Lifeward Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Lifeward (Nasdaq: LFWD) reported Q4 and full‑year 2025 results and announced a shareholder‑approved strategic transaction with Oramed that transfers the POD™ oral protein delivery platform to Lifeward and could provide up to $47 million in funding.
2025 revenue was $22.0M, net loss $19.9M, GAAP operating expenses fell 25%, and unrestricted cash was $2.2M. Lifeward also agreed to acquire an upper‑body exoskeleton and secured expanded U.S. Medicare Advantage reimbursement for ReWalk.
Positive
- Shareholder‑approved Oramed transaction could provide up to $47 million funding
- Oramed will fund clinical development of the POD™ platform, limiting Lifeward capital needs
- Acquisition of upper‑body exoskeleton complements ReWalk and leverages existing commercial channels
- Expanded Medicare Advantage coverage by Aetna, Humana, UnitedHealthcare covers ~16 million lives
- GAAP operating expenses decreased 25% for full year 2025, reflecting efficiency gains
Negative
- Full year 2025 revenue declined 14% to $22.0 million versus 2024
- Net loss of $19.9 million in 2025, narrowing but still material
- Unrestricted cash of $2.2 million as of December 31, 2025 indicates limited near‑term liquidity
- Q4 2025 revenue fell ~33% year‑over‑year to $5.1 million, reflecting lower AlterG and MyoCycle sales
News Market Reaction – LFWD
On the day this news was published, LFWD declined 11.11%, reflecting a significant negative market reaction. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $10M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Sector peers showed mixed strength, with RSLS up 29.8%, PAVM up 2.9%, BMRA up 4%, HSCS up 1.85%, and DHAI flat, while momentum scanners flagged only XAIR moving down. Combined with LFWD’s modest 2.3% gain, this points to stock-specific drivers rather than a unified sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Q3 2025 earnings | Positive | +14.9% | Slight revenue growth, sharply lower non-GAAP loss, reduced cash burn and loan support. |
| Aug 14 | Q2 2025 earnings | Neutral | -14.6% | Mixed quarter with lower YoY revenue but higher margins and operational milestones. |
| May 15 | Q1 2025 earnings | Positive | -10.4% | Improved gross margin and narrower loss despite modest revenue decline and segment shifts. |
| Mar 07 | FY 2024 earnings | Positive | +3.2% | Record revenue growth, strong exoskeleton sales, and clearer path to lower operating losses. |
| Nov 12 | Q3 2024 earnings | Positive | +0.8% | Robust revenue growth, margin expansion, reduced expenses, and upbeat guidance revision. |
Across the last five earnings releases, average next-day move was -1.24%, with mostly aligned reactions and one notable divergence on mixed-but-positive results.
Over the past five earnings reports from Nov 2024 through Nov 2025, Lifeward has reported revenue in the roughly $5.0–$7.5M quarterly range while steadily improving margins and narrowing losses. Several quarters highlighted higher gross margins, reduced cash burn, and operational streamlining, alongside MedTech milestones like FDA clearance and CE mark for ReWalk systems. Market reactions were mixed but generally modest, framing today’s full-year 2025 results and strategic shift with Oramed against a backdrop of gradual financial improvement.
Historical Comparison
Over the last five earnings releases, LFWD’s average next-day move was -1.24%, with generally modest reactions to revenue around mid-single-digit millions and steadily improving margins.
Earnings updates from late 2024 through 2025 show revenue stabilizing around $5–7.5M per quarter while gross margins improve and operating losses narrow, setting the stage for today’s full-year results and strategic pivot.
Market Pulse Summary
The stock dropped -11.1% in the session following this news. A negative reaction despite the strategic narrative would fit a pattern where mixed earnings drive cautious responses. Revenue declined to $22.0M in 2025, with Q4 down to $5.1M, even as gross margin improved to 38.2% and operating loss narrowed to $19.7M. Year-end cash of $2.2M underscores reliance on closing the Oramed transaction and accessing up to $47M in funding, which could weigh on sentiment until fully secured.
Key Terms
protein oral delivery (pod™) technology medical
clinical trial medical
powered upper-body exoskeleton medical
medicare advantage regulatory
non-gaap financial
impairment charge financial
secured convertible note financial
AI-generated analysis. Not financial advice.
