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Here are 1-2 brief analogies to describe DIH US (DHAI):

• Intuitive Surgical for rehabilitation
• Stryker for rehabilitation devices

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• Robotic Rehabilitation Devices: Advanced robotic systems designed to assist patients in performing repetitive and precise movements for physical rehabilitation.
• Virtual Reality (VR) Rehabilitation Systems: Immersive VR platforms that engage patients in interactive exercises to improve motor skills, balance, and cognitive functions during therapy.
• Sensor-Based Rehabilitation Solutions: Systems utilizing sensors to track patient movement and provide real-time feedback, aiding in progress monitoring and customized therapy adjustments.
• Digital Rehabilitation Platform: Integrated software platforms that connect various rehabilitation devices, collect patient data, and offer analytics to optimize therapy outcomes and clinic management.

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DIH US (DHAI) sells primarily to other companies within the healthcare sector.

Based on publicly available information, DIH US does not disclose specific major customer names in its financial filings. However, the company identifies the following categories of organizations as its primary customers:

• Hospitals
• Rehabilitation clinics/centers
• Private therapy clinics
• Research institutions

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• Suzhou Hegu Medical Technology Co., Ltd.
• Beijing Pude Medical Equipment Co., Ltd.
• Guangdong Tianrui Medical Equipment Co., Ltd.

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Jason Chen, Chairman of the Board and Chief Executive Officer

Jason Chen is the founder of DIH, which he built from scratch. He has over 20 years of global leadership and business development experience within the healthcare industry. Before founding DIH, Mr. Chen served as Global Senior VP at Cardinal Health and President of Asia, where he led global strategic sourcing initiatives and Asia-wide businesses and operations. He also spent over 10 years with GE in various roles, including CFO at GE Clinical Services, GM of Greater China GSO, and BD manager within the Corporate M&A team.

Lynden Bass, Chief Financial Officer and Principal Accounting Officer

Ms. Bass has served as Chief Financial Officer of DIH since March 2023. Prior to officially joining DIH, she assisted the company on an outside consultant basis from January 2023. From September 2019 through September 2022, she was Vice President and Controller for Rather Outdoors Corporation, a privately-owned wholesaler and manufacturer. From September 2016 through May 2019, Ms. Bass served as Chief Financial Officer of NaturChem Inc. She also served as Corporate Controller for Preferred Apartment Communities, Inc., a publicly traded real estate investment trust, and began her career in audit and assurance at Deloitte & Touche LLP.

Patrick Bruno, Chief Marketing Officer, Hospital & Clinical Solutions Division

Patrick Bruno has over 20 years of global sales and leadership experience in the healthcare industry. Before joining DIH, he was the Integration Manager, General Manager, and Sales Director at Qiagen, where he led global key account and commercialization strategies. Earlier in his career, he held positions at Siemens Healthcare as CEO, Switzerland, and at Roche Diagnostics as Head of Product Management.

Thomas Kunzli, Chief Technology Officer

Thomas Kunzli joined DIH (Hocoma) to lead software development and innovation project management after seven years with Muller Martini AG. He spent nine years in leadership positions at Hocoma, including Head of Software Development and Head of Development. Subsequently, Thomas served as DIH VP of Global R&D for two and a half years and was named Chief Technology Officer for DIH in 2021.

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Key Risks to DIH US (DHAI)

