Oramed deal reshapes Lifeward (NASDAQ: LFWD) with new tech and funding
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Lifeward Ltd. reported fourth quarter and full-year 2025 results while advancing a major strategic shift toward diversified biomedical innovation. Full-year 2025 revenue was $22.0 million, down from $25.7 million in 2024, but GAAP net loss narrowed to $19.9 million from $28.9 million as operating expenses fell 25%.
Fourth-quarter 2025 revenue was $5.1 million versus $7.5 million a year earlier, with lower AlterG and MyoCycle sales partly offset by stronger ReWalk exoskeleton revenue. Lifeward secured shareholder approval for a transformative Oramed transaction, under which Oramed may own up to 49.99% of Lifeward and provide up to $47 million in funding while contributing its POD™ oral protein delivery platform. The company also agreed to acquire a powered upper-body exoskeleton, targeting commercial launch in roughly 18–24 months. Cash and cash equivalents were $2.2 million as of December 31, 2025.
Positive
- Losses narrowed despite lower revenue: 2025 GAAP net loss improved to $19.9 million from $28.9 million, as total operating expenses fell 25% to $28.1 million and non-GAAP operating loss narrowed to $15.1 million from $16.6 million.
- Transformative Oramed transaction with funding: Lifeward received shareholder approval for a deal in which Oramed may own up to 49.99% of the company and provide up to $47 million, while contributing its POD™ oral protein delivery technology platform.
- Strategic product expansion: Lifeward agreed to acquire a powered upper-body exoskeleton with integrated AI, targeting commercial launch in approximately 18 to 24 months and expecting attractive gross margins and favorable unit economics over time.
Negative
- Revenue contraction in 2025: Full-year revenue declined to $22.0 million from $25.7 million (about 14% lower), with fourth-quarter revenue down to $5.1 million from $7.5 million, including a 43% drop in AlterG sales and services versus the prior-year quarter.
- Ongoing cash burn and low cash balance: Net cash used in operating activities was $16.8 million in 2025, and unrestricted cash and cash equivalents were $2.2 million as of December 31, 2025, leaving the company reliant on closing planned financing linked to the Oramed transaction.
Insights
Lifeward trades near-term revenue pressure for strategic diversification and funded growth.
Lifeward is in transition. 2025 revenue declined to $22.0M from $25.7M, with Q4 down about 33%, mainly from softer AlterG and MyoCycle sales. Yet GAAP operating expenses fell 25%, cutting GAAP net loss to $19.9M from $28.9M.
The approved Oramed deal is central. Oramed can own up to 49.99% of Lifeward and provide up to $47M plus its POD™ oral biologics platform, while funding associated clinical development. This adds a drug-delivery pipeline without overburdening Lifeward’s balance sheet.
Execution risk remains: year-end unrestricted cash was only $2.2M, and non-GAAP operating loss was $15.1M. Management plans to close a secured convertible note with Oramed and another investor after the transaction. Future filings around closing, integration of POD™ and progress on the powered upper-body exoskeleton over the next 18–24 months will clarify how quickly the strategy translates into sustainable cash flow.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
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): March 18, 2026
(Exact name of registrant as specified in its charter)
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Securities registered pursuant to
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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 March 18, 2026, Lifeward Ltd. (the “Company,” “we” or “us”) issued a press release announcing its financial results for the
fourth quarter and fiscal year ended December 31, 2025. 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
fourth quarter and fiscal year ended December 31, 2025, on March 18, 2026 at 8:30 a.m. E.D.T. The archived webcast will be available at https://edge.media-server.com/mmc/p/yc9qmwr7.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.
Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits
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99.1
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Press release
dated March 18, 2026 of Lifeward Ltd., announcing financial results for the fourth quarter and fiscal year ended December 31, 2025.*
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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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: March 18, 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 Fourth Quarter and Full Year 2025
Financial Results
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, MA, and YOKNEAM ILLIT, Israel, March 18, 2026 –
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
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Transformative Strategic Agreement with Oramed
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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 49.99% equity ownership of
Lifeward. The transaction positions the Company to participate in the development of oral biologic therapies and to receive up to $47 million in additional funding from Oramed, providing a runway to cash flow positive. Importantly, Oramed will
fund the clinical development associated with the platform, enabling Lifeward to access a potentially high-value technology while limiting capital requirements. ORMD-0801, the POD™ technology’s lead drug candidate, has the potential to create a new
paradigm in the treatment of type 2 diabetes by orally delivering insulin at an earlier stage of treatment. Earlier treatment has the potential to curb disease progression and delay late-stage complications. Based on an extensive analysis of Phase 2 and Phase 3 data, Oramed plans to initiate a 60-patient U.S.-based clinical trial. Lifeward anticipates closing the transaction following the satisfaction of
additional customary closing conditions.
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Executing Strategic Expansion Through Acquisition of Upper-Body Exoskeleton Technology
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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.
