ReWalk(US:LFWD)2025-11-14 21:17Financial 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]