olivLaw · US equity research
Wearable Devices Ltd. WLDS
Computer Communications Equipment · SIC 3576 · Vertical: Computer Communications Equipment (SIC 3576)
Wearable Devices Ltd. develops a non-invasive neural interface in the form of a wristband worn on the wrist, through which users control digital devices with subtle finger movements, without physical contact. The company is moving from development to commercialization, and its revenue of 647 thousand USD in fiscal 2025 remains small compared with the net loss of 8.1 million USD in the same year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Wearable Devices Ltd. (WLDS) stock was 1.44 USD (+0.00% on the day), with market capitalisation 4.2 m USD, beta 1.86, 52-week range 1.20–24.39 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.2
- neutral
- Bollinger (20, 2)
- 1.22 – 1.47
- in the upper half of the band · %B 0.89 · band width 18.4%
- SMA 50 / 200
- 1.56 / 3.58
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.3% | −1.1% | +5.4 pp | — |
| 3 months | −50.2% | −0.5% | −49.7 pp | — |
| 6 months | −53.8% | +4.4% | −58.2 pp | — |
| Year to date | −86.0% | +12.3% | −98.3 pp | — |
| 1 year | −92.4% | +13.5% | −106.0 pp | +10.4% |
| 3 years | −99.7% | +76.4% | −176.1 pp | +63.6% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 57.0 k | 142.0 k | 45.0 k | 82.0 k | 522.0 k | 647.0 k |
| Revenue YoY | unavailable | +149.1% | −68.3% | +82.2% | +536.6% | +23.9% |
| Net income | -1.3 m | -2.6 m | -6.5 m | -7.8 m | -7.9 m | -8.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.19 | -0.27 | -42.40 | -115.20 | -72.60 | -6.53 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -2,207.0% | -1,840.8% | -14,435.6% | -9,529.3% | -1,509.4% | -1,253.0% |
| Free cash flow | -1.1 m | -2.1 m | -5.8 m | -8.6 m | -7.7 m | -6.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 18.6 m USD
- Total assets
- 20.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 14.15x
- ROE
- -72.3%
- ROA
- -62.4%
- FCF margin
- -1,022.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 57.0 k | 142.0 k | 45.0 k | 82.0 k | 522.0 k | 647.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | — | — | 10.0 k | 62.0 k | 437.0 k | — | SEC (XBRL)· 20 Mar 2025verified |
| Gross profit | — | — | 35.0 k | 20.0 k | 85.0 k | -148.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | 743.0 k | 1.4 m | 2.3 m | 3.3 m | — | — | SEC (XBRL)· 15 Mar 2024verified |
| Operating income | -1.2 m | -2.7 m | -6.5 m | -8.2 m | -7.8 m | -8.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | — | — | -6.5 m | -7.8 m | -7.9 m | -8.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | — | — | — | — | 7.0 k | 5.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -1.3 m | -2.6 m | -6.5 m | -7.8 m | -7.9 m | -8.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -0.19 | -0.27 | -42.40 | -115.20 | -72.60 | -6.53 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 6.5 m | 9.7 m | 153.5 k | 67.5 k | 108.6 k | 1.2 m | SEC (XBRL)· 12 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 475.0 k | 1.3 m | 10.4 m | 810.0 k | 3.1 m | 6.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | — | — | — | — | — | 37.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | — | — | — | — | 1.2 m | 778.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | — | 1.4 m | 11.0 m | 6.8 m | 5.5 m | 19.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | — | 43.0 k | 68.0 k | 194.0 k | 130.0 k | 67.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | — | 1.4 m | 11.2 m | 7.6 m | 6.0 m | 20.0 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | — | 72.0 k | 156.0 k | 410.0 k | 157.0 k | 62.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | — | 638.0 k | 1.2 m | 1.8 m | 2.1 m | 1.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | — | 638.0 k | 1.2 m | 2.1 m | 2.1 m | 1.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | -2.9 m † | 807.0 k † | 10.0 m † | 5.5 m † | 3.9 m † | 18.6 m † | SEC (XBRL)· 12 Mar 2026verified |
| Shares outstanding at year end | — | — | 15.0 m | 20.4 m | 707.5 k | 2.9 m | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.1 m | -2.1 m | -5.7 m | -8.4 m | -7.6 m | -6.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 16.0 k | 36.0 k | 48.0 k | 194.0 k | 43.0 k | 20.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | -1.1 m ≈ | -2.1 m ≈ | -5.8 m ≈ | -8.6 m ≈ | -7.7 m ≈ | -6.6 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -16.0 k | -36.0 k | -66.0 k | -4.2 m | 3.2 m | -10.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | — | 2.9 m | 14.9 m | 3.1 m | 6.7 m | 20.9 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | -22.9% | 0 (on a fixed band) | 15% |
| EBIT margin · Quality | -1,287.8% | 0 (vs peers) | 12% |
