Lifeward Reports Third Quarter 2026 Financial Results and Provides Business Update

AlterG revenue increased 18% year-over-year to $3.6 million, driven by higher U.S. unit shipments, service revenue and average selling prices

The Company is advancing its transition of ReWalk to a capital-efficient channel-partner distribution model designed to expand patient access and support long-term revenue growth

New leadership team focused on commercial execution and advancing AI-enabled rehabilitation technologies

New peer-reviewed clinical evidence strengthens support for ReWalk’s long-term benefits and broader patient access

HUDSON, Mass. and YOKNEAM ILLIT, Israel, Nov. 13, 2026 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), a diversified biomedical innovation company with a portfolio of commercialized neurorehabilitation products and a biomedical pipeline, today reported financial results for the third quarter ended September 30, 2026, and provided a business update.

Business Update

• Continued growth of AlterG. AlterG revenue increased 18% to $3.6 million in the third quarter of 2026 compared to the third quarter of 2025, primarily reflecting higher U.S. unit shipments, together with increased service revenue and improved average selling prices. This marks the second consecutive quarter of double-digit year-over-year revenue growth for AlterG.
• ReWalk commercial transition to a channel-partner model. The Company is shifting ReWalk from direct sales to partnerships with established home and durable medical equipment providers and patient care organizations that can bring the ReWalk Personal Exoskeleton to patients across the United States. These partnerships build on the Company’s existing channels, including CorLife, its exclusive distributor for patients with workers’ compensation claims, and the pilot program the Company launched in August 2026 with Ottobock Care, a leading U.S. mobility technology patient care organization with more than 50 patient clinics nationwide. While the transition has affected the timing of ReWalk sales in the near term, the Company believes channel partnerships have the potential to significantly increase ReWalk revenue over the long term and is focused on expanding its partner network. Selling through partners on wholesale terms is also designed to reduce the Company’s operating expenses and may accelerate cash collection compared with direct sales.
• Broad reimbursement access supporting ReWalk adoption. ReWalk is covered by Medicare for eligible beneficiaries under an established fee schedule and by the three largest Medicare Advantage insurers, Aetna, Humana and UnitedHealthcare. Medicare Fee-for-Service and many national Medicare Advantage plans are authorizing ReWalk for clinically appropriate patients, and the Company believes this reimbursement infrastructure positions its channel partners to reach more eligible patients.
• Expansion of clinical evidence supporting ReWalk. In September and October 2026, the Company announced the publication of two peer-reviewed real-world studies of the ReWalk Personal Exoskeleton. The first reported improved performance of daily activities, higher satisfaction and lower pain compared with wheelchair use. The second, a long-term study, reported sustained home use over a median of 33 months with no reported falls or exoskeleton-related fractures.
• Well positioned for artificial intelligence (“AI”)-enabled rehabilitation. As robotics and AI increasingly move into physical care, the Company believes its combination of U.S. Food and Drug Administration (“FDA”)-cleared robotic products, established reimbursement infrastructure, commercial channels and installed base position it to bring AI-enabled rehabilitation technologies to patients. In addition to continued development of its upper-body exoskeleton with AI capabilities, Lifeward is exploring the addition of other AI-enabled capabilities into its product development pipeline.
  

“The third quarter was a transitional quarter for Lifeward, marked by continued AlterG growth as we move into the advanced stages of transitioning ReWalk to a channel-partner distribution model,” said Josh Hexter, Interim Chief Executive Officer of Lifeward. “Moving away from direct sales can create timing gaps in the near term, but we believe partnering with established providers that already reach patients nationwide is the right path to significantly expand access to ReWalk and accelerate revenue growth over the long term.”

Third Quarter 2026 Financial Results

Revenue was $5.4 million in the third quarter of 2026, compared to $6.2 million in the third quarter of 2025, a decrease of $0.8 million, or 12%. Revenue from AlterG products and services increased 18% to $3.6 million, primarily reflecting higher U.S. unit shipments, together with increased service revenue and improved average selling prices. Revenue from the sale of ReWalk Personal exoskeletons was $1.7 million, compared to $3.0 million in the third quarter of 2025, reflecting lower U.S. sales as the Company transitions ReWalk to a channel-partner distribution model, as well as lower revenues in Europe.

Gross margin was 27.4% during the third quarter of 2026, compared to 43.7% in the third quarter of 2025. The year-over-year decrease was primarily attributable to adverse foreign exchange rate fluctuations, higher freight costs and tariffs and revenue sharing expense arising from the Company’s March 2026 acquisition of Oratech Pharmaceuticals Ltd. from Oramed Pharmaceuticals Inc. (the “Oratech Acquisition”), under which the Company agreed to make quarterly payments to Oramed based on sales of ReWalk Personal Exoskeleton products and related extended warranties. On a non-GAAP basis, adjusted gross margin was 27.5% during the third quarter of 2026, compared to 43.7% in the prior-year quarter.

