Revenue increase and operating performance improve as capital-efficient distribution strategy gains momentum
Strengthened balance sheet and expanding rehabilitation platform support continued commercial execution
HUDSON, Mass. and YOKNEAM ILLIT, Israel, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) ("Lifeward" or the "Company"), a diversified biomedical innovation company with a portfolio of commercialized neurorehabilitation products and a biomedical pipeline, today reported financial results for the second quarter ended June 30, 2026.
Corporate & Financial Highlights
-- Revenue increased 16% to $6.6 million in the second quarter of 2026
compared to the second quarter of 2025, marking the strongest quarterly
revenue performance since the fourth quarter of 2024. The increase
reflects continued execution of Lifeward's commercial strategy and
growing adoption across the Company's rehabilitation portfolio.
-- Strengthened the Company's balance sheet to a proforma cash balance of
approximately $11 million. The Company had a cash balance of $9.4 million
as of June 30, 2026. Through a strategic financing closed on July 6,
2026, providing up to $11.2 million in growth capital, Lifeward raised
approximately $5.6 million, $4.1 million of which was received during the
second quarter, and $1.5 million was received in July. An additional
approximately $5.6 million is available upon achieving either a 150%
increase in ReWalk sales or the Company's common stock trading at $13.80
or higher for ten consecutive trading days.
-- Continued successful execution of Lifeward's capital-efficient
distribution strategy, expanding patient access through established
rehabilitation and durable medical equipment distribution partners while
building scalable commercial infrastructure designed to support portfolio
growth. In August 2026, Lifeward launched a pilot program with Ottobock
Care, a leading U.S. mobility technology patient care organization with
more than 50 patient clinics nationwide, broadening access to ReWalk
Personal Exoskeleton across the country.
-- Further strengthened Lifeward's restorative healthcare platform, with
ongoing investigational device development, combining market-leading
rehabilitation technologies with an established reimbursement
infrastructure.
-- Advanced the ORMD-0801 oral insulin clinical program, with preparations
ongoing for the planned Phase 2 U.S. clinical trial. Clinical development
activities continue to be managed by Oramed under the strategic
collaboration utilizing funds from the Oratech acquisition.
-- Board composition. Effective August 13, 2026, the Company's Chairman of
the Board Bob Marshall and Directors Mike Swinford and William Sigsbee
have decided to step down from the board. The Company extends its
gratitude to each of Messrs. Marshall, Swinford and Sigsbee for their
service and lasting contributions to the Company.
-- Executive transition. The Company's Chief Financial Officer, Almog Adar,
has decided to depart the Company effective September 30, 2026, and will
assist with a transition period to his successor. The Company extends its
gratitude to Mr. Adar for his service and lasting contributions to the
Company.
"The second quarter marks another important milestone in Lifeward's transformation into a scaled restorative healthcare company, with revenue growth demonstrating that the strategy we have implemented is working," said Mark Grant, President and Chief Executive Officer of Lifeward. "Backed by a strong sales pipeline, we expect this revenue momentum to continue in the second half of 2026."
"Over the past year, we have strengthened Lifeward's restorative healthcare platform, which includes multiple commercial products, a strong reimbursement infrastructure, a scalable capital-efficient distribution model and an exciting pipeline of potential future rehabilitation technologies. These capabilities create a powerful foundation that we believe will support sustainable long-term growth and expand access to life-changing technologies for patients around the world."
"As part of the governance changes announced today, I am proud of what our team has accomplished together with the support and guidance of our board. We have established the strategy, strengthened the balance sheet, built the commercial infrastructure and positioned the Company to capitalize on significant opportunities ahead."
Second Quarter 2026 Financial Results
Revenue increased 16% to $6.6 million in the second quarter of 2026, compared to $5.7 million in the second quarter of 2025. The $0.9 million increase was driven by a 13% increase in ReWalk Personal exoskeletons sales to $2.5 million in the second quarter of 2026 compared to the same period in 2025, primarily reflecting stronger sales in Europe, and AlterG products and services which increased 25% to $4.1 million from the same period in 2025, primarily reflecting higher U.S. unit shipments, service revenue and average selling prices. MyoCycle FES bike sales were $0.1 million, unchanged from the second quarter of 2025.
