Lifeward Ltd.
Lifeward Ltd. develops and commercializes mobility and rehabilitation technologies for people with spinal cord injury and other mobility-limiting conditions. Its portfolio centers on the ReWalk personal exoskeleton, AlterG anti-gravity systems, ReStore, and MyoCycle, with revenue also coming from warranties and repair services.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueWearable robotic devices used by individuals with spinal cord injury to stand and walk.
Clinic-based systems such as AlterG and ReStore used for therapy, gait training, and recovery.
Smaller devices such as MyoCycle sold to rehabilitation users and personal users.
Extended warranties, repairs, and related post-sale support for installed products.
Products
Reported · share of revenue- Products77.9 %
- Service and Warranty14.0 %
- Lease of Products8.1 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Lifeward sells to a mix of end users and institutional buyers, with direct sales in the United States and distributor-led sales in many international markets. Core customers include clinics, rehabilitation centers, third-party payors, professional and college sports teams, veterans programs, and self-pay individuals, especially in the SCI community.
Buy AlterG, ReStore, and related systems for therapy, gait training, and patient rehabilitation.
Purchase ReWalk personal exoskeletons and MyoCycle devices for mobility and home use.
Do not buy directly, but determine reimbursement access that drives adoption of ReWalk systems.
Buy or resell products in non-direct markets and provide local market access and service coverage.
Use AlterG systems for training, recovery, and performance applications.
Strategy
Lifeward is focused on expanding reimbursement coverage for ReWalk, especially through commercial and government payors, while increasing placements of AlterG and MyoCycle. Management is also trying to lower product costs, improve commercial efficiency, and broaden the company’s clinical and commercial footprint.
Coverage determines adoption for a high-cost device and directly affects sales conversion.
CE mark approval enables broader European sales and diversifies the revenue base.
Lower material costs and leaner operations are important given losses and limited liquidity.
Growth depends on selling more AlterG and MyoCycle units across rehab and personal channels.
Geography
Q1/2026Lifeward’s principal markets are the United States and Europe, with smaller sales in Asia, the Middle East, and South America. The company has primary offices in Yokneam, Israel; Marlborough, Massachusetts; and Berlin, Germany, and it previously operated offices in Fremont, California and Queens, New York, which were closed at the end of 2024.
Share of the revenue the company reports by geography.
Risks
Lifeward faces execution risk from its manufacturing transition, reimbursement dependence, and limited liquidity. The business also has exposure to tariffs and foreign sourcing, while its Nasdaq listing status and going-concern profile add financing and market-risk pressure.
- Going-concern and financing riskImpact: CriticalLikelihood: High
Cash resources are limited and the company expects further losses, requiring additional financing.
Exposure: Operations continuity and dilution risk
- Manufacturing transition to in-house productionImpact: HighLikelihood: High
The company moved ReWalk manufacturing away from Sanmina and must build internal capabilities and supplier relationships.
Exposure - Reimbursement and coverage uncertaintyImpact: High
Demand for exoskeletons depends heavily on third-party payor support, which is not uniform in the U.S.
Exposure: ReWalk sales conversion and market adoption
- Tariffs and trade barriersImpact: MediumLikelihood: High
The company relies on foreign manufacturers and parts suppliers, including in China, Taiwan, and Israel.
Exposure - Nasdaq Capital Market complianceImpact: MediumLikelihood: High
Failure to satisfy listing requirements could threaten continued listing and liquidity in the stock.
Exposure: Capital markets access and share price volatility
Accounting
Judgemental itemsDifferent revenue streams may be recognized at shipment or over service periods, affecting quarterly comparability.
Impact: Can shift reported revenue and gross margin between periods
Acquisition-related intangibles from AlterG create non-cash expense that affects operating loss.
Impact: Impacts sales and marketing or operating expense trends
Management states that existing cash may only fund operations into the fourth quarter of 2025.
Impact: Affects disclosure, financing assumptions, and investor risk assessment
Tax expense is influenced by deferred tax adjustments and timing differences in subsidiaries.
Impact: Can create volatility in reported tax expense
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Last updated: 24/09/2026