Advancing transformation into a diversified biomedical innovation company with a clear path to cash flow positive
Oramed strategic transaction receives shareholder approval; Lifeward gains new oral protein delivery technology platform
Lifeward already executing new strategy through acquisition of powered upper-body exoskeleton technology
Lower operating expenses and cash usage reflect improved operational efficiency
HUDSON, Mass. and YOKNEAM ILLIT, Israel, March 18, 2026 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global leader in innovative medical technology to transform the lives of people with physical limitations or disabilities, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
“We are entering 2026 with a pivotal transaction that establishes Lifeward as a diversified biomedical innovation company positioned for long-term growth and sustainability,” said Mark Grant, CEO of Lifeward. “The transformative strategic investment agreement with Oramed introduces an entirely new technology platform to Lifeward through Oramed’s Protein Oral Delivery (POD™) technology, while Oramed continues to fund and manage development of the clinical pipeline, whose lead asset is oral insulin. This transaction significantly expands our innovation pipeline while allowing us to maintain focus on operational execution and growth in our core neuro-rehabilitation Medtech business.”
“With shareholder approval secured and the transaction expected to close shortly, we believe this partnership, which includes financing agreements with Oramed, provides a cash runway and positions Lifeward on a clear path toward achieving cash flow positive. While 2025 was a transition year for Lifeward as we repositioned the Company for its next phase of growth, in 2026 we are already executing on our strategy to become a diversified biomedical innovation company. Our acquisition of a powered upper-body exoskeleton technology is a strong example of this approach: it complements our ReWalk® platform, leverages the same sales, distribution and reimbursement infrastructure we have already built, and adds scale to our operations while delivering life-enhancing solutions to patients. As we continue to evaluate additional accretive transactions and build a robust pipeline of high-value clinical assets, we remain focused on growing revenues through our commercialized neuro-rehabilitation products and achieving positive cash flow,” Grant concluded.
Recent Corporate Highlights
- Transformative Strategic Agreement with Oramed
Lifeward has received shareholder approval for a transformative strategic investment and technology collaboration agreement with Oramed Pharmaceuticals. Lifeward will acquire Oramed’s clinical-stage proprietary POD™ technology platform while Oramed receives up to
- Executing Strategic Expansion Through Acquisition of Upper-Body Exoskeleton Technology
Demonstrating early execution of its new strategic direction, Lifeward has entered into an agreement to acquire a powered upper-body exoskeleton technology with integrated AI capabilities. The technology is designed to assist individuals with upper-limb mobility limitations and represents a natural extension of Lifeward’s leadership in wearable robotic rehabilitation solutions. The platform is highly complementary to Lifeward’s existing ReWalk ecosystem, enabling the Company to leverage its established clinical relationships, distribution network and reimbursement channels to accelerate commercialization and deliver innovative solutions to a broader patient population. Lifeward expects the new upper-body exoskeleton to be ready for commercial launch within approximately 18 to 24 months, following additional development and regulatory approvals, and expects attractive gross margins and favorable unit economics over time.
- Expanding Reimbursement Coverage for ReWalk Personal Exoskeleton
Lifeward achieved meaningful progress in reimbursement coverage for the ReWalk Personal Exoskeleton with Aetna, Humana, and UnitedHealthcare all adding Medicare Advantage coverage for the device. Together, these payers provide access to approximately 16 million covered lives in the United States. This milestone represents a significant step forward in improving patient access and reinforces the growing recognition of the clinical value of robotic exoskeleton technology for individuals with spinal cord injuries.
- Advancing Clinical Collaboration with Shirley Ryan AbilityLab
Lifeward also announced a collaboration with Shirley Ryan AbilityLab, a globally recognized leader in rehabilitation research and care. The collaboration is designed to expand clinical research and training initiatives aimed at improving patient outcomes and advancing the use of robotic rehabilitation technologies. Through this partnership, Lifeward expects to further strengthen clinical evidence supporting its technologies and accelerate adoption across rehabilitation centers.
