Subsequent Events |
3 Months Ended |
|---|---|
Aug. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company has evaluated events that occurred after the balance sheet date and through the date the condensed consolidated financial statements were issued. The Company concluded that no subsequent events occurred during this period that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto, except as described below.
Grid Note Draw
On September 15, 2026, the Company drew $8.0 million under the Grid Note, resulting in total principal outstanding of $15.0 million. Applied Parent has agreed not to exercise its demand right under the Grid Note prior to October 15, 2027.
B. Riley Promissory Note Maturity Extension
On September 12, 2026, the Company and B. Riley entered into a First Amendment to the B. Riley Promissory Note (the “First Amendment”). The First Amendment amended the B. Riley Promissory Note, dated September 12, 2025, to, among other things, extend the maturity date of the term loan from September 12, 2026 to November 12, 2026 and permit the sale of Ekso Bionics, Inc. as a "Permitted Disposition" thereunder. Except as expressly modified by the First Amendment, the terms of the Secured Promissory Note and Security Agreement remain in full force and effect.
Withdrawal of Series B Preferred Stock
On September 29, 2026, the Company filed a Certificate of Withdrawal with the Secretary of State of the State of Nevada withdrawing the Certificate of Designation of the Company's Series B Preferred Stock. No shares of Series B Preferred Stock were issued or outstanding at the time of the withdrawal, and the shares previously designated as Series B Preferred Stock reverted to authorized but unissued shares of preferred stock.
Prepayments under Customer Contracts
Following the fiscal quarter ended August 31, 2026, the Company received $328.2 million in aggregate prepayments under its existing customer contracts.
Parker Hannifin Promissory Note Payoff
On September 30, 2026, in connection with the sale of the Legacy Ekso Business (as discussed below), the Company paid off all obligations under the Parker Hannifin Promissory Note. The outstanding principal amount of $1.6 million was paid in full, resulting in no outstanding liability owed by the Company to Parker as of September 30, 2026. The Parker Hannifin Promissory Note is deemed cancelled as of this date.
Sale of Legacy Ekso Business
On September 30, 2026, the Company completed the sale of its Legacy Ekso Business in two related transactions: Ekso Bionics, Inc. (“Ekso”) and its wholly-owned German subsidiary sold substantially all of the assets of Ekso’s “EksoWorks” industrial exoskeleton business, including the EVO product line, to DynaWear Tech, Inc. under an asset purchase agreement, and immediately thereafter, ChronoScale Intermediate LLC, a wholly owned subsidiary of the Company sold all of the outstanding capital stock of Ekso, which held the remaining neuro-rehabilitation business, to WanderEkso Inc., a subsidiary of Wandercraft SAS, under a stock purchase agreement.
Tenant Fit-Out Funding Advance
On October 11, 2026, the Company entered into a term sheet with Applied Parent, a related party, to provide a $50.0 million upfront advance for tenant fit-out ("TFO") costs at a third-party data center facility in Texas. The contemplated related party transaction was approved by the Company’s Related Party Committee of the Board. The Company expects to lease space at the facility from a joint venture being formed between Applied Parent and a third-party who currently has site control, to develop the data center. The lease remains under negotiation and is expected to include customary TFO provisions and provide the compute capacity necessary to fulfill the Company's deployment agreement with Microsoft.
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