Lifeward Ltd. Reports Fourth Quarter and Full Year 2024 Financial Results
Lifeward (NASDAQ: LFWD) reported strong financial results for Q4 and full year 2024, achieving record revenue of $7.5M for Q4 and $25.7M annually, representing an 85% year-over-year growth. ReWalk Personal Exoskeleton sales surged 130% in 2024, driven by Medicare coverage.
Q4 2024 highlights include: gross margin of 24.4% (45.4% non-GAAP), operating loss of $15.2M ($3.3M non-GAAP), and net loss of $15.3M ($1.73 per share). The company ended 2024 with $6.7M in cash and no debt, supplemented by a $5.0M registered direct offering in January 2025.
For 2025 guidance, Lifeward projects revenue of $28-30M, adjusted gross margins of 47-49%, and expects to reduce non-GAAP operating loss to approximately $1M by Q4 2025 through its Sustainable Growth Plan focusing on core product lines and streamlined operations.
Lifeward (NASDAQ: LFWD) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, raggiungendo un fatturato record di $7,5 milioni per il Q4 e $25,7 milioni annuali, rappresentando una crescita dell'85% rispetto all'anno precedente. Le vendite del ReWalk Personal Exoskeleton sono aumentate del 130% nel 2024, grazie alla copertura di Medicare.
Tra i punti salienti del Q4 2024 ci sono: un margine lordo del 24,4% (45,4% non-GAAP), una perdita operativa di $15,2 milioni ($3,3 milioni non-GAAP) e una perdita netta di $15,3 milioni ($1,73 per azione). L'azienda ha chiuso il 2024 con $6,7 milioni in contante e senza debiti, integrati da un'offerta diretta registrata di $5,0 milioni a gennaio 2025.
Per le previsioni del 2025, Lifeward prevede un fatturato di $28-30 milioni, margini lordi rettificati del 47-49% e si aspetta di ridurre la perdita operativa non-GAAP a circa $1 milione entro il Q4 2025 attraverso il suo Piano di Crescita Sostenibile, concentrandosi sulle linee di prodotto principali e su operazioni semplificate.
Lifeward (NASDAQ: LFWD) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, alcanzando un ingreso récord de $7.5 millones para el Q4 y $25.7 millones anuales, lo que representa un crecimiento del 85% en comparación con el año anterior. Las ventas del ReWalk Personal Exoskeleton aumentaron un 130% en 2024, impulsadas por la cobertura de Medicare.
Los aspectos destacados del Q4 2024 incluyen: un margen bruto del 24.4% (45.4% no-GAAP), una pérdida operativa de $15.2 millones ($3.3 millones no-GAAP) y una pérdida neta de $15.3 millones ($1.73 por acción). La empresa terminó 2024 con $6.7 millones en efectivo y sin deudas, complementado por una oferta directa registrada de $5.0 millones en enero de 2025.
Para las proyecciones de 2025, Lifeward prevé ingresos de $28-30 millones, márgenes brutos ajustados del 47-49% y espera reducir la pérdida operativa no-GAAP a aproximadamente $1 millón para el Q4 2025 a través de su Plan de Crecimiento Sostenible, enfocándose en las líneas de productos principales y operaciones simplificadas.
라이프워드 (NASDAQ: LFWD)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고하며, 4분기에 750만 달러, 연간 2570만 달러의 기록적인 매출을 달성하여 전년 대비 85% 성장했습니다. 리워크 개인 외골격의 판매는 2024년에 130% 증가했으며, 이는 메디케어의 보장 덕분입니다.
2024년 4분기의 주요 내용은 다음과 같습니다: 총 마진 24.4% (비-GAAP 기준 45.4%), 운영 손실 1520만 달러 (비-GAAP 기준 330만 달러), 순손실 1530만 달러 (주당 1.73달러)입니다. 회사는 2024년을 현금 670만 달러와 무부채 상태로 마감했으며, 2025년 1월에 500만 달러의 등록된 직접 공모를 추가했습니다.
2025년 가이던스에 따르면, 라이프워드는 2800만~3000만 달러의 매출, 조정된 총 마진 47-49%를 예상하며, 지속 가능한 성장 계획을 통해 2025년 4분기까지 비-GAAP 기준 운영 손실을 약 100만 달러로 줄일 것으로 기대하고 있습니다. 이 계획은 핵심 제품 라인 및 간소화된 운영에 집중하고 있습니다.
