Revenue growth remains in a downward trajectory, highlighted by a 22.1% year-over-year decline in 2026Q1 alongside volatile gross margins that fluctuated between 21.4% and 43.9% over the last ten quarters.
| Sales/Revenue | 20.92M | 22.03M | 25.66M | 13.85M | 5.51M | 5.97M | 4.39M | 4.87M | 6.54M | 7.75M | 5.87M |
| Revenue Growth % | -17.67% | -14.14% | 85.24% | 151.39% | -7.63% | 35.81% | -9.85% | -25.55% | -15.58% | 32.1% | - |
| Cost of Goods Sold | 13.28M | 13.61M | 17.45M | 9.4M | 3.61M | 3.06M | 2.2M | 2.15M | 3.72M | 4.65M | 5.13M |
| COGS % of Revenue | - | 61.75% | 67.98% | 67.86% | 65.43% | 51.34% | 50.17% | 44.06% | 56.84% | 60% | 87.46% |
| Gross Profit | 7.65M | 8.43M | 8.22M | 4.45M | 1.91M | 2.9M | 2.19M | 2.73M | 2.83M | 3.1M | 736K |
| Gross Margin % | 36.55% | 38.25% | 32.02% | 32.14% | 34.57% | 48.66% | 49.83% | 55.94% | 43.16% | 40% | 12.54% |
| Gross Profit Growth % | - | 2.58% | 84.5% | 133.75% | -34.38% | 32.62% | -19.7% | -3.5% | -8.9% | 321.33% | - |
| Operating Expenses | 32.81M | 25.32M | 27.77M | 28.07M | 21.01M | 15.56M | 14.19M | 16.77M | 22.04M | 25.09M | 31.18M |
| OpEx % of Revenue | - | 114.91% | 108.21% | 202.58% | 381.18% | 260.78% | 323.08% | 344.22% | 336.73% | 323.66% | 531.21% |
| Selling, General & Admin | 21.85M | 22.07M | 23.14M | 23.92M | 16.98M | 12.62M | 10.73M | 11.43M | 14.69M | 19.05M | 22.15M |
| SG&A % of Revenue | - | 100.16% | 90.18% | 172.64% | 308.04% | 211.52% | 244.34% | 234.48% | 224.45% | 245.72% | 377.39% |
| Research & Development | 8.18M | 3.25M | 4.63M | 4.15M | 4.03M | 2.94M | 3.46M | 5.35M | 7.35M | 6.04M | 9.03M |
| R&D % of Revenue | - | 14.75% | 18.02% | 29.94% | 73.14% | 49.26% | 78.74% | 109.75% | 112.28% | 77.93% | 153.83% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -25.16M | -16.89M | -19.55M | -23.61M | -19.1M | -12.65M | -12M | -14.05M | -19.21M | -21.99M | -30.44M |
| Operating Margin % | -120.25% | -76.66% | -76.19% | -170.43% | -346.62% | -212.12% | -273.25% | -288.28% | -293.57% | -283.66% | -518.67% |
| Operating Income Growth % | - | 13.61% | 17.19% | -23.61% | -50.94% | -5.42% | 14.55% | 26.89% | 12.63% | 27.76% | - |
| EBITDA | -24.92M | -16.56M | -15.71M | -21.77M | -18.9M | -12.39M | -11.72M | -13.73M | -18.75M | -21.35M | -29.75M |
| EBITDA Margin % | -119.09% | -75.15% | -61.22% | -157.1% | -342.95% | -207.66% | -266.77% | -281.7% | -286.49% | -275.38% | -506.82% |
| EBITDA Growth % | -30.99% | -5.38% | 27.81% | -15.16% | -52.55% | -5.72% | 14.63% | 26.79% | 12.17% | 28.22% | - |
| D&A (Non-Cash Add-back) | 243K | 333K | 3.84M | 1.85M | 202K | 266K | 285K | 321K | 463K | 642K | 696K |
| EBIT | -22.37M | -16.89M | -28.77M | -23.61M | -19.08M | -12.62M | -12.02M | -14.04M | -19.28M | -22.15M | -30.52M |
| Net Interest Income | -447K | -295K | 515K | 1.33M | -22K | -25K | -930K | -1.53M | -2.42M | -2.48M | -2.01M |
| Interest Income | 69K | 0 | 643K | 1.35M | 0 | 0 | - | 0 | 0 | 0 | 0 |
| Interest Expense | 516K | 295K | 128K | 20K | 22K | 25K | 930K | 1.53M | 2.42M | 2.48M | 2.01M |
| Other Income/Expense | -7.34M | -3.08M | -9.35M | 1.47M | 0 | 13K | -921K | -1.5M | -2.47M | -2.61M | -2.06M |
| Pretax Income | -32.5M | -19.97M | -28.9M | -22.14M | -19.1M | -12.64M | -12.93M | -15.54M | -21.68M | -24.6M | -32.5M |
| Pretax Margin % | -155.31% | -90.63% | -112.61% | -159.85% | -346.62% | -211.9% | -294.22% | -318.98% | -331.25% | -317.27% | -553.76% |
| Income Tax | -6.62M | -55K | 43K | -12K | 467K | 94K | 51K | 7K | -5K | 119K | 3K |
| Effective Tax Rate % | 20.38% | 0.28% | -0.15% | 0.05% | -2.44% | -0.74% | -0.39% | -0.05% | 0.02% | -0.48% | -0.01% |
| Net Income | -25.87M | -19.91M | -28.94M | -22.13M | -19.57M | -12.74M | -12.98M | -15.55M | -21.68M | -24.72M | -32.5M |
| Net Margin % | -123.66% | -90.38% | -112.78% | -159.76% | -355.09% | -213.48% | -295.38% | -319.13% | -331.17% | -318.81% | -553.81% |
| Net Income Growth % | 5.92% | 31.19% | -30.76% | -13.1% | -53.65% | 1.85% | 16.56% | 28.25% | 12.31% | 23.95% | - |
