and its subsidiaries have been eliminated in consolidation.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.

Foreign Currency

The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.

Inventory

Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, which approximates actual cost on a first-in, first-out basis. Materials from vendors are received and recorded as raw materials. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.

Leases

The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.

Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

Revenue Recognition

The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.

For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and type of customer. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations.

The Company exercised judgement to determine that a product return reserve was not required as historical returns activity have not been material.

Going Concern

The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company extends credit to customers in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable.

Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. The Company has not experienced material losses related to accounts receivable as of March 31, 2023 and December 31, 2022.

Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon collecting receivables denominated in a foreign currency.

At March 31, 2023 the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (30%) as compared with no customers at December 31, 2022.

During the three months ended March 31, 2023, the Company had two customers with sales of 10% or more of the Company’s total revenue (26% and 14%), as compared with one in the three months ended March 31, 2022 (11%).

Accounting Pronouncements Adopted in 2023

In June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amended the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which is based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The Company adopted ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company's financial position or the results of operations.

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance

eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2024 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2020-06 to be material on its consolidated financial statements.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The Company's accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive income (loss) presented on the condensed consolidated balance sheets for the three months ended March 31, 2023 and 2022, is reflected in the table below net of tax:

	Three Months Ended March 31,
	2023		2022
Balance at beginning of period	$	563	$	(17)
Net unrealized (loss) gain on foreign currency translation	(194)		212
Balance at end of period	$	369	$	195

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Human Motion and Control Acquisition

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Human Motion and Control Acquisition

Human Motion and Control Acquisition

On December 5, 2022, the Company acquired the HMC business from Parker. The assets acquired from the business unit include intellectual property rights for devices which are FDA-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke, complementing Ekso’s product offering in outpatient facilities.

The assets purchased by the Company include intellectual property related to the aforementioned Ekso Indego devices and future products in the orthotics and prosthetics space, inventories related to the Ekso Indego product line, fixed assets configured for the manufacture of the Ekso Indego products, and Ekso Indego devices maintained for service and sales demonstrations. The Company did not acquire any cash in connection with the acquisition of the business unit.

As consideration for the assets acquired, the Company (i) paid the Parker $5,000 in cash and (ii) delivered to Parker a $5,000 unsecured, subordinated zero percent interest promissory note (the “Promissory Note”). Under the terms of the Promissory Note, the Company shall pay Parker sixteen (16) equal quarterly installments of $313, with the first payment being due and payable December 31, 2023, and the last payment being due and payable September 30, 2027. For additional information see Note 10.

The Company accounted for the acquisition as a business combination in accordance with ASC 805, Business Combinations, by applying the acquisition method, and accordingly, the purchase price of $9,055, as calculated in the table below, was allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The fair values presented for fixed assets, intangible assets, and goodwill are preliminary figures pending final fair value analyses. In accordance with ASC 805, the acquirer has a year from the date of acquisition to recognize measurement period adjustments. The preliminary fair values presented below could be subject to change as result of the aforementioned adjustments. The excess of the purchase price over the preliminary net assets acquired of $431 was recorded as goodwill. The goodwill recognized is attributed primarily to expected synergies of HMC with the Company. From the acquisition date and as of March 31, 2023, there were no changes in the recognized amounts of goodwill resulting from the acquisition.

The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below:

Inventories	$	1,935
Fixed assets	1,599
Intangible assets	5,240
Goodwill	431
Total assets	$	9,205
Accrued royalties	150
Total liabilities	$	150
Net assets acquired	$	9,055
Cash delivered at close	$	5,000
Fair value of promissory note	4,055
Total consideration	$	9,055

The fair value of finished goods inventories acquired was estimated at retail selling price less estimated costs to sell and a reasonable profit allowance for the selling effort. The fair value of raw materials acquired were estimated using current prices from suppliers. The fair value of fixed assets was estimated using a cost approach, adjusting historical gross asset values for inflation, reduced for the remaining estimated economic life of the assets. The preliminary fair values of intangible assets were estimated using a relief from royalty method, the excess earnings method, and a distributor method, all income approaches, which required significant estimates from management regarding future sales expectations, long term operating margins, the weighted average cost of capital or other appropriate discount rates, and royalty rates. The fair value of the promissory note was estimated as the present value of scheduled principal payments discounted at the Company's estimated borrowing rate.

The Company recorded $5,240 to intangible assets as of the acquisition date and is amortizing the value of the developed technology, customer relationships and intellectual property over a weighted average estimated useful life of eight years. Amortization expense related to the acquired definite lived intangible assets was $82 for the three months ended March 31, 2023, and was included as a component of operating expenses and cost of revenue in the consolidated statement of operations and comprehensive loss. Of the $431 of goodwill, none was expected to be deductible for tax purposes.

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Fair Value Measurement

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement on a recurring basis are as follows:

	Total		Level 1		Level 2		Level 3
March 31, 2023
Liabilities
Warrant liabilities	$	259	$	—	$	—	$	259
December 31, 2022
Liabilities
Warrant liabilities	$	233	$	—	$	—	$	233

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the three months ended March 31, 2023, which were measured at fair value on a recurring basis:

	Warrant Liability
Balance at December 31, 2022	$	233
Net loss on revaluation of warrants issued	26
Balance at March 31, 2023	$	259

Refer to Note 12. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants.

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Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

	March 31, 2023		December 31, 2022
Raw materials	$	3,907	$	3,837
Work in progress	705		487
Finished goods	1,050		863
Inventories	$	5,662	$	5,187

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Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and subscription of the EksoNR, EksoUE, Ekso Indego Therapy, and Ekso Indego Personal devices, along with the sale of support and maintenance contracts. Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoNR, Ekso UE, Ekso Indego Therapy, and Ekso Indego Personal devices. Support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced support and maintenance contracts range from 12 to 48 months. The Company typically receives payment at the inception of the contract and recognizes revenue evenly over the term of the contracts. Revenue from medical device subscriptions is recognized evenly over the contract term, typically over 12 months.

The Company’s industrial device segment (EksoWorks) revenue is primarily generated through the sale and subscription of the upper body exoskeleton EVO and associated accessories. Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility. Revenue from industrial device subscriptions is recognized evenly over the contract term, typically 12 months.

In June 2022, the Company ceased commercialization of the EksoZeroG support arm and related products and accessories. Refer to Note 15. Commitment and Contingencies for further information regarding commitments and obligations related to the EksoZeroG product line.

Deferred Revenue

Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts, but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service.

Deferred revenue consisted of the following:

	March 31, 2023		December 31, 2022
Deferred extended maintenance and support	$	2,519	$	2,124
Customer advances	144		29
Total deferred revenues	2,663		2,153
Less current portion	(1,296)		(1,121)
Deferred revenues, non-current	$	1,367	$	1,032

Deferred revenue activity consisted of the following for the three months ended March 31, 2023:

Beginning balance	$	2,153
Deferral of revenue	1,170
Recognition of deferred revenue	(660)
Ending balance	$	2,663

The Company expects to recognize approximately $1,080 of the deferred revenue during the remainder of 2023, $795 in 2024, and $788 thereafter.

In addition to deferred revenue, the Company has a non-cancellable backlog of $1,396, expected to be recognized between 2023 and 2025, related to its contracts for subscription units with its customers. These subscription contracts typically have 12 to 24 month terms, and subscription income is recognized on a straight-line basis over the term of the contract.

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2023:

	EksoHealth		EksoWorks		Total
Device revenue	$	3,048	$	111	$	3,159
Service and support	644		—		644
Subscriptions	275		7		282
Parts and other	30		7		37
	$	3,997	$	125	$	4,122

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2022:

	EksoHealth		EksoWorks		Total
Device revenue	$	963	$	309	$	1,272
Service and support	467		—		467
Subscriptions	216		69		285
Parts and other	156		308		464
Collaborative arrangements	79		—		79
	$	1,881	$	686	$	2,567

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Accrued Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2023		December 31, 2022
Salaries, benefits and related expenses	$	1,739	$	1,843
Device warranty	301		274
Other	187		161
Total	$	2,227	$	2,278

Warranty

The current portion of the device warranty liability is classified as a component of Accrued liabilities, while the long-term portion of the device warranty liability is classified as a component of Other non-current liabilities in the condensed consolidated balance sheets. A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2023 is as follows:

	Three months ended
	March 31, 2023
Balance at beginning of period	$	413
Additions for estimated future costs	113
Incurred costs	(100)
Balance at end of period	$	426
	Balance as of March 31, 2023
Current portion	$	308
Long-term portion	118
Total	$	426

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The Company determined no impairment existed for goodwill for the three months ended March 31, 2023.