Lifeward (NASDAQ: LFWD) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024, atteignant un chiffre d'affaires record de 7,5 millions de dollars pour le Q4 et de 25,7 millions de dollars sur l'année, représentant une croissance de 85 % par rapport à l'année précédente. Les ventes du ReWalk Personal Exoskeleton ont bondi de 130 % en 2024, soutenues par la couverture de Medicare.
Les points forts du Q4 2024 incluent : une marge brute de 24,4 % (45,4 % non-GAAP), une perte d'exploitation de 15,2 millions de dollars (3,3 millions de dollars non-GAAP) et une perte nette de 15,3 millions de dollars (1,73 $ par action). L'entreprise a terminé 2024 avec 6,7 millions de dollars en espèces et sans dettes, complétée par une offre directe enregistrée de 5,0 millions de dollars en janvier 2025.
Pour les prévisions de 2025, Lifeward prévoit un chiffre d'affaires de 28 à 30 millions de dollars, des marges brutes ajustées de 47 à 49 % et s'attend à réduire la perte d'exploitation non-GAAP à environ 1 million de dollars d'ici le Q4 2025 grâce à son Plan de Croissance Durable, axé sur les lignes de produits principales et des opérations rationalisées.
Lifeward (NASDAQ: LFWD) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet und einen Rekordumsatz von 7,5 Millionen Dollar für das Q4 und 25,7 Millionen Dollar jährlich erzielt, was einem Wachstum von 85% im Vergleich zum Vorjahr entspricht. Die Verkäufe des ReWalk Personal Exoskeleton stiegen 2024 um 130%, angetrieben durch die Medicare-Abdeckung.
Die Höhepunkte des Q4 2024 umfassen: eine Bruttomarge von 24,4% (45,4% non-GAAP), einen operativen Verlust von 15,2 Millionen Dollar (3,3 Millionen Dollar non-GAAP) und einen Nettoverlust von 15,3 Millionen Dollar (1,73 Dollar pro Aktie). Das Unternehmen schloss 2024 mit 6,7 Millionen Dollar Bargeld und ohne Schulden ab, ergänzt durch ein registriertes Direktangebot von 5,0 Millionen Dollar im Januar 2025.
Für die Prognose 2025 erwartet Lifeward einen Umsatz von 28-30 Millionen Dollar, angepasste Bruttomargen von 47-49% und rechnet damit, den operativen Verlust non-GAAP bis zum Q4 2025 auf etwa 1 Million Dollar zu reduzieren, indem es sich auf die Kernproduktlinien und optimierte Abläufe konzentriert.
- Record annual revenue of $25.7M, up 85% YoY
- ReWalk Exoskeleton sales up 130% in 2024
- Medicare coverage achieved for ReWalk exoskeleton
- New partnership with CorLife for workers' compensation market
- Expanded distribution rights for MyoCycle FES system
- Debt-free balance sheet with $6.7M cash
- Expected reduction in operating loss to $1M by Q4 2025
- Q4 ReWalk system sales declined 6% YoY
- Gross margin declined to 24.4% from 35.5% YoY
- Q4 operating loss increased to $15.2M from $6.1M YoY
- 35% workforce reduction following AlterG acquisition
- Additional shareholder dilution from $5M offering
- Scheduling challenges affecting ReWalk sales
Insights
Lifeward's Q4 results reveal a company in transition, balancing impressive revenue growth with a strategic pivot toward profitability. Annual revenue reached
However, beneath the strong top-line performance lies a more complex reality. The significant gap between GAAP operating loss (
The company's 2025 guidance of
Record quarterly and annual revenue of
Continued strong growth in U.S. pipeline of ReWalk opportunities with over 110 qualified leads in process
Strategic shift towards profitability: 2025 Sustainable Growth Plan focuses on growth of core product lines with a streamlined cost structure and reduced operating loss
MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, March 07, 2025 (GLOBE NEWSWIRE) -- Lifeward Ltd., (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global leader in innovative medical technology to transform the lives of people with physical limitations or disabilities, today announced its financial results for the three months and full year ended December 31, 2024.
Recent Highlights and Accomplishments for Lifeward
- Strong conclusion to 2024 with Lifeward annual revenue of
$25.7 million , up85% from 2023. - ReWalk Personal Exoskeleton sales up
130% in 2024 fueled by recently established Medicare coverage. - Launch of Lifeward 2025 Sustainable Growth Plan which balances investments to drive revenue growth with aggressive expense reduction to significantly reduce the non-GAAP operating loss in 2025.
