Lifeward Q1 2026 results show $3.9M revenue
Lifeward Ltd. reported first quarter 2026 revenue of $3.9 million, down from $5.0 million a year earlier, mainly due to lower AlterG shipments tied to working capital constraints.
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Form Type
8-K
Rhea-AI Filing Summary
Lifeward Ltd. reported first quarter 2026 revenue of $3.9 million, down from $5.0 million a year earlier, mainly due to lower AlterG shipments tied to working capital constraints. Gross margin fell to 34.2% from 42.2% on lower production volumes and higher tariffs.
GAAP net loss widened to $10.8 million or $6.70 per share, driven by a one-time, non-cash $4.9 million in-process R&D charge and other transaction-related expenses. On a non-GAAP basis, net loss was $5.1 million, similar to last year. Cash and cash equivalents rose to $11.4 million, helped by convertible note financing and $6.5 million of cash from the Oratech acquisition.
The company closed its strategic transaction with Oramed, completed a $10 million financing, acquired Oratech and upper body exoskeleton technology, and reduced quarterly operating cash burn by 33% year-over-year. Lifeward also disclosed it will delay filing its Form 10-Q for the quarter as it finalizes accounting for the March 2026 transaction.
Insights
Lifeward trades near-term revenue pressure for balance sheet and pipeline expansion.
Lifeward posted Q1 2026 revenue of $3.9M, about 22% below the prior year, as AlterG shipments were constrained by working capital. GAAP net loss more than doubled to $10.8M, but this was largely driven by a one-time, non-cash $4.9M in-process R&D charge from the Oratech deal.
On a non-GAAP basis, operating loss was $4.6M, essentially flat year-over-year, while adjusted operating expenses fell 12% to $5.9M as sales and marketing became more efficient and R&D normalized post major projects. Liquidity improved meaningfully, with cash and equivalents increasing to $11.4M from $2.2M at year-end, aided by convertible notes and $6.5M of cash acquired with Oratech.
The quarter also advanced strategy: closing the Oramed transaction, acquiring Oratech’s Protein Oral Delivery platform with lead asset ORMD-0801 heading into a Phase 2 trial, and adding upper body exoskeleton technology. The disclosed delay in filing the Form 10-Q, tied to finalizing transaction accounting, introduces some procedural risk, but the company emphasizes ongoing operational progress and a 33% reduction in operating cash burn. Subsequent filings may provide more clarity on post-transaction integration and clinical timelines.
8-K Event Classification
Item 2.02 — Results of Operations and Financial Condition
1 item
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Key Figures
Q1 2026 Revenue: $3.9 million
Q1 2026 GAAP Net Loss: $10.8 million
Q1 2026 Non-GAAP Net Loss: $5.1 million
+5 more
8 metrics
Q1 2026 Revenue
$3.9 million
Three months ended March 31, 2026; down from $5.0 million in 2025
Q1 2026 GAAP Net Loss
$10.8 million
Three months ended March 31, 2026; vs. $4.8 million in 2025
Q1 2026 Non-GAAP Net Loss
$5.1 million
Excludes $4.9M in-process R&D, $0.6M Oramed fees, and stock comp
Cash and Cash Equivalents
$11.4 million
Unrestricted cash as of March 31, 2026; up from $2.2M at Dec. 31, 2025
Operating Cash Used
$3.7 million
Net cash used in operating activities in Q1 2026; $5.5M in Q1 2025
In-process R&D Expense
$4.9 million
One-time non-cash charge related to Oratech transaction in Q1 2026
Gross Margin
34.2%
GAAP gross margin in Q1 2026; 42.2% in Q1 2025
Weighted Avg Shares
1,610,969 shares
Basic and diluted, Q1 2026; reflects 1-for-12 reverse split
Key Terms
Protein Oral Delivery, in-process research and development, non-GAAP, convertible promissory notes, +2 more
6 terms
Protein Oral Delivery medical
"Oratech acquisition brings $6.5 million in cash and promising Protein Oral Delivery™ biomed technology"
Protein oral delivery is the development of pills or liquids that allow therapeutic proteins — such as hormones or antibodies usually given by injection — to be taken by mouth and still reach the bloodstream intact. It matters to investors because successfully protecting and absorbing fragile proteins through the digestive tract can expand patient use, cut treatment costs, and create large new markets, but it also carries technical and regulatory risk akin to getting a fragile package safely through a storm.
in-process research and development financial
"a one-time, non-cash research and development expense of approximately $4.9 million related to the acquired in-process research and development assets"
Unfinished research and development work—such as drug candidates, prototypes, or process designs—that a company is actively developing but has not yet completed or commercialized. Investors care because it represents potential future products or technologies (like a half-built prototype) whose value is uncertain; it affects how acquisitions are priced, how future profits and costs are forecast, and can be written down if the project fails.
non-GAAP financial
"On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses declined by 12%"
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.
convertible promissory notes financial
"Convertible promissory notes, net | | | 7,276"
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.
warrant liabilities financial
"Warrant liabilities | | | 6,842"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
Earnings Snapshot
Revenue: $3.9 million
Q1 2026
Revenue
$3.9 million
-22% YoY (approximately, vs. $5.0 million in Q1 2025)
GAAP Net Loss
$10.8 million
vs. $4.8 million in Q1 2025
Non-GAAP Net Loss
$5.1 million
vs. $4.6 million in Q1 2025
Operating Cash Burn
$3.7 million used
33% reduction vs. $5.5 million used in Q1 2025
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Lifeward (LFWD) perform financially in Q1 2026?
