STOCK TITAN

Lifeward (LFWD) grows Q2 2026 revenue 16% as net loss deepens on non-cash charges

(Very High)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Lifeward Ltd. reported second quarter 2026 results showing higher revenue but a larger net loss, alongside significant leadership changes. Revenue increased 16% to $6.6 million from $5.7 million a year earlier, driven by ReWalk Personal exoskeleton sales of $2.5 million and AlterG products and services of $4.1 million. Gross margin was 41%, down from 44% due to higher tariffs, foreign exchange impacts and a 4% revenue-sharing expense tied to the Oramed transaction.

Total operating expenses declined 24% to $6.9 million, reflecting prior-year impairment charges, and operating loss improved 37% to $4.2 million. However, net loss widened to $11.5 million (or $4.12 per share) from $6.6 million, mainly from non-cash fair value charges on warrant and derivative liabilities. On a non-GAAP basis, net loss was $4.1 million. Cash and cash equivalents rose to $9.4 million as of June 30, 2026, versus $2.2 million at year-end 2025, with a pro forma balance of about $11 million including a July 2026 capital raise.

Governance changes include the resignations of directors Robert J. Marshall, Jr., Michael Swinford and William Mark Sigsbee, effective August 13, 2026, with no disagreements cited. Chief Financial Officer Almog Adar will step down effective September 30, 2026, under a separation agreement treated as a termination without cause while he supports the transition.

Positive

  • Revenue grew 16% year over year to $6.6 million in Q2 2026, driven by stronger ReWalk Personal exoskeleton and AlterG product and service sales.
  • Operating loss improved 37% to $4.2 million in Q2 2026 from $6.6 million, helped by lower operating expenses versus the prior year.
  • Cash and cash equivalents increased to $9.4 million at June 30, 2026, from $2.2 million at December 31, 2025, with pro forma cash of about $11 million including a July capital raise.
  • Total operating expenses fell 24% to $6.9 million in Q2 2026 from $9.1 million, reflecting the absence of prior-year impairment charges and cost efficiencies.

Negative

  • GAAP net loss rose to $11.5 million in Q2 2026 from $6.6 million, largely due to non-cash fair value charges in warrant and derivative liabilities.
  • Gross margin declined to 41% in Q2 2026 from 44%, pressured by higher tariffs, foreign exchange impacts and revenue-sharing costs related to the Oramed transaction.
  • Operating cash outflow remained high at $9.7 million for the first six months of 2026, similar to $9.4 million in the prior-year period.
  • Multiple governance departures occurred, with three directors and the Chief Financial Officer stepping down in August–September 2026, creating near-term leadership transition risk.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $6,623 thousand Revenue for the three months ended June 30, 2026, up 16% from $5,724 thousand in Q2 2025
Q2 2026 Gross Margin 40.9% GAAP gross profit of $2,709 thousand on $6,623 thousand of revenue in Q2 2026
Q2 2026 Operating Loss $4,152 thousand Operating loss for the three months ended June 30, 2026, versus $6,563 thousand in Q2 2025
Q2 2026 GAAP Net Loss $11,519 thousand Net loss for the three months ended June 30, 2026, compared with $6,562 thousand a year earlier
Q2 2026 Non-GAAP Net Loss $4,080 thousand Non-GAAP net loss for the three months ended June 30, 2026, vs $3,505 thousand in Q2 2025
Cash and Cash Equivalents $9,448 thousand Unrestricted cash and cash equivalents as of June 30, 2026, versus $2,169 thousand at December 31, 2025
Net Cash Used in Operating Activities $9,680 thousand Cash used in operating activities for the six months ended June 30, 2026
Total Assets $35,000 thousand Total assets as of June 30, 2026, compared to $22,900 thousand at December 31, 2025
non-GAAP financial
"On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
impairment charges financial
"primarily due to $2.8 million of one-time impairment charges recorded in the prior-year period"
Impairment charges are one-time accounting write-downs taken when a company decides an asset — like a factory, brand, patent, or investment — is worth less than it was recorded for. Like marking down the price of a damaged item on a store shelf, they reduce reported profits and the asset’s book value; investors watch them because they can signal lasting business problems or change future earnings and balance-sheet strength.
fair value remeasurement financial
"Net loss increased by $4.9 million primarily due to non-cash fair value charges in warrant and derivative liabilities"
reverse share split financial
"retroactively adjusted to reflect the Company’s 1-for-12 reverse share split effected on February 24, 2026"
A reverse share split is when a company reduces the number of its shares outstanding by combining multiple shares into one, effectively increasing the price of each share. For investors, this can help improve the company's image or meet stock exchange listing requirements, but it does not change the total value of their investment. It’s similar to turning many small pieces of a puzzle into fewer larger pieces—nothing new is added or lost, just rearranged.
convertible promissory notes financial
"Convertible promissory notes, net | | | 4,432 | | | | -"
A convertible promissory note is a loan a company takes that can later be turned into shares instead of being paid back in cash; think of lending money now in exchange for a voucher that can become ownership later. Investors care because it mixes credit risk and potential ownership upside—it can protect lenders if a company struggles while also diluting existing shareholders when converted, affecting future share value and investor returns.
Protein Oral Delivery (POD™) platform medical
"This includes its Protein Oral Delivery (POD™) platform, designed to enable oral delivery of biologic drugs"
Revenue $6,623 thousand Up 16% from $5,724 thousand in Q2 2025
GAAP Net Loss $11,519 thousand Worse than $6,562 thousand in Q2 2025, driven by non-cash warrant and derivative fair value charges
Non-GAAP Net Loss $4,080 thousand Higher than $3,505 thousand in Q2 2025, mainly from $0.7 million Oratech clinical trial costs
Operating Loss $4,152 thousand Improved from $6,563 thousand in Q2 2025 due to lower operating expenses
Cash and Cash Equivalents $9,448 thousand Increased from $2,169 thousand at December 31, 2025; pro forma approximately $11 million including July capital raise