Gross margin was 41% during the second quarter of 2026, compared to 44% in the second quarter of 2025. The year-over-year decrease was primarily due to higher tariffs, fluctuations in foreign exchange rates, and a 4% revenue sharing expense associated with the Oramed transaction.
Total operating expenses in the second quarter of 2026 declined 24% to $6.9 million, compared to $9.1 million in the second quarter of 2025, primarily due to $2.8 million of one-time impairment charges recorded in the prior-year period. Excluding these charges, the year-over-year increase primarily reflected higher research and development expenses, including $0.7 million in Oratech clinical trial costs, partially offset by lower sales and marketing and general and administrative expenses. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses increased by 8% to $6.5 million in the second quarter of 2026, compared to $6.0 million in the second quarter of 2025, with the year-over-year change primarily attributable to $0.7 million in Oratech clinical trial costs.
Operating loss declined by 37% in the second quarter of 2026 to $4.2 million, compared to $6.6 million in the second quarter of 2025, primarily due to $2.8 million of impairment charges recorded in the second quarter of 2025 and lower sales and marketing and general and administrative expenses, partially offset by $0.7 million in Oratech clinical trial costs in the second quarter of 2026. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss was $3.8 million in the second quarter of 2026, compared to $3.5 million in the second quarter of 2025, with the year-over-year change primarily attributable to $0.7 million in Oratech clinical trial costs, partially offset by continued operating efficiencies, particularly in sales and marketing and general and administrative expenses.
Net loss was $11.5 million, or $4.12 per share, in the second quarter of 2026, compared to $6.6 million, or $7.01 per share, in the second quarter of 2025. Net loss increased by $4.9 million primarily due to non-cash fair value charges in warrant and derivative liabilities, compared to the three months ended June 30, 2025. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss was $4.1 million in the second quarter of 2026, compared to $3.5 million in the second quarter of 2025, with the year-over-year change primarily attributable to $0.7 million in Oratech clinical trial costs.
As of June 30, 2026, Lifeward had $9.4 million in unrestricted cash and cash equivalents, compared to $2.2 million as of December 31, 2025. The proforma cash balance is approximately $11 million, inclusive of $1.5 million in proceeds from the July 6, 2026 capital raise of $5.6 million, $4.1 million of which was received prior to June 30, 2026.
About Lifeward
Lifeward is a global innovator focused on advancing medical technologies and biomedical solutions that improve lives. The Company's established portfolio includes market-leading neurorehabilitation technologies such as the ReWalk$(R)$ Exoskeleton, AlterG(R) Anti-Gravity system, MyoCycle(R) FES System, and ReStore(R) 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(TM)) 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(R) , ReWalk(R) , ReStore(R) and Alter G(R) are registered trademarks of Lifeward Ltd. and/or its affiliates.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Important factors that could cause the Company's actual results to differ materially from those indicated in the forward-looking statements include, among others: management's expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: the future operations of Lifeward, including research and development activities; the nature, strategy and focus of Lifeward; Lifeward's ability to successfully integrate Oratech Pharmaceuticals Ltd. into its organization and realize the anticipated benefits therefrom; anticipated clinical drug development activities and related timelines, and other clinical results; the sufficiency of post-transaction resources to support the advancement of Lifeward's