Private company

DIH HOLDING US, INC.

DIH HOLDING US, INC. is an American surgical and medical instruments and apparatus company.1 It is headquartered in Norwell, Massachusetts.1

Last updated Oct 20, 2026.

Overview

$62.9MRevenue, fiscal 20252
-$8.7MNet income, fiscal 20252
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersNorwell, Massachusetts1
  • Incorporated inDE3
  • Business address77 Accord Park Drive, Suite D-1, Norwell, Ma 020613
  • Filer category, Emerging growth company3
  • Legal formCorporation

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We strive to serve the rehabilitation market by providing a broad array of devices and services focused on the customer and patient recovery.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

51.2%Gross margin2
-11.2%Operating margin2
-13.8%Net margin2
-2.5%Revenue growth, 20252
-$4.7MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue45¢$30.6M
  • Research and development10¢$7.1M
  • Selling, general and admin44¢$30.0M
  • Income tax1¢$410.0K

Out of $62.9M in revenue.2 The company lost money this year.

Financial statements

Revenue62$62.9M in 2025+16% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $54.1M$54.1M20232024: $64.5M$64.5M2024+19%2025: $62.9M$62.9M2025−2%
Gross profit62$32.2M in 2025+5% since 2023
0$10.0M$20.0M$30.0M$40.0M2023: $30.6M$30.6M20232024: $29.8M$29.8M2024−3%2025: $32.2M$32.2M2025+8%
Operating income72-$7.0M in 2025+312% since 2022
-$8.0M-$6.0M-$4.0M-$2.0M02022: -$1.7M-$1.7M20222023: -$3.5M-$3.5M2023+107%2024: -$2.6M-$2.6M2024−26%2025: -$7.0M-$7.0M2025+169%
Net income72-$8.7M in 2025
-$10.0M-$5.0M0$5.0M$10.0M2022: $6.6M$6.6M20222023: $640.2K$640.2K2023−90%2024: -$8.4M-$8.4M20242025: -$8.7M-$8.7M2025+3%
Fiscal year20212022202320242025
Revenue$54.1M6$64.5M2$62.9M2
Cost of revenue$23.5M6$34.7M2$30.6M2
Gross profit$30.6M6$29.8M2$32.2M2
Research and development$6.9M6$6.6M2$7.1M2
Selling, general and admin$23.0M6$25.8M2$30.0M2
Operating expenses-$8.3M10$29.9M6$32.4M2$39.2M2
Operating income-$1.7M7-$3.5M7-$2.6M2-$7.0M2
Interest$277.0K6$693.0K6
Income before tax$1.0M6-$7.2M2-$8.3M2
Income tax$2.0M6$1.2M2$410.0K2
Net income$6.6M7$640.2K7-$8.4M2-$8.7M2
Earnings per share-$0.046-$8.002-$6.072
Earnings per share (diluted)-$0.046-$8.002-$6.072
Shares (weighted, basic)25.0M shares61.1M shares21.4M shares2
Shares (weighted, diluted)25.0M shares61.1M shares21.4M shares2

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Corporate structure

DIH HOLDING US, INC. sits at the top of its group. 6 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of DIH HOLDING US, INC.

  • Five Narrow Lane LP Filed SCHEDULE 13G on DIH HOLDING US, INC., latest Feb 3, 2025
  • FIR TREE CAPITAL MANAGEMENT LP Filed SC 13G/A on DIH HOLDING US, INC., latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • GLAZER CAPITAL, LLC Filed SC 13G/A on DIH HOLDING US, INC., latest Nov 14, 2024 (5 filings since Feb 14, 2023)
  • DIH Technology Ltd. Filed SC 13D on DIH HOLDING US, INC., latest Feb 20, 2024
  • Radcliffe Capital Management, L.P. Filed SC 13G/A on DIH HOLDING US, INC., latest Feb 14, 2024 (3 filings since Feb 8, 2023)
  • Polar Asset Management Partners Inc. Filed SC 13G/A on DIH HOLDING US, INC., latest Feb 9, 2024 (2 filings since Feb 10, 2023)
  • Saba Capital Management, L.P. Filed SC 13G/A on DIH HOLDING US, INC., latest Feb 7, 2024 (3 filings since May 20, 2022)
  • Lawrence Feis Filed SC 13G/A on DIH HOLDING US, INC., latest Feb 5, 2024 (4 filings since Feb 15, 2022)
  • Hudson Bay Capital Management LP Filed SC 13G/A on DIH HOLDING US, INC., latest Feb 2, 2024 (2 filings since Feb 6, 2023)
  • Space Summit Capital LLC Filed SC 13G/A on DIH HOLDING US, INC., latest Feb 7, 2023 (2 filings since Feb 8, 2022)
  • DIH HOLDING US, INC. Norwell, Massachusetts
    • DIH GmbH Subsidiary · Germany
    • DIH Technology d.o.o. Subsidiary · Slovenia
    • DIH Technology, Inc. Subsidiary · Delaware, United States
    • DIH US Corp. Subsidiary · Delaware, United States
    • Hocoma Medical GmbH Subsidiary · Switzerland