FAQ

How did Lifeward (LFWD) perform financially in Q2 2026?

Lifeward reported Q2 2026 revenue of $6.6 million, up 16% year over year, with an operating loss of $4.2 million and a GAAP net loss of $11.5 million, impacted by non-cash warrant and derivative fair value charges.

What drove Lifeward (LFWD) revenue growth in the second quarter of 2026?

Revenue growth to $6.6 million was led by a 13% increase in ReWalk Personal exoskeleton sales to $2.5 million and a 25% increase in AlterG products and services to $4.1 million, supported by stronger European and U.S. demand.

Why did Lifeward’s (LFWD) net loss increase in Q2 2026 despite lower operating expenses?

Although operating loss improved to $4.2 million, GAAP net loss widened to $11.5 million due mainly to non-cash fair value remeasurement of warrant and derivative liabilities, which significantly increased financial expense versus Q2 2025.

What is the cash position of Lifeward (LFWD) as of June 30, 2026?

As of June 30, 2026, Lifeward held $9.4 million in unrestricted cash and cash equivalents, up from $2.2 million at December 31, 2025. Including a July 6, 2026 capital raise, pro forma cash is approximately $11 million.

Which leadership changes did Lifeward (LFWD) announce with this report?

Lifeward disclosed that three directors—Robert J. Marshall Jr., Michael Swinford and William Mark Sigsbee—resigned effective August 13, 2026, and CFO Almog Adar will step down on September 30, 2026, under a separation agreement treated as termination without cause.

How did Lifeward’s (LFWD) operating expenses change in Q2 2026?

Total operating expenses declined 24% to $6.9 million from $9.1 million a year earlier, largely because Q2 2025 included $2.8 million of impairment charges. On a non-GAAP basis, adjusted operating expenses rose 8% to $6.5 million, reflecting higher R&D, including Oratech clinical trial costs.

What were Lifeward’s (LFWD) non-GAAP results for Q2 2026?

On a non-GAAP basis, Lifeward reported Q2 2026 operating loss of $3.8 million and non-GAAP net loss of $4.1 million, compared with $3.5 million in the prior-year quarter, mainly due to $0.7 million in Oratech clinical trial expenses.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 10, 2026
 
Lifeward Ltd.