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Expanding Reimbursement Coverage for ReWalk Personal Exoskeleton
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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.
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Advancing Clinical Collaboration with Shirley Ryan AbilityLab
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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.
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Expanding International Distribution of ReWalk Personal
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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.
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Transformation of U.S. Sales and Distribution Infrastructure
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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.
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Operational Efficiency Continues to Improve
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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 25%, while non-GAAP operating expenses, which do not include a one-time impairment charge and better reflect the ongoing improvements in
operations efficiency, declined by 12%. These efforts support Lifeward’s objective of driving sustainable growth and achieving positive cash flow while building
high-value clinical assets that address substantial unmet clinical needs.
Fourth Quarter 2025 Financial Results
Revenue was $5.1 million in the fourth quarter of 2025, compared to $7.5 million in the fourth quarter of 2024, a decrease of $2.4
million, or approximately 33%. Revenue from the sale of ReWalk Personal exoskeletons increased by 20% to $1.8 million in the fourth quarter of 2025 compared to the
same period in 2024 driven by higher reimbursed unit sales. This was partially offset by a decline in sales of the MyoCycle FES bike by 90% to $0.1 million, primarily reflecting the transition away from an exclusive distribution arrangement and the
Company’s strategic focus on its proprietary product portfolio. Revenue from the sale of AlterG products and services was $3.2 million, a decline of 43% from the same period in 2024. This was primarily due to timing factors from one international
distributor that placed larger orders in Q4 2024 and plans to resume orders in 2026.
Gross margin was 21.4% during the fourth quarter of 2025, compared to 24.4% in the fourth quarter of 2024. On a non-GAAP basis, which
excludes the amortization of purchase price allocation adjustments, stock-based compensation expense, and inventory write-downs, as detailed in the attached non-GAAP reconciliation table, adjusted gross margin was 32.6% in the fourth quarter of 2025, compared to 45.5% in the prior-year quarter. The year-over-year decrease was primarily driven by lower sales volumes and the resulting reduced absorption of fixed manufacturing overhead, as well as higher tariffs and freight expenses.
Total operating expenses in the fourth quarter of 2025 declined by 64% to $6.2 million, from $17.1 million in the fourth quarter of
2024. The decrease is primarily attributable to an impairment charge related to certain acquired intangible assets recognized in the fourth quarter of 2024, in addition to reductions in R&D and sales and marketing expenses. On a non-GAAP basis,
which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses declined by 16% to $5.7 million in the fourth quarter of 2025, compared to $6.7 million in the fourth quarter of 2024. 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 fourth quarter of 2025 declined by 66% to $5.1 million, from $15.2 million in the fourth quarter of 2024,
primarily due to a $9.8 million impairment charge in the fourth quarter of 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss increased by 22% to $4.0 million in the fourth
quarter of 2025, from $3.3 million in the fourth quarter of 2024.
Net loss narrowed by 65% to $5.3 million, or $3.60 per share in the fourth quarter of 2025, from $15.3 million, or $20.82 per share, in
the fourth quarter of 2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss increased by 27% to $4.2 million, or $2.85 per share, in the fourth quarter of 2025, from $3.3 million, or
$4.54 per share, during the fourth quarter of 2024.
Full Year 2025 Financial Results
Revenue for the year ended December 31, 2025 was $22.0 million, compared to $25.7 million in 2024, a decrease of $3.7 million, or
approximately 14%. Revenue from the sale of ReWalk Personal exoskeletons decreased by 3% to $8.5 million in 2025 compared to $8.9 million in 2024. Sales of the
MyoCycle FES bike declined by 50% to $0.6 million, primarily reflecting the transition away from an exclusive distribution arrangement and the Company’s strategic focus on its proprietary product portfolio. Revenue from the sale of AlterG products
and services was $12.9 million, a decline of 18% from 2024. This decrease was primarily attributable to lower international sales, partially due to timing factors related to one international distributor that had placed larger orders in 2024 and is
expected to resume orders in 2026.
Gross margin grew to 38.2% in 2025 from 32.0% in 2024. On a non-GAAP basis, which excludes the amortization of purchase price allocation
adjustments, restructuring costs, inventory write-downs and stock-based compensation expense as detailed in the attached non-GAAP reconciliation table, adjusted gross
margin declined to 40.9% in 2025 from 42.7% in the prior year, primarily driven by
lower sales volumes and the resulting reduced absorption of fixed manufacturing overhead, as well as higher tariffs and freight expenses.
Total operating expenses in 2025 declined by 25% to $28.1 million, from $37.6 million in 2024. The decrease is primarily attributable to
an impairment charge related to certain acquired intangible assets recognized in the fourth quarter of 2024, compared to a $2.8 million goodwill impairment charge recognized in 2025. The decline also reflects greater efficiency in reimbursement
activities, reductions in R&D and sales and marketing expenses. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses declined by 12% to $24.1 million in 2025 from $27.5
million in 2024 due to improved productivity in marketing and sales operations, greater efficiency in reimbursement activities, and lower R&D spending after the completion of major development programs.