1. Nasdaq Delisting and Regulatory Non-Compliance: DIH Holding US, Inc. faces a critical and immediate threat of delisting from Nasdaq. The company has received multiple notices for failing to meet Nasdaq's listing requirements, including the minimum $50 million market value of listed securities (MVLS) and the minimum $1.00 per share bid price rule. Additionally, DIH is delinquent in filing its Form 10-Q for Q2 2025 and its Form 10-K for the fiscal year ended March 31, 2025. While the company has requested a hearing with the Nasdaq Hearing Panel, there is no assurance that an extension will be granted or that DIH will be able to regain compliance. Delisting would likely result in severe illiquidity for its stock and a significant loss of investor confidence and value.
2. Weak Financial Position and Liquidity Concerns: DIH's financial health is precarious, characterized by a plummeting market capitalization, which was reported as $12.24 million in September 2025 and further declined to $4.41K as of December 2025. The company also has negative shareholders' equity. Its Altman Z-score is -1.97, which places it in a "distress zone" and suggests a possibility of bankruptcy within the next two years. The company's ability to access additional debt or equity capital, which it has pursued through convertible debt offerings, remains a significant concern, with no guarantee that these measures will be sufficient to address its liquidity issues and support ongoing operations.
3. Product Dependency and Adverse Product Mix Shift: DIH's revenue is largely reliant on its core portfolio of advanced robotic devices for physical rehabilitation, including products like LokoMat, Erigo, Armeo, C-Mill, and CAREN/Grail. The company's fiscal year 2025 financial results indicated a slight decrease in revenue, attributed to a shift in product mix towards smaller and lower-priced items. This change also negatively impacted gross profit in the fourth quarter of fiscal 2025. Any disruption to these key product lines or continued unfavorable shifts in the product mix could adversely affect DIH's sales performance and overall business profitability.

Key Risks to DIH US (DHAI)

1. Nasdaq Delisting and Regulatory Non-Compliance: DIH Holding US, Inc. faces a critical and immediate threat of delisting from Nasdaq. The company has received multiple notices for failing to meet Nasdaq's listing requirements, including the minimum $50 million market value of listed securities (MVLS) and the minimum $1.00 per share bid price rule. Additionally, DIH is delinquent in filing its Form 10-Q for Q2 2025 and its Form 10-K for the fiscal year ended March 31, 2025. While the company has requested a hearing with the Nasdaq Hearing Panel, there is no assurance that an extension will be granted or that DIH will be able to regain compliance. Delisting would likely result in severe illiquidity for its stock and a significant loss of investor confidence and value.
2. Weak Financial Position and Liquidity Concerns: DIH's financial health is precarious, characterized by a plummeting market capitalization, which was reported as $12.24 million in September 2025 and further declined to $4.41K as of December 2025. The company also has negative shareholders' equity. Its Altman Z-score is -1.97, which places it in a "distress zone" and suggests a possibility of bankruptcy within the next two years. The company's ability to access additional debt or equity capital, which it has pursued through convertible debt offerings, remains a significant concern, with no guarantee that these measures will be sufficient to address its liquidity issues and support ongoing operations.
3. Product Dependency and Adverse Product Mix Shift: DIH's revenue is largely reliant on its core portfolio of advanced robotic devices for physical rehabilitation, including products like LokoMat, Erigo, Armeo, C-Mill, and CAREN/Grail. The company's fiscal year 2025 financial results indicated a slight decrease in revenue, attributed to a shift in product mix towards smaller and lower-priced items. This change also negatively impacted gross profit in the fourth quarter of fiscal 2025. Any disruption to these key product lines or continued unfavorable shifts in the product mix could adversely affect DIH's sales performance and overall business profitability.

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The rapid advancement and adoption of virtual reality (VR) and augmented reality (AR) based rehabilitation solutions, particularly those designed for home use and delivered via telehealth platforms. These emerging technologies offer potentially lower-cost, more accessible, and scalable alternatives for neuro and physical rehabilitation, which could divert demand from DIH US's primary offering of high-capital-cost, clinic-based robotic rehabilitation systems.

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DIH US (symbol: DHAI) operates in the advanced robotic devices and virtual reality (VR) technology sectors for physical rehabilitation. The company's main products include robotic devices for upper and lower extremity rehabilitation, such as ArmeoPower, ArmeoSpring, Armeo Senso, Erigo, Lokomat, Andago, C-Mill, CAREN, and GRAIL, as well as gait and balance solutions like SafeGait, RYSEN, and M-Gait.