(Exact name of registrant as specified in its charter)
  
Israel
 
001-36612
 
Not applicable
(State or Other Jurisdiction of Incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)

2 Cabot Rd., Hudson, MA
 
01749
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: +508.251.1154

Not applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to
Section 12(b) of the Exchange Act
 
Trading Symbol
 
Name of each exchange on which registered
Ordinary shares, no par value 
 
LFWD
 
Nasdaq Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 


Item 2.02             Results of Operations and Financial Condition.
 
On August 14, 2026, Lifeward Ltd. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is being furnished herewith as Exhibit 99.1.
 
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “1934 Act”), nor shall it be deemed “incorporated by reference” into any filing under the Securities Act of 1933, as amended, or the 1934 Act, except as may be expressly set forth by specific reference in such filing.
 
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.

Resignation of Directors

On August 12, 2026, each of Robert J. Marshall, Jr., Michael Swinford and William Mark Sigsbee notified the Board of their decision to step down from the Board, effective as of August 13, 2026. The departure of each of Messrs. Marshall, Swinford and Sigsbee did not result from any disagreement with the Company on any matter relating to its operations, policies or practices. The Company extends its deepest gratitude to each of Messrs. Marshall, Swinford and Sigsbee for their distinguished service to the Board and lasting contributions to the Company.

Departure of Chief Financial Officer

On August 14, 2026, the Company announced that Almog Adar will step down as the Chief Financial Officer of the Company. Mr. Adar will continue to serve in his existing role through September 30, 2026 to assist with a transition to a successor. For purposes of the separation benefits under his existing employment agreement, as amended, Mr. Adar’s departure will be treated as a termination without cause. On August 10, 2026, the Company entered into a separation agreement with Mr. Adar providing for separation benefits substantially similar to those contemplated by Mr. Adar’s existing employment agreement. A copy of Mr. Adar’s separation agreement will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Item 9.01           Financial Statements and Exhibits.
 
(d) Exhibits
 
99.1
Press release dated August 14, 2026 of Lifeward Ltd., announcing financial results for the second quarter ended June 30, 2026.*
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
   

*
Furnished herewith



SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Lifeward Ltd.
Dated: August 14, 2026
By:
/s/ Almog Adar
 
Name:
Almog Adar
 
Title:
Chief Financial Officer
 


Exhibit 99.1



Lifeward Reports Strong Second Quarter 2026 Financial Results as
Commercial Execution Drives Growth

Revenue increase and operating performance improve as capital-efficient distribution strategy gains
momentum

Strengthened balance sheet and expanding rehabilitation platform support continued commercial
execution

HUDSON, MA, and YOKNEAM ILLIT, Israel, August 14, 2026 – 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 reported financial results for the second quarter ended June 30, 2026.
 
Corporate & Financial Highlights
 

Revenue increased 16% to $6.6 million in the second quarter of 2026 compared to the second quarter of 2025, marking the strongest quarterly revenue performance since the fourth quarter of 2024. The increase reflects continued execution of Lifeward's commercial strategy and growing adoption across the Company's rehabilitation portfolio.
 

Strengthened the Company's balance sheet to a proforma cash balance of approximately $11 million. The Company had a cash balance of $9.4 million as of June 30, 2026. Through a strategic financing closed on July 6, 2026, providing up to $11.2 million in growth capital, Lifeward raised approximately $5.6 million, $4.1 million of which was received during the second quarter, and $1.5 million was received in July. An additional approximately $5.6 million is available upon achieving either a 150% increase in ReWalk sales or the Company's common stock trading at $13.80 or higher for ten consecutive trading days.
 

Continued successful execution of Lifeward's capital-efficient distribution strategy, expanding patient access through established rehabilitation and durable medical equipment distribution partners while building scalable commercial infrastructure designed to support portfolio growth. In August 2026, Lifeward launched a pilot program with Ottobock Care, a leading U.S. mobility technology patient care organization with more than 50 patient clinics nationwide, broadening access to ReWalk Personal Exoskeleton across the country.


Further strengthened Lifeward's restorative healthcare platform, with ongoing investigational device development, combining market-leading rehabilitation technologies with an established reimbursement infrastructure.


Advanced the ORMD-0801 oral insulin clinical program, with preparations ongoing for the planned Phase 2 U.S. clinical trial. Clinical development activities continue to be managed by Oramed under the strategic collaboration utilizing funds from the Oratech acquisition.