- New partnership with CorLife, a healthcare services provider and benefits coordinator, to exclusively distribute the ReWalk Personal Exoskeleton for individuals with workers’ compensation claims expected to achieve greater growth and penetration into the workers’ compensation market for exoskeletons.
- Expanded partnership with MYOLYN to broaden Lifeward’s distribution rights of the MyoCycle FES Cycling Therapy System to include referral sales for home use applications, the largest market segment for functional electrical stimulation (“FES”) cycles.
- Completion of previously announced actions to further streamline the Company’s U.S. operations, including the closure of two U.S. facilities and reducing overall headcount by a cumulative
35% since the AlterG acquisition. - Completion of a registered direct offering priced at
$2.75 per share for gross proceeds of approximately$5.0 million to fund continuing commercial efforts, working capital, and general corporate purposes.
“This past year, we made significant strides in sales driven by the major milestone of achieving Medicare coverage of the ReWalk exoskeleton and we expect private insurance to follow,” said Larry Jasinski, Chief Executive Officer. “We continue to build a robust pipeline of ReWalk cases, which we believe will drive sustained growth in the coming quarters. We are focused on achieving balanced growth while strategically working towards profitability. We are fully committed to implementing cost-efficient measures that not only enhance our operational effectiveness but also drive sustainable success. We are confident that these efforts will empower us to build a stronger foundation for the future of Lifeward.”
Revenue was
Gross margin was
Total operating expenses in the fourth quarter of 2024 were
Operating loss in the fourth quarter of 2024 was
Net loss was
Liquidity
As of December 31, 2024, Lifeward had
2025 Financial Guidance
For 2025, Lifeward expects full year revenue in the range of
On a quarterly basis, Lifeward expects revenue in the first quarter of 2025 to be the lowest of the year due to seasonal trends, followed by sequential revenue growth through the rest of 2025.The full benefits of operating expense reductions are expected to phase in throughout the second half of 2025. As a result of the progress of these factors, Lifeward anticipates a quarterly adjusted operating loss of approximately
Lifeward does not provide GAAP reconciliation of its non-GAAP financial guidance because the Company is unable to predict with reasonable certainty and without unreasonable effort items that would be included in such a reconciliation, including, but not limited to, stock-based compensation expense, acquisition-related expense, and earnout expense. The timing and amounts of these items are uncertain and could be material to Lifeward’s results computed in accordance with GAAP.
Conference Call
Lifeward management will host its conference call as follows:
| Date | March 7, 2025 | |
| Time | 8:30 AM EST | |
| Telephone | U.S: | 1-833-316-0561 |
| International: | 1-412-317-0690 | |
| Israel: | 1-80-9212373 | |
| Germany: | 0800-6647650 | |
| Access code | Please reference the “Lifeward Earnings Call” | |
| Webcast (live, listen-only and archive) | https://edge.media-server.com/mmc/p/9u4xjdep | |
The archived webcast will be available via the following https://edge.media-server.com/mmc/p/9u4xjdep or through the “Investors” section on our website at GoLifeward.com.
About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity system, the ReStore Exo-Suit, and the MyoCycle FES System.
Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward mission and product portfolio, please visit GoLifeward.com.
Lifeward®, ReWalk®, ReStore®, and Alter G® are registered trademarks of Lifeward Ltd. and/or its affiliates.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; the Company's ability to maintain and grow its reputation and the market acceptance of its products; the Company's ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company's limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company's expectations as to its clinical research program and clinical results; the Company's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company’s ability to continue to operate as a going concern; the Company's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company’s ability to navigate any difficulties associated with moving production of its AlterG Anti-Gravity Systems to a contract manufacturer; the Company's ability to improve its products and develop new products; the Company's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company's ability to market and sell its products; the Company's ability to gain and maintain regulatory approvals; the Company's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the Company's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in the Company’s annual report on Form 10-K, as amended, for the year ended December 31, 2024 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company believes that the use of non-GAAP accounting measures, including non-GAAP net loss, is helpful to its investors. These measures, which the Company refers to as non-GAAP financial measures, are not prepared in accordance with GAAP.
Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, the Company believes that providing non-GAAP financial measures that exclude non-cash share-based compensation expense and acquisition costs allows for more meaningful comparisons between operating results from period to period. Each of the Company’s non-GAAP financial measures is an important tool for financial and operational decision-making and for the Company’s evaluation of its operating results over different periods of time. The non-GAAP financial data are not measures of the Company’s financial performance under U.S. GAAP and should not be considered as alternatives to operating loss or net loss or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in Lifeward’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. Further, share-based compensation expense has been, and will continue for the foreseeable future, to be a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees.