- Expanding International Distribution of ReWalk Personal
Lifeward continued to grow its global footprint by expanding international distribution of the ReWalk® Personal Exoskeleton into Mexico, Thailand, and the United Arab Emirates through an agreement with Verita Neuro in a partner-led and capital-efficient model.
- Transformation of U.S. Sales and Distribution Infrastructure
During the latter half of 2025, Lifeward advanced a significant transformation of its U.S. commercial infrastructure, transitioning to a hybrid sales model that combines direct efforts with strategic channel partnerships. These partnerships require time to scale and are not yet fully reflected in current revenue. Lifeward’s U.S. commercial structure is now focused across three key areas: direct-to-patient engagement, capital equipment sales to institutional customers, and expanded payer and reimbursement capabilities. Strengthening reimbursement remains central to the Company’s strategy, as it enhances patient access and supports broader adoption of its neuro-rehabilitation products. These initiatives are expected to improve sales execution, deepen payer relationships, and drive meaningful growth as their impact builds in the coming quarters.
- Operational Efficiency Continues to Improve
Throughout 2025, Lifeward maintained a strong focus on operational discipline and efficiency, achieving improvements in operating performance on both a quarterly and full-year basis. GAAP operating expenses for the full year decreased by
Fourth Quarter 2025 Financial Results
Revenue was
Gross margin was
Total operating expenses in the fourth quarter of 2025 declined by
Operating loss in the fourth quarter of 2025 declined by
Net loss narrowed by
Full Year 2025 Financial Results
Revenue for the year ended December 31, 2025 was
Gross margin grew to
Total operating expenses in 2025 declined by
Operating loss in 2025 declined by
Net loss narrowed by
Liquidity
As of December 31, 2025, Lifeward had
About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity system, the MyoCycle FES System, and the ReStore Exo-Suit.
Founded in 2001, 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 Alter G® 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 concerning Lifeward, Oramed, the strategic investment and partnership agreement with Oramed (collectively, the “Proposed Transactions”) and other matters. 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: Lifeward’s and Oramed’s management teams’ expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: the structure, timing and completion of the Proposed Transactions; perceived benefits or opportunities of the Proposed Transactions; timing of closing of the Proposed Transactions, expected proceeds, expectations regarding the use of proceeds, and impact on ownership structure; the anticipated timing of the closing; the future operations of Lifeward, including research and development activities; the nature, strategy and focus of Lifeward; 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 Proposed Transactions; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Proposed Transactions; and 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.
Lifeward does not provide GAAP reconciliation of its non-GAAP financial guidance because the Company is unable to predict with reasonable certainty and without unreasonable effort items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition-related expense, and earnout expense. The timing and amounts of these items are uncertain and could be material to Lifeward’s results computed in accordance with GAAP.
Contact:
Almog Adar
Chief Financial Officer
Lifeward
E: media@golifeward.com
E: ir@golifeward.com
| Lifeward Ltd. And subsidiaries | |||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||||||||