Operating loss in 2025 declined by 33% to $19.7 million from $29.3 million in 2024, primarily due to a $9.8 million impairment charge in
2024. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss narrowed by 9% to $15.1 million in 2025 from $16.6 million in 2024.
Net loss narrowed by 31% to $19.9 million, or $17.16 per share in 2025 from $28.9 million, or $39.96 per share, in 2024. On a non-GAAP
basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss narrowed by 5% to $15.4 million, or $13.23 per share, in 2025 from $16.2 million, or $22.33 per share in 2024.
Liquidity
As of December 31, 2025, Lifeward had $2.2 million in unrestricted cash and cash equivalents on its balance sheet. Lifeward expects to
close the strategic transaction following the satisfaction of additional customary closing conditions, at which time the Company plans to close on its secured convertible note with Oramed and another investor.
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
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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(Audited)
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(In thousands, except share and per share data)
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Quarter Ended
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Year Ended
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December 31,
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December 31,
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2025
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2024
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2025
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2024
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Revenue
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$
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5,081
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$
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7,545
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$
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22,034
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$
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25,663
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Cost of revenues
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3,993
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5,701
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13,606
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17,447
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||||||||||||
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Gross profit
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1,088
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1,844
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8,428
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8,216
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Operating expenses:
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||||||||||||||||
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Research and development, net
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843
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1,131
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3,249
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4,625
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||||||||||||
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Sales and marketing
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3,085
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4,376
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13,875
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17,949
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||||||||||||
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General and administrative
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2,278
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1,771
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8,195
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5,195
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||||||||||||
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Impairment charges
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-
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9,794
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2,783
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9,794
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Total operating expenses
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6,206
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17,072
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28,102
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37,563
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Operating loss
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(5,118
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)
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(15,228
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)
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(19,674
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)
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(29,347
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)
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Financial (expense) income, net
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(303
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)
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(47
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)
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(295
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)
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448
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Loss before income taxes
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(5,421
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)
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(15,275
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)
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(19,969
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)
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(28,899
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)
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||||||||
|
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
|
|
(Audited)
|
|
(In thousands)
|
|
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 $192 and $160, respectively
|
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
|
|
(Audited)
|
|
(In thousands)
|
|
Year Ended
|
||||||||
|
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
|
|
(Audited)
|
|
(In thousand)
|
|
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
How did Lifeward (LFWD) perform financially in 2025?
Lifeward generated $22.0 million in revenue in 2025, down from $25.7 million in 2024, and reported a GAAP net loss of $19.9 million versus $28.9 million. Operating expenses fell 25%, and non-GAAP net loss narrowed to $15.4 million from $16.2 million.
What is the strategic Oramed transaction for Lifeward (LFWD)?
Lifeward secured shareholder approval for a strategic investment and technology collaboration with Oramed Pharmaceuticals. Lifeward will acquire Oramed’s POD™ oral protein delivery platform, while Oramed may own up to 49.99% of Lifeward and provide up to $47 million in funding.
What were Lifeward’s Q4 2025 results compared to Q4 2024?
Fourth-quarter 2025 revenue was $5.1 million versus $7.5 million a year earlier, with GAAP net loss improving to $5.3 million from $15.3 million. Operating expenses dropped sharply to $6.2 million from $17.1 million, largely due to prior-year impairment charges.
What is Lifeward (LFWD) doing in upper-body exoskeleton technology?
Lifeward entered an agreement to acquire a powered upper-body exoskeleton with integrated AI to aid upper-limb mobility. The company expects this product to be ready for commercial launch in about 18 to 24 months, leveraging existing ReWalk sales and reimbursement infrastructure.
How strong is Lifeward’s cash position at year-end 2025?
As of December 31, 2025, Lifeward had $2.2 million in unrestricted cash and cash equivalents and total cash, cash equivalents and restricted cash of $2.6 million. Management plans to close a secured convertible note with Oramed and another investor following the strategic transaction.
How are Lifeward’s non-GAAP results different from GAAP in 2025?
In 2025, Lifeward’s non-GAAP net loss was $15.4 million compared to a GAAP net loss of $19.9 million. Non-GAAP metrics exclude items like impairment, inventory write-downs, restructuring, acquisition-related items and stock-based compensation to highlight underlying operating performance.
What progress did Lifeward (LFWD) make on reimbursement and market access?
Lifeward gained Medicare Advantage coverage for the ReWalk Personal Exoskeleton from Aetna, Humana and UnitedHealthcare, reaching about 16 million covered lives. The company also expanded international distribution into Mexico, Thailand and the United Arab Emirates via Verita Neuro.