Lifeward generated $3.9 million in Q1 2026 revenue, down from $5.0 million a year earlier. GAAP net loss widened to $10.8 million, while non-GAAP net loss was $5.1 million, roughly in line with the prior-year non-GAAP loss.
Why did Lifeward’s Q1 2026 revenue decline year-over-year?
Revenue fell about 22% mainly because AlterG product and service revenue dropped 38%. Management cites lower unit shipments in the U.S. and internationally, largely from timing issues linked to working capital constraints affecting sourcing and supply chain during the quarter.
What drove Lifeward’s larger net loss in Q1 2026?
The larger GAAP net loss of $10.8 million primarily reflects a one-time, non-cash $4.9 million acquired in-process R&D expense and other transaction-related costs. Excluding these and stock-based compensation, non-GAAP net loss was $5.1 million, close to last year’s $4.6 million.
How strong is Lifeward’s cash position after Q1 2026?
As of March 31, 2026, Lifeward held $11.4 million in unrestricted cash and cash equivalents, up from $2.2 million at December 31, 2025. The increase came from convertible notes financing and about $6.5 million of cash acquired in the Oratech transaction.
What strategic transactions did Lifeward complete around Q1 2026?
Lifeward closed its strategic transaction with Oramed, completed a $10 million financing, and acquired Oratech, which brought $6.5 million in cash and the Protein Oral Delivery platform, including lead oral insulin candidate ORMD-0801 that is set to begin a Phase 2 study.
Did Lifeward (LFWD) change its operating expenses in Q1 2026?
GAAP operating expenses rose to $11.7 million due to the non-cash $4.9 million in-process R&D charge. On a non-GAAP basis, adjusted operating expenses declined 12% to $5.9 million, reflecting lower sales and marketing costs and improved operating efficiencies.
Why is Lifeward delaying its Q1 2026 Form 10-Q filing?
Lifeward stated it will delay filing its Form 10-Q for the quarter ended March 31, 2026. The company explains that additional time is needed to finalize accounting and financial reporting related to the strategic transaction completed in March 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): May 15, 2026
(Exact name of registrant as specified in its charter)
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Not Applicable
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Securities registered pursuant to
Section 12(b) of the Exchange Act |
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registered |
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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):
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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 May 15, 2026, the Company issued a press release announcing its financial results for the first quarter ended March 31, 2026. A
copy of the press release is being furnished herewith as Exhibit 99.1. As set forth in the press release, the Company will host a conference call to discuss its financial results for the first quarter ended March 31, 2026, on May 15, 2026 at
8:30 a.m. E.D.T. The archived webcast will be available at https://edge.media-server.com/mmc/p/rz8f7ck8 and/or through the Company’s website at www.golifeward.com under the “Investors” section for 30 days after the completion of the call.
The information in this Current Report on Form 8-K, 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.
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(d) Exhibits
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99.1
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Press release
dated May 15, 2026 of Lifeward Ltd., announcing financial results for the first quarter ended March 31, 2026.*
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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*
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Furnished herewith
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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.
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Lifeward Ltd.
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Dated: May 15, 2026
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By:
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/s/ Almog Adar
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Name:
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Almog Adar
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Title:
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Chief Financial Officer
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Exhibit 99.1
Lifeward Reports First Quarter 2026 Financial Results
Oramed strategic transaction successfully closed and $10 million financing received
Oratech acquisition brings $6.5 million in cash and promising Protein Oral Delivery™ biomed technology, with
lead asset ORMD-0801 oral insulin set to commence Phase 2 study
Acquired upper body exoskeleton technology addressing unmet need in 4.6 million stroke survivors
Quarterly operating cash burn reduced by 33% year-over-year, reflecting improved operational efficiencies and
working capital management
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, MA, and YOKNEAM ILLIT, Israel, May 15, 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 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
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Strategic transaction closed with equity-based acquisition of Oratech:
$10 million financing received
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ORMD-0801 oral
insulin Phase 2 trial set to commence: Trial activities to be managed by Oramed utilizing Oratech transaction funds
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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
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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
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First Quarter 2026 Financial Results
Revenue was $3.9 million in the first quarter of 2026, compared to $5.0 million in the first quarter of 2025, a decrease of $1.1
million, or approximately 22%. Revenue from the sale of ReWalk Personal exoskeletons increased by 11% to $1.6 million in first quarter of 2026 compared to the same
period in 2025. MyoCycle FES bike sales were $0.2 million, unchanged from the first quarter of 2025. Revenue from the sale of AlterG products and services was $2.1 million, a decline of 38% from the same period in 2025. This was primarily due to
lower unit shipments in the U.S. and internationally mainly caused by timing issues associated with working capital constraints impacting sourcing and supply chain. Lifeward expects to ship against secured orders during the second and third
quarters of 2026.