The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Lifeward urges investors to review the reconciliation of the Company’s non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate the Company’s business.
Lifeward Media Relations:
Kathleen O’Donnell
Vice President, Marketing & New Business Development
Lifeward Ltd.
E: media@golifeward.com
Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward Ltd.
E: ir@golifeward.com
| Lifeward Ltd. And subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Audited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 7,545 | $ | 6,884 | $ | 25,663 | $ | 13,854 | ||||||||
| Cost of revenues | 5,701 | 4,441 | 17,447 | 9,401 | ||||||||||||
| Gross profit | 1,844 | 2,443 | 8,216 | 4,453 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net | 1,131 | 1,318 | 4,625 | 4,148 | ||||||||||||
| Sales and marketing | 4,376 | 4,846 | 17,949 | 13,922 | ||||||||||||
| General and administrative | 1,771 | 2,416 | 5,195 | 9,995 | ||||||||||||
| Impairment charges | 9,794 | - | 9,794 | - | ||||||||||||
| Total operating expenses | 17,072 | 8,580 | 37,563 | 28,065 | ||||||||||||
| Operating loss | (15,228 | ) | (6,137 | ) | (29,347 | ) | (23,612 | ) | ||||||||
| Financial income (expense), net | (47 | ) | 420 | 448 | 1,467 | |||||||||||
| Loss before income taxes | (15,275 | ) | (5,717 | ) | (28,899 | ) | (22,145 | ) | ||||||||
| Taxes on income (benefit) | 3 | (78 | ) | 43 | (12 | ) | ||||||||||
| Net loss | $ | (15,278 | ) | $ | (5,639 | ) | $ | (28,942 | ) | $ | (22,133 | ) | ||||
| Basic net loss per ordinary share | $ | (1.73 | ) | $ | (0.66 | ) | $ | (3.33 | ) | $ | (2.59 | ) | ||||
| Weighted average number of shares used in computing net loss per ordinary share basic and diluted | 8,807,591 | 8,577,647 | 8,691,271 | 8,531,294 | ||||||||||||
| Lifeward Ltd. And subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Audited) | ||||||||
| (In thousands) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 6,746 | $ | 28,083 | ||||
| Restricted Cash | 197 | - | ||||||
| Trade receivables, net of credit losses of | 6,004 | 3,120 | ||||||
| Prepaid expenses and other current assets | 1,624 | 2,366 | ||||||
| Inventories | 6,723 | 5,653 | ||||||
| Total current assets | 21,294 | 39,222 | ||||||
| Restricted cash and other long term assets | 240 | 784 | ||||||
| Operating lease right-of-use assets | 548 | 1,861 | ||||||
| Property and equipment, net | 867 | 1,262 | ||||||
| Intangible Assets | - | 12,525 | ||||||
| Goodwill | 7,538 | 7,538 | ||||||
| Total assets | $ | 30,487 | $ | 63,192 | ||||
| Liabilities and equity | ||||||||
| Current liabilities | ||||||||
| Trade payables | 5,022 | 5,069 | ||||||
| Current maturities of operating leases | 858 | 1,296 | ||||||
| Other current liabilities | 3,737 | 4,854 | ||||||
| Earnout liability | 608 | 576 | ||||||
| Total current liabilities | 10,225 | 11,795 | ||||||
| Non-current operating leases | 22 | 607 | ||||||
| Earnout liability | - | 2,716 | ||||||
| Other long-term liabilities | 1,391 | 1,564 | ||||||
| Shareholders’ equity | 18,849 | 46,510 | ||||||
| Total liabilities and equity | $ | 30,487 | $ | 63,192 | ||||
| Lifeward Ltd. And subsidiaries | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Audited) | ||||||||
| (In thousands) | ||||||||
| Year Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Net cash used in operating activities | $ | (21,718 | ) | $ | (20,667 | ) | ||
| Cash used in investing activities | - | (18,149 | ) | |||||