pipeline through certain milestones and the time period over which Lifeward's post-transaction capital resources will be sufficient to fund its anticipated operations; unexpected costs, charges or expenses resulting from the strategic transaction; expected timing and results of the ORMD-0801 clinical trial; legislative, regulatory, political and economic developments; the acceptance of the ReWalk 7 Personal Exoskeleton by healthcare professionals and patients; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; the Company's ability to maintain and grow its reputation and the market acceptance of its products; the Company's ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company's limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company's expectations as to its clinical research program and clinical results; the Company's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company's ability to continue to operate as a going concern; the Company's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company's ability to navigate any difficulties associated with moving production of its AlterG Anti-Gravity Systems to a contract manufacturer and transitioning the manufacturing of its ReWalk products to its in-house manufacturer; the Company's ability to improve its products and develop new products; the Company's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company's ability to market and sell its products; the Company's ability to gain and maintain regulatory approvals; the Company's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the ability of a refreshed Board of Directors to effectively oversee and manage the Company and execute its strategy; the Company's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 10-K, as amended, for the year ended December 31, 2025 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Contact:
Almog Adar
Chief Financial Officer
Lifeward
E: media@golifeward.com
E: ir@golifeward.com
Lifeward Ltd. And subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ------------------------
2026 2025 2026 2025
----------- --------- ----------- -----------
Revenue $ 6,623 $ 5,724 $ 10,546 $ 10,758
Cost of revenues 3,914 3,213 6,495 6,125
--------- ------- --------- -------
Gross profit 2,709 2,511 4,051 4,633
Operating expenses:
Research and
development,
net 1,754 767 7,599 1,685
Sales and
marketing 3,531 3,785 6,802 7,622
General and
administrative 1,576 1,739 4,141 3,959
Impairment
charges - 2,783 - 2,783
Total operating
expenses 6,861 9,074 18,542 16,049
--------- ------- --------- -------
Operating loss (4,152) (6,563) (14,491) (11,416)
Financial expense
(income), net 7,357 (1) 7,805 (31)
--------- ------- --------- -------
Loss before income
taxes (11,509) (6,562) (22,296) (11,385)
Taxes on income 10 - 16 11
--------- ------- --------- -------
Net loss $ (11,519) $ (6,562) $ (22,312) $(11,396)
========= ======= ========= =======
Basic net loss per
ordinary share $ (4.12) $ (7.01) $ (10.09) $ 12.59
========= ======= ========= =======
Weighted average
number of shares
used in computing
net loss per
ordinary share
basic and diluted
(*) 2,796,621 935,785 2,210,280 904,881
========= ======= ========= =======
(*) All share and per share amounts presented in this
note have been retroactively adjusted to reflect the
Company's 1-for-12 reverse share split effected on
February 24, 2026.
Lifeward Ltd. And subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited) (Audited)
June 30, December 31,
2026 2025
------------- ----------------
Assets
--------------------------------------
Current assets
--------------------------------------
Cash and cash equivalents $ 9,448 $ 2,169
Restricted Cash 4 240
Clinical trial services asset 504 -
Trade receivables, net of credit
losses of $212 and $192,
respectively 7,861 6,138
Prepaid expenses and other current
assets 1,979 1,528
Inventories 6,151 5,732
--------- ----------
Total current assets 25,947 15,807
--------- ----------
Restricted cash and other long term
assets 488 209
Clinical trial services asset 378 -
