Lifeward Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Lifeward (Nasdaq:LFWD) reported Q1 2026 revenue of $3.9 million, down 22% year-over-year, with gross margin of 34.2%. ReWalk personal exoskeleton sales rose 11% to $1.6 million, while AlterG revenue fell 38% to $2.1 million.
The company closed its Oratech strategic transaction, adding $6.5 million in cash and the Protein Oral Delivery platform, and received $10 million in financing. Operating cash burn fell 33% year-over-year, and unrestricted cash increased to $11.4 million. Lifeward will delay filing its Q1 2026 Form 10-Q to finalize accounting for the March 2026 transaction.
AI-generated analysis. Not financial advice.
Positive
- Closed Oratech equity-based acquisition, adding approximately $6.5 million in cash
- $10 million financing completed alongside strategic transaction
- Q1 2026 operating cash use reduced to $3.7 million from $5.5 million
- Unrestricted cash rose to $11.4 million from $2.2 million quarter-end
- Adjusted operating expenses declined 12% to $5.9 million year-over-year
- ReWalk personal exoskeleton revenue increased 11% to $1.6 million
Negative
- Total Q1 2026 revenue declined 22% to $3.9 million
- AlterG revenue dropped 38% to $2.1 million on lower unit shipments
- Gross margin decreased to 34.2% from 42.2% year-over-year
- GAAP operating loss grew to $10.3 million from $4.9 million
- Net loss increased to $10.8 million from $4.8 million year-over-year
- Company will delay filing its Q1 2026 Form 10-Q
News Market Reaction – LFWD
On the day this news was published, LFWD gained 1.59%, reflecting a mild positive market reaction. This price movement added approximately $265K to the company's valuation, bringing the market cap to $16.95M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum scanner shows 2 peer stocks moving up (median gain 9.9%) and 1 down, indicating broader sector activity rather than a purely isolated move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 18 | Q4/FY 2025 earnings | Positive | -11.1% | Record 2025 revenue, lower expenses, Oramed transaction and funding pathway. |
| Nov 14 | Q3 2025 earnings | Positive | +14.9% | Stable revenue, reduced cash burn, lower non-GAAP loss, and CE mark approval. |
| Aug 14 | Q2 2025 earnings | Neutral | -14.6% | Revenue down year-over-year but sequential growth with key product clearances. |
| May 15 | Q1 2025 earnings | Neutral | -10.4% | Revenue dip but margin improvement, narrower loss, and new reimbursement wins. |
| Mar 07 | Q4/FY 2024 earnings | Positive | +3.2% | Record 2024 revenue, strong exoskeleton growth, and improved non-GAAP metrics. |
Earnings releases have often produced sizable moves, with a mixed pattern of positive and negative next-day reactions and an average move of -3.63% over the last five earnings events.
Over the past year, Lifeward’s earnings reports have combined rapid growth in its neurorehabilitation portfolio with tightening cost controls and cash burn reductions. Recent results introduced the Oramed/Oratech partnership, providing access to up to $47M and expanding into Protein Oral Delivery. Prior quarters highlighted record ReWalk placements, new regulatory clearances, and evolving guidance. Today’s Q1 2026 update adds lower revenue, higher GAAP expenses from one-time R&D charges, but improved non-GAAP efficiency and a stronger cash position, continuing that transition narrative.
Historical Comparison
In the last five earnings releases, LFWD’s average next-day move was -3.63%, with both sharp rallies and selloffs, indicating that earnings have historically been meaningful trading catalysts.
Earnings updates have tracked Lifeward’s evolution from a fast-growing neurorehab medtech company toward a diversified biomedical model, culminating in the Oramed/Oratech partnership and added funding capacity.
Regulatory & Risk Context
An effective S-3 allows selling shareholders to resell up to 7,256,474 ordinary shares tied to warrants and convertible notes from the Strategic Acquisition. The company itself receives no proceeds from these resales, but the overhang from registered shares may influence trading dynamics as holders choose when to sell.
Market Pulse Summary
This announcement details Q1 2026 earnings, highlighting revenue of $3.9M, gross margin of 34.2%, and a higher GAAP loss driven by a $4.9M one-time R&D charge from the Oratech deal. Non-GAAP operating expenses declined 12% and operating cash burn fell to $3.7M, while unrestricted cash rose to $11.4M. Investors may track future quarters for AlterG recovery, execution on the Protein Oral Delivery platform, and impacts from registered resale shares.
Key Terms
protein oral delivery medical
phase 2 medical
convertible notes financial
form 10-q regulatory
medicare advantage regulatory
non-gaap financial
pre-funded warrants financial
convertible notes financial
AI-generated analysis. Not financial advice.