| Cash used in financing activities | - | (992 | ) | |||||
| Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | 34 | 45 | ||||||
| Decrease in cash, cash equivalents, and restricted cash | (21,684 | ) | (39,763 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 28,792 | 68,555 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 7,108 | $ | 28,792 | ||||
| Lifeward Ltd. And subsidiaries | ||||||||||||||||
| (Audited) | ||||||||||||||||
| (In thousand) | ||||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues based on customer’s location: | ||||||||||||||||
| United States | 3,371 | 3,338 | 14,425 | 7,636 | ||||||||||||
| Europe | 3,650 | 2,843 | 9,546 | 5,044 | ||||||||||||
| Asia - Pacific | 281 | 264 | 825 | 387 | ||||||||||||
| Rest of the world | 243 | 439 | 867 | 787 | ||||||||||||
| Total Revenues | $ | 7,545 | $ | 6,884 | $ | 25,663 | $ | 13,854 | ||||||||
| Quarter Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| Dollars in thousands, except per share data | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net loss | $ | (15,278 | ) | $ | (5,639 | ) | $ | (28,942 | ) | $ | (22,133 | ) | ||||
| Adjustments: | ||||||||||||||||
| Purchase accounting impact on inventory | - | - | - | 607 | ||||||||||||
| Amortization of intangible assets | 842 | 844 | 3,347 | 1,608 | ||||||||||||
| M&A transaction | - | 166 | (467 | ) | 2,524 | |||||||||||
| Integration/Rebranding costs | - | 253 | 236 | 253 | ||||||||||||
| Restructuring | 1,260 | 670 | 1,260 | 670 | ||||||||||||
| Remeasurement of earnout liability | (184 | ) | (355 | ) | (2,684 | ) | (315 | ) | ||||||||
| Inventory Write down | - | 390 | - | 390 | ||||||||||||
| Impairment | 9,794 | - | 9,794 | - | ||||||||||||
| Stock-based compensation expenses | 234 | 373 | 1,281 | 1,328 | ||||||||||||
| Non-GAAP net loss | $ | (3,332 | ) | $ | (3,298 | ) | $ | (16,175 | ) | $ | (15,068 | ) | ||||
| Shares used in net loss per share | 8,807,591 | 8,577,647 | 8,691,271 | 8,531,294 | ||||||||||||
| Non-GAAP net loss per share | $ | (0.38 | ) | $ | (0.38 | ) | $ | (1.86 | ) | $ | (1.77 | ) | ||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP operating loss | $ | (15,228 | ) | (201.8 | )% | $ | (6,137 | ) | (89.1 | )% | $ | (29,347 | ) | (114.4 | )% | $ | (23,612 | ) | (170.4 | )% | ||||||||||
| Purchase accounting impact on inventory | - | - | - | - | - | - | 607 | 4.4 | % | |||||||||||||||||||||
| Amortization of intangible assets | 842 | 11.2 | % | 844 | 12.3 | % | 3,347 | 13.0 | % | 1,608 | 11.6 | % | ||||||||||||||||||
| M&A transaction | - | - | 166 | 2.4 | % | (467 | ) | (1.8 | )% | 2,524 | 18.2 | % | ||||||||||||||||||
| Integration/Rebranding costs | - | - | 253 | 3.7 | % | 236 | 0.9 | % | 253 | 1.8 | % | |||||||||||||||||||
| Restructuring | 1,260 | 16.7 | % | 670 | 9.7 | % | 1,260 | 4.9 | % | 670 | 4.8 | % | ||||||||||||||||||
| Remeasurement of earnout liability | (184 | ) | (2.4 | )% | (355 | ) | (5.2 | )% | (2,684 | ) | (10.5 | )% | (315 | ) | (2.3 | )% | ||||||||||||||
| Inventory Write down | - | - | 390 | 5.7 | % | - | - | 390 | 2.8 | % | ||||||||||||||||||||
| Impairment | 9,794 | 129.8 | % | - | - | 9,794 | 38.2 | % | - | - | ||||||||||||||||||||
| Stock-based compensation expenses | 234 | 3.1 | % | 373 | 5.4 | % | 1,281 | 5.0 | % | 1,328 | 9.6 | % | ||||||||||||||||||