Board composition. Effective August 13, 2026, the Company’s Chairman of the Board Bob Marshall and Directors Mike Swinford and William Sigsbee have decided to step down from the board. The Company extends its gratitude to each of Messrs. Marshall, Swinford and Sigsbee for their service and lasting contributions to the Company.
 

Executive transition. The Company’s Chief Financial Officer, Almog Adar, has decided to depart the Company effective September 30, 2026, and will assist with a transition period to his successor. The Company extends its gratitude to Mr. Adar for his service and lasting contributions to the Company.
 


"The second quarter marks another important milestone in Lifeward's transformation into a scaled restorative healthcare company, with revenue growth demonstrating that the strategy we have implemented is working,” said Mark Grant, President and Chief Executive Officer of Lifeward. “Backed by a strong sales pipeline, we expect this revenue momentum to continue in the second half of 2026.”
 
"Over the past year, we have strengthened Lifeward’s restorative healthcare platform, which includes multiple commercial products, a strong reimbursement infrastructure, a scalable capital-efficient distribution model and an exciting pipeline of potential future rehabilitation technologies. These capabilities create a powerful foundation that we believe will support sustainable long-term growth and expand access to life-changing technologies for patients around the world."
 
"As part of the governance changes announced today, I am proud of what our team has accomplished together with the support and guidance of our board. We have established the strategy, strengthened the balance sheet, built the commercial infrastructure and positioned the Company to capitalize on significant opportunities ahead."
 
Second Quarter 2026 Financial Results
 
Revenue increased 16% to $6.6 million in the second quarter of 2026, compared to $5.7 million in the second quarter of 2025. The $0.9 million increase was driven by a 13% increase in ReWalk Personal exoskeletons sales to $2.5 million in the second quarter of 2026 compared to the same period in 2025, primarily reflecting stronger sales in Europe, and AlterG products and services which increased 25% to $4.1 million from the same period in 2025, primarily reflecting higher U.S. unit shipments, service revenue and average selling prices. MyoCycle FES bike sales were $0.1 million, unchanged from the second quarter of 2025.
 
Gross margin was 41% during the second quarter of 2026, compared to 44% in the second quarter of 2025. The year-over-year decrease was primarily due to higher tariffs, fluctuations in foreign exchange rates, and a 4%  revenue sharing expense associated with the Oramed transaction.
 
Total operating expenses in the second quarter of 2026 declined 24% to $6.9 million, compared to $9.1 million in the second quarter of 2025, primarily due to $2.8 million of one-time impairment charges recorded in the prior-year period. Excluding these charges, the year-over-year increase primarily reflected higher research and development expenses, including $0.7 million in Oratech clinical trial costs, partially offset by lower sales and marketing and general and administrative expenses. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses increased by 8% to $6.5 million in the second quarter of 2026, compared to $6.0 million in the second quarter of 2025, with the year-over-year change primarily attributable to $0.7 million in Oratech clinical trial costs.
 
Operating loss declined by 37% in the second quarter of 2026 to $4.2 million, compared to $6.6 million in the second quarter of 2025, primarily due to $2.8 million of impairment charges recorded in the second quarter of 2025 and lower sales and marketing and general and administrative expenses, partially offset by $0.7 million in Oratech clinical trial costs in the second quarter of 2026. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss was $3.8 million in the second quarter of 2026, compared to $3.5 million in the second quarter of 2025, with the year-over-year change primarily attributable to $0.7 million in Oratech clinical trial costs, partially offset by continued operating efficiencies, particularly in sales and marketing and general and administrative expenses.
 
Net loss was $11.5 million, or $4.12 per share, in the second quarter of 2026, compared to $6.6 million, or $7.01 per share, in the second quarter of 2025. Net loss increased by $4.9 million primarily due to non-cash fair value charges in warrant and derivative liabilities, compared to the three months ended June 30, 2025. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss was $4.1 million in the second quarter of 2026, compared to $3.5 million in the second quarter of 2025, with the year-over-year change primarily attributable to $0.7 million in Oratech clinical trial costs.


 
Liquidity
 
As of June 30, 2026, Lifeward had $9.4 million in unrestricted cash and cash equivalents, compared to $2.2 million as of December 31, 2025. The proforma cash balance is approximately $11 million, inclusive of $1.5 million in proceeds from the July 6, 2026 capital raise of $5.6 million, $4.1 million of which was received prior to June 30, 2026.
 