The addressable markets for DIH US's main products and services are substantial and growing:

• Global Rehabilitation Robots Market: This market was estimated at USD 428.0 million in 2024 and is projected to reach USD 1,031.2 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 15.2% from 2025 to 2030. Other estimates indicate the market reached USD 1,543 million in 2024 and is expected to reach USD 6,809.1 million by 2033, exhibiting a CAGR of 17.9% during 2025-2033. North America held the largest share of the global rehabilitation robots market in 2024.
• Global Wearable Neurorehabilitation Devices Market: The market size for wearable neurorehabilitation devices is projected to be USD 614.5 million in 2025 and is expected to reach USD 1,777.66 million by 2033, with a CAGR of 14.20% from 2025 to 2033. Another report valued the global industry at US$ 552.8 million in 2022, projecting it to advance at a CAGR of 13.7% from 2023 to 2031, reaching US$ 1.7 billion by 2031.
• Global Rehabilitation Equipment Market: This broader market, which encompasses DIH US's offerings, was estimated at USD 16.96 billion in 2024 and is anticipated to reach USD 27.29 billion by 2030, with a CAGR of 8.3% from 2025 to 2030. North America dominated this market, accounting for 41.9% of the revenue share in 2024. The U.S. rehabilitation equipment market size alone was USD 4.92 billion in 2024 and is projected to reach approximately USD 8.63 billion by 2034.
• Global Physical Therapy Rehabilitation Solutions Market: This market generated US$ 25.4 billion in revenue in 2023 and is expected to reach US$ 52.8 billion by 2033, with a CAGR of 7.6% during the forecast period from 2024 to 2033. North America led this market in 2023, securing a market value of US$ 10.1 billion.

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Here are 3-5 expected drivers of future revenue growth for DIH US (symbol: DHAI) over the next 2-3 years:

1. Geographic Expansion and Strong Performance in Key Regions: DIH US has demonstrated significant revenue growth in specific geographic areas, with a 72% surge in the EMEA region and a 20% increase in the Americas during the second fiscal quarter of 2025. This indicates an ongoing ability to expand its market penetration and capitalize on demand in these areas.
2. Growth in Device Sales: The company specializes in advanced robotic devices for physical rehabilitation and reported a 49% increase in device revenue for the second fiscal quarter of 2025. Continued demand and sales growth for these specialized devices are expected to be a significant revenue driver.
3. Price Increases: DIH US implemented a 10% price increase in fiscal year 2024 for new orders, which contributed to improved gross margins. Sustained pricing power on its products could continue to boost revenue growth.
4. Strategic Partnerships and Product Licensing: The company has engaged in strategic initiatives such as the partnership with B. Temia, which involves the exclusive licensing of the Keego™ Dermoskeleton product in North America. Such partnerships can broaden the company's product offerings and market reach, thereby driving additional revenue.
5. Industry Consolidation Strategy: DIH US aims to build an integrated platform and consolidate the fragmented rehabilitation industry. This strategy is expected to accelerate growth by expanding its market presence and operational scale through strategic acquisitions or integrations.

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Share Issuance

• On October 15, 2025, DIH Holding US entered into an agreement for a private placement to sell up to $22 million in Class A common stock, issuing 100,000 common shares and a pre-funded warrant for an additional 100,000 shares as a commitment fee.
• In February 2025, DIH Holding US completed a public offering of approximately 5.94 million units, raising about $4.6 million, with each unit comprising one Class A common share and one Class A warrant.
• Effective October 20, 2025, the company implemented a 1-for-25 reverse stock split, reducing outstanding shares from approximately 52.3 million to about 2.1 million.

Inbound Investments

• On October 15, 2025, DIH Holding US secured an equity line of credit agreement with Five Narrow Lane, L.P. for up to $22 million in aggregate gross purchase price of Class A common stock.
• On August 7, 2025, the company issued senior secured convertible debentures in a private placement with an aggregate principal amount of $2.2 million, expected to yield net proceeds of $1.9 million.

Capital Expenditures

• Capital expenditures for the fiscal year ended March 31, 2025, were approximately $0.54 million.
• Proceeds from the February 2025 public offering of $4.6 million were allocated for capital expenditures, working capital, and general corporate purposes.
• The company incurred impairment losses of $0.6 million related to the discontinuation of the SafeGait product and $1.5 million for ceasing development of capitalized software for the HocoNet platform during the fiscal 2025 fourth quarter.