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| (In thousands, except share and per share data) | |||||||||||||||||||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Revenue | $ | 5,081 | $ | 7,545 | $ | 22,034 | $ | 25,663 | |||||||||||||||||||||||
| Cost of revenues | 3,993 | 5,701 | 13,606 | 17,447 | |||||||||||||||||||||||||||
| Gross profit | 1,088 | 1,844 | 8,428 | 8,216 | |||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||
| Research and development, net | 843 | 1,131 | 3,249 | 4,625 | |||||||||||||||||||||||||||
| Sales and marketing | 3,085 | 4,376 | 13,875 | 17,949 | |||||||||||||||||||||||||||
| General and administrative | 2,278 | 1,771 | 8,195 | 5,195 | |||||||||||||||||||||||||||
| Impairment charges | - | 9,794 | 2,783 | 9,794 | |||||||||||||||||||||||||||
| Total operating expenses | 6,206 | 17,072 | 28,102 | 37,563 | |||||||||||||||||||||||||||
| Operating loss | (5,118 | ) | (15,228 | ) | (19,674 | ) | (29,347 | ) | |||||||||||||||||||||||
| Financial (expense) income, net | (303 | ) | (47 | ) | (295 | ) | 448 | ||||||||||||||||||||||||
| Loss before income taxes | (5,421 | ) | (15,275 | ) | (19,969 | ) | (28,899 | ) | |||||||||||||||||||||||
| Taxes on income (benefit) | (73 | ) | 3 | (55 | ) | 43 | |||||||||||||||||||||||||
| Net loss | $ | (5,348 | ) | $ | (15,278 | ) | $ | (19,914 | ) | $ | (28,942 | ) | |||||||||||||||||||
| Basic net loss per ordinary share | $ | (3.60 | ) | $ | (20.82 | ) | $ | (17.16 | ) | $ | (39.96 | ) | |||||||||||||||||||
| Weighted average number of shares used in computing net loss per ordinary share basic and diluted (*) | 1,487,519 | 733,965 | 1,160,521 | 724,272 | |||||||||||||||||||||||||||
| (*) 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 | |||||||||||||||||||||||||||||||
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| December 31, | December 31, | ||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 2,169 | $ | 6,746 | |||||||||||||||||||||||||||
| Restricted Cash | 240 | 197 | |||||||||||||||||||||||||||||
| Trade receivables, net of credit losses of | 6,138 | 6,004 | |||||||||||||||||||||||||||||
| Prepaid expenses and other current assets | 1,528 | 1,624 | |||||||||||||||||||||||||||||
| Inventories | 5,732 | 6,723 | |||||||||||||||||||||||||||||
| Total current assets | 15,807 | 21,294 | |||||||||||||||||||||||||||||
| Restricted cash and other long term assets | 209 | 240 | |||||||||||||||||||||||||||||
| Operating lease right-of-use assets | 1,544 | 548 | |||||||||||||||||||||||||||||
| Property and equipment, net | 585 | 867 | |||||||||||||||||||||||||||||
| Goodwill | 4,755 | 7,538 | |||||||||||||||||||||||||||||
| Total assets | $ | 22,900 | $ | 30,487 | |||||||||||||||||||||||||||
| Liabilities and equity | |||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||
| Trade payables | 5,590 | 5,022 | |||||||||||||||||||||||||||||
| Current maturities of operating leases | 425 | 858 | |||||||||||||||||||||||||||||
| Other current liabilities | 3,221 | 3,737 | |||||||||||||||||||||||||||||
| Convertible promissory notes | 2,803 | - | |||||||||||||||||||||||||||||
| Earnout liability | - | 608 | |||||||||||||||||||||||||||||
| Total current liabilities | 12,039 | 10,225 | |||||||||||||||||||||||||||||
| Non-current operating leases | 1,159 | 22 | |||||||||||||||||||||||||||||
| Other long-term liabilities | 1,294 | 1,391 | |||||||||||||||||||||||||||||
| Shareholders’ equity | 8,408 | 18,849 | |||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 22,900 | $ | 30,487 | |||||||||||||||||||||||||||
| Lifeward Ltd. And subsidiaries | |||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||||||||||
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| December 31, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||||||||||
| Net cash used in operating activities | $ | (16,826 | ) | $ | (21,718 | ) | |||||||||||||||||||||||||