Intangible Assets

The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of March 31, 2023:

	March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	2,310	$	(93)	$	2,217
Trade name	2,310		N/A		2,310
Intellectual property	460		—		460
Customer relationships	140		(6)		134
Below market lease	20		(5)		15
Total intangible assets	$	5,240	$	(104)	$	5,136

Definite lived intangible assets are amortized over their estimated lives using the straight line method, which is estimated as 8 years for developed technology, 12 years for intellectual property, eight years for customer relationships and one year for below market lease. The acquired trade name was estimated to have an indefinite life, and consequently, no amortization expense was recorded. The Company determined no impairment existed for intangible assets for the three months ended March 31, 2023.

The estimated future amortization expenses related to definite lived intangible assets as of March 31, 2023 is as follows (in thousands):

Fiscal Year	Amount
2023 - remainder	$	320
2024	306
2025	345
2026	345
2027	345
2028 and thereafter	1,164
Total	$	2,825

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Notes Payable, net

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Notes Payable, net

Notes Payable, net

PWB Term Loan

In August 2020, the Company entered into a loan agreement (the "PWB Loan Agreement") with a lender, Pacific Western Bank, and received a loan in the principal amount of $2,000 (the "PWB Term Loan") that bears interest on the outstanding daily balance at a rate equal to the greater of: (a) 0.50% above the variable rate of interest announced by the lender as its “prime rate” then in effect; or (b) 4.50%. The PWB Loan Agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself.

The Company is required to pay accrued interest on the current loan on the 13th day of each month through and including August 13, 2023. The principal balance of the PWB Term Loan matures on August 13, 2023, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. The interest rate of the PWB Term Loan is subject to increase in the event of late payments and after occurrence of and during the continuation of an event of default. The Company may elect to prepay the PWB Term Loan at any time, in whole or in part, without penalty or premium.

The PWB Loan Agreement contains a liquidity covenant, which requires that the Company maintain cash in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least the outstanding balance of the PWB Term Loan, which was $2,000 as of March 31, 2023. On March 31, 2023, with cash on hand of $16,277, the Company was compliant with this covenant. In March 2023, the Company entered into an amendment to the PWB Loan Agreement increasing

the primary depository covenant which restricts the Company from having more than $3,000 held in subsidiary accounts outside of the United States until July 2, 2023 at which time the amount decreases to $1,000.

The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 8.54% for the three months ended March 31, 2023. The debt issuance costs are amortized to interest expense using the effective interest method over the life of the loan.

The following table presents scheduled principal payments of the Company’s PWB term loan as of March 31, 2023:

Period	Amount
2023 - remainder	$	2,000
Total principal payments	2,000
Less debt discount and issuance cost	2
Note payable, net	$	1,998
Current portion	$	1,998
Long-term portion	—
Note payable, net	$	1,998

Parker Hannifin Promissory Note

In connection with the HMC Acquisition, on December 5, 2022, the Company delivered a $5,000 unsecured, subordinated promissory note (the "Promissory Note") to Parker. The Promissory Note, subordinate to the PWB Term Loan, bears no interest with principal payable in sixteen equal installments due on the last day of each quarter, commencing on December 31, 2023 and maturing on September 30, 2027. For additional information see Note 4.

The Promissory Note, upon the occurrence of an event of default, allows for the levying of interest equal to the lesser of (a) 5% per annum and (b) the maximum interest rate permitted under applicable law on the then entire outstanding principal balance, and also for the acceleration of all outstanding liabilities and obligations, making them immediately payable. Under the terms of the Promissory Note, the following occurrences constitute a default, and could, upon written notice or declaration by Parker Hannifin Corporation, allow for the levying of interest and or the acceleration of principal outstanding: (i) failure to pay any amount of the principal when due and payable, (ii) the dissolution of the Company (including the declaration of bankruptcy), and (iii) the acquisition of the Company by another entity or the sale of substantially all of its assets to another entity.

The Company recorded the Promissory Note of $4,055 in its condensed consolidated balance sheets under the captions Notes Payable, Current and Notes Payable, Net, estimating an implicit discount rate of 7.5% via reference to the interest charged on the Company's PWB Term Loan and other relevant economic factors present at the execution date of the Promissory Note. The amortization of debt discounts resulted in an effective interest rate of 7.6% for the three months ended March 31, 2023. The debt discount is amortized to interest expense using the effective interest method over the life of the loan. Interest expense on the Promissory Note was $79 for the three months ended March 31, 2023.

The following table presents scheduled principal payments of the Company's note payable as of March 31, 2023:

Period	Amount
2023 - remainder	$	313
2024	1,250
2025	1,250
2026	1,250
2027	937
Total principal payments	5,000
Less debt discount	(841)
Note payable, net	$	4,159
Current portion	625
Long-term portion	3,534
Note payable, net	$	4,159

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Lease Obligations

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lease Obligations

Lease Obligations

The Company maintained a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California (the "Richmond Lease") which expired at the end of May 2022. The Company continued to maintain its tenancy at this location until the end of August 2022. Pursuant to the terms of the original lease agreement, the Company incurred monthly expenses equal to the most recent monthly lease payment under the now expired lease agreement and common area maintenance costs plus a 25% mark-up.

In July 2022, the Company entered into an operating lease agreement for its new headquarters and manufacturing facility in San Rafael, California (the "San Rafael Lease") expiring in October 2026 with the option to renew for an additional three-year period at the prevailing market rate at the time of extension. At the end of August 2022, the Company relocated to its new headquarters and manufacturing facility in San Rafael.

The Company has determined that the new San Rafael Lease constitutes an operating lease under ASC 842 and estimates the lease term as July 2022 through October 2026. The option to extend for a three-year period lacks significant economic incentives and disincentives, which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate as of the date of contract execution and are reflected in the condensed consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the condensed consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for the San Rafael Lease equal to the sum of all fixed lease payments divided by the number of months in the lease term.

The Company previously maintained a five-year operating lease agreement for its European operations office in Hamburg, Germany, which was originally set to expire in July 2022. In February 2022, the Company executed a new lease agreement with the same landlord for a replacement office in Hamburg, Germany commencing May 1, 2022 and expiring June 30, 2025 with an option to renew for one five-year period. Upon the early termination of the previous lease agreement, it was agreed between the landlord and the Company that access to the previously leased office space would be revoked and the Company would be relieved of its payment obligations for the final two months of the lease term. Consequently, the Company removed the right of use asset and lease liability, $15 and $16 respectively, recorded in its condensed consolidated financial statements related to the original Hamburg tenancy.

The Company has determined that the new Hamburg lease agreement constitutes a lease under ASC 842 and estimates the lease term as May 2022 through June 2025. The option to extend for a five-year period lacks significant economic incentives and disincentives which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate and are reflected in the condensed

consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the condensed consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for this lease equal to the sum of all fixed lease payments divided by the number of months in the lease term.

The Company’s future lease payments as of March 31, 2023, which are presented as Lease liabilities, current and Lease liabilities on the Company’s condensed consolidated balance sheets are as follows:

Periods	Operating Leases
2023 - remainder	$	308
2024	421
2025	402
2026	349
2027	—
Total lease payments	1,480
Less: imputed interest	(132)
Present value of lease liabilities	$	1,348
Weighted-average remaining lease term (in years)	3.45
Weighted-average discount rate	5.4		%

Lease expense under the Company’s operating leases was $133 and $142 for the three months ended March 31, 2023 and 2022, respectively.

