Ekso Bionics Holdings, Inc.

Greetings and welcome to the ExoBionics second quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. It is now my pleasure to introduce your host, Stephen Kilmore, Investor Relations. Thank you. You may begin.

Thank you, operator, and good afternoon, everyone. Earlier today, XO Bionics released financial results for the second quarter ended June 30, 2025. A copy of the press release is available on our website. I would like to point out that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements made during this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including statements regarding our business strategy, future financial or operational expectations, our ability to close on delayed customer sales, our expectations of the regulatory landscape governing our products and operations, are based upon management's current estimates and various assumptions. These statements involve material risks and uncertainties, that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with the company's businesses, please see its filings with the Securities and Exchange Commission. EXO disclaims any obligation except as required by law to update or revise any financial or operational projections, its regulatory outlook, or other forward-looking statements. whether because of new information, future events, or otherwise. Any forward-looking statements made on this call speak only as of the date of this call. Representing XO Bionics today are Scott Davis, our Chief Executive Officer, Jerome Wong, our Chief Financial Officer, and Jason Jones, our Chief Operating Officer. With that said, I will now turn the call over to Jerome.

Thank you, Steve. Good afternoon, everyone, and welcome to our second quarter 2025 conference call. On behalf of the management team and everyone at ExoBionics, I would like to thank you for your interest in our company. And for those of you who are shareholders, we appreciate your support. For the benefit of those who are new to the ExoBionics story, I would like to take a moment to summarize our business. ExoDesigns develops and markets exoskeleton products that augment human strength, endurance, and mobility. The primary end market for exoskeleton technology is healthcare. where our technology primarily serves people with physical disabilities or impairment in both physical, rehabilitation, and mobility. We operate as one operating and reportable segment with two markets, enterprise health and personal health. Our legacy enterprise health product consists mainly of our ExoNR device, which is a wearable robotic exoskeleton specifically designed to be used in a rehabilitation setting to assist individuals recovering from both acute and chronic conditions. And our newer ExoIndigo personal device is a wearable lower extremity powered exoskeleton that enables certain individuals living with spinal cord injuries with the ability to stand and walk independently. Both products also include the sale of support and maintenance contracts. I will turn this call over to Scott in a moment for an update on our commercial activities and growth plans. However, before I do, I would like to provide a brief summary of our financial results. To streamline things, all of the numbers I referred to have been rounded, so they're approximate. As we mentioned in today's press release, we experienced abnormal weakness in the second quarter of 2025. The company recorded revenue of $2.1 million for the period, compared to $5 million for the second quarter of 2024. This was primarily driven by what we believe are short-term delays in completing certain multi-device enterprise health sales and was offset partially by higher ExoIndigo personal device sales. As Scott will discuss shortly, we're working to get back on track for the second half of the year and beyond. Gross profit for the second quarter was $800,000, representing a gross margin of approximately 40% compared to a gross profit of $2.6 million and a gross margin of 53% for the same period of 2024. The change in gross profit was driven by a decrease in revenues associated with our enterprise health devices, partially offset by an increase in revenues associated with ExoIndigo personal devices and a reduction in service costs. The decrease in gross margin was primarily driven by fixed cost of goods in relation to the decrease of enterprise health device sales lower margin sales related to increased volume through distribution and an increase in shipping costs, partially offset by improved margins in service. Operating expenses for the second quarter of 2025, which consists of R&D, G&A, and sales and marketing expenses, were $4.8 million, a 4% improvement from $5 million for the second quarter of 2024. Net loss applicable to common stockholders for the 2025 second quarter was $2.7 million or $1.24 per basic and diluted share, compared to a net loss of $2.4 million or $1.99 per basic and diluted share for the same period of 2024. As of June 30, 2025, the company had cash and restricted cash of $5.2 million, That is it for my summary of our second quarter 2025 results. Please see our form 10Q filed earlier today for further details regarding the results. I'll now turn the call over to Scott.