| FCF margin · Quality | -1,022.9% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 143.2% | 100 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 23.9% | 80 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 14.2x | 100 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -159.4% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth93/100 · 2/2 factors with a value
- Quality0/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Wearable Devices Ltd. (WLDS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 647.0 k USD in 2025; YoY growth 23.9%; net margin -1,253.0%; ROE -72.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 143.2%
- Revenue growth (YoY): 23.9%
- Current ratio: 14.2x
What contradicts it
- Gross margin: -22.9%
- EBIT margin: -1,287.8%
- FCF margin: -1,022.9%
- FCF yield: -159.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Computer Communications Equipment (SIC 3576) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CSCOCisco Systems, Inc. | 408.5 bn | 31.1 | 27.3% | 21.0% | +11.8% | +35% / +114% |
| ANETArista Networks, Inc. | 225.5 bn | 48.0 | 33.5% | 40.0% | +28.6% | +37% / +225% |
| FFIVF5, Inc. | 18.7 bn | 26.3 | 19.8% | 22.0% | +9.7% | +38% / +93% |
| EXTRExtreme Networks, Inc. | 3.0 bn | 58.0 | 67.1% | 4.0% | +12.6% | +31% / +42% |
| DGIIDigi International Inc. | 2.8 bn | 57.5 | 7.5% | 9.6% | +1.5% | +74% / +208% |
| ATENA10 Networks, Inc. | 1.7 bn | 40.0 | 19.4% | 13.9% | +11.0% | +38% / +91% |
| NTGRNETGEAR, Inc. | 586.0 m | — | -7.0% | -4.9% | +3.8% | −16% / +64% |
| ALLTAllot Ltd. | 421.3 m | 108.3 | 4.5% | 3.6% | +10.6% | −10% / +541% |
| LTRXLantronix, Inc. | 263.9 m | — | -4.3% | -3.5% | −1.6% | +10% / 0% |
| SILCSilicom Ltd. | 181.2 m | — | -9.4% | -18.5% | +6.6% | +112% / +95% |
| BOSCBos Better Online Solutions Ltd | 29.8 m | 7.4 | 14.4% | 7.1% | +26.6% | −9% / +48% |
| FOXXFoxx Development Holdings Inc. | 13.3 m | — | — | -100.2% | −20.2% | −58% / −83% |
| INTZIntrusion Inc. | 11.9 m | — | -140.9% | -194.0% | +21.6% | −66% / −93% |
| WLDSWearable Devices Ltd. | 4.2 m | — | -72.3% | -1,253.0% | +23.9% | −92% / −100% |
| HUBCHUB Cyber Security Ltd. | 3.4 m | — | — | -134.5% | −30.7% | −100% / −100% |
| CIITTianci International, Inc. | 2.0 m | — | -55.0% | -16.7% | +53.4% | −93% / −96% |
1- and 3-year price returns: for WLDS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (13 Oct 2026), 6-K (23 Sept 2026), 6-K (15 Sept 2026), 6-K (24 Aug 2026), 6-K (11 Aug 2026).
In brief
Wearable Devices Ltd. develops a non-invasive neural interface in the form of a wristband worn on the wrist, through which users control digital devices with subtle finger movements, without physical contact. The company is moving from development to commercialization, and its revenue of 647 thousand USD in fiscal 2025 remains small compared with the net loss of 8.1 million USD in the same year.
SWOT
Strengths
- Proprietary sensor technology and a vertically integrated platform that is difficult to replicate.
- Direct relationships with multinational consumer electronics companies, with a large group of B2B customers.
- A dual B2B and B2C strategy that allows product validation on both sides of the value chain.
Weaknesses
- Very small revenue relative to operating losses and dependence on external financing.
- No license agreement signed as of March 2026, despite investment in validation with partners.
- Each product is made by a single contract manufacturer and the supplier base is limited.
Opportunities
- Growth in smartwatches and XR glasses could expand the addressable market.
- The developer platform and integration with AI tools could accelerate adoption.
- Expansion into digital health, sports analytics and Industry 4.0 could open new verticals.
Threats
- Alternative input methods such as voice or cameras could gain acceptance among consumers.
- The need for new capital could lead to dilution for shareholders if financing is not obtained on acceptable terms.
- A past going concern warning could limit access to future financing.
Risks
- No licensing agreements yethigh
The company has not yet signed any licensing agreement, and negotiations could fail after long periods of investment.
- Persistent operating losseshigh
The company has not reached profitability and could fail to do so if revenue does not grow enough.
- Need for additional capitalmedium
Further funding could come through share issuances, with dilution for existing shareholders or unfavorable terms.
- Dependence on suppliers and contract manufacturersmedium
Each product is manufactured by a single contract manufacturer, which could delay deliveries if problems arise.
- Technological uncertaintymedium
It is not certain that EMG will become the dominant input method, and other technologies could take that position.
Investment thesis
What would need to be true (bull case)
- If large electronics manufacturers begin licensing the technology, revenue could rise well above current levels, and the existing customer base could ease that transition.