| Net Income (Continuing) | -25.87M | -19.91M | -28.94M | -22.13M | -19.57M | -12.74M | -12.98M | -15.55M | -21.68M | -24.72M | -32.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -16.06 | -17.16 | -39.96 | -31.08 | -26.40 | -22.32 | -68.88 | -226.80 | -1236.48 | -2567.76 | -5179.56 |
| EPS Growth % | 46.11% | 57.06% | -28.57% | -17.73% | -18.28% | 67.6% | 69.63% | 81.66% | 51.85% | 50.43% | - |
| EPS (Basic) | - | -17.16 | -39.96 | -31.08 | -26.40 | -22.32 | -68.88 | -226.80 | -1236.48 | -2567.76 | -5179.56 |
| Diluted Shares Outstanding | 1.61M | 11.61M | 723.98K | 710.66K | 742.31K | 570.43K | 187.6K | 68.58K | 17.52K | 9.62K | 6.27K |
| Basic Shares Outstanding | 1.61M | 11.61M | 723.98K | 710.66K | 742.31K | 570.43K | 187.6K | 68.58K | 17.52K | 9.62K | 6.27K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial filings, Lifeward's revenue growth has trended downward, culminating in a 22.1% year-over-year decline in 2026Q1, which suggests that the integration of the AlterG acquisition has yet to provide the anticipated top-line momentum required to offset legacy exoskeleton business volatility.
The persistent revenue decline indicates that the company is struggling to achieve critical mass in its dual-segment model. Investors should monitor whether this contraction reflects a fundamental lack of demand or merely the friction associated with transitioning toward a more complex, multi-modality rehabilitation platform.
Based on historical income statements, Lifeward's gross margins have exhibited significant instability, fluctuating between 21.4% and 43.9% over the last ten quarters, which highlights the difficulty of maintaining pricing power while navigating the high-cost manufacturing requirements of specialized medical robotics and anti-gravity systems.
The wide variance in margins suggests that the company lacks a stable cost-to-price equilibrium, likely due to the lumpy nature of institutional orders and the high cost of goods sold for low-volume hardware. This volatility complicates forecasting and suggests that margin expansion remains highly sensitive to product mix shifts.
According to the provided quarterly data, Lifeward's operating expenses remain deeply disconnected from its revenue base, as evidenced by a 2026Q1 operating loss of $10.3M, which underscores a lack of operating leverage and a cost structure that appears built for a significantly larger scale.
The company's inability to scale SG&A and R&D efficiently relative to its top line suggests that the current business model is fundamentally unsustainable without a massive increase in unit volume. The persistent operating losses indicate that the firm is currently prioritizing market penetration and regulatory positioning over immediate operational efficiency.
Based on the reported $2.1M cash position and consistent quarterly operating losses, the company faces a precarious financial outlook, as the current burn rate appears to necessitate an imminent capital raise that would likely result in significant further dilution for existing shareholders.
Short-term observers may argue that the company's reliance on external financing to cover basic operating costs creates a negative feedback loop where dilution suppresses equity value. This warrants further investigation into whether the company can achieve a self-sustaining cash flow inflection before its liquidity runway is fully exhausted.
Quick answers to the most common questions about buying LFWD stock.
For fiscal year 2025, Lifeward Ltd. (LFWD) reported total revenue of $22.0M. This represents a 275.4% increase compared to $5.9M in 2016.
Lifeward Ltd. (LFWD) reported a net loss of $19.9M for the fiscal year ending 2025.
Lifeward Ltd. (LFWD) reported an operating income of $-16.9M, resulting in an operating profit margin of -76.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Lifeward Ltd. (LFWD) generated $8.4M in gross profit for the year, representing a gross profit margin of 38.3%. This demonstrates the company's core pricing power and production efficiency.