Oramed strategic transaction successfully closed and
Oratech acquisition brings
Acquired upper body exoskeleton technology addressing unmet need in 4.6 million stroke survivors
Quarterly operating cash burn reduced by
Continued improvements in operating expenses and cash utilization as company prepares to scale neurorehabilitation products volume
Conference call scheduled for 8:30 AM ET today
HUDSON, Mass. and YOKNEAM ILLIT, Israel, May 15, 2026 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), a diversified biomedical innovation company with a portfolio of commercialized neurorehabilitation products and a biomedical pipeline, today announced its financial results for the first quarter ended March 31, 2026 and that it will delay filing of its Form 10-Q for the quarter ended March 31, 2026 as additional time is needed to finalize the accounting and financial reporting related to the strategic transaction completed in March 2026.
“During the first quarter, we significantly strengthened Lifeward’s strategic and financial position through the successful closing of our strategic transaction and financing, marking an important milestone in our evolution,” said Mark Grant, CEO of Lifeward. “With the additional capital added to our balance sheet, the acquisition of Oratech and its Protein Oral Delivery platform, and continued improvements in operating efficiency and cash utilization, we believe Lifeward is now better positioned on its path toward profitability. As we continue to build and grow our solid foundation in neurorehabilitation medtech, our shareholders also have a meaningful opportunity through our Protein Oral Delivery biomed platform.”
Recent Corporate Highlights
- Strategic transaction closed with equity-based acquisition of Oratech:
$10 million financing received
ORMD-0801 oral insulin Phase 2 trial set to commence: Trial activities to be managed by Oramed utilizing Oratech transaction funds
- Upper body powered exoskeleton technology addresses unmet need in 4.6 million stroke survivors: The Company entered into an agreement during the first quarter of 2026 to acquire technology with integrated AI capabilities designed to assist individuals with upper-limb mobility limitations
- ReWalk personal exoskeleton sales increase: Driven by expanding distribution, international sales, and reimbursement coverage from the three largest Medicare Advantage insurers - Aetna, Humana, and UnitedHealthcare
First Quarter 2026 Financial Results
Revenue was
Gross margin was
Total operating expenses in the first quarter of 2026 were
Operating loss in the first quarter of 2026 was
Net loss was
Liquidity
As of March 31, 2026, Lifeward had
Conference Call
Lifeward management will host its conference call as follows:
Date: May 15, 2026
Time: 8:30 AM EDT
Telephone:
- U.S: 1-833-316-0561
- International: 1-412-317-0690
- Germany: 0800-6647650
- Israel: 1-80-9212373
Access code: Please reference the “Lifeward Earnings Call”
The conference call will be webcast live and can be accessed through a link on the Company’s website at golifeward.com in the "Investors" section, or through the following link: https://edge.media-server.com/mmc/p/rz8f7ck8. An archived webcast will also be available on the Company's website at the Investor Events Calendar page.
About Lifeward
Lifeward is a global innovator focused on advancing medical technologies and biomedical solutions that improve lives. The Company’s established portfolio includes market-leading neurorehabilitation technologies such as the ReWalk® Exoskeleton, AlterG® Anti-Gravity system, MyoCycle® FES System, and ReStore® Exo-Suit. These solutions span the continuum of care in physical rehabilitation and recovery, deploying the most advanced robotics and AI technologies to restore full health and quality of life to a broadening patient population. The Company is now executing a strategic evolution into a diversified biomedical company, expanding beyond rehabilitation and into high-value therapeutic platforms. This includes its Protein Oral Delivery (POD™) platform, designed to enable oral delivery of biologic drugs, with lead candidate ORMD-0801 (oral insulin) targeting a large and underserved diabetes market.
Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward mission and product portfolio, please visit GoLifeward.com.
Lifeward®, ReWalk®, ReStore® and AlterG® are registered trademarks of Lifeward Ltd. and/or its affiliates.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: management’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: the future operations of Lifeward, including research and development activities; the nature, strategy and focus of Lifeward; Lifeward’s ability to successfully integrate Oratech into its organization and realize the anticipated benefits therefrom; anticipated clinical drug development activities and related timelines, and other clinical results; the sufficiency of post-transaction resources to support the advancement of Lifeward’s pipeline through certain milestones and the time period over which Lifeward’s post-transaction capital resources will be sufficient to fund its anticipated operations; unexpected costs, charges or expenses resulting from the strategic transaction; expected timing and results of the ORMD-0801 clinical trial; legislative, regulatory, political and economic developments; the acceptance of the ReWalk 7 Personal Exoskeleton by healthcare professionals and patients; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; the Company's ability to maintain and grow its reputation and the market acceptance of its products; the Company's ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company's limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company's expectations as to its clinical research program and clinical results; the Company's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company’s ability to continue to operate as a going concern; the Company's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company’s ability to navigate any difficulties associated with moving production of its AlterG Anti-Gravity Systems to a contract manufacturer and transitioning the manufacturing of its ReWalk products to its in-house manufacturer; the Company's ability to improve its products and develop new products; the Company's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company's ability to market and sell its products; the Company's ability to gain and maintain regulatory approvals; the Company's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the Company's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in the Company’s annual report on Form 10-K, as amended, for the year ended December 31, 2025 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company believes that the use of non-GAAP accounting measures, including non-GAAP net loss, is helpful to its investors. These measures, which the Company refers to as non-GAAP financial measures, are not prepared in accordance with GAAP.
Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, the Company believes that providing non-GAAP financial measures that exclude non-cash share-based compensation expense and acquisition costs allows for more meaningful comparisons between operating results from period to period. Each of the Company’s non-GAAP financial measures is an important tool for financial and operational decision-making and for the Company’s evaluation of its operating results over different periods of time. The non-GAAP financial data are not measures of the Company’s financial performance under U.S. GAAP and should not be considered as alternatives to operating loss or net loss or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Lifeward’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. Further, share-based compensation expense has been, and will continue for the foreseeable future, to be a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees.
The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Lifeward urges investors to review the reconciliation of the Company’s non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate the Company’s business.
Almog Adar
Chief Financial Officer
Lifeward
E: media@golifeward.com
E: ir@golifeward.com
| Lifeward Ltd. and subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Revenue | $ | 3,923 | $ | 5,034 | ||||||||||||
| Cost of revenues | 2,581 | 2,912 | ||||||||||||||
| Gross profit | 1,342 | 2,122 | ||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net | 5,845 | 918 | ||||||||||||||
| Sales and marketing | 3,271 | 3,837 | ||||||||||||||
| General and administrative | 2,565 | 2,220 | ||||||||||||||
| Total operating expenses | 11,681 | 6,975 | ||||||||||||||
| Operating loss | (10,339 | ) | (4,853 | ) | ||||||||||||
| Financial expense (income), net | 448 | (30 | ) | |||||||||||||
| Loss before income taxes | (10,787 | ) | (4,823 | ) | ||||||||||||
| Taxes on income | 6 | 11 | ||||||||||||||
| Net loss | $ | (10,793 | ) | $ | (4,834 | ) | ||||||||||
| Basic net loss per ordinary share | $ | (6.70 | ) | $ | (5.53 | ) | ||||||||||
| Weighted average number of shares used in computing net loss per ordinary share basic and diluted (*) | 1,610,969 | 873,845 | ||||||||||||||
| (*) All share and per share amounts presented in this note have been retroactively adjusted to reflect the Company’s 1-for-12 reverse share split effected on February 24, 2026. | ||||||||||||||||
| Lifeward Ltd. and subsidiaries | ||||||||||||||||
| Condensed Consolidated Balance Sheets | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| March 31, | December 31, | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| (Unaudited) | (Audited) | |||||||||||||||
| Assets | ||||||||||||||||
| Current assets | ||||||||||||||||
| Cash and cash equivalents | $ | 11,422 | $ | 2,169 | ||||||||||||
| Restricted cash | 10 | 240 | ||||||||||||||
| Clinical trial services | 366 | - | ||||||||||||||
| Trade receivables, net of credit losses of | 5,664 | 6,138 | ||||||||||||||
| Prepaid expenses and other current assets | 1,844 | 1,528 | ||||||||||||||
| Inventories | 6,251 | 5,732 | ||||||||||||||
| Total current assets | 25,557 | 15,807 | ||||||||||||||
| Restricted cash and other long term assets | 436 | 209 | ||||||||||||||
| Clinical trial services | 609 | - | ||||||||||||||
| Operating lease right-of-use assets | 1,491 | 1,544 | ||||||||||||||
| Property and equipment, net | 571 | 585 | ||||||||||||||
| Goodwill | 4,755 | 4,755 | ||||||||||||||
| Total assets | $ | 33,419 | $ | 22,900 | ||||||||||||
| Liabilities and equity | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Trade payables | 6,376 | 5,590 | ||||||||||||||
| Current maturities of operating leases | 425 | 425 | ||||||||||||||
| Other current liabilities | 3,834 | 3,221 | ||||||||||||||
| Convertible promissory note | - | 2,803 | ||||||||||||||
| Total current liabilities | 10,635 | 12,039 | ||||||||||||||
| Non-current operating leases | 1,113 | 1,159 | ||||||||||||||
| Convertible promissory notes, net | 7,276 | - | ||||||||||||||
| Warrant liabilities | 6,842 | - | ||||||||||||||
| Other long-term liabilities | 1,262 | 1,294 | ||||||||||||||
| Shareholders’ equity | 6,291 | 8,408 | ||||||||||||||