Operating lease right-of-use assets 2,473 1,544
Property and equipment, net 527 585
Intangible Assets 432 -
Goodwill 4,755 4,755
Total assets $ 35,000 $ 22,900
========= ==========
Liabilities and equity
--------------------------------------
Current liabilities
--------------------------------------
Trade payables 6,135 5,590
Current maturities of operating
leases 743 425
Convertible promissory note - 2,803
Other current liabilities 4,281 3,221
Total current liabilities 11,159 12,039
--------- ----------
Non-current operating leases 1,813 1,159
Convertible promissory notes, net 4,432 -
Financing liabilities 4,083 -
Other long-term liabilities 1,297 1,294
Shareholders' equity 12,216 8,408
--------- ----------
Total liabilities and equity $ 35,000 $ 22,900
========= ==========
Lifeward Ltd. And subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
--------------------
2026 2025
-------- ----------
Net cash used in operating activities $(9,680) $(9,429)
Net cash provided by (used in) investing
activities 6,472 (5)
Net cash provided by financing activities 10,505 7,779
Effect of Exchange rate changes on cash, cash
equivalents and restricted cash 12 70
Increase (decrease) in cash, cash equivalents,
and restricted cash 7,309 (1,585)
Cash, cash equivalents, and restricted cash at
beginning of period 2,579 7,108
Cash, cash equivalents, and restricted cash at
end of period $ 9,888 $ 5,523
====== ======
Lifeward Ltd. And subsidiaries
(Unaudited)
(In thousand)
Three Months Ended Six Months Ended
June 30, June 30,
--------------------- ----------------------
2026 2025 2026 2025
----------- -------- ----------- ---------
Revenues
based on
customer's
location:
United
States $ 4,063 $ 3,062 $ 6,424 $ 6,271
Europe 1,053 693 1,757 1,473
Germany 1,134 1,410 1,831 1,966
Asia -
Pacific 235 124 287 166
Rest of
the
world 138 435 247 882
------- ------
Total
Revenues $ 6,623 $ 5,724 $ 10,546 $10,758
======= ======= ======= ======
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ------------------------
Dollars in thousands,
except per share data 2026 2025 2026 2025
----------- --------- ----------- -----------
GAAP net loss $ (11,519) $ (6,562) $ (22,312) $(11,396)
Adjustments:
Amortization of
intangible assets 10 - 10 -
Non-cash acquired
in-process R&D
expense - - 4,947 -
Oramed
transaction-related
expenses - - 619 -
Other income related
to the settlement of
the post closing
statement for the
acquisition of
AlterG (142) - (142) -
Restructuring 244 700 244 700
Remeasurement of
earnout liability - (608) - (608)
Impairment charges - 2,783 - 2,783
Stock-based
compensation
expenses 262 182 439 402
Non-cash amortization
of debt discount
associated with the
convertible notes
and warrants 153 - 958 -
Fair value
remeasurement of
warrant and
derivative
liabilities 6,912 - 6,387 -
--------- ------- --------- -------
Non-GAAP net loss $ (4,080) $ (3,505) $ (8,850) $ (8,119)
Weighted average shares
used in computing net
loss per share (*) 2,796,621 935,785 2,210,280 904,881
--------- ------- --------- -------
Non-GAAP net loss per
share $ (1.46) $ (3.75) $ (4.00) $ (8.97)
========= ======= ========= =======
(*) All share and per share amounts presented in this
note have been retroactively adjusted to reflect the
Company's 1-for-12 reverse share split effected on
February 24, 2026.
Three Months Ended Six Months Ended
------------------------------------------- ----------------------------------------------
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
-------------------- --------------------- ---------------------- ----------------------
% of % of % of % of
Dollars in thousands $ revenue $ revenue $ revenue $ revenue
-------- ---------- -------- ----------- --------- ----------- --------- -----------
GAAP operating loss $(4,152) (62.7)% $(6,563) (114.7)% $(14,491) (137.4)% $(11,416) (106.1)%
Amortization of
intangible assets 10 0.2% - - 10 0.1% - -
Non-cash acquired
in-process R&D
expense - - - - 4,947 46.9% - -
Oramed
transaction-related
expenses - - - - 619 5.9% - -
Other income related
to the settlement of