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Capitalization and Equity Structure

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Capitalization and Equity Structure

Capitalization and Equity Structure

Summary

The Company’s authorized capital stock at March 31, 2023 and December 31, 2022 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of March 31, 2023 and December 31, 2022, there were 13,342 and 13,203, respectively, shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.

At the Market Offering

In October 2020, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC (the "Agent"), under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent. The Company may offer and sell shares having an aggregate offering price of up to $7,500 under the registration statement and prospectus supplement filed with the SEC related to such offering. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. The Company did not sell any shares under the ATM agreement during the three months ended March 31, 2023 and 2022. As of March 31, 2023, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement.

Warrants

Warrants outstanding as of March 31, 2023 and December 31, 2022 were as follows:  

Source	Exercise Price		Term (Years)	December 31, 2022	Issued	Exercised	March 31, 2023
2021 Warrants	$	12.81	5	273	—	—	273
June 2020 Investor Warrants	$	5.18	5.5	127	—	—	127
June 2020 Placement Agent Warrants	$	5.64	5	39	—	—	39
December 2019 Warrants	$	8.10	5	556	—	—	556
December 2019 Placement Agent Warrants	$	8.44	5	52	—	—	52
May 2019 Warrants	$	3.52	5	193	—	—	193
				1,240	—	—	1,240

No warrants were exercised during the three months ended March 31, 2023 and 2022.

2021 Warrants

In February 2021, the Company issued warrants (the "2021 Warrants"), exercisable for up to 273 shares of the Company’s common stock at an exercise price of $12.81 per share. The 2021 Warrants were exercisable immediately, and will expire five years from the date of issuance, or on February 11, 2026.

In addition, the 2021 Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its 2021 Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the 2021 Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the 2021 Warrants. The 2021 Warrants will be automatically exercised on a cashless basis on their expiration date. The 2021 Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants.

The 2021 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the 2021 Warrants, the Company or any successor entity will, at the option of a holder of a 2021 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s 2021 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s 2021 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the 2021 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the 2021 Warrants is measured at fair value upon issuance and at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	12.81		$	12.81
Risk-free interest rate	4.68		%	4.21		%
Expected term (years)	2.86			3.11
Volatility of stock	93.5		%	99.6		%

June 2020 Investor Warrants

In June 2020, the Company issued warrants (the "June 2020 Investor Warrants"), exercisable for up to 874 shares of the Company’s common stock at an exercise price of $5.18 per share. The June 2020 Investor Warrants were immediately exercisable, and will expire five and one-half years from the date of issuance, or on December 10, 2025.

In addition, the June 2020 Investor Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its June 2020 Investor Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the June 2020 Investor Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the June 2020 Investor Warrant. The June 2020 Investor Warrants will be automatically exercised on a cashless basis on their expiration date.

The June 2020 Investor Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants.

The June 2020 Investor Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the June 2020 Investor Warrants, the holders of the June 2020 Investor Warrants will be entitled to receive upon exercise of the June 2020 Investor Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the June 2020 Investor Warrants immediately prior to such Fundamental Transaction. Alternatively, the Company or any successor entity will, at the option of a holder of a June 2020 Investor Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s June 2020 Investor Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s June 2020 Investor Warrant. Because of this put-option provision, the June 2020 Investor Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Investor Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	5.18		$	5.18
Risk-free interest rate	4.73		%	4.23		%
Expected term (years)	2.69			2.94
Volatility of stock	72.5		%	99.6		%

June 2020 Placement Agent Warrants

In June 2020, the Company issued warrants (the "June 2020 Placement Agent Warrants"), exercisable for up to 122 shares of the Company’s common stock, to the placement agent for such offering. The June 2020 Placement Agent Warrants have substantially the same form as the June 2020 Investor Warrants, including the put option described above, except that they have an exercise price per share equal to $5.64, subject to adjustment in certain circumstances, and will expire on June 7, 2025.

Because of the put-option provision in the June 2020 Placement Agent Warrants, these warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Placement Agent Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	5.64		$	5.64
Risk-free interest rate	4.88		%	4.33		%
Expected term (years)	2.19			2.44
Volatility of stock	70.7		%	73.5		%

December 2019 Warrants

In December 2019, pursuant to a securities purchase agreement (the "December 2019 Offering"), the Company issued warrants (the "December 2019 Warrants") to purchase 556 shares of common stock. The December 2019 Warrants are currently exercisable, have an exercise price of $8.10 per share, and will expire five years from the date they initially became exercisable, or on June 21, 2025.

The December 2019 Warrants also contain a cashless exercise provision and could require cash payments in the event of a failure to timely deliver securities or in the event of insufficient authorized shares. The December 2019 Warrants will be automatically exercised on a cashless basis on their expiration date. The December 2019 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the December 2019 Warrants, the Company or any successor entity will, at the option of a holder of a December 2019 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s December 2019 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s December 2019 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the December 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the December 2019 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	8.10		$	8.10
Risk-free interest rate	4.87		%	4.32		%
Expected term (years)	2.22			2.47
Volatility of stock	70.8		%	73.3		%

December 2019 Placement Agent Warrants

In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 52 shares of the Company’s common stock to the placement agent for such offering (the "December 2019 Placement Agent Warrants"). The December 2019 Placement Agent Warrants have substantially the same form as the December 2019 Warrants, except that they have an exercise price per share equal to $8.44, subject to adjustment in certain circumstances, and will expire on December 18, 2025.

The warrant liability related to the December 2019 Placement Agent Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	8.44		$	8.44
Risk-free interest rate	4.95		%	4.42		%
Expected term (years)	1.72			1.97
Volatility of stock	62.1		%	71.8		%

Management has assessed that the likelihood of a Change of Control (as defined in the December 2019 Placement Agent Warrants), occurring during the term of the December 2019 Placement Agent Warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the warrants fair value is nominal.

May 2019 Warrants

In May 2019, pursuant to an underwriting agreement, (the "May 2019 Offering"), the Company issued the warrants (the "May 2019 Warrants") to purchase 444 shares of common stock. The May 2019 Warrants are currently exercisable, have a current exercise price of $3.52 per share, and will expire five years from the date of their issuance, or on May 24, 2024. The May 2019 Warrants contain a price protection feature, pursuant to which, subject to certain exceptions, if shares of common stock are sold or issued in the future, or securities convertible or exercisable for shares of the Company’s common stock are sold or issued in the future, for consideration, or with an exercise price or conversion price, as applicable, per share less than the exercise price per share then in effect for the May 2019 Warrants, the exercise price of the May 2019 Warrants is reduced to the consideration paid for, or the exercise price or conversion price of, as the case may be, the securities issued in such offering. Pursuant to this provision, in connection with the June 2020 Offering, the exercise price of the May 2019 Warrants was reduced to $3.52 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the June 2020 Offering, or $4.51 per share, (y) the lowest exercise price of the June 2020 Investor Warrants, or $5.18, and (z) the lowest one-day volume-weighted average price of the Company’s Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on June 8, 2020, rounded to the nearest share, or $3.52.

In addition, if the Company effects or enters into any issuance of common stock or options or convertible securities exercisable for or convertible into common stock at a price which varies or may vary with the market price of the shares of the Company's common stock, subject to certain exceptions, a May 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price.

The May 2019 Warrants include a put option, whereby while the May 2019 Warrants are outstanding, if the Company enters into a Change of Control, as defined in the May 2019 Warrants, the Company or any successor entity will, at the option of a 2019 Warrant holder exercise within 90 days after the public disclosure of the Change of Control transaction, purchase such holder’s May 2019 Warrants by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such warrants on the later date of consummation of the Change of Control transaction or two trading days after the notice of such request. Because of this put option provision, the May 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the May 2019 Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. Because of the price protection feature contained in the May 2019 Warrants, the Company uses a combination of the Black-Scholes Model and the Lattice Model to estimate the fair value of the warrants at each reporting period. The following assumptions were used in the Black-Scholes Model in combination with the Lattice Model to measure the fair value of the May 2019 Warrants:

	March 31, 2023			December 31, 2022
Share price	$	1.65		$	1.19
Conversion price	$	3.52		$	3.52
Risk-free interest rate	4.55		%	4.6		%
Expected term (years)	1.2			1.4
Volatility of stock	62.8		%	74.5		%

Management has assessed that the likelihood of a Change of Control occurring during the term of the warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the May 2019 Warrants fair value is nominal.

