Lifeward (LFWD) Q4 2025 earnings summary

Executive summary

• Executing a strategy to become a leading diversified biomedical innovation company with platforms in neurorehabilitation, robotics, and metabolic therapeutics, advanced by acquiring Oramed's oral protein delivery technology and powered upper-body exoskeleton platform.

• Strategic partnership with Oramed provides access to capital, up to $47 million in funding, and adds an advanced oral insulin candidate to the portfolio.

• Acquisition of Skelable technology and team expands into upper extremity neurorehabilitation, complementing the ReWalk ecosystem.

• Expanded reimbursement coverage for ReWalk Personal Exoskeleton with major U.S. payers and international distribution growth.

• Focused on scaling through reimbursement progress, commercial execution, and product innovation.

Financial highlights

• 2025 revenue was $22 million, down 14% year-over-year; Q4 2025 revenue was $5.1 million, down 33% from Q4 2024.

• ReWalk Personal Exoskeleton revenue stable at $8.5 million, with 22% increase in units sold year-over-year; Q4 sales rose 20% to $1.8 million.

• AlterG revenue declined 18% to $12.9 million for the year and 43% in Q4, mainly due to timing of distributor orders.

• Gross profit increased to $8.4 million (38.2% margin), up from $8.2 million (32%) in 2024; non-GAAP gross profit was $9 million (41% margin); adjusted gross margin for 2025 was 40.9%.

• Operating expenses fell 25% to $28.1 million, with adjusted operating expenses down 12%; operating loss narrowed by 33% to $19.7 million.

Outlook and guidance

• Strategic transaction with Oramed expected to close soon, providing additional funding and a cash runway.

• Commercial launch of upper-body exoskeleton anticipated in 18–24 months, with expectations for attractive gross margins.

• Anticipates continued improvements in operating expenses and growth in core med tech business to drive toward positive cash flow.

• No formal guidance provided due to significant transformation and pending Oramed transaction.