Total operating expenses in the third quarter of 2026 were $7.5 million, compared to $5.9 million in the third quarter of 2025. The increase was primarily attributable to approximately $0.5 million of clinical trial and contract research organization service costs related to the Oratech clinical trial, higher development costs related to the AlterG product improvement project and the upper-body exoskeleton technology, higher spending on trade shows and digital marketing, and restructuring expenses. On a non-GAAP basis, which excludes the items listed in the attached non-GAAP reconciliation table, adjusted operating expenses were $7.0 million in the third quarter of 2026, compared to $5.7 million in the third quarter of 2025, with the year-over-year change primarily attributable to the Oratech clinical trial costs and product development activities.

Operating loss in the third quarter of 2026 was $6.0 million, compared to $3.1 million in the third quarter of 2025. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted operating loss was $5.5 million in the third quarter of 2026, compared to $3.0 million in the third quarter of 2025.

Net loss was $5.1 million, or $1.32 per share, in the third quarter of 2026, compared to $3.2 million, or $2.37 per share, in the third quarter of 2025. The increase primarily reflects a higher operating loss partially offset by net financial income of $0.9 million in the third quarter of 2026, which includes non-cash fair value changes in warrant and derivative liabilities as well as interest expense related to the Company’s convertible notes. On a non-GAAP basis, which excludes the items in the attached non-GAAP reconciliation table, adjusted net loss was $5.5 million, or $1.44 per share, in the third quarter of 2026, compared to $3.0 million, or $2.24 per share, in the third quarter of 2025.

Balance Sheet

Unrestricted cash and cash equivalents were $4.5 million as of September 30, 2026, compared to $2.2 million as of December 31, 2025.

About Lifeward

Lifeward is a global innovator focused on advancing medical technologies and biomedical solutions that improve lives. The Company’s established portfolio includes market-leading neurorehabilitation technologies such as the ReWalk® Exoskeleton, AlterG® Anti-Gravity systems, and MyoCycle® FES System. These solutions span the continuum of care in physical rehabilitation and recovery, deploying the most advanced robotics and AI technologies to restore full health and quality of life to a broadening patient population. The Company is now executing a strategic evolution into a diversified biomedical company, expanding beyond rehabilitation and into high-value therapeutic platforms. This includes its Protein Oral Delivery (POD™) platform, designed to enable oral delivery of biologic drugs, with lead candidate ORMD-0801 (oral insulin) targeting a large and underserved diabetes market.

Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward mission and product portfolio, please visit GoLifeward.com.

Lifeward^®, ReWalk^®, ReStore^® and Alter G^® are registered trademarks of Lifeward Ltd. and/or its affiliates.

Use of Non-GAAP Financial Measures

In addition to financial results prepared in accordance with U.S. GAAP, this earnings release includes certain non-GAAP financial measures, including adjusted gross profit, adjusted gross margin, adjusted operating expenses, adjusted operating loss, adjusted net loss and adjusted net loss per share. These measures exclude certain items, as applicable, including stock-based compensation expense, restructuring expense, acquired in-process research and development expense, transaction-related expenses, amortization of acquired intangible assets, non-cash debt-discount amortization, changes in the fair value of warrant and derivative liabilities, acquisition-related income or expense and other items reflected in the reconciliations below.

Management believes the non-GAAP financial information provided in this release is useful to investors in understanding and assessing the Company’s ongoing operations. Management uses both GAAP and non-GAAP information to evaluate and operate the business internally and believes it is useful to provide this information to investors. Non-GAAP financial measures should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with U.S. GAAP. The GAAP results and reconciliations of the non-GAAP measures to the most directly comparable GAAP measures are provided below.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company’s future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “should,” “would,” “seek” and similar terms or phrases. For example, when the Company discusses the transition of ReWalk to a channel-partner distribution model and its potential to increase ReWalk revenue, the anticipated growth of AlterG, the development and potential benefits of AI-enabled capabilities and products, reimbursement coverage, the expected benefits of the channel-partner model, including the potential for lower operating expenses and faster cash collection, demand for rehabilitation technologies, and the Company’s strategy, priorities and long-term growth, it is using forward-looking statements. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others, risks and uncertainties relating to: the integration of Oratech and realization of the anticipated benefits of the Oratech acquisition; the development, timing, results and regulatory approval of ORMD-0801 and the Company’s other product and clinical-development programs; the sufficiency of the Company’s capital resources, its ability to obtain additional financing and continue as a going concern, and potential dilution resulting from its outstanding convertible securities and warrants; commercialization, market acceptance, reimbursement and sales growth for the Company’s products; the Company’s reliance on third-party payors, manufacturers, suppliers and distributors, and its customer and trade-receivables concentration; recent management and Board transitions; regulatory compliance, product defects and adverse events; intellectual-property protection; cybersecurity; and legislative, regulatory, political and economic developments, as well as other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 10-K, for the year ended December 31, 2025, in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, and in other documents subsequently filed with, or furnished to, the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Contact

Ronen Tsimerman
Chief Financial Officer
Lifeward
E: media@golifeward.com
E: ir@golifeward.com

  Lifeward Ltd. and subsidiaries

(*) All share and per share amounts presented in this note have been retroactively adjusted to reflect the Company’s 1-for-12 reverse share split effected on February 24, 2026.