Financial Performance - Total revenues for the three months ended September 30, 2025, were $6,195,000, a slight increase from $6,128,000 in the same period of 2024, representing a growth of 1.1%[20] - Gross profit for the nine months ended September 30, 2025, was $7,340,000, compared to $6,372,000 for the same period in 2024, indicating an increase of 15.2%[20] - Operating loss for the three months ended September 30, 2025, was $3,140,000, slightly improved from a loss of $3,174,000 in the same period of 2024[20] - Net loss for the three months ended September 30, 2025, was $3,170,000, compared to a net loss of $3,084,000 for the same period in 2024, reflecting a 2.8% increase in losses[20] - For the nine months ended September 30, 2025, the company reported a net loss of $14.6 million, compared to a net loss of $13.7 million for the same period in 2024[24] - The company reported a net financial income of $8,000 for the nine months ended September 30, 2025, compared to $495,000 in 2024[94] - The company reported a net cash flow of $(4.748) million for the nine months ended September 30, 2025, compared to $(17.778) million for the same period in 2024[161] Assets and Liabilities - Total current assets decreased to $17,346,000 as of September 30, 2025, down from $21,294,000 as of December 31, 2024, a decline of 18.5%[16] - Total liabilities decreased to $10,413,000 as of September 30, 2025, compared to $11,638,000 as of December 31, 2024, a reduction of 10.5%[18] - Shareholders' equity as of September 30, 2025, was $12,755,000, down from $18,849,000 as of December 31, 2024, indicating a decrease of 32.5%[18] - The company’s cash and cash equivalents as of September 30, 2025, totaled $2.0 million, a decrease from $10.7 million at the end of the same period in 2024[29] - Trade receivables as of September 30, 2025, were $6,126,000, an increase from $6,004,000 as of December 31, 2024[51] - The company has non-cancelable purchase commitments amounting to approximately $7.5 million as of September 30, 2025[68] - The company has contractual obligations totaling $7.737 million as of September 30, 2025, with $7.490 million due within one year[166] Cash Flow and Financing - The negative operating cash flow for the nine months ended September 30, 2025, was $13.3 million, an improvement from $17.7 million for the same period in 2024[29] - The company raised approximately $8.4 million in net cash from financing activities during the nine months ended September 30, 2025, primarily from offerings in January and June 2025, and the ATM program[164] - The company sold 1,146,629 and 2,110,747 shares under the ATM program for total gross proceeds of approximately $0.7 million and $1.9 million, respectively, during the three and nine months ended September 30, 2025[155] - The company secured a $3.0 million loan from Oramed Ltd. to support ongoing operations and strategic initiatives[119] - As of September 30, 2025, the company had $3.0 million outstanding under a loan agreement with Oramed, secured by cash and accounts receivable[160] - The company anticipates continuing operating losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern for at least 12 months from the issuance of the financial statements[29] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $721,000, down from $998,000 in the same period of 2024, a decrease of 27.8%[20] - Research and development expenses for the three months ended September 30, 2025, decreased by $0.3 million, or 27.8%, to $0.7 million compared to the same period in 2024[128] - The company is in the research stage of the ReBoot device, which received Breakthrough Device Designation from the FDA in November 2021, although further investment has been paused pending clinical and commercial evaluations[107] Product and Market Development - The company completed the acquisition of AlterG, Inc. on August 11, 2023, which is now a wholly owned subsidiary and has been rebranded as LCAI[27] - The company has developed the ReStore Exo-Suit device, which began commercialization in June 2019, aimed at rehabilitation for individuals with lower limb disabilities[26] - The AlterG Anti-Gravity systems are utilized in over 4,000 facilities globally across more than 40 countries, enhancing the company's market presence[105] - The company received CE mark approval for the ReWalk 7 Personal Exoskeleton, enabling commercial sales in Europe, which currently represents approximately 40% of the company's exoskeleton sales[119] - The company finalized an agreement with BARMER in February 2025 to formalize the reimbursement process for the provision of ReWalk exoskeletons to eligible beneficiaries in Germany[114] Shareholder Information - The company issued 1,146,629 ordinary shares under at-the-market offerings, net of issuance costs of $44, resulting in an increase in additional paid-in capital[22] - The Company approved a one-for-seven reverse share split, reducing the number of outstanding ordinary shares from approximately 60.1 million to about 8.6 million[76] - As of September 30, 2025, the Company has a contingent liability to the IIA amounting to $1.6 million, with royalty payments contingent on actual sales[72] - The company has 8,486,475 warrants outstanding as of September 30, 2025, with various exercise prices ranging from $0.65 to $52.50[85] Compliance and Governance - The company received a deficiency letter from Nasdaq due to the closing bid price of its ordinary shares being below $1.00 for 30 consecutive business days, risking potential delisting if compliance is not re-achieved by February 2, 2026[150] - Certifications of the Principal Executive Officer and Principal Financial Officer were filed in accordance with the Sarbanes-Oxley Act[190] - The report was signed by the President and Chief Executive Officer, William Mark Grant, and the Chief Financial Officer, Almog Adar, on November 14, 2025[190]

