Lifeward Ltd. (NASDAQ: LFWD) is a diversified biomedical innovation company with a portfolio of commercialized neurorehabilitation products and a biomedical pipeline. Its established products include the ReWalk® Exoskeleton, AlterG® Anti-Gravity system, MyoCycle® FES System, and ReStore® Exo-Suit. Following its Oratech transaction, the company is also expanding into biomedical platforms, including Protein Oral Delivery technology, with ORMD-0801 oral insulin expected to enter a Phase 2 study.
On May 15, 2026, Lifeward reported financial results for the first quarter ended March 31, 2026. Revenue was $3.923 million, compared with $5.034 million in the prior-year quarter, representing a decline of approximately 22%. Revenue from ReWalk Personal exoskeletons increased 11% year over year to $1.6 million, while AlterG product and service revenue declined 38% to $2.1 million. The company attributed the AlterG decline mainly to lower unit shipments caused by timing issues related to working-capital constraints affecting sourcing and supply chain.
The company reported a GAAP net loss of $10.8 million, or $(6.70) per share, compared with a net loss of $4.8 million, or $(5.53) per share, in Q1 2025. The wider loss was driven largely by transaction-related and other one-time expenses, including a $4.9 million non-cash research and development charge related to acquired in-process R&D assets from the Oratech transaction.
On a non-GAAP basis, Lifeward reported an adjusted net loss of $5.1 million, or $(3.13) per share, compared with an adjusted net loss of $4.6 million, or $(5.28) per share, in the prior-year quarter. Lifeward’s revenue missed analyst expectations. Zacks reported that the company missed revenue estimates by 35.69%.
Despite the earnings and revenue miss, Lifeward’s liquidity improved during the quarter. The company ended March 31, 2026 with $11.4 million in unrestricted cash and cash equivalents, up from $2.2 million at December 31, 2025. The increase was driven by net proceeds from the convertible-notes financing transaction and approximately $6.5 million of cash acquired through the Oratech transaction.
Operating cash burn also improved. Cash used in operating activities was $3.7 million in Q1 2026, down from $5.5 million in Q1 2025, a reduction of about 33%. Lifeward’s current ratio was approximately 2.40, based on current assets of $25.557 million and current liabilities of $10.635 million. This suggests the company had enough current assets to cover near-term obligations as of quarter-end.