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Stock-based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based Compensation

Shares available to grant

As of March 31, 2023, the total number of shares authorized for grant under the Company's Amended and Restated 2014 Equity Incentive Plan was 2,524, of which 53 were available for future grants.

Stock Options

The following table summarizes information about the Company’s stock options outstanding as of March 31, 2023, and activity during the three months then ended:

	Stock Awards	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2022	270	$	37.96
Options forfeited	—	—
Options cancelled	(2)	56.70
Balance as of March 31, 2023	268	$	37.85	5.00	$	—
Vested and expected to vest at March 31, 2023	268	$	37.85	5.00	$	—
Exercisable as of March 31, 2023	262	$	38.51	4.97	$	—

As of March 31, 2023, total unrecognized compensation cost related to unvested stock options was $36. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 0.63 years.

There were no stock options awarded during the three months ended March 31, 2023 and 2022.

Restricted Stock Units

The Company issues time-based restricted stock units (“RSUs”) and performance-based restricted stock units ("PSUs") to employees and non-employee members of the Board. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan.

The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant.

Combined RSU and PSU activity for the three months ended March 31, 2023 is summarized below:

	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2022	1,383	$	2.17
Granted	—	—
Vested	(354)	1.52
Forfeited	—	—
Unvested at March 31, 2023	1,029	$	2.40

As of March 31, 2023, $1,542 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 1.46 years.

Compensation Expense

Total stock-based compensation expense related to options, RSUs and PSUs granted to employees and non-employee members of the board of directors is included in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended March 31,
	2023		2022
Sales and marketing	$	64	$	69
Research and development	82		79
General and administrative	278		351
	$	424	$	499

401(k) Plan Share Match

During the three months ended March 31, 2023 and 2022, the Company issued 0 and 68 shares of common stock with a fair value of $0 and $176, to eligible employees’ deferral accounts for the 401(k) Plan matching contribution representing 50% of each eligible employee’s elected deferral (up to the statutory limit) for the years ended December 31, 2022 and 2021, respectively. The share issuance related to the matching of contributions for the year ended December 31, 2022 was delayed to the three months ended June 30, 2023.

The expense for the 401(k) plan share matching was $93 and $64 for the three months ended March 31, 2023 and 2022, respectively.

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Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThere were no material changes to the unrecognized tax benefits in the three months ended March 31, 2023, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Material Contracts

The Company enters various license, research collaboration and development agreements, which provide for payments to the Company primarily for technology transfer and license fees, and royalty payments on sales.

The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to certain patents. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license.

The Company entered into a research and development collaboration agreement in December 2021 with a party that develops technologies having utility in robotic exoskeletons from research and development activities associated with a specific set of government funded research projects. Since January 2022, the Company has assisted with research and development activities in exchange for access to a worldwide, royalty free, transferable, sublicensable, exclusive license to design and market products that use or incorporate the jointly-developed technology within Ekso’s target market segments.

In connection with the HMC Acquisition, the Company assumed two license agreements with Vanderbilt University to maintain exclusive rights to patents on the Company's behalf. The Vanderbilt Exoskeleton License Agreement was entered into as of October 15, 2012 and will continue until April 29, 2038, unless sooner terminated. Under this agreement, the Company is required to pay 6% of net sales of licensed patent products and 3% of net sales of licensed software products. The minimum annual royalty for licensed products is $250 after July 31, 2018. The Vanderbilt Knee License Agreement was entered into as of March 1, 2022 and will continue until February 15, 2041, unless sooner terminated. Under this agreement, the Company is required to pay the remaining issue fee balance of $100 on April 30, 2023, and pay 3.75% of net sales for licensed patent products and the minimum annual royalty is $75 due on or before July 31, 2028. In addition to the assumption of the license agreements, the Company entered into transitional use agreements with Parker granting the Company access to certain information technology systems and manufacturing facilities in Macedonia, Ohio for twelve months following the date of the acquisition. As consideration for access to these resources, the Company is required to make monthly payments of $20.

Purchase Obligations

The Company purchases components from a variety of suppliers and uses contract manufacturers to provide manufacturing services for its products. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company is currently experiencing shortages and supply chain disruptions. Electronic components in general, semiconductor chips, battery cells, metals and plastics, all of which are used in the Company's products, are also in shorter supply compared to prior periods, and the Company is also experiencing longer lead times for manufacturing services such as machining and tool making and increased pricing.

The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $3,800 as of March 31, 2023, which are expected to be paid within one year, and $3,480 as of December 31, 2022. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations.

The Company has operating lease commitments totaling $1,480 payable over 43 months related to the San Rafael and Hamburg leases disclosed in Note 11. Lease Obligations.

Contingencies

In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements.

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Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss applicable to common stockholders, basic and diluted	$	(4,389)	$	(4,620)
Denominator:
Weighted-average number of shares, basic and diluted	13,296		12,728
Net loss per share, basic and diluted	$	(0.33)	$	(0.36)

The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented:

	Three Months Ended March 31,
	2023	2022
Options to purchase common stock	268	449
Restricted stock units	1,029	581
Warrants for common stock	1,240	1,240
Total common stock equivalents	2,537	2,270

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Segment Disclosures

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Disclosures

Segment Disclosures

The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and markets exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and markets exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The reportable segments are each managed separately because they serve distinct markets.

The Company evaluates performance and allocates resources based on segment gross profit margin. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated.

Segment reporting information is as follows:

	EksoHealth		EksoWorks		Total
Three months ended March 31, 2023
Revenue	$	3,997	$	125	$	4,122
Cost of revenue	1,951		171		2,122
Gross profit	$	2,046	$	(46)	$	2,000
Three months ended March 31, 2022
Revenue	$	1,881	$	686	$	2,567
Cost of revenue	1,015		343		1,358
Gross profit	$	866	$	343	$	1,209

The Company operates in the following regions: (1) Americas, (2) Europe, the Middle East, and Africa (EMEA), and (3) Asia Pacific (APAC). Individual countries with revenue greater than 10% of total revenue for the three months ended March 31, 2023 and 2022 are disclosed separately from the regional totals. Geographic information for revenue based on location of customers is as follows:

	Three Months Ended March 31,
	2023		2022
Americas
United States	$	2,958	$	1,343
Other	4		55
Americas	2,962		1,398
EMEA
Germany	244		124
Other	512		440
EMEA	756		564
APAC
Japan	—		280
Other	404		325
APAC	404		605
Total Revenue	$	4,122	$	2,567

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Related Party Disclosures	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsOn February 4, 2023, the Company entered into a mutual release and settlement agreement with an entity to settle and resolve any and all potential claims brought forth in connection with a consulting agreement executed between the entity and the Company in July 2017. Under the terms of the consulting agreement, the Company was required to make milestone payments for the introduction of potential partners for, and the consummation of, a strategic joint venture. A member of the Company's board of directors is affiliated with one of two entities under common control.The Company settled on an amount of $325 to be paid in cash over fourteen months, with combined initial payments of $145 due in the first 40 days and $15 per month for the remaining 12 months.The Company has a liability of $180 and $325 related to this settlement on its consolidated balance sheet as of March 31, 2023 and December 31, 2022, respectively.

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Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 28, 2023.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2022, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein.

Certain reclassifications have been made to the amounts in prior periods to conform to the current period’s presentation.

The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or any future periods.

Consolidation

The condensed consolidated financial statements include the financial statements of Ekso Bionics Holdings, Inc. and its subsidiaries. All significant transactions and balances between Ekso Bionics Holdings, Inc. and its subsidiaries have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.

Foreign Currency

Foreign Currency

The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.

Inventory

Inventory

Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, which approximates actual cost on a first-in, first-out basis. Materials from vendors are received and recorded as raw materials. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.

Leases

Leases

The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.

Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

Revenue Recognition

Revenue Recognition

The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.