Core Insights - Spanish airline Iberia plans to significantly expand its operations in Brazil for the second consecutive year in 2026, driven by the introduction of new Airbus jets [1] Company Expansion Plans - Iberia aims to open more routes in Brazil, capitalizing on the growth potential in Latin America's large market [1]

Financial Data and Key Metrics Changes - Lifeward reported revenue of $6.2 million in Q3 2025, a slight increase of approximately 1.1% from $6.1 million in Q3 2024, and an 8% increase from $5.7 million in Q2 2025 [6][7] - GAAP gross profit for Q3 2025 was $2.7 million, or 43.7% of revenue, compared to $2.2 million, or 36.2% of revenue in Q3 2024, driven by lower production costs [9][10] - GAAP operating loss for Q3 2025 was $3.1 million, a slight improvement from $3.2 million in Q3 2024, while non-GAAP operating loss was $3 million compared to $4.1 million in the same period last year [11][12] Business Line Data and Key Metrics Changes - Revenue from traditional products, including ReWalk, MyoCycle, and ReStore, totaled $3.1 million in Q3 2025, up 24% from $2.5 million in Q3 2024, driven by increased Medicare-related sales [8] - Revenue from AlterG products decreased to $3.1 million in Q3 2025 from $3.6 million in Q3 2024, primarily due to timing factors [8] Market Data and Key Metrics Changes - Lifeward expanded patient access with the first Medicare Advantage commercial revenue for the ReWalk 7 personal exoskeleton and received CE mark approval, enhancing access to the European market, which represents about 40% of the global addressable exoskeleton opportunity [4][12] - The company closed the quarter with a pipeline of over 117 qualified leads for ReWalk in the U.S. and 49 leads in Germany, including 33 active rentals [8] Company Strategy and Development Direction - The company is focused on rebuilding fundamentals, defining strategic direction, and improving operational discipline, with a commitment to creating durable long-term value [3][5] - Lifeward is exploring global expansion opportunities and strategic partnerships to enhance financial position and market access [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and the potential for growth, emphasizing the importance of operational efficiencies and a focused sales approach [5][12] - The company reaffirmed its full-year 2025 guidance, expecting revenue in the range of $24-$26 million and a projected non-GAAP net loss of $12-$14 million [12] Other Important Information - Lifeward completed a $3 million loan agreement with AuraMed to enhance liquidity and support the transformation plan [4][12] - The company ended Q3 2025 with $2 million in cash and cash equivalents and no debt, indicating a stable financial position [11][12] Q&A Session Summary Question: Breakdown of rental systems for ReWalk - Lifeward confirmed that there are 33 active rentals, all in Germany [17] Question: Impact of collaboration with CoreLife - Management noted that the partnership with CoreLife is progressing well, with a growing pipeline and learning from training processes [19] Question: Percentage of revenue from Medicare - Medicare accounts for approximately 50% of total revenue, specifically for ReWalk products [21][24] Question: Revenue contribution from ReWalk within traditional product sales - Revenue from ReWalk products is approximately $2.9 million within the $3.1 million of traditional product sales [25] Question: Changes needed for AlterG to stabilize - Management indicated a need for a dedicated sales team for AlterG to regain focus and improve sales performance [38] Question: Introduction of ReWalk 7 in Germany - The company has a solid pipeline with 33 active rentals that are expected to convert to sales within three to six months [39] Question: Comfort level regarding financial stability - Management expressed optimism about the turnaround potential and the strength of the product portfolio, indicating a positive outlook for overcoming financial challenges [42]

