Financial Analysis

14. Commitments and Contingencies Material Contracts 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 has one license agreement with Vanderbilt University to maintain exclusive rights to patents on the Company's behalf. Under the Vanderbilt Exoskeleton License 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. The Vanderbilt Exoskeleton License Agreement will continue until April 29, 2038, unless sooner terminated. 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 had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $1,385 a s of …

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Total Device revenue $ 1,344 Service and support 594 Subscriptions 68 Parts and other 135 $ 2,141 Total Device revenue $ 2,487 Service and support 708 Subscriptions 87 Parts and other 93 $ 3,375

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"12. Stock-based Compensation Shares available for grant On May 16, 2025, the Company held its 2025 Annual Meeting of Stockholders (the ""Annual Meeting"") and ratified an amendment to the Company's Amended and Restated 2014 Equity Incentive Plan (the ""2014 Plan"") to increase the total number of shares of common stock authorized for issuance by 153 shares. As of March 31, 2026 , the total number of shares authorized for grant under the 2014 Plan was 468, of which approximately 1 were availabl e for future grants. Restricted Stock Units The Company issues time-based restricted stock units (RSUs) to employees and non-employees. Each RSU represents the right to receive one share of the Companys common stock upon vesting and subsequent settlement. The fair values of RSUs are determined based on the closing price of the Companys common stock on the date of grant. RSU activity for the three months ended March 31, 2026 is summarized below: Weighted- Number of Average Grant Shares Date Fair Value Unvested as of December 31, 2025 86 $ 7.22 Granted Vested (4 ) 20.75 Forfeited Unvested as of March 31, 2026 82 $ 6.55 The total grant-date fair value of RSUs that vested during the three months ended March 31, 2026 was $32. As of March 31, 2026 , $173 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 1.12 years. Stock Options The following table summarizes information about the Company's stock options outsta …

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4. 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 Companys fair value hierarchies for its financial asset …

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"8. Goodwill and Intangible Assets On December 5, 2022, the Company acquired the Human Motion Control (""HMC"") business unit from Parker (the ""HMC Acquisition""). The assets acquired from the business unit included intellectual property rights associated with the Ekso Indego Personal, Ekso Indego Therapy, Nomad, and future products in the orthotics and prosthetics space. Goodwill 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 was allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The excess of the purchase price over the net assets acquired of $431 was recorded as goodwill. The goodwill recognized is attributed primarily to expected synergies of HMC with the Company. The Company determined no impairment existed for goodwill for the three months ended March 31, 2026 and 2025 . Intangible Assets The following table summarizes the components of initial gross intangible assets, accumulated amortization and impairment, and net carrying values for definite- and indefinite-lived intangible asset balances as of March 31, 2026 and December 31, 2025 : March 31, 2026 Initial Gross Carrying Amount Accumulated Amortization Accumulated Impairment Net Carrying Amount Developed technology $ 2,310 $ (959 ) $ $ 1,351 Trade name 2,310 N/A (570 ) 1,740 Intellectual property 460 (35 ) (180 ) 245 …

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13. Income Taxes There were no material changes to the unrecognized tax benefits in the three months ended March 31, 2026 and 2025, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year ending December 31, 2026.

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"10. Lease Obligations The Company's operating lease agreement for its headquarters and manufacturing facility in San Rafael, California (the ""San Rafael Lease"") commenced in July 2022 and expires in November 2026, and it provides the Company with the option to renew for an additional three -year period at the prevailing market rate at the time of extension. The San Rafael Lease constitutes an operating lease under ASC 842 and the Company estimates the lease term as July 2022 through November 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 were 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's operating lease agreement for its service facility in Brecksv …

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"9. Notes Payable, net B. Riley Promissory Note On September 12, 2025, the Company entered into a Secured Promissory Note and Security Agreement (the B. Riley Promissory Note) with B. Riley Commercial Capital, LLC (""B. Riley"") as lender. The B. Riley Promissory Note provides for a secured term loan in an aggregate principal amount of up to $2,000. The Company is using the net proceeds from the B. Riley Promissory Note for working capital for operations and other general corporate purposes. The loan matures on the earlier of the receipt of at least $2,400 in net proceeds from the sale of the equity interests of the Company from new equity investors (a Qualified Financing), or September 14, 2026 ( the Maturity Date). The Company has received a waiver under the B. Riley Promissory Note such that the business combination pursuant to the Contribution and Exchange Agreement dated as of February 15, 2026 and certain related transactions do not constitute an Event of Default (as defined under the B. Riley Promissory Note). Borrowings under the B. Riley Promissory Note bear interest at the rate of 10% per annum, which shall be payable in full on the Maturity Date. On the Maturity Date, the Company shall pay to B. Riley an exit fee in the amount of 10% of the original principal amount of the loan, which shall in the aggregate be $200 (the Exit Fee). The Company may prepay the obligations under the B. Riley Promissory Note at any time in whole or in part. In connection with such prepa …

