Lifeward Ltd.

What they do

Lifeward designs, develops and commercializes devices spanning physical rehabilitation and recovery. Its original products are the ReWalk Personal and ReWalk Rehabilitation exoskeletons for individuals with spinal cord injury, which use tilt-sensor technology, an onboard computer and motion sensors to drive motorized legs. It also sells the ReStore Exo-Suit for stroke rehabilitation and distributes MYOLYN MyoCycle FES cycles on a non-exclusive basis. In August 2023 it acquired AlterG, whose NASA-derived differential air pressure Anti-Gravity systems are used in over 6,000 facilities in more than 40 countries, for approximately $19 million in cash.

Revenue drivers

• ReWalk Personal exoskeleton — Sales to individuals with spinal cord injury, the company's core SCI product line; ReWalk Personal exoskeleton sales rose 13% year over year to $2.5 million in the second quarter of 2026.
• AlterG Anti-Gravity systems — Acquired in August 2023 for approximately $19 million in cash; the DAP-technology systems are used in over 6,000 facilities globally in more than 40 countries and are produced by third-party contract manufacturers.
• Distribution products — MYOLYN MyoCycle FES cycles sold to U.S. rehabilitation clinics and to U.S. veterans through VHA hospitals; distribution rights are no longer exclusive.
• Total company revenue — Total revenue was $6.6 million in the second quarter of 2026 and $5.7 million in the second quarter of 2025; annual revenue was $1.4 million in 2025 and $1.7 million in 2024 per XBRL data.

Recent performance

Second quarter 2026 revenue increased 16% to $6.6 million from $5.7 million in the second quarter of 2025, which the company described as its strongest quarterly revenue since the fourth quarter of 2024. The $0.9 million increase was driven by a 13% increase in ReWalk Personal exoskeleton sales to $2.5 million. Cash and cash equivalents were $9.4 million as of June 30, 2026, with total assets of $35.0 million, total liabilities of $22.8 million and shareholder equity of $12.2 million. The company reported an accumulated deficit of $307.1 million as of June 30, 2026, up from approximately $284.7 million as of December 31, 2025. Annual net loss was $19.9 million in 2025 and operating cash flow was negative $16.8 million in 2025.

Strategy

Lifeward is pursuing a capital-efficient distribution strategy, expanding patient access through established rehabilitation and durable medical equipment partners rather than building all commercial reach itself. In August 2026 it launched a pilot program with Ottobock Care, a U.S. mobility technology patient care organization with more than 50 patient clinics, and in March 2025 it named CorLife, a division of Numotion, exclusive distributor for ReWalk in the workers' compensation market. It is funding sales, marketing and reimbursement work for ReWalk and AlterG, development of next-generation ReWalk and AlterG products, and clinical and development activity on the ORMD-0801 oral insulin program managed by Oramed. In February 2026 it agreed to acquire intellectual property and technology for a powered upper-body robotic orthotic system from Skelable Ltd., a transaction subject to closing conditions and milestone-based share consideration. It financed growth with a strategic financing closed July 6, 2026 providing up to $11.2 million.

Risks

• Going concern — Management concluded substantial doubt exists about the company's ability to continue as a going concern as of December 31, 2025, with an accumulated deficit of $307.1 million at June 30, 2026, and the auditors included an explanatory paragraph on the fiscal 2025 opinion.
• Financing dependence — The company states it will need to raise additional equity or debt and that there is no assurance it can raise funds on acceptable terms; as of the 2025 Form 10-K filing it was also subject to Form S-3 limits because its public float was below $75 million.
• Reimbursement and payor coverage — Its stated risks include the ability to achieve reimbursement from private payors, governments and CMS, and to successfully submit and gain approval of Medicare coverage cases through Medicare Administrative Contractors.
• Third-party manufacturing and supply — The company relies on third-party contract manufacturers for AlterG Anti-Gravity systems, which creates exposure to product quality, timely production and delivery, and supply chain disruption.

Outlook

Management said the second quarter of 2026 demonstrated that its strategy is working and that, backed by a strong sales pipeline, it expects revenue momentum to continue in the second half of 2026. It describes a platform of multiple commercial products, reimbursement infrastructure, a scalable capital-efficient distribution model and a pipeline of potential future rehabilitation technologies. It intends to fund the next twelve months with existing cash on hand, a potential reduction in operating cash burn and future equity or debt issuances. It expects to incur future net losses, and profitability depends on successful development and commercialization, new distribution contracts or additional product line acquisitions.