Revenue Performance - Lifeward reported revenue of $6.2 million in Q3 2025, a slight increase of approximately 1% from $6.1 million in Q3 2024, and an 8% increase from $5.7 million in Q2 2025[5] - Revenue from traditional products, including ReWalk exoskeletons, increased by 24% year-over-year to $3.1 million, attributed to Medicare-related sales growth[5] - Revenue for Q3 2025 was $6,195 million, a slight increase from $6,128 million in Q3 2024, while total revenue for the nine months ended September 30, 2025, was $16,953 million, down from $18,118 million in the same period last year[23] Financial Losses and Improvements - Non-GAAP operating loss decreased to $3.0 million in Q3 2025, compared to a loss of $4.1 million in Q3 2024, representing a 27% improvement[7] - Operating loss for Q3 2025 was $(3,140) million, which is 50.7% of revenue, compared to $(3,174) million or 51.8% of revenue in Q3 2024[30] - Net loss for Q3 2025 was $(3,170) million, compared to $(3,084) million in Q3 2024, with a basic net loss per share of $(0.20) versus $(0.35) in the prior year[29] - Non-GAAP net loss for Q3 2025 was $(2,996) million, compared to $(3,960) million in Q3 2024, with a non-GAAP net loss per share of $(0.19) versus $(0.45) in the prior year[29] Cost Management and Efficiency - Quarterly cash burn improved to $3.8 million, down 16% year-over-year from $4.5 million in Q3 2024, reflecting operational efficiencies[4] - Operating expenses decreased to $5.7 million on a non-GAAP basis, down from $6.7 million in Q3 2024, reflecting improved efficiency in reimbursement activities[6] - Gross margin increased to 43.7% in Q3 2025, up from 36.2% in Q3 2024, driven by lower production costs following the closure of the Fremont facility[5] Cash Flow and Assets - Cash and cash equivalents at the end of Q3 2025 were $1,956 million, a decrease from $6,746 million at the end of December 2024[25] - Total assets as of September 30, 2025, were $23,168 million, down from $30,487 million at the end of December 2024[25] - The company reported net cash used in operating activities of $(13,271) million for the nine months ended September 30, 2025, compared to $(17,749) million in the same period of 2024[27] - The company experienced a decrease in cash, cash equivalents, and restricted cash of $(4,748) million for the nine months ended September 30, 2025, compared to $(17,778) million in the same period of 2024[27] Research and Development Expenses - Research and development expenses for Q3 2025 were $721 million, down from $998 million in Q3 2024, while sales and marketing expenses decreased to $3,168 million from $4,156 million[23] - GAAP research and development expenses for Q3 2025 were $721,000, representing 11.6% of revenue, compared to $998,000 (16.3%) in Q3 2024[31] - Non-GAAP research and development expenses for Q3 2025 were $689,000, or 11.1% of revenue, down from $960,000 (15.7%) in Q3 2024[31] General and Administrative Expenses - GAAP general and administrative expenses for Q3 2025 were $1,958,000, representing 31.6% of revenue, compared to $240,000 (3.9%) in Q3 2024[31] - Non-GAAP general and administrative expenses for Q3 2025 were $1,884,000, or 30.4% of revenue, compared to $2,024,000 (33.0%) in Q3 2024[31] - The company reported a significant increase in GAAP general and administrative expenses for the nine months ended September 30, 2025, totaling $5,917,000 (34.9%) compared to $3,424,000 (18.9%) in the same period of 2024[31] Strategic Initiatives - The company secured a $3.0 million loan from Oramed Ltd. to support ongoing operations and strategic initiatives[4] - Lifeward reaffirmed its full-year 2025 revenue guidance, expecting revenue in the range of $24 to $26 million and a projected non-GAAP net loss of $12 to $14 million[11] - The company received CE mark approval for the ReWalk 7 Personal Exoskeleton, enabling commercial sales in Europe, which currently accounts for approximately 40% of exoskeleton sales[4] Stock-Based Compensation - Stock-based compensation expenses for Q3 2025 were $74,000 (1.2%) compared to $158,000 (2.6%) in Q3 2024[31]

