DHAI
DHAI
DIH Holding US, Inc.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $12.65M ▼ | $8.99M ▼ | $-4.4M ▼ | -34.82% ▼ | $-2.71 ▲ | $-5.06M ▼ |
| Q3-2025 | $15.09M ▼ | $9.98M ▲ | $-3.73M ▼ | -24.7% ▼ | $-2.75 ▼ | $-3.08M ▼ |
| Q2-2025 | $18.16M ▲ | $7.67M ▼ | $-234K ▲ | -1.29% ▲ | $-0.17 ▲ | $387K ▼ |
| Q1-2025 | $16.96M ▼ | $10.25M ▲ | $-310K ▲ | -1.83% ▲ | $-0.45 ▲ | $639K ▲ |
| Q4-2024 | $17.35M | $6.64M | $-4.29M | -24.73% | $-3.5 | $393K |
What's going well?
The company received a tax benefit and some non-operating income that helped reduce the loss. R&D spending remains steady, suggesting continued investment in future products.
What's concerning?
Sales fell sharply, losses are growing, and expenses are not coming down fast enough. The company is still losing money on every dollar of sales, and margins are under pressure.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $1.94M ▲ | $26.75M ▼ | $63.89M ▼ | $-37.13M ▲ |
| Q3-2025 | $1.12M ▼ | $31.81M ▼ | $69.7M ▼ | $-37.88M ▼ |
| Q2-2025 | $1.76M ▼ | $38.19M ▼ | $72.59M ▲ | $-34.4M ▼ |
| Q1-2025 | $2.75M ▼ | $38.21M ▲ | $72.2M ▲ | $-33.99M ▼ |
| Q4-2024 | $3.23M | $35.73M | $68.28M | $-32.55M |
What's financially strong about this company?
Debt has been reduced, and the company is collecting receivables faster. There's no risk of goodwill write-downs, and inventory is not piling up.
What are the financial risks or weaknesses?
The company has negative equity, very little cash, and can't cover its short-term bills. Deferred revenue is down sharply, and assets are shrinking fast.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-4.4M ▼ | $-3.3M ▼ | $-92K ▼ | $4.21M ▲ | $819K ▲ | $-3.39M ▼ |
| Q3-2025 | $-3.73M ▼ | $686K ▲ | $-21K ▲ | $-1.57M ▼ | $-939K ▼ | $665K ▲ |
| Q2-2025 | $70K ▲ | $476K ▲ | $-188K ▲ | $-1.02M ▼ | $-690K ▼ | $288K ▲ |
| Q1-2025 | $-310K ▲ | $-2.01M ▼ | $-235K ▼ | $1.77M ▲ | $-476K ▼ | $-2.25M ▼ |
| Q4-2024 | $-6.01M | $2.02M | $-67K | $-402K | $3.23M | $1.95M |
What's strong about this company's cash flow?
The company was able to raise cash through both debt and equity this quarter, keeping the lights on for now. Capital spending is low, so not much is needed to maintain operations.
What are the cash flow concerns?
Cash from operations swung sharply negative, and free cash flow is deeply in the red. The company is now highly dependent on outside funding, with a shrinking cash cushion and no shareholder returns.
5-Year Trend Analysis
A comprehensive look at DIH Holding US, Inc.'s financial evolution and strategic trajectory over the past five years.
DHAI combines a differentiated portfolio of robotic and VR rehabilitation technologies with historically solid gross margins, reflecting the value and pricing power of its offerings. The company has continued to invest in R&D, building intellectual property and clinical know-how in a specialized, growing segment of healthcare. Its product ecosystem—spanning early mobilization, intensive gait training, upper-limb therapy, and advanced VR treadmills—provides a coherent, clinically oriented solution that could be attractive to hospitals and rehab centers when adequately supported.
The main risks are severe and structural. The company has a history of recurring net losses, negative and volatile cash flows, and a balance sheet characterized by negative equity and weak liquidity. Delisting from Nasdaq, suspension of operations, and auditors’ doubts about its ability to continue as a going concern underscore the gravity of the situation. Competitive pressures from better-capitalized medtech rivals, a shrinking asset base, and uncertainty about future funding or restructuring further heighten both operational and financial risk.
The outlook for DHAI as a standalone going concern is highly uncertain and heavily dependent on the outcome of its review of “strategic alternatives.” Potential scenarios range from restructuring and recapitalization to asset sales or acquisition by a competitor, with each path implying very different futures for the technology and stakeholders. While the underlying rehabilitation platforms and R&D initiatives may hold strategic value in the right hands, the company in its current form faces significant challenges in regaining financial stability, rebuilding commercial momentum, and competing effectively in a fast-evolving medtech market.