Gross margin was 34.2% during the first quarter of 2026, compared to 42.2% in the first quarter of 2025. The year-over-year decrease
was primarily driven by lower production volumes and the resulting reduced absorption of fixed manufacturing overhead, as well as higher tariffs and fluctuations in foreign exchange rates. On a non-GAAP basis, adjusted gross margin was 34.3% during
the first quarter of 2026, compared to 42.2% in the prior-year quarter.
Total operating expenses in the first quarter of 2026 were $11.7 million, compared to $7.0 million in the first quarter of 2025. The
increase was primarily attributable to a one-time, non-cash research and development expense of approximately $4.9 million related to the acquired in-process research and development assets in connection with the Oratech transaction. Excluding
this one-time charge, operating expenses decreased year-over-year, primarily reflecting lower sales and marketing expenses and improved operating efficiencies. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP
reconciliation table, adjusted operating expenses declined by 12% to $5.9 million in the first quarter of 2026, compared to $6.8 million in the first quarter of 2025. This decrease primarily reflects improved productivity in marketing and sales
operations, and lower R&D spending after the completion of major development programs. The Company expects this positive trend in marketing and sales efficiencies to continue into 2026, as it increases investments in R&D to advance new
products to market.
Operating loss in the first quarter of 2026 was $10.3 million, compared to $4.9 million in the first quarter of 2025, an increase of
113%, primarily due to the items discussed above, including transaction-related and other one-time expenses. On a non-GAAP basis, which excludes the items in the
attached non-GAAP reconciliation table, adjusted operating loss was $4.6 million in the first quarter of 2026, unchanged from $4.6 million in the first quarter of 2025.
Net loss was $10.8 million, or $6.70 per share, in the first quarter of 2026, compared to $4.8 million, or $5.53 per share, in the
first quarter of 2025. The increase was primarily attributable to the items discussed above, including transaction-related and other one-time expenses. On a
non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss was $5.1 million, or $3.13 per share, in the first quarter of 2026, compared to $4.6 million, or $5.28 per share, in the first quarter of
2025.
Liquidity
As of March 31, 2026, Lifeward had $11.4 million in unrestricted cash and cash equivalents on its balance sheet, compared to $2.2
million as of December 31, 2025. The increase in cash was primarily driven by net proceeds from the convertible notes financing transaction, as well as approximately $6.5 million of cash acquired in connection with the Oratech transaction. Cash
used in operating activities during the first quarter of 2026 declined to $3.7 million, compared to $5.5 million during the first quarter of 2025, primarily reflecting improved operational efficiencies and working capital management.
Conference Call
Lifeward management will host its conference call as follows:
Date: May 15, 2026
Time: 8:30 AM EDT
Telephone:
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U.S: 1-833-316-0561
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International: 1-412-317-0690
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Germany: 0800-6647650
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Israel: 1-80-9212373
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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.
Contact:
Almog Adar
Chief Financial Officer
Lifeward
E: media@golifeward.com
E: ir@golifeward.com
E: ir@golifeward.com
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Lifeward Ltd. and subsidiaries
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Condensed Consolidated Statements of Operations
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(Unaudited)
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(In thousands, except share and per share data)
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Three Months Ended
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March 31,
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2026
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2025
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Revenue
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$
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3,923
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$
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5,034
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Cost of revenues
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2,581
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2,912
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Gross profit
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1,342
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2,122
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Operating expenses:
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Research and development, net
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5,845
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918
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Sales and marketing
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3,271
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3,837
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General and administrative
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2,565
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2,220
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Total operating expenses
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11,681
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6,975
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Operating loss
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(10,339
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)
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(4,853
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)
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Financial expense (income), net
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448
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(30
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)
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Loss before income taxes
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(10,787
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)
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(4,823
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)
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Taxes on income
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6
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11
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Net loss
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$
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(10,793
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)
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$
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(4,834
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)
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Basic net loss per ordinary share
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$
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(6.70
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)
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$
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(5.53
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)
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Weighted average number of shares used in computing net loss per ordinary share basic and diluted (*)
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1,610,969
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873,845
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(*) 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.
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Lifeward Ltd. and subsidiaries
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Condensed Consolidated Balance Sheets
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(In thousands)
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March 31,
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December 31,
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2026
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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 $234 and $192, respectively
|
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
|
%
|
||||||||