Core Insights - Lifeward Ltd. reported a record quarter for Medicare beneficiary placements, indicating strong commercial execution and operational improvements [3][9] - The company achieved a 16% year-over-year decrease in quarterly cash burn and a 27% decrease in quarterly Non-GAAP operating loss, reflecting ongoing efficiency initiatives [4][6] - Lifeward secured a $3.0 million loan agreement with Oramed Ltd. to support its operations and strategic initiatives [9][10] Financial Performance - Revenue for Q3 2025 was $6.2 million, a slight increase of approximately 1% from $6.1 million in Q3 2024, and an 8% increase from $5.7 million in Q2 2025 [4] - Revenue from traditional products, including ReWalk Personal exoskeletons, rose to $3.1 million, up 24% year-over-year, driven by Medicare-related sales [4] - Gross margin improved to 43.7% in Q3 2025, compared to 36.2% in Q3 2024, primarily due to lower production costs following the closure of the Fremont manufacturing facility [4][5] Operating Expenses and Losses - Total operating expenses in Q3 2025 were $5.9 million, up from $5.4 million in Q3 2024, but adjusted operating expenses decreased to $5.7 million from $6.7 million year-over-year [5] - The operating loss for Q3 2025 was $3.1 million, slightly improved from a loss of $3.2 million in Q3 2024, with adjusted operating loss decreasing to $3.0 million from $4.1 million [6] - Net loss for Q3 2025 was $3.2 million, or $0.20 per share, compared to a net loss of $3.1 million, or $0.35 per share, in Q3 2024 [7] Liquidity and Guidance - As of September 30, 2025, Lifeward had $2.0 million in unrestricted cash and cash equivalents, with cash used in operations improving to $3.8 million from $4.5 million in Q3 2024 [8] - The company reaffirmed its full-year 2025 guidance, expecting revenue in the range of $24 to $26 million and a projected non-GAAP net loss between $12 to $14 million [11]

Core Viewpoint - Lifeward Ltd. will release its third quarter 2025 financial results on November 14, 2025, before market opening [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call and live webcast hosted by the President and CEO, Mark Grant, and CFO, Almog Adar, at 8:30 a.m. EST on the same day [2] - Analysts and investors can access the call through various toll-free numbers and an access code referencing "Lifeward Earnings Call" [2] Group 2: Company Overview - Lifeward is a global leader in innovative medical technology aimed at transforming the lives of individuals with physical limitations or disabilities [1][3] - The company designs, develops, and commercializes solutions that provide functional and health benefits in both clinical and home settings [3] - Lifeward's product portfolio includes the ReWalk Exoskeleton, AlterG Anti-Gravity system, MyoCycle FES System, and ReStore Exo-Suit [3] Group 3: Company Background - Founded in 2001, Lifeward operates in the United States, Israel, and Germany [4] - The company's mission is to drive innovation to empower individuals with physical limitations [3][4]

Group 1 - Chengdu's humanoid robot innovation center has developed the first domestic robot task execution system (R-WMES) based on a world model, marking a significant milestone in intelligent humanoid robot capabilities [2] - The world model framework mimics human brain thinking by learning physical and causal laws from the real world, enabling robots to autonomously plan and execute tasks based on target images [2] - The R-WMES system demonstrates strong adaptability and task completion in unfamiliar environments, addressing the intelligence gap in humanoid robots and accelerating their practical and commercial application [2] Group 2 - The Ministry of Industry and Information Technology (MIIT) stated that China has established a complete manufacturing capability for humanoid robots, covering key chips, components, and complete machines [5] - Since the 14th Five-Year Plan, 46 cities have been supported in new technology transformation pilot projects, resulting in over 230 excellent smart factories and 1,260 5G factories [5] - China's industrial robot installation accounted for over 50% of the global total, with significant improvements in energy consumption efficiency for products like steel and cement [5] Group 3 - Xingyuan Intelligent, a company focused on embodied intelligence, has completed a 200 million RMB angel round of financing to accelerate the development and commercialization of its embodied brain technology [6] - The company was incubated by the Beijing Academy of Artificial Intelligence and aims to create a universal embodied brain for the physical world, leveraging a team of top talents in the field [6] - The founding team includes experienced professionals from leading companies, establishing a closed-loop ecosystem of "technical barriers + commercial realization" [6] Group 4 - The Swiss Federal Institute of Technology Zurich has proposed an innovative control framework for legged robots that combines reinforcement learning and multi-head attention mechanisms, enabling precise control and 100% success in obstacle navigation [11] - This method enhances the robot's adaptability to complex terrains by dynamically adjusting its focus based on real-time motion states and environmental data [11] - Both GR-1 and ANYmal-D robots have shown excellent performance in experimental and real-world environments, opening up new possibilities for practical applications [11] Group 5 - Lifeward's seventh-generation personal exoskeleton, ReWalk 7, has received CE certification for the European market, marking a significant milestone in medical device innovation for spinal cord injury rehabilitation [12] - ReWalk 7 features cloud connectivity, allowing users to control the device and track usage data through a smartwatch and mobile app, enabling personalized rehabilitation goals [12] - The new system supports seamless transitions between indoor and outdoor environments and includes one-click activation for stairs and sidewalks, enhancing user independence [12]