| Cash used in investing activities | (16 | ) | - | ||||||||||||||||||||||||||||
| Net cash provided by financing activities | 12,203 | - | |||||||||||||||||||||||||||||
| Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | 110 | 34 | |||||||||||||||||||||||||||||
| Decrease in cash, cash equivalents, and restricted cash | (4,529 | ) | (21,684 | ) | |||||||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 7,108 | 28,792 | |||||||||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 2,579 | $ | 7,108 | |||||||||||||||||||||||||||
| Lifeward Ltd. And subsidiaries | |||||||||||||||||||||||||||||||
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| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Revenues based on customer’s location: | |||||||||||||||||||||||||||||||
| United States | 2,974 | 3,371 | 13,237 | 14,425 | |||||||||||||||||||||||||||
| Europe | 807 | 2,489 | 2,907 | 5,124 | |||||||||||||||||||||||||||
| Germany | 805 | 1,161 | 4,014 | 4,422 | |||||||||||||||||||||||||||
| Asia - Pacific | 191 | 281 | 460 | 825 | |||||||||||||||||||||||||||
| Rest of the world | 304 | 243 | 1,416 | 867 | |||||||||||||||||||||||||||
| Total Revenues | $ | 5,081 | $ | 7,545 | $ | 22,034 | $ | 25,663 | |||||||||||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||
| Dollars in thousands, except per share data | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||
| GAAP net loss | $ | (5,348 | ) | $ | (15,278 | ) | $ | (19,914 | ) | $ | (28,942 | ) | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||
| Amortization of intangible assets | - | 842 | - | 3,347 | |||||||||||||||||||||||||||
| M&A transaction | - | - | - | (467 | ) | ||||||||||||||||||||||||||
| Integration/Rebranding costs | - | - | - | 236 | |||||||||||||||||||||||||||
| Oramed transactions | 384 | - | 384 | - | |||||||||||||||||||||||||||
| Restructuring | - | 1,260 | 700 | 1,260 | |||||||||||||||||||||||||||
| Remeasurement of earnout liability | - | (184 | ) | (608 | ) | (2,684 | ) | ||||||||||||||||||||||||
| Inventory Write down | 562 | - | 562 | - | |||||||||||||||||||||||||||
| Impairment | - | 9,794 | 2,783 | 9,794 | |||||||||||||||||||||||||||
| Stock-based compensation expenses | 165 | 234 | 741 | 1,281 | |||||||||||||||||||||||||||
| Non-GAAP net loss | $ | (4,237 | ) | $ | (3,332 | ) | $ | (15,352 | ) | $ | (16,175 | ) | |||||||||||||||||||
| Shares used in net loss per share (*) | 1,487,519 | 733,965 | 1,160,521 | 724,272 | |||||||||||||||||||||||||||
| Non-GAAP net loss per share | $ | (2.85 | ) | $ | (4.54 | ) | $ | (13.23 | ) | $ | (22.33 | ) | |||||||||||||||||||
| (*) 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. | |||||||||||||||||||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||
| GAAP operating loss | $ | (5,118 | ) | (100.7 | )% | $ | (15,228 | ) | (201.8 | )% | $ | (19,674 | ) | (89.3 | )% | $ | (29,347 | ) | (114.4 | )% | |||||||||||
| Amortization of intangible assets | - | - | 842 | 11.2 | % | - | - | 3,347 | 13.0 | % | |||||||||||||||||||||
| M&A transaction | - | - | - | - | - | - | (467 | ) | (1.8 | )% | |||||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | - | - | 236 | 0.9 | % | ||||||||||||||||||||||
| Oramed transactions | 384 | 7.6 | % | - | - | 384 | 1.7 | % | - | - | |||||||||||||||||||||
| Restructuring | - | - | 1,260 | 16.7 | % | 700 | 3.2 | % | 1,260 | 4.9 | % | ||||||||||||||||||||
| Remeasurement of earnout liability | - | - | (184 | ) | (2.4 | )% | (608 | ) | (2.8 | )% | (2,684 | ) | (10.5 | )% | |||||||||||||||||
| Inventory Write down | 562 | 11.1 | % | - | - | 562 | 2.6 | % | - | - | |||||||||||||||||||||
| Impairment | - | - | 9,794 | 129.8 | % | 2,783 | 12.6 | % | 9,794 | 38.2 | % | ||||||||||||||||||||
| Stock-based compensation expenses | 165 | 3.2 | % | 234 | 3.1 | % | 741 | 3.4 | % | 1,281 | 5.0 | % | |||||||||||||||||||