For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and type of customer. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations.

The Company exercised judgement to determine that a product return reserve was not required as historical returns activity have not been material.

Going Concern

Going Concern

The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern.

Concentration of Credit Risk and Other Risks and Uncertainties

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company extends credit to customers in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable.

Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. The Company has not experienced material losses related to accounts receivable as of March 31, 2023 and December 31, 2022.

Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon collecting receivables denominated in a foreign currency.

Accounting Pronouncements Adopted in 2023 and Recent Accounting Pronouncements

Accounting Pronouncements Adopted in 2023

In June 2016, the FASB issued Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amended the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which is based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Previously, U.S. GAAP required entities to write down credit losses only when losses were probable and loss reversals were not permitted. The Company adopted ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company's financial position or the results of operations.

Recent Accounting Pronouncements

In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance

eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2024 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2020-06 to be material on its consolidated financial statements.

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

The change in accumulated other comprehensive income (loss) presented on the condensed consolidated balance sheets for the three months ended March 31, 2023 and 2022, is reflected in the table below net of tax:

	Three Months Ended March 31,
	2023		2022
Balance at beginning of period	$	563	$	(17)
Net unrealized (loss) gain on foreign currency translation	(194)		212
Balance at end of period	$	369	$	195

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Human Motion and Control Acquisition (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below:

Inventories	$	1,935
Fixed assets	1,599
Intangible assets	5,240
Goodwill	431
Total assets	$	9,205
Accrued royalties	150
Total liabilities	$	150
Net assets acquired	$	9,055
Cash delivered at close	$	5,000
Fair value of promissory note	4,055
Total consideration	$	9,055

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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement on a recurring basis are as follows:

	Total		Level 1		Level 2		Level 3
March 31, 2023
Liabilities
Warrant liabilities	$	259	$	—	$	—	$	259
December 31, 2022
Liabilities
Warrant liabilities	$	233	$	—	$	—	$	233

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the three months ended March 31, 2023, which were measured at fair value on a recurring basis:

	Warrant Liability
Balance at December 31, 2022	$	233
Net loss on revaluation of warrants issued	26
Balance at March 31, 2023	$	259

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Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:

	March 31, 2023		December 31, 2022
Raw materials	$	3,907	$	3,837
Work in progress	705		487
Finished goods	1,050		863
Inventories	$	5,662	$	5,187

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Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Deferred Revenue Activity

Deferred revenue consisted of the following:

	March 31, 2023		December 31, 2022
Deferred extended maintenance and support	$	2,519	$	2,124
Customer advances	144		29
Total deferred revenues	2,663		2,153
Less current portion	(1,296)		(1,121)
Deferred revenues, non-current	$	1,367	$	1,032

Deferred revenue activity consisted of the following for the three months ended March 31, 2023:

Beginning balance	$	2,153
Deferral of revenue	1,170
Recognition of deferred revenue	(660)
Ending balance	$	2,663

Summary of Disaggregation of Revenue

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2023:

	EksoHealth		EksoWorks		Total
Device revenue	$	3,048	$	111	$	3,159
Service and support	644		—		644
Subscriptions	275		7		282
Parts and other	30		7		37
	$	3,997	$	125	$	4,122

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2022:

	EksoHealth		EksoWorks		Total
Device revenue	$	963	$	309	$	1,272
Service and support	467		—		467
Subscriptions	216		69		285
Parts and other	156		308		464
Collaborative arrangements	79		—		79
	$	1,881	$	686	$	2,567

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Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2023		December 31, 2022
Salaries, benefits and related expenses	$	1,739	$	1,843
Device warranty	301		274
Other	187		161
Total	$	2,227	$	2,278

Schedule of Warranty Costs

A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2023 is as follows:

	Three months ended
	March 31, 2023
Balance at beginning of period	$	413
Additions for estimated future costs	113
Incurred costs	(100)
Balance at end of period	$	426
	Balance as of March 31, 2023
Current portion	$	308
Long-term portion	118
Total	$	426

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of March 31, 2023:

	March 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	2,310	$	(93)	$	2,217
Trade name	2,310		N/A		2,310
Intellectual property	460		—		460
Customer relationships	140		(6)		134
Below market lease	20		(5)		15
Total intangible assets	$	5,240	$	(104)	$	5,136

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expenses related to definite lived intangible assets as of March 31, 2023 is as follows (in thousands):

Fiscal Year	Amount
2023 - remainder	$	320
2024	306
2025	345
2026	345
2027	345
2028 and thereafter	1,164
Total	$	2,825

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Notes Payable, net (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Principal Payments of Long-term Debt and Final Payment Fee

The following table presents scheduled principal payments of the Company’s PWB term loan as of March 31, 2023:

Period	Amount
2023 - remainder	$	2,000
Total principal payments	2,000
Less debt discount and issuance cost	2
Note payable, net	$	1,998
Current portion	$	1,998
Long-term portion	—
Note payable, net	$	1,998

The following table presents scheduled principal payments of the Company's note payable as of March 31, 2023:

Period	Amount
2023 - remainder	$	313
2024	1,250
2025	1,250
2026	1,250
2027	937
Total principal payments	5,000
Less debt discount	(841)
Note payable, net	$	4,159
Current portion	625
Long-term portion	3,534
Note payable, net	$	4,159

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Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Schedule of Maturities of Future Obligations

The Company’s future lease payments as of March 31, 2023, which are presented as Lease liabilities, current and Lease liabilities on the Company’s condensed consolidated balance sheets are as follows:

Periods	Operating Leases
2023 - remainder	$	308
2024	421
2025	402
2026	349
2027	—
Total lease payments	1,480
Less: imputed interest	(132)
Present value of lease liabilities	$	1,348
Weighted-average remaining lease term (in years)	3.45
Weighted-average discount rate	5.4		%

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Capitalization and Equity Structure (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of Warrant share activity

Warrants outstanding as of March 31, 2023 and December 31, 2022 were as follows:  

Source	Exercise Price		Term (Years)	December 31, 2022	Issued	Exercised	March 31, 2023
2021 Warrants	$	12.81	5	273	—	—	273
June 2020 Investor Warrants	$	5.18	5.5	127	—	—	127
June 2020 Placement Agent Warrants	$	5.64	5	39	—	—	39
December 2019 Warrants	$	8.10	5	556	—	—	556
December 2019 Placement Agent Warrants	$	8.44	5	52	—	—	52
May 2019 Warrants	$	3.52	5	193	—	—	193
				1,240	—	—	1,240

Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value

The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	12.81		$	12.81
Risk-free interest rate	4.68		%	4.21		%
Expected term (years)	2.86			3.11
Volatility of stock	93.5		%	99.6		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	5.18		$	5.18
Risk-free interest rate	4.73		%	4.23		%
Expected term (years)	2.69			2.94
Volatility of stock	72.5		%	99.6		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	5.64		$	5.64
Risk-free interest rate	4.88		%	4.33		%
Expected term (years)	2.19			2.44
Volatility of stock	70.7		%	73.5		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	8.10		$	8.10
Risk-free interest rate	4.87		%	4.32		%
Expected term (years)	2.22			2.47
Volatility of stock	70.8		%	73.3		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:

	March 31, 2023			December 31, 2022
Current share price	$	1.65		$	1.19
Conversion price	$	8.44		$	8.44
Risk-free interest rate	4.95		%	4.42		%
Expected term (years)	1.72			1.97
Volatility of stock	62.1		%	71.8		%

The following assumptions were used in the Black-Scholes Model in combination with the Lattice Model to measure the fair value of the May 2019 Warrants:

	March 31, 2023			December 31, 2022
Share price	$	1.65		$	1.19
Conversion price	$	3.52		$	3.52
Risk-free interest rate	4.55		%	4.6		%
Expected term (years)	1.2			1.4
Volatility of stock	62.8		%	74.5		%

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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes information about the Company’s stock options outstanding as of March 31, 2023, and activity during the three months then ended:

	Stock Awards	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2022	270	$	37.96
Options forfeited	—	—
Options cancelled	(2)	56.70
Balance as of March 31, 2023	268	$	37.85	5.00	$	—
Vested and expected to vest at March 31, 2023	268	$	37.85	5.00	$	—
Exercisable as of March 31, 2023	262	$	38.51	4.97	$	—

Schedule of Unvested Restricted Stock Units Roll Forward

Combined RSU and PSU activity for the three months ended March 31, 2023 is summarized below:

	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2022	1,383	$	2.17
Granted	—	—
Vested	(354)	1.52
Forfeited	—	—
Unvested at March 31, 2023	1,029	$	2.40

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total stock-based compensation expense related to options, RSUs and PSUs granted to employees and non-employee members of the board of directors is included in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended March 31,
	2023		2022
Sales and marketing	$	64	$	69
Research and development	82		79
General and administrative	278		351
	$	424	$	499

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Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss applicable to common stockholders, basic and diluted	$	(4,389)	$	(4,620)
Denominator:
Weighted-average number of shares, basic and diluted	13,296		12,728
Net loss per share, basic and diluted	$	(0.33)	$	(0.36)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented:

	Three Months Ended March 31,
	2023	2022
Options to purchase common stock	268	449
Restricted stock units	1,029	581
Warrants for common stock	1,240	1,240
Total common stock equivalents	2,537	2,270

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Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment reporting information is as follows:

	EksoHealth		EksoWorks		Total
Three months ended March 31, 2023
Revenue	$	3,997	$	125	$	4,122
Cost of revenue	1,951		171		2,122
Gross profit	$	2,046	$	(46)	$	2,000
Three months ended March 31, 2022
Revenue	$	1,881	$	686	$	2,567
Cost of revenue	1,015		343		1,358
Gross profit	$	866	$	343	$	1,209

Schedule of Geographic Information

Geographic information for revenue based on location of customers is as follows:

	Three Months Ended March 31,
	2023		2022
Americas
United States	$	2,958	$	1,343
Other	4		55
Americas	2,962		1,398
EMEA
Germany	244		124
Other	512		440
EMEA	756		564
APAC
Japan	—		280
Other	404		325
APAC	404		605
Total Revenue	$	4,122	$	2,567

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Organization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 228,336		$ 223,947
Cash used in operating activities	4,214	$ 4,206
Cash and cash equivalents	16,277		$ 20,525
Debt covenant, unrestricted cash	2,000
Unrestricted cash	$ 14,277

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Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - Customer Concentration Risk - customer	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable
Concentration Risk [Line Items]
Number of customers	1
Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	30.00%
Revenue
Concentration Risk [Line Items]
Number of customers	2	1
Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	26.00%	11.00%
Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk percentage	14.00%

XML

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 25,442	$ 37,219
Net unrealized (loss) gain on foreign currency translation	(194)	212
Ending balance	21,283	33,486
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	563	(17)
Ending balance	$ 369	$ 195

XML

Human Motion and Control Acquisition - Narrative (Details)		3 Months Ended
	Dec. 05, 2022 USD ($) installment	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 431,000	$ 431,000
Human Motion and Control
Business Acquisition [Line Items]
Cash delivered at close	$ 5,000,000
Fair value of promissory note	4,055,000
Total consideration	9,055,000
Goodwill	431,000	431,000
Intangible assets		$ 5,240,000
Acquired finite-lived intangible assets, weighted average useful life		8 years
Amortization of Intangible Assets		$ 82,000
Goodwill expected to be deducted		$ 0
Human Motion and Control | Subordinated Debt
Business Acquisition [Line Items]
Fair value of promissory note	$ 5,000,000
Stated rate	0.00%
Number of installments | installment	16
Periodic payment	$ 313,000

XML

Human Motion and Control Acquisition - Assets Acquired and Liabilities Assumed and Consideration (Details) - USD ($) $ in Thousands	Dec. 05, 2022	Mar. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 431	$ 431
Human Motion and Control
Business Acquisition [Line Items]
Inventories	$ 1,935
Fixed assets	1,599
Intangible assets	5,240
Goodwill	431	$ 431
Total assets	9,205
Accrued royalties	150
Total liabilities	150
Net assets acquired	9,055
Cash delivered at close	5,000
Fair value of promissory note	4,055
Total consideration	$ 9,055

XML

Fair Value Measurement - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Liabilities
Warrant liabilities	$ 259	$ 233
Recurring
Liabilities
Warrant liabilities	259	233
Level 1 | Recurring
Liabilities
Warrant liabilities	0	0
Level 2 | Recurring
Liabilities
Warrant liabilities	0	0
Level 3 | Recurring
Liabilities
Warrant liabilities	$ 259	$ 233

XML

Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Financial Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net loss on revaluation of warrants issued	$ 26	$ 100
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	233
Net loss on revaluation of warrants issued	26
Ending balance	$ 259

XML

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 3,907	$ 3,837
Work in progress	705	487
Finished goods	1,050	863
Inventories	$ 5,662	$ 5,187

XML

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Non-cancellable backlog	$ 1,396
Revenue recognized	660
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 1,080
Remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 795
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 788
Remaining performance obligation, period
Minimum
Disaggregation of Revenue [Line Items]
Term of contract	12 months
Minimum | EksoHealth
Disaggregation of Revenue [Line Items]
Accounts receivable payment terms	12 months
Maximum
Disaggregation of Revenue [Line Items]
Term of contract	24 months
Maximum | EksoHealth
Disaggregation of Revenue [Line Items]
Accounts receivable payment terms	48 months

XML

Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred extended maintenance and support	$ 2,519	$ 2,124
Customer advances	144	29
Total deferred revenues	2,663	2,153
Less current portion	(1,296)	(1,121)
Deferred revenues, non-current	$ 1,367	$ 1,032

XML

Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Change In Contract With Customer, Liability Rollforward [Roll Forward]
Beginning balance	$ 2,153
Deferral of revenue	1,170
Recognition of deferred revenue	(660)
Ending balance	$ 2,663

XML

Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 4,122	$ 2,567
Device revenue
Disaggregation of Revenue [Line Items]
Revenue	3,159	1,272
Service and support
Disaggregation of Revenue [Line Items]
Revenue	644	467
Subscriptions
Disaggregation of Revenue [Line Items]
Revenue	282	285
Parts and other
Disaggregation of Revenue [Line Items]
Revenue	37	464
Collaborative arrangements
Disaggregation of Revenue [Line Items]
Revenue		79
EksoHealth
Disaggregation of Revenue [Line Items]
Revenue	3,997	1,881
EksoHealth | Device revenue
Disaggregation of Revenue [Line Items]
Revenue	3,048	963
EksoHealth | Service and support
Disaggregation of Revenue [Line Items]
Revenue	644	467
EksoHealth | Subscriptions
Disaggregation of Revenue [Line Items]
Revenue	275	216
EksoHealth | Parts and other
Disaggregation of Revenue [Line Items]
Revenue	30	156
EksoHealth | Collaborative arrangements
Disaggregation of Revenue [Line Items]
Revenue		79
EksoWorks
Disaggregation of Revenue [Line Items]
Revenue	125	686
EksoWorks | Device revenue
Disaggregation of Revenue [Line Items]
Revenue	111	309
EksoWorks | Service and support
Disaggregation of Revenue [Line Items]
Revenue	0	0
EksoWorks | Subscriptions
Disaggregation of Revenue [Line Items]
Revenue	7	69
EksoWorks | Parts and other
Disaggregation of Revenue [Line Items]
Revenue	$ 7	308
EksoWorks | Collaborative arrangements
Disaggregation of Revenue [Line Items]
Revenue		$ 0

XML

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Salaries, benefits and related expenses	$ 1,739	$ 1,843
Device warranty	301	274
Other	187	161
Total	$ 2,227	$ 2,278

XML

Accrued Liabilities - Schedule of Warranty Costs (Details) - Warranty $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Accrued Liabilities, Rollforward [Roll Forward]
Beginning Balance	$ 413
Additions for estimated future costs	113
Incurred costs	(100)
Balance at the end	426
Current portion	308
Long-term portion	118
Total	$ 426