Core Insights - Lifeward Ltd. (LFWD) has received CE mark approval for the ReWalk 7 Personal Exoskeleton, allowing for commercial sale in Europe, which constitutes approximately 40% of the company's exoskeleton sales [1][7] - The ReWalk 7 features enhancements such as cloud connectivity, push-button control, customizable walking speeds, and the ability to navigate stairs and curbs, making it unique in the market [2][7] - The company has established supply contracts with major insurance carriers in Germany, covering about 45% of individuals with statutory health insurance, facilitating reimbursement for the exoskeletons [3] Financial Performance - Following the CE approval announcement, Lifeward's shares rose by 2.2% in after-market trading, although the stock has declined by 68.9% year-to-date, contrasting with a 20.4% growth in the industry and a 10.8% gain in the S&P 500 [4] - The recent approvals and improved cash burn rate due to operational efficiencies may positively impact future revenues and share price [5] Product Development and Manufacturing - The ReWalk 7 was launched in the U.S. in April, with over 20 units installed, marking the highest quarterly total for Medicare beneficiaries since the fee schedule was established [8] - The company transitioned to in-house manufacturing of the ReWalk, resulting in cost savings, improved quality control, and greater production flexibility [9] Research and Partnerships - Lifeward concluded a research program under the Israel Innovation Authority's MAGNET incentive program, demonstrating a proof-of-concept prototype integrating AI for autonomous decision-making in future ReWalk models [10] - The company expanded its partnership with SportsMed Products Ltd. for distributing its AlterG product portfolio in the UAE and the Gulf Cooperation Council [11]

Core Insights - Lifeward Ltd. has made significant progress in securing Medicare reimbursement for its ReWalk 7 Personal Exoskeleton, marking a milestone in expanding access for individuals with spinal cord injuries [1][2] - The company has successfully received its first payment from a commercial Medicare Advantage Plan, indicating a growing acceptance of its innovative medical technology [1][2] - The Centers for Medicare & Medicaid Services (CMS) has established a reimbursement pathway for personal exoskeletons, which has streamlined the claims process, allowing for quicker approvals and payments [2] Company Overview - Lifeward is a leader in medical technology focused on transforming the lives of individuals with physical limitations or disabilities, with a mission to drive innovation in rehabilitation and recovery [3] - The company's product portfolio includes the ReWalk Exoskeleton, AlterG Anti-Gravity System, ReStore Exo-Suit, and MyoCycle FES System, showcasing its commitment to delivering groundbreaking solutions [3] - Founded in 2001, Lifeward operates in the United States, Israel, and Germany, emphasizing its global reach and impact in the healthcare sector [3]

Core Viewpoint - Lifeward Ltd. has received CE mark approval for the ReWalk 7 Personal Exoskeleton, allowing for its commercial sale in the European Union, which is expected to drive revenue growth and market adoption in Europe [1][2]. Company Overview - Lifeward is a global leader in innovative medical technology aimed at transforming the lives of individuals with physical limitations or disabilities, with a mission to drive innovation in rehabilitation and recovery [3]. - The company has a diverse portfolio that includes the ReWalk Exoskeleton, AlterG Anti-Gravity System, ReStore Exo-Suit, and MyoCycle FES System, and operates in the United States, Israel, and Germany [3]. Product Details - The ReWalk 7 features advancements such as cloud connectivity, push-button control, customizable walking speeds, and seamless activation for stairs and curbs, enhancing user experience for individuals with spinal cord injuries [2]. - The European market, particularly Germany, is significant for Lifeward, representing approximately 40% of its exoskeleton sales, with established reimbursement processes for personal exoskeletons [1][2]. Market Position - Lifeward GmbH serves as the primary sales force in Europe, with Germany being the second largest market for ReWalk personal exoskeletons globally [2]. - The company has established supply contracts with major insurance carriers in Germany, facilitating reimbursement for about 45% of individuals with statutory health insurance coverage [2].