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 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. 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 Pharmaceuticals Ltd. 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 ability of a refreshed Board of Directors to effectively oversee and manage the Company and execute its strategy; 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.

Contact:
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
   
Six Months Ended
 
 
 
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
 
                       
Revenue
 
$
6,623
   
$
5,724
   
$
10,546
   
$
10,758
 
Cost of revenues
   
3,914
     
3,213
     
6,495
     
6,125
 
Gross profit
   
2,709
     
2,511
     
4,051
     
4,633
 
Operating expenses:
                               
Research and development, net
   
1,754
     
767
     
7,599
     
1,685
 
Sales and marketing
   
3,531
     
3,785
     
6,802
     
7,622
 
General and administrative
   
1,576
     
1,739
     
4,141
     
3,959
 
Impairment charges
   
-
     
2,783
     
-
     
2,783
 
Total operating expenses
   
6,861
     
9,074
     
18,542
     
16,049
 
Operating loss
   
(4,152
)
   
(6,563
)
   
(14,491
)
   
(11,416
)
Financial expense (income), net
   
7,357
     
(1
)
   
7,805
     
(31
)
Loss before income taxes
   
(11,509
)
   
(6,562
)
   
(22,296
)
   
(11,385
)
Taxes on income
   
10
     
-
     
16
     
11
 
Net loss
 
$
(11,519
)
 
$
(6,562
)
 
$
(22,312
)
 
$
(11,396
)
Basic net loss per ordinary share
 
$
(4.12
)
 
$
(7.01
)
 
$
(10.09
)
 
$
12.59
 
Weighted average number of shares used in computing net loss per ordinary share basic and diluted (*)
   
2,796,621
     
935,785
     
2,210,280
     
904,881
 

(*) 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)

 
 
(Unaudited)
   
(Audited)
 
 
 
June 30,
   
December 31,
 
 
 
2026
   
2025
 
 
           
Assets
           
Current assets
           
Cash and cash equivalents
 
$
9,448
   
$
2,169
 
Restricted Cash
   
4
     
240
 
Clinical trial services asset
   
504
     
-
 
Trade receivables, net of credit losses of $212 and $192, respectively
   
7,861
     
6,138
 
Prepaid expenses and other current assets
   
1,979
     
1,528
 
Inventories
   
6,151
     
5,732
 
Total current assets
   
25,947
     
15,807
 
Restricted cash and other long term assets
   
488
     
209
 
Clinical trial services asset
   
378
     
-
 
Operating lease right-of-use assets
   
2,473
     
1,544
 
Property and equipment, net
   
527
     
585
 
Intangible Assets
   
432
     
-
 
Goodwill
   
4,755
     
4,755
 
Total assets
 
$
35,000
   
$
22,900
 
Liabilities and equity
               
Current liabilities
               
Trade payables
   
6,135
     
5,590
 
Current maturities of operating leases
   
743
     
425
 
Convertible promissory note
   
-
     
2,803
 
Other current liabilities
   
4,281
     
3,221
 
Total current liabilities
   
11,159
     
12,039
 
 
               
Non-current operating leases
   
1,813
     
1,159
 
Convertible promissory notes, net
   
4,432
     
-
 
Financing liabilities
   
4,083
     
-
 
Other long-term liabilities
   
1,297
     
1,294
 
Shareholders’ equity
   
12,216
     
8,408
 
Total liabilities and equity
 
$
35,000
   
$
22,900
 



Lifeward Ltd. And subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

 
 
Six Months Ended
 
 
 
June 30,
 
 
 
2026
   
2025
 
 
           
Net cash used in operating activities
 
$
(9,680
)
 
$
(9,429
)
Net cash provided by (used in) investing activities
   
6,472
     
(5
)
Net cash provided by financing activities
   
10,505
     
7,779
 
Effect of Exchange rate changes on cash, cash equivalents and restricted cash
   
12
     
70
 
Increase (decrease) in cash, cash equivalents, and restricted cash
   
7,309
     
(1,585
)
Cash, cash equivalents, and restricted cash at beginning of period
   
2,579
     
7,108
 
Cash, cash equivalents, and restricted cash at end of period
 
$
9,888
   
$
5,523
 



Lifeward Ltd. And subsidiaries
(Unaudited)
(In thousand)