the post closing
statement for the
acquisition of
AlterG (142) (2.1)% - - (142) (1.3)% - -
Restructuring 244 3.7% 700 12.2% 244 2.3% 700 6.5%
Remeasurement of
earnout liability - - (608) (10.6)% - - (608) (5.7)%
Impairment charges - - 2,783 48.6% - - 2,783 25.9%
Stock-based
compensation
expenses 262 4.0% 182 3.2% 439 4.2% 402 3.7%
------ ----- ------ ------ ------- ------ ------- ------
Non-GAAP operating loss $(3,778) (56.9)% $(3,506) (61.3)% $ (8,374) (79.3)% $ (8,139) (75.7)%
====== ===== ====== ====== ======= ====== ======= ======
Three Months Ended Six Months Ended
-------------------------------------- --------------------------------------
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
------------------ ------------------ ------------------ ------------------
Dollars in % of % of % of % of
thousands $ revenue $ revenue $ revenue $ revenue
------ ---------- ------ ---------- ------ ---------- ------ ----------
GAAP gross profit $2,709 40.9% $2,511 43.9% $4,051 38.4% $4,633 43.1%
Adjustments:
Stock-based
compensation
expenses 1 - 4 0.1% 6 0.1% 7 0.1%
----- ---- ---- ----- ---- --- ----- ---- --- ----- ---- ---
Non-GAAP gross
profit $2,710 40.9% $2,515 44.0% $4,057 38.5% $4,640 43.2%
===== ==== === ===== ==== === ===== ==== === ===== ==== ===
Three Months Ended Six Months Ended
-------------------------------------- -----------------------------------------
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
------------------- ----------------- -------------------- -------------------
Dollars in % of % of % of % of
thousands $ revenue $ revenue $ revenue $ revenue
------- ---------- ----- ---------- -------- ---------- ------- ----------
GAAP research &
development $1,754 26.5% $767 13.4% $ 7,599 72.1% $1,685 15.7%
Adjustments:
Amortization
of intangible
assets (10) (0.2)% - - (10) (0.1)% - -
Non-cash
acquired
in-process
R&D expense - - - - (4,947) (46.9)% - -
Stock-based
compensation
expenses (37) (0.6)% (37) (0.6)% (74) (0.7)% (73) (0.7)%
----- ---- --- ---- ------ ----- ----- ----
Non-GAAP research
& development $1,707 25.7% $730 12.8% $ 2,568 24.4% $1,612 15.0%
===== ==== === === ==== === ====== ===== ===== ==== ===
Three Months Ended Six Months Ended
---------------------------------------- ----------------------------------------
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
------------------- ------------------- ------------------- -------------------
Dollars in % of % of % of % of
thousands $ revenue $ revenue $ revenue $ revenue
------- ---------- ------- ---------- ------- ---------- ------- ----------
GAAP sales &
marketing $3,531 53.3% $3,785 66.1% $6,802 64.5% $7,622 70.8%
Adjustments:
Restructuring (244) (3.7)% (277) (4.8)% (244) (2.3)% (277) (2.6)%
Stock-based
compensation
expenses (5) (0.1)% (56) (1.0)% (63) (0.6)% (138) (1.3)%
----- ---- ----- ---- ----- ---- ----- ----
Non-GAAP sales &
marketing $3,282 49.5% $3,452 60.3% $6,495 61.6% $7,207 66.9%
===== ==== === ===== ==== === ===== ==== === ===== ==== ===
Three Months Ended Six Months Ended
---------------------------------------- ----------------------------------------
June 30, June 30, June 30, June 30,
2026 2025 2026 2025
------------------- ------------------- ------------------- -------------------
% of % of % of % of
Dollars in thousands $ revenue $ revenue $ revenue $ revenue
------- ---------- ------- ---------- ------- ---------- ------- ----------
GAAP general &
administrative $1,576 23.8% $1,739 30.4% $4,141 39.3% $3,959 36.8%
Adjustments:
Other income related
to the settlement of
the post closing
statement for the
acquisition of
AlterG 142 2.1% - - 142 1.3% - -
Oramed
transaction-related
expenses - - - - (619) (5.9)% - -
Restructuring - - (423) (7.4)% - - (423) (3.9)%
Remeasurement of
earnout liability - - 608 10.6% - - 608 5.7%
Stock-based
compensation
expenses (219) (3.3)% (85) (1.5)% (296) (2.8)% (184) (1.7)%
----- ---- ----- ---- ----- ---- ----- ----
Non-GAAP general &
administrative $1,499 22.6% $1,839 32.1% $3,368 31.9% $3,960 36.9%
===== ==== === ===== ==== === ===== ==== === ===== ==== ===