- Growth in the smartwatch and XR glasses markets could support demand for Mudra products, especially if the developer platform gains traction.
- The Apple Watch integration and Mudra Link could give the company an early-mover advantage in a new category of input devices.
What would break the thesis
- Revenue is very small and the net loss remains large, so the business could continue to depend on external financing.
- The three-to-five-year licensing cycle could delay any significant B2B revenue for a long time.
- If alternative input methods win the market, EMG technology could remain a niche without broad adoption.
What to watch
- Signing of the first B2B license agreement2027
- Adoption of the Mudra Experience Studio platform by developers2026
- Need for new financing and possible dilutionThrough end of 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 12 Mar 2026; since then the company filed 6-K (22 Oct 2026), 6-K (13 Oct 2026), 6-K (23 Sept 2026), 6-K (15 Sept 2026), 6-K (24 Aug 2026), 6-K (11 Aug 2026).
The business
The company, incorporated in Israel in 2014 and listed on Nasdaq under the symbol WLDS, develops the Mudra technology, a neural input system that reads signals at the wrist and turns them into commands. Its commercial products include the Mudra Band, an accessory band for Apple Watch shipped since December 2023, and the Mudra Link, a universal band shipped since 2025. The 'push-pull' strategy aims at both direct consumer sales and licensing to electronics makers, although as of March 2026 no license agreement had been signed.
Segments
B2C products (Mudra Band and Mudra Link)
Revenue from Mudra Link sales grew in fiscal 2025 and supported the overall increase in revenue, while cost of revenues rose faster because of additional logistics costs.
B2B development kits and licensing
The Mudra Inspire development kit has been sold to businesses since 2018, and over 100 companies, 30 of them multinationals, have bought it, but licensing of the technology remains at the validation stage.
Mudra Experience Studio platform
Launched in February 2026, the platform offers SDKs and OEM integration tiers for XR and AI developers and has no separately reported revenue yet.
Market context
According to IDC as cited in the filing, the wrist-worn device market exceeded 150 million units shipped in the first three quarters of 2025, up 10 percent. The XR glasses category is forecast to grow at a compound annual rate of 29.3 percent, which could widen the technology's addressable market if consumer adoption follows the same path.
Trends
- Growth of wearable devicestailwind
Rising shipments of smartwatches and XR glasses could create a broader base of devices compatible with neural input.
- Uncertain consumer adoptionheadwind
The company notes it is unclear whether consumers will adopt its band in place of remote controls, touchscreens or keyboards.
- Long B2B licensing cycleheadwind
The estimated multi-year gap from first contact to signed license could delay recurring revenue if negotiations fail.
- AI-based input developmentmixed
Integration with AI development tools could expand platform adoption if developers use it widely.
Competitive position
The filing cites keyboards, mice, touchscreens, handheld controllers, camera-based gesture recognition and voice assistants as alternatives. The company argues it is the only neural interface that connects directly to Apple Watch, but competition from large electronics manufacturers remains intense.
- Smartwatch and wearable device makers
Companies producing the smartwatches the band integrates with could develop their own input solutions.
- XR glasses makers
Suppliers of AR and VR glasses are both potential partners and competitors for the preferred control method.
- Camera-based gesture recognition providers
Camera, LiDAR and radar solutions compete directly with the company's gesture input.
- Voice assistant developers
Voice assistants are already used in smart home devices and offer an alternative to gesture control.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- UP discovers those who posted bail for former deputy head of President's Office Iryna MudraUkrainska Pravda (UA, EN) · 08 Oct 2026 · EN
- Head of Zelenskyy's office breaks silence on corruption tapes featuring his deputy Mudra, says let court decideUkrainska Pravda (UA, EN) · 27 Aug 2026 · EN
- Irina Mudra, fosta şefa adjunctă a biroului lui Zelenski, a fost arestată preventiv în cel mai recent scandal de corupţieAntena 3 CNN · 25 Aug 2026 · RO
- Former Deputy Office Head Iryna Mudra Detained Overnight in Corruption ProbeKyiv Post · 19 Aug 2026 · EN
- Zelensky Sacks Deputy Office Head Iryna Mudra After NABU’s New ‘Forrest Gump’ ProbeKyiv Post · 19 Aug 2026 · EN
- Zelenskyy dismisses aide Iryna Mudra amid investigation into herUkrainska Pravda (UA, EN) · 19 Aug 2026 · EN
- Ukrainian anti-corruption authorities raid homes of lawmakers, officials. Among them — Iryna Mudra, deputy head of the President’s Office.Meduza English (independent RU/exile) · 19 Aug 2026 · EN
- Anti-corruption agencies search MP Stolar and Deputy Head of President's Office Mudra – UP sourcesUkrainska Pravda (UA, EN) · 19 Aug 2026 · EN
The latest news item in our archive is from 08 Oct 2026; the newest SEC filing is from 22 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)27 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Wearable Devices Ltd. · 12 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.