XML

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (104)
Total	2,825
Gross Carrying Amount	20
Accumulated Amortization	(5)
Net Carrying Amount	15
Intangible assets, gross	5,240
Intangible assets, net	$ 5,136	$ 5,217
Below market lease, amortization period	1 year
Trade name
Finite-Lived Intangible Assets [Line Items]
Indefinite lived assets	$ 2,310
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,310
Accumulated Amortization	(93)
Total	$ 2,217
Estimated useful life	8 years
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 460
Accumulated Amortization	0
Total	$ 460
Estimated useful life	12 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 140
Accumulated Amortization	(6)
Total	$ 134
Estimated useful life	8 years

XML

Goodwill and Intangible Assets - Future Amortization Expenses (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023 - remainder	$ 320
2024	306
2025	345
2026	345
2027	345
2028 and thereafter	1,164
Total	$ 2,825

XML

Notes Payable, net - Additional Information (Details)			1 Months Ended	3 Months Ended
	Jul. 02, 2023 USD ($)	Dec. 05, 2022 USD ($) installment	Aug. 30, 2020	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2020 USD ($)
Debt Instrument [Line Items]
Cash and restricted cash				$ 16,277,000	$ 20,525,000
PWB Loan Agreement | Term Loan
Debt Instrument [Line Items]
Borrowing capacity						$ 2,000
Stated rate						4.50%
Total principal payments				2,000,000
Debt instrument, covenant compliance, maximum deposits outside of united states				$ 3,000
Effective percentage				8.54%
PWB Loan Agreement | Term Loan | Forecast
Debt Instrument [Line Items]
Debt instrument, covenant compliance, maximum deposits outside of united states	$ 1,000
PWB Loan Agreement | Term Loan | Prime Rate
Debt Instrument [Line Items]
Variable rate			0.50%
Promissory Note | Subordinated Debt
Debt Instrument [Line Items]
Variable rate		5.00%
Stated rate		0.00%
Total principal payments				$ 5,000,000
Received net proceeds		$ 5,000,000
Number of installments | installment		16
Subordinated debt				$ 4,055,000
Discount rate				7.50%
Debt instrument, interest rate, effective percentage				7.60%
Interest expense, debt				$ 79,000

XML

Notes Payable, net - Principal Repayment PWD Term Loan (Details) - PWB Loan Agreement - Term Loan $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023 - remainder	$ 2,000
Total principal payments	2,000
Less debt discount and issuance cost	2
Note payable, net	1,998
Current portion	1,998
Long-term portion	$ 0

XML

Notes Payable, net - Principal Repayment Promissory Note (Details) - Promissory Note - Subordinated Debt $ in Thousands	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023 - remainder	$ 313
2024	1,250
2025	1,250
2026	1,250
2027	937
Total principal payments	5,000
Less debt discount	(841)
Note payable, net	4,159
Current portion	625
Long-term portion	$ 3,534

XML

Lease Obligations - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2022	Feb. 28, 2022 extension
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 1,228		$ 1,307
Lease liability	1,348
Lease expense	$ 133	$ 142
Richmond, California
Lessee, Lease, Description [Line Items]
Term of lease	5 years
Mark-up percentage to common area maintenance	25.00%
San Rafael, California
Lessee, Lease, Description [Line Items]
Renewal term	3 years			3 years
Hamburg,Germany
Lessee, Lease, Description [Line Items]
Term of lease	5 years
Renewal term	5 years				5 years
Number of extension | extension					1
Lease term					2 months
Right-of-use assets	$ 15
Lease liability	$ 16

XML

Lease Obligations - Schedule of Lease Maturity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 - remainder	$ 308
2024	421
2025	402
2026	349
2027	0
Total lease payments	1,480
Less: imputed interest	(132)
Present value of lease liabilities	$ 1,348
Weighted-average remaining lease term (in years)	3 years 5 months 12 days
Weighted-average discount rate	5.40%

XML

Capitalization and Equity Structure - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended				2 Months Ended	3 Months Ended
	Jun. 08, 2020	Oct. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	May 30, 2019	Feb. 28, 2021 $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	May 31, 2019 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)							141,429,000		141,429,000
Preferred Stock, shares authorized (in shares)							10,000,000		10,000,000
Common stock, shares outstanding (in shares)							13,342,000		13,203,000
Common stock, shares issued (in shares)							13,342,000		13,203,000
Preferred stock, shares outstanding (in shares)							0		0
Preferred stock, shares issued (in shares)							0		0
Number warrants called (in shares)							1,240,000		1,240,000
Warrants issued (in shares)							0
Exercised (in shares)							0
At-the-market offering
Class of Stock [Line Items]
Number warrants called (in shares)							0	0
Sale of shares (in dollars per share) | $ / shares		$ 6.75
Value of shares sold | $		$ 7,500
Common stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)							13,342,000	12,844,000	13,203,000	12,693,000
Warrants exercised (in shares)							0
Common stock | At-the-market offering
Class of Stock [Line Items]
Available for future offerings | $							$ 6,668
2021 Warrants
Class of Stock [Line Items]
Number warrants called (in shares)							273,000		273,000
Exercise price (in dollars per share) | $ / shares						$ 12.81	$ 12.81
Warrants issued (in shares)						273,000	0
Class of warrant or right expiration period						5 years	5 years
Duration of put option						30 days
Put option pay period						5 days
Exercised (in shares)							0
June 2020 Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share) | $ / shares			$ 5.18
Class of warrant or right expiration period							5 years 6 months
June 2020 Investor Warrants
Class of Stock [Line Items]
Number warrants called (in shares)							127,000		127,000
Exercise price (in dollars per share) | $ / shares			$ 5.18				$ 5.18
Warrants issued (in shares)							0
Class of warrant or right expiration period							5 years 6 months
Duration of put option			30 days
Exercised (in shares)							0
Reverse stock split							0.067
June 2020 Investor Warrants | Common stock | Direct offering
Class of Stock [Line Items]
Number warrants called (in shares)			874,000
June 2020 Placement Agent Warrants
Class of Stock [Line Items]
Number warrants called (in shares)							39,000		39,000
Exercise price (in dollars per share) | $ / shares							$ 5.64
Warrants issued (in shares)			122,000				0
Class of warrant or right expiration period							5 years
Exercised (in shares)							0
December 2019 Warrants
Class of Stock [Line Items]
Number warrants called (in shares)				556,000			556,000		556,000
Exercise price (in dollars per share) | $ / shares				$ 8.10			$ 8.10
Warrants issued (in shares)							0
Class of warrant or right expiration period				5 years			5 years
Duration of put option				30 days
Put option pay period				5 days
Exercised (in shares)							0
December 2019 Placement Agent Warrants
Class of Stock [Line Items]
Number warrants called (in shares)				52,000			52,000		52,000
Exercise price (in dollars per share) | $ / shares				$ 8.44			$ 8.44
Warrants issued (in shares)							0
Class of warrant or right expiration period							5 years
Exercised (in shares)							0
May 2019 Warrants
Class of Stock [Line Items]
Number warrants called (in shares)							193,000		193,000		444,000
Exercise price (in dollars per share) | $ / shares			$ 3.52				$ 3.52				$ 3.52
Warrants issued (in shares)							0
Class of warrant or right expiration period							5 years
Duration of put option					90 days
Put option pay period	5 days
Exercised (in shares)							0
May 2019 Warrants | Common stock | Direct offering
Class of Stock [Line Items]
Sale of shares (in dollars per share) | $ / shares			$ 4.51

