Lifeward Ltd. (NASDAQ: LFWD) reported a net loss of $5.35 million for the fourth quarter of 2025, a modest improvement from the $15.2 million loss in Q4 2024. Revenue for the quarter was $5.10 million, down 33% from $7.50 million in the same period last year, reflecting lower sales of Alter G products and a decline in the MyoCycle FES bike segment. The company’s ReWalk Personal Exoskeleton sales grew 20% to $1.80 million, but the overall revenue decline was driven by the weaker performance of its legacy product lines.
The company missed analyst expectations on both earnings and revenue. Consensus estimates for the quarter were $-0.84 per share in earnings and $8.31 million in revenue, while the actual results were $-2.85 per share and $5.10 million, respectively. The miss was largely due to the continued weakness in Alter G and MyoCycle sales, which offset the growth in ReWalk. The company’s gross margin contracted to 21.4% from 24.4% in Q4 2024, reflecting lower sales volume and higher freight and tariff costs.
On a non‑GAAP basis, Lifeward reported an adjusted net loss of $4.20 million for the quarter, compared with a GAAP loss of $5.35 million. The company’s full‑year 2025 non‑GAAP adjusted net loss was $15.40 million, and full‑year revenue was $22.0 million, down 14% from $25.7 million in 2024. Operating expenses fell 25% year‑over‑year, and the company ended the year with $2.20 million in unrestricted cash.
Mark Grant, CEO, said, "We are entering 2026 with a pivotal transaction that establishes Lifeward as a diversified biomedical innovation company positioned for long‑term growth and sustainability." He added, "While 2025 was a transition year for Lifeward as we repositioned the Company for its next phase of growth, in 2026 we are already executing on our strategy to become a diversified biomedical innovation company."
Almog Adar, CFO, noted, "Before doing that, please note, given the significant transformation Lifeward has recently undergone and the pending close of our agreement with Oramed, we will not be providing guidance at this time." He continued, "We remain excited about the long‑term prospects and cautiously optimistic about the growth in our core med‑tech business, together with continued improvements in operating expenses, will help drive the company toward a positive cash flow in the near future."
The results come amid Lifeward’s strategic transition, including a transaction with Oramed that will provide up to $47 million in funding and a 49.99% equity stake, and the acquisition of powered upper‑body exoskeleton technology. The company also completed a 1‑for‑12 reverse share split effective February 24 2026, which adjusts per‑share amounts but does not affect the underlying economics of the results.
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