| Non-GAAP operating loss | $ | (3,282 | ) | (43.4 | )% | $ | (3,796 | ) | (55.1 | )% | $ | (16,580 | ) | (64.7 | )% | $ | (16,547 | ) | (119.5 | )% | ||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP gross profit | $ | 1,844 | 24.4 | % | $ | 2,443 | 35.5 | % | $ | 8,216 | 32.0 | % | $ | 4,453 | 32.1 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| Purchase accounting impact on inventory | - | - | - | - | - | - | 607 | 4.4 | % | |||||||||||||||||||||
| Write down | - | - | 390 | 5.7 | % | - | - | 390 | 2.8 | % | ||||||||||||||||||||
| Amortization of intangible assets | 387 | 5.1 | % | 388 | 5.6 | % | 1,540 | 6.0 | % | 900 | 6.5 | % | ||||||||||||||||||
| Restructuring | 1,195 | 15.8 | % | - | - | 1,195 | 4.7 | % | - | - | ||||||||||||||||||||
| Stock-based compensation expenses | 4 | 0.1 | % | 4 | 0.1 | % | 16 | 0.1 | % | 9 | 0.1 | % | ||||||||||||||||||
| Non-GAAP gross profit | $ | 3,430 | 45.4 | % | $ | 3,225 | 46.9 | % | $ | 10,967 | 42.8 | % | $ | 6,359 | 45.9 | % | ||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP research & development | $ | 1,131 | 15.0 | % | $ | 1,318 | 19.1 | % | $ | 4,625 | 18.0 | % | $ | 4,148 | 29.9 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| Restructuring | - | - | (176 | ) | (2.6 | )% | - | - | (176 | ) | (1.3 | )% | ||||||||||||||||||
| Stock-based compensation expenses | (38 | ) | (0.5 | )% | (45 | ) | (0.7 | )% | (168 | ) | (0.7 | )% | (157 | ) | (1.1 | )% | ||||||||||||||
| Non-GAAP research & development | $ | 1,093 | 14.5 | % | $ | 1,097 | 15.8 | % | $ | 4,457 | 17.3 | % | $ | 3,815 | 27.5 | % | ||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP sales & marketing | $ | 4,376 | 58.0 | % | $ | 4,846 | 70.4 | % | $ | 17,949 | 69.9 | % | $ | 13,922 | 100.5 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | (388 | ) | (5.1 | )% | (389 | ) | (5.7 | )% | (1,542 | ) | (6.0 | )% | (604 | ) | (4.4 | )% | ||||||||||||||
| Integration/Rebranding costs | - | - | (253 | ) | (3.7 | )% | (193 | ) | (0.8 | )% | (253 | ) | (1.8 | )% | ||||||||||||||||
| Restructuring | - | - | (70 | ) | (1.0 | )% | - | - | (70 | ) | (0.5 | )% | ||||||||||||||||||
| Stock-based compensation expenses | (92 | ) | (1.2 | )% | (111 | ) | (1.6 | )% | (401 | ) | (1.6 | )% | (381 | ) | (2.8 | )% | ||||||||||||||
| Non-GAAP sales & marketing | $ | 3,896 | 51.7 | % | $ | 4,023 | 58.4 | % | $ | 15,813 | 61.5 | % | $ | 12,614 | 91.0 | % | ||||||||||||||
| Quarter Ended | Year Ended | |||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP general & administrative | $ | 1,771 | 23.5 | % | $ | 2,416 | 35.1 | % | $ | 5,195 | 20.2 | % | $ | 9,995 | 72.1 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| M&A transaction | - | - | (166 | ) | (2.4 | )% | 467 | 1.8 | % | (2,524 | ) | (18.2 | )% | |||||||||||||||||
| Amortization of intangible assets | (67 | ) | (0.9 | )% | (67 | ) | (1.0 | )% | (265 | ) | (1.0 | )% | (104 | ) | (0.8 | )% | ||||||||||||||
| Integration/Rebranding costs | - | - | - | - | (43 | ) | (0.2 | )% | - | - | ||||||||||||||||||||
| Restructuring | (65 | ) | (0.9 | )% | (424 | ) | (6.2 | )% | (65 | ) | (0.3 | )% | (424 | ) | (3.1 | )% | ||||||||||||||
| Remeasurement of earnout liability | 184 | 2.4 | % | 355 | 5.2 | % | 2,684 | 10.5 | % | 315 | 2.3 | % | ||||||||||||||||||
| Stock-based compensation expenses | (100 | ) | (1.3 | )% | (213 | ) | (3.1 | )% | (696 | ) | (2.7 | )% | (781 | ) | (5.6 | )% | ||||||||||||||
| Non-GAAP general & administrative | $ | 1,723 | 22.8 | % | $ | 1,901 | 27.6 | % | $ | 7,277 | 28.3 | % | $ | 6,477 | 46.7 | % | ||||||||||||||
FAQ
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