XML

Capitalization and Equity Structure - Schedule of Warrant Share Activity (Details) - $ / shares shares in Thousands	1 Months Ended		2 Months Ended	3 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Feb. 28, 2021	Mar. 31, 2023	May 31, 2019
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				1,240
Warrants issued (in shares)				0
Warrants exercised (in shares)				0
Ending balance (in shares)				1,240
2021 Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)			$ 12.81	$ 12.81
Term (Years)			5 years	5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				273
Warrants issued (in shares)			273	0
Warrants exercised (in shares)				0
Ending balance (in shares)				273
June 2020 Investor Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)	$ 5.18			$ 5.18
Term (Years)				5 years 6 months
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				127
Warrants issued (in shares)				0
Warrants exercised (in shares)				0
Ending balance (in shares)				127
June 2020 Placement Agent Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)				$ 5.64
Term (Years)				5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				39
Warrants issued (in shares)	122			0
Warrants exercised (in shares)				0
Ending balance (in shares)				39
December 2019 Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)		$ 8.10		$ 8.10
Term (Years)		5 years		5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				556
Warrants issued (in shares)				0
Warrants exercised (in shares)				0
Ending balance (in shares)		556		556
December 2019 Placement Agent Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)		$ 8.44		$ 8.44
Term (Years)				5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				52
Warrants issued (in shares)				0
Warrants exercised (in shares)				0
Ending balance (in shares)		52		52
May 2019 Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)	$ 3.52			$ 3.52	$ 3.52
Term (Years)				5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)				193
Warrants issued (in shares)				0
Warrants exercised (in shares)				0
Ending balance (in shares)				193

XML

Capitalization and Equity Structure - Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
2021 Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 1.65	$ 1.19
2021 Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 12.81	$ 12.81
2021 Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0468	0.0421
2021 Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	2 years 10 months 9 days	3 years 1 month 9 days
2021 Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.935	0.996
June 2020 Investor Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 1.65	$ 1.19
June 2020 Investor Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 5.18	$ 5.18
June 2020 Investor Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0473	0.0423
June 2020 Investor Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	2 years 8 months 8 days	2 years 11 months 8 days
June 2020 Investor Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.725	0.996
June 2020 Placement Agent Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 1.65	$ 1.19
June 2020 Placement Agent Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 5.64	$ 5.64
June 2020 Placement Agent Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0488	0.0433
June 2020 Placement Agent Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	2 years 2 months 8 days	2 years 5 months 8 days
June 2020 Placement Agent Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.707	0.735
December 2019 Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 1.65	$ 1.19
December 2019 Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 8.10	$ 8.10
December 2019 Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0487	0.0432
December 2019 Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	2 years 2 months 19 days	2 years 5 months 19 days
December 2019 Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.708	0.733
December 2019 Placement Agent Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 1.65	$ 1.19
December 2019 Placement Agent Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 8.44	$ 8.44
December 2019 Placement Agent Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0495	0.0442
December 2019 Placement Agent Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	1 year 8 months 19 days	1 year 11 months 19 days
December 2019 Placement Agent Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.621	0.718
May 2019 Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 1.65	$ 1.19
May 2019 Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 3.52	$ 3.52
May 2019 Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0455	0.046
May 2019 Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	1 year 2 months 12 days	1 year 4 months 24 days
May 2019 Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.628	0.745

XML

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in employee benefit plan (in shares)	0
Stock Issued During Period, Value, Employee Benefit Plan	$ 0	$ 176
Percent of employee match	50.00%	50.00%
Common stock contribution	$ 93	$ 64
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 36
Unrecognized compensation expense, period of recognition	7 months 17 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,542
Unrecognized compensation expense, period of recognition	1 year 5 months 15 days
Right to receive stock (in shares)	1
Equity Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant (in shares)	2,524,000
Shares available for grant (in shares)	53,000

XML

Stock-based Compensation - Stock Option Activity (Details) - 2014 Plan $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Stock Awards
Beginning balance (in shares) | shares	270
Options forfeited (in shares) | shares	0
Options cancelled (in shares) | shares	(2)
Ending balance (in shares) | shares	268
Options outstanding, vested and expected to vest (in shares) | shares	268
Options outstanding, exercisable (in shares) | shares	262
Weighted- Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 37.96
Options forfeited (in dollars per share) | $ / shares	0
Options cancelled (in dollars per share) | $ / shares	56.70
Ending balance (in dollars per share) | $ / shares	37.85
Weighted-average exercise price, vested and expected to vest (in dollars per share) | $ / shares	37.85
Weighted-average exercise price, exercisable (in dollars per share) | $ / shares	$ 38.51
Weighted-average remaining contractual life (Years), ending balance	5 years
Weighted-average remaining contractual life (Years), vested and expected to vest	5 years
Weighted-average remaining contractual life (Years), exercisable	4 years 11 months 19 days
Aggregate intrinsic value, ending balance | $	$ 0
Aggregate intrinsic value, vested and expected to vest | $	0
Aggregate intrinsic value, exercisable | $	$ 0

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Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Beginning Balance (in shares) | shares	1,383
Granted (in shares) | shares	0
Vested (in shares) | shares	(354)
Forfeited (in shares) | shares	0
Ending Balance (in shares) | shares	1,029
Weighted- Average Grant Date Fair Value
Beginning Balance (in dollars per share) | $ / shares	$ 2.17
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	1.52
Forfeited (in dollars per share) | $ / shares	0
Ending Balance (in dollars per share) | $ / shares	$ 2.40

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Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 424	$ 499
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	64	69
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	82	79
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 278	$ 351

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Commitments and Contingencies (Details) $ in Thousands			3 Months Ended
	Mar. 01, 2022 USD ($)	Oct. 15, 2012 USD ($)	Mar. 31, 2023 USD ($) license_agreement	Dec. 31, 2022 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of license agreements | license_agreement			2
Other expense			$ 20
Purchase obligation			$ 3,800	$ 3,480
Payment period for purchase obligations			1 year
Total lease payments			$ 1,480
San Rafael and Hamburg
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Term of lease			43 months
Royalty Agreement Terms
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage	3.75%
Royalty expense	$ 75	$ 250
Royalty expense, after year one	$ 100
Royalty Agreement Terms | Licensed Patent Products
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage		6.00%
Royalty Agreement Terms | Licensed Software Products
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage		3.00%
Net Sales | Royalty Agreement Terms
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage			1.00%
License Fees | Royalty Agreement Terms
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage			21.00%

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Net Loss Per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss applicable to common stockholders, basic and diluted	$ (4,389)	$ (4,620)
Net loss applicable to common stockholders, basic and diluted	$ (4,389)	$ (4,620)
Denominator:
Weighted-average number of shares, basic (in shares)	13,296	12,728
Weighted-average number of shares, diluted (in shares)	13,296	12,728
Net loss per share, basic (in dollar per shares)	$ (0.33)	$ (0.36)
Net loss per share, diluted (in dollars per share)	$ (0.33)	$ (0.36)

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Net Loss Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,537	2,270
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	268	449
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,029	581
Warrants for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,240	1,240

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Segment Disclosures - Schedule of Segment Reporting Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment Reporting Information [Line Items]
Revenue	$ 4,122	$ 2,567
Cost of revenue	2,122	1,358
Gross profit	2,000	1,209
EksoHealth
Segment Reporting Information [Line Items]
Revenue	3,997	1,881
Cost of revenue	1,951	1,015
Gross profit	2,046	866
EksoWorks
Segment Reporting Information [Line Items]
Revenue	125	686
Cost of revenue	171	343
Gross profit	$ (46)	$ 343

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Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 4,122	$ 2,567
Americas
Segment Reporting Information [Line Items]
Revenue	2,962	1,398
United States
Segment Reporting Information [Line Items]
Revenue	2,958	1,343
Other
Segment Reporting Information [Line Items]
Revenue	4	55
EMEA
Segment Reporting Information [Line Items]
Revenue	756	564
Germany
Segment Reporting Information [Line Items]
Revenue	244	124
Other
Segment Reporting Information [Line Items]
Revenue	512	440
APAC
Segment Reporting Information [Line Items]
Revenue	404	605
Japan
Segment Reporting Information [Line Items]
Revenue	0	280
Other
Segment Reporting Information [Line Items]
Revenue	$ 404	$ 325

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Related Party Transactions (Details) - Angel Pond Capital LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party transaction amounts of transaction	$ 325
Related party payment term	14 months
Due to related parties	$ 180	$ 325
Initial Payment 1
Related Party Transaction [Line Items]
Related party transaction amounts of transaction	$ 145
Related party payment term	40 days
Initial Payment 2
Related Party Transaction [Line Items]
Related party transaction amounts of transaction	$ 15
Related party payment term	12 months