 
 
Three Months Ended
   
Six Months Ended
 
 
 
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
 
                       
Revenues based on customer’s location:
                       
United States
 
$
4,063
   
$
3,062
   
$
6,424
   
$
6,271
 
Europe
   
1,053
     
693
     
1,757
     
1,473
 
Germany
   
1,134
     
1,410
     
1,831
     
1,966
 
Asia - Pacific
   
235
     
124
     
287
     
166
 
Rest of the world
   
138
     
435
     
247
     
882
 
Total Revenues
 
$
6,623
   
$
5,724
   
$
10,546
   
$
10,758
 

 
 
Three Months Ended
   
Six Months Ended
 
 
 
June 30,
   
June 30,
 
Dollars in thousands, except per share data
 
2026
   
2025
   
2026
   
2025
 
 
                       
GAAP net loss
 
$
(11,519
)
 
$
(6,562
)
 
$
(22,312
)
 
$
(11,396
)
Adjustments:
                               
Amortization of intangible assets
   
10
     
-
     
10
     
-
 
Non-cash acquired in-process R&D expense
   
-
     
-
     
4,947
     
-
 
Oramed transaction-related expenses
   
-
     
-
     
619
     
-
 
Other income related to the settlement of the post closing statement for the acquisition of AlterG
   
(142
)
   
-
     
(142
)
   
-
 
Restructuring
   
244
     
700
     
244
     
700
 
Remeasurement of earnout liability
   
-
     
(608
)
   
-
     
(608
)
Impairment charges
   
-
     
2,783
     
-
     
2,783
 
Stock-based compensation expenses
   
262
     
182
     
439
     
402
 
Non-cash amortization of debt discount associated with the convertible notes and warrants
   
153
     
-
     
958
     
-
 
Fair value remeasurement of warrant and derivative liabilities
   
6,912
     
-
     
6,387
     
-
 
 
                               
Non-GAAP net loss
 
$
(4,080
)
 
$
(3,505
)
 
$
(8,850
)
 
$
(8,119
)
 
                               
Weighted average shares used in computing net loss per share (*)
   
2,796,621
     
935,785
     
2,210,280
     
904,881
 
 
                               
Non-GAAP net loss per share
 
$
(1.46
)
 
$
(3.75
)
 
$
(4.00
)
 
$
(8.97
)

(*) 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
   
Six Months Ended
 
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
Dollars in thousands
 
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
 
 
                                                       
GAAP operating loss
 
$
(4,152
)
   
(62.7
)%
 
$
(6,563
)
   
(114.7
)%
 
$
(14,491
)
   
(137.4
)%
 
$
(11,416
)
   
(106.1
)%
 
                                                               
Amortization of intangible assets
   
10
     
0.2
%
   
-
     
-
     
10
     
0.1
%
   
-
     
-
 
Non-cash acquired in-process R&D expense
   
-
     
-
     
-
     
-
     
4,947
     
46.9
%
   
-
     
-
 
Oramed transaction-related expenses
   
-
     
-
     
-
     
-
     
619
     
5.9
%
   
-
     
-
 
Other income related to the settlement of the post closing statement for the acquisition of AlterG
   
(142
)
   
(2.1
)%
   
-
     
-
     
(142
)
   
(1.3
)%
   
-
     
-
 
Restructuring
   
244
     
3.7
%
   
700
     
12.2
%
   
244
     
2.3
%
   
700
     
6.5
%
Remeasurement of earnout liability
   
-
     
-
     
(608
)
   
(10.6
)%
   
-
     
-
     
(608
)
   
(5.7
)%
Impairment charges
   
-
     
-
     
2,783
     
48.6
%
   
-
     
-
     
2,783
     
25.9
%
Stock-based compensation expenses
   
262
     
4.0
%
   
182
     
3.2
%
   
439
     
4.2
%
   
402
     
3.7
%
 
                                                               
Non-GAAP operating loss
 
$
(3,778
)
   
(56.9
)%
 
$
(3,506
)
   
(61.3
)%
 
$
(8,374
)
   
(79.3
)%
 
$
(8,139
)
   