| Total liabilities and equity | $ | 33,419 | $ | 22,900 | ||||||||||||
| Lifeward Ltd. and subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Net cash used in operating activities | $ | (3,675 | ) | $ | (5,493 | ) | ||||||||||
| Net cash provided by (used in) investing activities | $ | 6,500 | $ | (5 | ) | |||||||||||
| Net cash provided by financing activities | $ | 6,422 | $ | 4,471 | ||||||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | 3 | $ | 7 | ||||||||||||
| Increase (decrease) in cash, cash equivalents, and restricted cash | 9,250 | (1,020 | ) | |||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | $ | 2,579 | $ | 7,108 | ||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 11,829 | $ | 6,088 | ||||||||||||
| Lifeward Ltd. and subsidiaries | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Revenues based on customer’s location: | ||||||||||||||||
| United States | 2,361 | 3,209 | ||||||||||||||
| Europe | 704 | 780 | ||||||||||||||
| Germany | 697 | 556 | ||||||||||||||
| Asia-Pacific | 52 | 42 | ||||||||||||||
| Rest of the world | 109 | 447 | ||||||||||||||
| Total revenues | $ | 3,923 | $ | 5,034 | ||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | ||||||||||||||||
| Dollars in thousands, except per share data | 2026 | 2025 | ||||||||||||||
| GAAP net loss | $ | (10,793 | ) | $ | (4,834 | ) | ||||||||||
| Adjustments: | ||||||||||||||||
| Non-cash acquired in-process R&D expense | 4,947 | - | ||||||||||||||
| Oramed transaction-related expenses | 619 | - | ||||||||||||||
| Stock-based compensation expenses | 177 | 220 | ||||||||||||||
| Non-GAAP net loss | $ | (5,050 | ) | $ | (4,614 | ) | ||||||||||
| Weighted average shares used in computing net loss per share (*) | 1,610,969 | 873,845 | ||||||||||||||
| Non-GAAP net loss per share | $ | (3.13 | ) | $ | (5.28 | ) | ||||||||||
| (*) All share and per share amounts presented in this note have been retroactively adjusted to reflect the Company’s 1-for-12 reverse share split effected on February 24, 2026. | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | ||||||||||||
| GAAP operating loss | $ | (10,339 | ) | (263.5 | )% | $ | (4,853 | ) | (96.4 | )% | ||||||
| Adjustments: | ||||||||||||||||
| Non-cash acquired in-process R&D expense | 4,947 | 126.1 | % | - | - | |||||||||||
| Oramed transaction-related expenses | 619 | 15.8 | % | - | - | |||||||||||
| Stock-based compensation expenses | 177 | 4.5 | % | 220 | 4.4 | % | ||||||||||
| Non-GAAP operating loss | $ | (4,596 | ) | (117.1 | )% | $ | (4,633 | ) | (92.0 | )% | ||||||
| Three Months Ended | ||||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | ||||||||||||
| GAAP gross profit | $ | 1,342 | 34.2 | % | $ | 2,122 | 42.2 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Stock-based compensation expenses | 5 | 0.1 | % | 3 | 0.0 | % | ||||||||||
| Non-GAAP gross profit | $ | 1,347 | 34.3 | % | $ | 2,125 | 42.2 | % | ||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | ||||||||||||
| GAAP research & development | $ | 5,845 | 149.0 | % | $ | 918 | 18.2 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Non-cash acquired in-process R&D expense | (4,947 | ) | (126.1 | )% | - | - | ||||||||||
| Stock-based compensation expenses | (37 | ) | (0.9 | )% | (36 | ) | (0.7 | )% | ||||||||
| Non-GAAP research & development | $ | 861 | 22.0 | % | $ | 882 | 17.5 | % | ||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | ||||||||||||
| GAAP sales & marketing | $ | 3,271 | 83.4 | % | $ | 3,837 | 76.2 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Stock-based compensation expenses | (58 | ) | (1.5 | )% | (82 | ) | (1.6 | )% | ||||||||
| Non-GAAP sales & marketing | $ | 3,213 | 81.9 | % | $ | 3,755 | 74.6 | % | ||||||||
| Three Months Ended | ||||||||||||||||
| March 31, | March 31, | |||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | ||||||||||||
| GAAP general & administrative | $ | 2,565 | 65.4 | % | $ | 2,220 | 44.1 | % | ||||||||
| Adjustments: | ||||||||||||||||
| Oramed transaction-related expenses | (619 | ) | (15.8 | )% | - | - | ||||||||||
| Stock-based compensation expenses | (77 | ) | (2.0 | )% | (99 | ) | (2.0 | )% | ||||||||
| Non-GAAP general & administrative | $ | 1,869 | 47.6 | % | $ | 2,121 | 42.1 | % | ||||||||
