Lifeward (LFWD) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 increased 16% year-over-year to $6.6 million, the highest since Q4 2024, driven by strong AlterG and ReWalk sales, commercial execution, and improved average selling prices.

• Strategic financing closed in July 2026 provided $5.6 million, with an additional $5.6 million available upon meeting certain milestones, strengthening the balance sheet with a proforma cash balance of $11 million.

• Expanded distribution through a pilot with Ottobock Care and continued integration of recent acquisitions, including Oratech and Skelable.

• Advanced clinical development of ORMD-0801 oral insulin, with Phase 2 trial preparations ongoing.

• Board and executive transitions announced, including CFO departure effective September 30, 2026.

Financial highlights

• Q2 2026 revenue: $6.6 million (up 16% year-over-year); ReWalk sales up 13% to $2.5 million, AlterG up 25% to $4.1 million; six-month revenue: $10.5 million (down 2% year-over-year due to Q1 supply constraints).

• Gross margin for Q2 2026: 41% (Q2 2025: 44%), impacted by FX, tariffs, and revenue sharing expenses.

• Net loss for Q2 2026: $11.5 million ($4.12/share), mainly due to non-cash fair value charges; adjusted net loss: $4.1 million ($1.46/share).

• Cash and cash equivalents as of June 30, 2026: $9.4 million, up from $2.2 million at year-end 2025.

• Operating expenses fell 24% to $6.9 million due to prior-year impairment charges; adjusted operating expenses rose 8% to $6.5 million.

Outlook and guidance

• Growth expected from expanded reimbursement and coverage for ReWalk, increased AlterG shipments, new channel partnerships, and a strong sales pipeline.

• Gross margin anticipated to improve as higher volumes drive better absorption of fixed costs and operational efficiencies.

• Continued investment in R&D for product improvements and integration of acquired technologies.

• Management expects ongoing operating losses and negative cash flows, with additional capital required to fund operations.