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What DIH HOLDING US, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$2.1M2 Mar 31, 2025$2.1M2 Mar 31, 20240%
Property and equipment, before depreciation$4.1M2 Mar 31, 2025$4.2M2 Mar 31, 2024−1.8%
Accumulated depreciation$3.5M2 Mar 31, 2025$3.6M2 Mar 31, 2024−2.7%
Property and equipment, net$553.0K2 Mar 31, 2025$530.0K2 Mar 31, 2024+4.3%
Operating-lease assets (leased space)$3.8M2 Mar 31, 2025$4.5M2 Mar 31, 2024−14.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.9M2 Mar 31, 2025$3.2M2 Mar 31, 2024−39.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$7.0M2 Mar 31, 2025$7.8M2 Mar 31, 2024−10.0%
Raw materials$2.4M2 Mar 31, 2025$2.6M2 Mar 31, 2024−7.4%
Work in process$3.4M2 Mar 31, 2025$4.2M2 Mar 31, 2024−18.7%
Finished goods$1.2M2 Mar 31, 2025$1.0M2 Mar 31, 2024+19.1%

Properties, in its own words

Our executive offices are located at 77 Accord Drive, Suite D-1 Norwell, MA. We do not own any properties, instead we lease properties to meet our needs. Currently, we have one main R&D and Operational campus that we lease for Hocoma Medical operation in Switzerland. The leased property is located at Industriestrasse 4 in 8604 Volketswil. Beside the main campuses, we also lease five commercial offices space at the following locations to house the regional Sales & Marketing, Clinical Application & Training, Technical Services, Finance, Logistics, Administration and other local market support functions.

■ · DIH Technology Inc. leases commercial office for American team at 77 Accord Park Dr., Suite D-1, Norwell, MA 02061, United States

The rest of Item 2

■ · DIH Technology d.o.o leases commercial office for EMEA Indirect sales team at Letališka 29a, 1000 Ljubljana, Slovenia

■ · DIH GmbH leases commercial office for the Direct Sales team in DACH region, at Robert- Perthel- Str. 3, 50739 Köln, Germany

■ · DIH Pte Ltd leases commercial office for APAC team at 67 Ubi Avenue 1, #06-17 Starhub Green, Singapore 408942

■ · DIH SpA leases commercial office for LATAM team at Pdte. Kennedy Lateral 5488, Oficina 1402; Vitacura, Santiago, Chile

Item 2 of the 10-K filed Oct 20, 2025.5

Leadership

Who has led DIH HOLDING US, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Zachary Wang2022
  2. Jihai Jason Chen2024

Chair

  1. Jihai Jason Chen2024

Chief financial officer

  1. Yida Gao2022
  2. Lynden K. Bass2024

Chief operating officer

  1. Cathryn Chen2022
2025
Board members and other officers (15)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorJason Chen named Jun 10, 202427

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • DIH GmbH Germany4
  • DIH Holding US, Inc. Delaware4
  • DIH PTE. LTD. Singapore4
  • DIH S.p.a. Chile4
  • DIH Technology d.o.o. Slovenia4
  • DIH Technology, Inc. Delaware4
  • DIH US Corp. Delaware4
  • Hocoma Medical GmbH Switzerland4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Aurora Technology Acquisition Corp.Dec 2, 2021 to Feb 9, 20243

Timeline

  1. Dec 18, 20258-K Executive or director change28
  2. Nov 28, 20258-K Executive or director change29
  3. Nov 6, 20258-K Listing notice or transfer; Other events30
  4. Oct 21, 20258-K Entered a material agreement; Unregistered sale of shares31
  5. Oct 20, 20258-K Results of operations32
  6. Oct 17, 20258-K Change to shareholders' rights; Bylaws or fiscal year changed; Other events33
  7. Oct 8, 20258-K Listing notice or transfer34
  8. Oct 2, 20258-K Listing notice or transfer35
  9. Sep 26, 20258-K Shareholder vote36
  10. Sep 18, 20258-K Listing notice or transfer; Regulation FD disclosure37
  11. Sep 12, 20258-K Change to shareholders' rights38
  12. Sep 8, 20258-K Executive or director change39
  13. Feb 20, 2024New chief executive Jihai Jason Chen becomes CEO12
  14. Feb 7, 2022New chief executive Zachary Wang becomes CEO13