| Non-GAAP operating loss | $ | (4,007 | ) | (78.8 | )% | $ | (3,282 | ) | (43.4 | )% | $ | (15,112 | ) | (68.6 | )% | $ | (16,580 | ) | (64.7 | )% | |||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||
| GAAP gross profit | $ | 1,088 | 21.4 | % | $ | 1,844 | 24.4 | % | $ | 8,428 | 38.2 | % | $ | 8,216 | 32.0 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||
| Inventory Write down | 562 | 11.1 | % | - | - | 562 | 2.6 | % | - | - | |||||||||||||||||||||
| Amortization of intangible assets | - | - | 387 | 5.1 | % | - | - | 1,540 | 6.0 | % | |||||||||||||||||||||
| Restructuring | - | - | 1,195 | 15.8 | % | - | - | 1,195 | 4.7 | % | |||||||||||||||||||||
| Stock-based compensation expenses | 4 | 0.1 | % | 4 | 0.1 | % | 14 | 0.1 | % | 16 | 0.1 | % | |||||||||||||||||||
| Non-GAAP gross profit | $ | 1,654 | 32.6 | % | $ | 3,430 | 45.4 | % | $ | 9,004 | 40.9 | % | $ | 10,967 | 42.8 | % | |||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||
| GAAP research & development | $ | 843 | 16.6 | % | $ | 1,131 | 15.0 | % | $ | 3,249 | 14.7 | % | $ | 4,625 | 18.0 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||
| Stock-based compensation expenses | (33 | ) | (0.6 | )% | (38 | ) | (0.5 | )% | (138 | ) | (0.6 | )% | (168 | ) | (0.7 | )% | |||||||||||||||
| Non-GAAP research & development | $ | 810 | 16.0 | % | $ | 1,093 | 14.5 | % | $ | 3,111 | 14.1 | % | $ | 4,457 | 17.3 | % | |||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||
| GAAP sales & marketing | $ | 3,085 | 60.7 | % | $ | 4,376 | 58.0 | % | $ | 13,875 | 63.0 | % | $ | 17,949 | 69.9 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||
| Amortization of intangible assets | - | - | (388 | ) | (5.1 | )% | - | - | (1,542 | ) | (6.0 | )% | |||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | - | - | - | (193 | ) | (0.8 | )% | ||||||||||||||||||||
| Restructuring | - | - | - | - | (277 | ) | (1.3 | )% | - | - | |||||||||||||||||||||
| Stock-based compensation expenses | (36 | ) | (0.7 | )% | (92 | ) | (1.2 | )% | (239 | ) | (1.1 | )% | (401 | ) | (1.6 | )% | |||||||||||||||
| Non-GAAP sales & marketing | $ | 3,049 | 60.0 | % | $ | 3,896 | 51.7 | % | $ | 13,359 | 60.6 | % | $ | 15,813 | 61.5 | % | |||||||||||||||
| Quarter Ended | Year Ended | ||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | |||||||||||||||||||||||
| GAAP general & administrative | $ | 2,278 | 44.8 | % | $ | 1,771 | 23.5 | % | $ | 8,195 | 37.2 | % | $ | 5,195 | 20.2 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||
| M&A transaction | - | - | - | - | - | - | 467 | 1.8 | % | ||||||||||||||||||||||
| Amortization of intangible assets | - | - | (67 | ) | (0.9 | )% | - | - | (265 | ) | (1.0 | )% | |||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | - | - | (43 | ) | (0.2 | )% | |||||||||||||||||||||
| Oramed transactions | (384 | ) | (7.6 | )% | - | - | (384 | ) | (1.7 | )% | - | - | |||||||||||||||||||
| Restructuring | - | - | (65 | ) | (0.9 | )% | (423 | ) | (1.9 | )% | (65 | ) | (0.3 | )% | |||||||||||||||||
| Remeasurement of earnout liability | - | - | 184 | 2.4 | % | 608 | 2.8 | % | 2,684 | 10.5 | % | ||||||||||||||||||||
| Stock-based compensation expenses | (92 | ) | (1.8 | )% | (100 | ) | (1.3 | )% | (350 | ) | (1.6 | )% | (696 | ) | (2.7 | )% | |||||||||||||||
| Non-GAAP general & administrative | $ | 1,802 | 35.4 | % | $ | 1,723 | 22.8 | % | $ | 7,646 | 34.8 | % | $ | 7,277 | 28.3 | % | |||||||||||||||
FAQ
What does the Oramed transaction mean for Lifeward (LFWD) financing and runway?
How did Lifeward (LFWD) perform financially for full year 2025?
What commercial progress did Lifeward (LFWD) announce for ReWalk in 2025?
When does Lifeward expect the upper‑body exoskeleton acquisition to reach market for LFWD?
How did Lifeward's margins and operating losses change in Q4 2025 for LFWD?