About DIH Holding US, Inc.
https://www.dih.comDIH Holding US, Inc. operates as a robotics and virtual reality technology provider in the rehabilitation and human performance industry. The company is based in Norwell, Massachusetts.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $12.65M ▼ | $8.99M ▼ | $-4.4M ▼ | -34.82% ▼ | $-2.71 ▲ | $-5.06M ▼ |
| Q3-2025 | $15.09M ▼ | $9.98M ▲ | $-3.73M ▼ | -24.7% ▼ | $-2.75 ▼ | $-3.08M ▼ |
| Q2-2025 | $18.16M ▲ | $7.67M ▼ | $-234K ▲ | -1.29% ▲ | $-0.17 ▲ | $387K ▼ |
| Q1-2025 | $16.96M ▼ | $10.25M ▲ | $-310K ▲ | -1.83% ▲ | $-0.45 ▲ | $639K ▲ |
| Q4-2024 | $17.35M | $6.64M | $-4.29M | -24.73% | $-3.5 | $393K |
What's going well?
The company received a tax benefit and some non-operating income that helped reduce the loss. R&D spending remains steady, suggesting continued investment in future products.
What's concerning?
Sales fell sharply, losses are growing, and expenses are not coming down fast enough. The company is still losing money on every dollar of sales, and margins are under pressure.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $1.94M ▲ | $26.75M ▼ | $63.89M ▼ | $-37.13M ▲ |
| Q3-2025 | $1.12M ▼ | $31.81M ▼ | $69.7M ▼ | $-37.88M ▼ |
| Q2-2025 | $1.76M ▼ | $38.19M ▼ | $72.59M ▲ | $-34.4M ▼ |
| Q1-2025 | $2.75M ▼ | $38.21M ▲ | $72.2M ▲ | $-33.99M ▼ |
| Q4-2024 | $3.23M | $35.73M | $68.28M | $-32.55M |
What's financially strong about this company?
Debt has been reduced, and the company is collecting receivables faster. There's no risk of goodwill write-downs, and inventory is not piling up.
What are the financial risks or weaknesses?
The company has negative equity, very little cash, and can't cover its short-term bills. Deferred revenue is down sharply, and assets are shrinking fast.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-4.4M ▼ | $-3.3M ▼ | $-92K ▼ | $4.21M ▲ | $819K ▲ | $-3.39M ▼ |
| Q3-2025 | $-3.73M ▼ | $686K ▲ | $-21K ▲ | $-1.57M ▼ | $-939K ▼ | $665K ▲ |
| Q2-2025 | $70K ▲ | $476K ▲ | $-188K ▲ | $-1.02M ▼ | $-690K ▼ | $288K ▲ |
| Q1-2025 | $-310K ▲ | $-2.01M ▼ | $-235K ▼ | $1.77M ▲ | $-476K ▼ | $-2.25M ▼ |
| Q4-2024 | $-6.01M | $2.02M | $-67K | $-402K | $3.23M | $1.95M |
What's strong about this company's cash flow?
The company was able to raise cash through both debt and equity this quarter, keeping the lights on for now. Capital spending is low, so not much is needed to maintain operations.
What are the cash flow concerns?
Cash from operations swung sharply negative, and free cash flow is deeply in the red. The company is now highly dependent on outside funding, with a shrinking cash cushion and no shareholder returns.
5-Year Trend Analysis
A comprehensive look at DIH Holding US, Inc.'s financial evolution and strategic trajectory over the past five years.
DHAI combines a differentiated portfolio of robotic and VR rehabilitation technologies with historically solid gross margins, reflecting the value and pricing power of its offerings. The company has continued to invest in R&D, building intellectual property and clinical know-how in a specialized, growing segment of healthcare. Its product ecosystem—spanning early mobilization, intensive gait training, upper-limb therapy, and advanced VR treadmills—provides a coherent, clinically oriented solution that could be attractive to hospitals and rehab centers when adequately supported.
The main risks are severe and structural. The company has a history of recurring net losses, negative and volatile cash flows, and a balance sheet characterized by negative equity and weak liquidity. Delisting from Nasdaq, suspension of operations, and auditors’ doubts about its ability to continue as a going concern underscore the gravity of the situation. Competitive pressures from better-capitalized medtech rivals, a shrinking asset base, and uncertainty about future funding or restructuring further heighten both operational and financial risk.
The outlook for DHAI as a standalone going concern is highly uncertain and heavily dependent on the outcome of its review of “strategic alternatives.” Potential scenarios range from restructuring and recapitalization to asset sales or acquisition by a competitor, with each path implying very different futures for the technology and stakeholders. While the underlying rehabilitation platforms and R&D initiatives may hold strategic value in the right hands, the company in its current form faces significant challenges in regaining financial stability, rebuilding commercial momentum, and competing effectively in a fast-evolving medtech market.

CEO
Lynden Bass
Compensation Summary
(Year )
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2025-10-20 | Reverse | 1:25 |

