H.C. Wainwright Downgrades Ekso Bionics to Neutral
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 31 2025
0mins
Should l Buy APLD?
H.C. Wainwright downgraded Ekso Bionics (EKSO) to Neutral from Buy without a price target after the company entered into a non-binding merger agreement with Applied Digital Cloud (APLD). The firm finds it "prudent" for Ekso to enter into the transaction given the "tough financial environment." It downgrades the shares, saying Ekso Bionics is moving away from its core business strategy of commercializing exoskeleton for health and industrial purposes.
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Analyst Views on APLD
Wall Street analysts forecast APLD stock price to rise
10 Analyst Rating
10 Buy
0 Hold
0 Sell
Strong Buy
Current: 26.150
Low
36.00
Averages
52.22
High
99.00
Current: 26.150
Low
36.00
Averages
52.22
High
99.00
About APLD
Applied Digital Corporation is a designer, builder, and operator of sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. The Company’s segments include data center hosting (Data Center Hosting Business) and high-performance compute hosting (HPC Hosting Business). The Data Center Hosting Business operates data centers to provide energized space to crypto mining customers. Customer-owned hardware is installed in its facilities, and the Company provides operational and maintenance services for a fixed fee. Its facilities include a 106 megawatt (MW) facility in Jamestown and a 180 MW facility in Ellendale, North Dakota. The HPC Hosting Business designs, builds, and operates data centers which are designed to support high-compute applications using advanced technologies and infrastructures to provide services to customers. Its HPC data center is located at its Polaris Forge 1 campus with 100 MW capacity.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Future Development Potential: Applied Digital (APLD) CEO indicated that the company is evaluating an option with Base Electron for an additional 1.2 GW of generation capacity, suggesting potential for more long-term contracts for BW.
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See More
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- Capacity Enhancement: The project will include four 300-megawatt natural gas-fired boilers and steam turbine generators, expected to provide stable electricity supply to multiple campuses of Applied Digital, thereby supporting the development and application of its AI technologies.
- Engineering and Construction Role: Babcock & Wilcox will handle the engineering, procurement, and construction of the project, while Siemens Energy will design and supply the steam turbine systems, enhancing the company's technical capabilities and market competitiveness.
- Future Expansion Potential: The company is exploring an option with Base Electron to add another 1.2 gigawatts of generation capacity to support potential future expansion of the project, demonstrating a proactive response to growing market demand and strategic planning.
See More
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- Data Center Expansion Plan: The proceeds will fund the construction of 200 megawatts of data center capacity at the Polaris Forge 2 AI campus in Harwood, North Dakota, aimed at meeting the surging demand for AI computing and further solidifying the company's position in the industry.
- Completion Guarantees: Applied Digital will provide customary completion guarantees for the Polaris Forge 2 project, ensuring that it will fund APLD Compute 2 as necessary to ensure timely project completion, thereby mitigating potential operational risks.
- Positive Market Reaction: Following the announcement, Applied Digital's shares rose 4.3% in premarket trading, reflecting market optimism regarding the company's future growth potential and enhancing investor confidence.
See More
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- Improved Loss Per Share: The loss per share improved from $0.61 in Q4 2024 to $0.05, suggesting a notable advancement in financial performance that may bolster investor confidence moving forward.
- Adjusted EBITDA Growth: Adjusted EBITDA reached $16.4 million, up 53% from $10.7 million in Q4 2024, reflecting enhanced profitability that could support future investments and strategic initiatives.
- Major Project Advancement: Babcock has entered into an agreement for a $2.4 billion project with Base Electron, aimed at providing 1.2 GW of efficient natural gas technology for AI Factory campuses, marking a strategic move in the renewable energy sector.
See More
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- Operating Income Surge: The operating income for Q4 was $12.2 million, a substantial increase from $2.6 million in the same quarter of 2024, reflecting significant improvements in cost control and operational efficiency, thereby enhancing confidence in future profitability.
- Adjusted EBITDA Growth: The adjusted EBITDA for Q4 2025 was $16.4 million, a 53% year-over-year increase, demonstrating strong ongoing demand for the company's core services and products, which has improved overall financial health.
- Effective Debt Management: The company successfully paid off maturing debt in 2025, reducing net debt to $119.7 million, showcasing strategic effectiveness in optimizing capital structure and enhancing financial flexibility, laying a solid foundation for future investments and expansion.
See More
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- Stake Sale Impact: Nvidia's recent divestment of its 7.7 million shares in Applied Digital has raised market eyebrows, particularly as the company's debt surged from $44 million to $2.6 billion, highlighting severe financial challenges.
- Customer Concentration Risk: Applied Digital's $16 billion in contracted revenue is entirely dependent on two customers, with CoreWeave accounting for $11 billion; if CoreWeave faces financial difficulties, Applied Digital's revenue could be jeopardized, risking its ability to meet debt obligations.
- Profitability Crisis: With a loss of $125 million over the past year, Applied Digital's high leverage poses significant financial strain, meaning any deviation from management's projections could lead to catastrophic outcomes rather than mere disappointments.
- Market Outlook Uncertainty: Despite strong demand for AI data centers, Applied Digital's future remains uncertain due to its extreme reliance on customer concentration and high leverage, which could rapidly deteriorate its financial health in changing market conditions.
See More
