Lifeward (LFWD) Q1 2026 earnings summary

Executive summary

• Completed the strategic acquisition of Oratech, gaining a protein oral delivery platform, $6.5 million cash, and expanding biomedical innovation capabilities.

• Secured $10 million convertible note financing, strengthening the balance sheet.

• Acquired upper body exoskeleton technology for stroke rehabilitation, expanding the neurorehabilitation portfolio.

• ReWalk exoskeleton sales rose 11% year-over-year, supported by expanded distribution and insurance coverage.

• Operating cash burn reduced by 33% year-over-year, reflecting improved efficiency and working capital management.

Financial highlights

• Q1 2026 revenue was $3.9 million, down from $5 million in Q1 2025, mainly due to lower AlterG shipments from supply chain constraints.

• ReWalk personal exoskeleton revenue rose 11% year-over-year to $1.6 million, with Germany revenues up nearly 25% sequentially.

• Gross margin declined to 34.2% from 42.2% year-over-year, mainly due to lower production, higher tariffs, freight, and FX impacts.

• GAAP operating loss increased to $10.3 million, driven by a $4.9 million one-time non-cash R&D expense from the Oratech acquisition.

• Adjusted operating loss was flat year-over-year at $4.6 million, reflecting cost optimization.

• Net loss was $10.8 million ($6.70/share) vs. $4.8 million ($5.53/share) in Q1 2025; adjusted net loss was $5.1 million ($3.13/share) vs. $4.6 million ($5.28/share).

• Cash used in operations declined 33% to $3.7 million year-over-year.

• Ended Q1 with $11.4 million in unrestricted cash and equivalents, up from $2.2 million at year-end 2025.

Outlook and guidance

• Expect revenue for 2026 to be similar to 2025, with catch-up growth in the remaining quarters as supply chain issues resolve.

• Improved shipment execution for AlterG anticipated in Q2 and Q3 as backlog is addressed.

• Expects continued improvements in marketing and sales efficiency, with increased R&D investment to advance new products.

• No formal forward-looking forecast provided, but exit trajectory for 2026 expected to be stronger than entry.