Calendar

When it reported results

  1. Oct 20, 2025Reported quarterly or annual results32
  2. Feb 14, 2025Reported quarterly or annual results40
  3. Nov 14, 2024Reported quarterly or annual results41
  4. Aug 19, 2024Reported quarterly or annual results42
  5. Jul 15, 2024Reported quarterly or annual results43
  6. Apr 30, 2024Reported quarterly or annual results44
  7. Apr 30, 2024Reported quarterly or annual results45
  8. Feb 20, 2024Reported quarterly or annual results46

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

262 filings to the SEC since October 2021: 6 annual reports, 10 quarterly reports, 87 major events, 26 insider forms, 26 large holders, 1 private raises, 106 other. The latest 20:

  1. Dec 18, 20258-K EDGAR
  2. Nov 28, 20258-K EDGAR
  3. Nov 6, 20258-K EDGAR
  4. Oct 21, 20258-K EDGAR
  5. Oct 20, 20258-K EDGAR
  6. Oct 20, 202510-K EDGAR
  7. Oct 17, 20258-K EDGAR
  8. Oct 8, 20258-K EDGAR
  9. Oct 2, 20258-K EDGAR
  10. Sep 26, 20258-K EDGAR
  11. Sep 18, 20258-K EDGAR
  12. Sep 12, 20258-K EDGAR
  13. Sep 12, 2025DEFA14A EDGAR
  14. Sep 8, 20253 EDGAR
  15. Sep 8, 20258-K EDGAR
  16. Sep 5, 20258-K EDGAR
  17. Aug 29, 20258-K EDGAR
  18. Aug 26, 2025DEF 14A EDGAR
  19. Aug 15, 2025NT 10-Q EDGAR
  20. Aug 13, 2025PRE 14A EDGAR

The 262 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 7, 2024Raised $3.3 million in a private offering of debt Form D: 1 investor so far Form D

SEC filer profile

How DIH HOLDING US, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDIH HOLDING US, INC.1
  • CIK0001883788
  • Employer ID (EIN)98-16245425
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsMarch 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address77 Accord Park Drive, Suite D-1, Norwell, MA 020611
  • Phone877-944-22001
  • Shares outstanding2,092,653 shares as of Oct 17, 20255
  • Public float$38.9M as of Sep 30, 20245
  • AuditorBDO USA, P.C., San Francisco, California PCAOB ID 243; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceDec 2, 20211
  • Filings264 in all: 8-K (85), 424B3 (21), CORRESP (21), 3 (17), SC 13G/A (16), UPLOAD (11), 10-Q (9), 4 (9)1
    All 36 form types

    S-1/A (8), SC 13G (8), NT 10-Q (7), EFFECT (5), 10-K (4), DEF 14A (4), PRE 14A (4), S-4/A (4), NT 10-K (3), S-1 (3), 10-K/A (2), 25-NSE (2), 424B4 (2), 425 (2), 8-K/A (2), DEFA14A (2), DEFR14A (2), 10-Q/A (1), 8-A12B (1), CERT (1), D (1), DRS (1), DRSLTR (1), POS AM (1), S-4 (1), S-8 (1), SC 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Oct 20, 2025
    Quarterly report (10-Q) Feb 14, 2025
    Proxy statement (DEF 14A) Aug 26, 2025
    Latest 8-K (8-K) Dec 18, 2025

Securities registered for trading

ClassSymbolExchange
Class A Common StockDHAINasdaq
WarrantsDHAIWNasdaq

From the cover page of the 10-K filed Oct 20, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks DIH HOLDING US, INC. names in Item 1A of its 10-K filed Oct 20, 2025: 55 risks under these headings, as written.5