(75.7
)%

 
 
Three Months Ended
   
Six Months Ended
 
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
Dollars in thousands
 
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
 
 
                                                       
GAAP gross profit
 
$
2,709
     
40.9
%
 
$
2,511
     
43.9
%
 
$
4,051
     
38.4
%
 
$
4,633
     
43.1
%
Adjustments:
                                                               
Stock-based compensation expenses
   
1
     
-
     
4
     
0.1
%
   
6
     
0.1
%
   
7
     
0.1
%
 
                                                               
Non-GAAP gross profit
 
$
2,710
     
40.9
%
 
$
2,515
     
44.0
%
 
$
4,057
     
38.5
%
 
$
4,640
     
43.2
%



 
 
Three Months Ended
   
Six Months Ended
 
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
Dollars in thousands
 
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
 
 
                                                       
GAAP research & development
 
$
1,754
     
26.5
%
 
$
767
     
13.4
%
 
$
7,599
     
72.1
%
 
$
1,685
     
15.7
%
Adjustments:
                                                               
Amortization of intangible assets
   
(10
)
   
(0.2
)%
   
-
     
-
     
(10
)
   
(0.1
)%
   
-
     
-
 
Non-cash acquired in-process R&D expense
   
-
     
-
     
-
     
-
     
(4,947
)
   
(46.9
)%
   
-
     
-
 
Stock-based compensation expenses
   
(37
)
   
(0.6
)%
   
(37
)
   
(0.6
)%
   
(74
)
   
(0.7
)%
   
(73
)
   
(0.7
)%
 
                                                               
Non-GAAP research & development
 
$
1,707
     
25.7
%
 
$
730
     
12.8
%
 
$
2,568
     
24.4
%
 
$
1,612
     
15.0
%

 
 
Three Months Ended
   
Six Months Ended
 
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
Dollars in thousands
 
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
 
 
                                                       
GAAP sales & marketing
 
$
3,531
     
53.3
%
 
$
3,785
     
66.1
%
 
$
6,802
     
64.5
%
 
$
7,622
     
70.8
%
Adjustments:
                                                               
Restructuring
   
(244
)
   
(3.7
)%
   
(277
)
   
(4.8
)%
   
(244
)
   
(2.3
)%
   
(277
)
   
(2.6
)%
Stock-based compensation expenses
   
(5
)
   
(0.1
)%
   
(56
)
   
(1.0
)%
   
(63
)
   
(0.6
)%
   
(138
)
   
(1.3
)%
 
                                                               
Non-GAAP sales & marketing
 
$
3,282
     
49.5
%
 
$
3,452
     
60.3
%
 
$
6,495
     
61.6
%
 
$
7,207
     
66.9
%

 
 
Three Months Ended
   
Six Months Ended
 
 
 
June 30,
   
June 30,
   
June 30,
   
June 30,
 
 
 
2026
   
2025
   
2026
   
2025
 
Dollars in thousands
 
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
   
$
   
% of revenue
 
 
                                                       
GAAP general & administrative
 
$
1,576
     
23.8
%
 
$
1,739
     
30.4
%
 
$
4,141
     
39.3
%
 
$
3,959
     
36.8
%
Adjustments:
                                                               
Other income related to the settlement of the post closing statement for the acquisition of AlterG
   
142
     
2.1
%
   
-
     
-
     
142
     
1.3
%
   
-
     
-
 
Oramed transaction-related expenses
   
-
     
-
     
-
     
-
     
(619
)
   
(5.9
)%
   
-
     
-
 
Restructuring
   
-
     
-
     
(423
)
   
(7.4
)%
   
-
     
-
     
(423
)
   
(3.9
)%
Remeasurement of earnout liability
   
-
     
-
     
608
     
10.6
%
   
-
     
-
     
608
     
5.7
%
Stock-based compensation expenses
   
(219
)
   
(3.3
)%
   
(85
)
   
(1.5
)%
   
(296
)
   
(2.8
)%
   
(184
)
   
(1.7
)%
 
                                                               
Non-GAAP general & administrative
 
$
1,499
     
22.6
%
 
$
1,839
     
32.1
%
 
$
3,368
     
31.9
%
 
$
3,960
     
36.9
%

 

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