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"Recent Accounting Pronouncements In December 2025, the FASB issued ASU No. 2025 - 11, Interim Reporting (Topic 270 ): Narrow-Scope Improvements (""ASU 2025 - 11"" ), which clarifies interim disclosure requirements and the applicability of Topic 270. The guidance will be effective for interim periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently in the process of evaluating the impact of this pronouncement on its related consolidated financial statements and disclosures and does not expect to early adopt. In November 2024, the FASB issued ASU No. 2024 - 03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses (ASU 2024 - 03 ), which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Companys fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related consolidated disclosures and does not expect to early adopt." …

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17. Related Party Transactions There were no related party transactions during the three months ended March 31, 2026 and 2025.

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"6. Revenue The Companys revenue is primarily generated through the sale of the EksoNR, Ekso Indego Therapy, and Ekso Indego Personal devices, along with the sale of support, maintenance, and subscription contracts. Revenue from 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 Companys facility for sales of these devices. Support and maintenance contracts extend coverage beyond the Companys standard warranty agreements ranging from 12 to 48 months. Revenue is recognized evenly over the term of the contracts. Revenue from medical device subscriptions is recognized evenly over the contract term, typically over 24 months. 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, 2026 December 31, 2025 Deferred extended maintenance and support $ 2,647 2,907 Deferred device and advances 197 234 Total deferred revenues 2,844 3,141 Less: current portion (1,583 ) (1,727 ) Deferred revenues, non-current $ 1,261 $ 1,414 Deferred revenue transactions consisted of the following for the three months ended March 31, 2026 : Balance as of December 31, 2025 $ 3,141 Deferral of revenue 315 Re …

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"16. Segment Disclosures Operating segments are defined as components of a public entity for which discrete financial information is available and regularly reviewed by the chief operating decision maker (""CODM"") in deciding how to allocate resources and in assessing performance. The Company's CODM is its chief executive officer who reviews financial information, annual operating plans, and long-range forecasts, presented on a consolidated basis, for purposes of making operating decisions, evaluating financial performance, and allocating resources. The Company is managed as a single operating segment that primarily serves people with physical disabilities or impairments in both physical rehabilitation and mobility in the healthcare market. Managing the Company's business activities on a consolidated basis allows the Company to benefit from the value its healthcare products provide across the care continuum. The Companys CODM uses net loss as presented on the consolidated statements of operations and comprehensive loss to measure segment loss and assesses financial performance against expectations for the Company's single reportable segment to decide how to allocate resources. Additionally, the CODM reviews and uses segment expenses included in net loss to manage the Companys operations and assess operating performance. The measure of segment assets is reported on the Company's consolidated balance sheets as total assets. The significant segment expenses regularly provided t …

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"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 condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Companys Annual Report on Form 10 -K for the fiscal year ended December 31, 2025 , which was filed with the SEC on February 23, 2026. 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, 2025 , and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or any future periods. The condensed consolidated financial statements include the financial sta …

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"11. Capitalization and Equity Structure Reverse Stock Split Before the opening of the stock market on June 2, 2025, the Company effected a 1 -for-15 reverse split of its common stock (the ""Reverse Stock Split""). As a result, all common stock share amounts included in this filing have been retroactively reduced by a factor of fifteen, rounded up to the nearest whole share, and all common stock per share amounts have been increased by a factor of fifteen, with the exception of the Company's common stock par value and the Company's authorized shares. Amounts affected include common stock outstanding, restricted stock units, common stock underlying stock options, and warrants. As previously disclosed, on December 12, 2024, the Company received a written notice from the Nasdaq Listing Qualifications staff of the Nasdaq Stock Market LLC (Nasdaq) informing the Company that because the minimum bid price for the Companys common stock listed on the Nasdaq Capital Market was below $1.00 per share over the previous 30 consecutive business days, the Company did not meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550 (a)( 2 ) (the ""Minimum Bid Price Requirement""). The Reverse Stock Split was effected in order to raise the per share trading price of the Company's common stock above $1.00 and regain compliance with the Minimum Bid Price Requirement. On June 13, 2025, the Company regained compliance with the Minimum Bid …

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