  • Risks Related to Our Business and Our Industry
  • We have not fully completed our planned corporate reorganization
  • We have concluded that there is substantial doubt about the Company’s ability to continue as a going concern for one year from the date of this annual report.
  • We are substantially dependent on the commercial success of our current key product lines
  • We rely on sales from certain key products and markets, any disruptions to those products or markets due to change of market environment, regulatory requirements, or personal and sales practices, could generate adverse effects to our sales and business performance.
  • Global, regional, and local economic weakness and uncertainty could adversely affect our demand for our products and services and our business and financial performance.
  • War, geopolitical factors, and foreign exchange fluctuations could adverse effect the performance of our business.
  • Geopolitical risks associated with the ongoing conflict in Israel and Palestine could result in increased market volatility and uncertainty, which could negatively impact our business, financial condition, and results of operations.
  • We may not have sufficient funds to meet certain future operating needs or capital requirements, which could impair our efforts to develop and commercialize existing and new products, and as a result, we may in the future consider one or more capital-raising transactions, including future equity or debt financings, strategic transactions, or borrowings which may also dilute our shareholders.
  • The market for robotics and interactive visual-stimulation smart rehabilitation systems are in the early growth stage, and important assumptions about the potential market for our current and future products may not be realized.
  • Currently, most of our products are purchased by customers as capital equipment, funded by our customers’ own capital budgets, government grants, or charitable organizations’ donations. There is a risk that such grants or donations may not be secured timely or at all or capital budgets reduced; which could adversely impact our sales forecasts.
  • If we are unable to train customers on the safe and appropriate use of our products, we may be unable to achieve our expected growth.
The other 44 risks
  • If customers misuse our products, we may become subject to prohibitions on the sale or marketing of our products, significant fines, penalties, sanctions, or product liability claims, and our image and reputation within the industry and marketplace could be harmed.
  • If we are unable to educate clinicians on the safe, effective and appropriate use of our products, we may experience increased claims of product liability and may be unable to achieve our expected growth.
  • As an emerging leader in a fragmented industry, we need time and efforts to develop talent, expertise, competencies, process and infrastructure; if we lose key employees or fail to replicate and leverage our sales, marketing, and training infrastructure, our growth would suffer adverse effects.
  • The health benefits of our products have not yet been substantiated by long-term large randomized clinical data, which could limit sales of such products.
  • Our success depends largely upon consumer satisfaction with the effectiveness of our products.
  • For certain of our products, we rely on sole source third parties to manufacture and supply certain raw materials. If these manufacturers are unable to supply these raw materials or products in a timely manner, or at all, we may be unable to meet customer demand, which would have a material adverse effect on our business.
  • We utilize independent distributors who are free to market other products that compete with our products for sales.
  • Due to the nature of market fragmentation, our product and solution offerings may not always deliver the targeted sales amount, or may take longer than expected to establish itself in customers minds, and accepted by mainstream.
  • We may enter into collaborations, in-licensing arrangements, joint ventures, strategic alliances, business acquisitions or partnerships with third parties that may not result in the development of commercially viable products, the generation of significant future revenue, or consistent realization of deal economics.
  • We may not successfully integrate newly acquired product lines into our business operations or realize the benefits of our partnerships with other companies, acquisitions of complementary products or technologies or other strategic alternatives.
  • We may pursue acquisitions, which involve a number of risks, and if we are unable to address and resolve these risks successfully, such acquisitions could harm our business.
  • We may have difficulty managing our growth which could limit our ability to increase sales and cash flow.
  • Risks Related to Government Regulation
  • We are subject to extensive and dynamic medical device regulation, which may impede or hinder the approval or sale of our products and, in some cases, may ultimately result in an inability to obtain approval of certain products or may result in the recall or seizure of previously approved products.
  • If we fail to obtain regulatory approvals in the United States or foreign jurisdictions for our products, or any future products, we will be unable to market our products in those jurisdictions.
  • Due to the fact that more than 95% of our revenue comes from health-regulated medical device products, if we do not obtain or maintain necessary regulatory clearances or approvals, or if clearances or approvals for future medical products or modifications to existing medical products are delayed or not issued, our commercial operations and sales targets would be adversely affected.
  • We may be subject to adverse medical device reporting obligations, voluntary corrective actions or agency enforcement actions.
  • Legislative or regulatory healthcare reforms in the United States and other countries may make it more difficult and costly for us to obtain regulatory clearance or approval of any future product candidates and to produce, market, and distribute our products after clearance or approval is obtained.
  • United States and foreign privacy and data protection laws and regulations may impose additional liabilities on us.
  • Changes in law or regulation could make it more difficult and costly for DIH and its subsidiaries to manufacture, market and distribute its products or obtain or maintain regulatory approval of new or modified products.
  • We may fail to comply with regulations of the United States and foreign regulatory agencies which could delay, or prevent entirely, and the commercialization of our products.
  • In some instances, in our advertising and promotion, we may make claims regarding our product as compared to competing products, which may subject us to heightened regulatory scrutiny, enforcement risk, and litigation risks.
  • If we fail to obtain or maintain the necessary ISO 13485 certification or the certification according to (EU) 2017/745 (MDR), our commercial operations in the EU and some other countries will be harmed.
  • Modifications to our products may require re-registration, new 510(k) clearances or premarket approvals, or may require us to renew existing registrations in non-European Union countries.
  • The innovative development of our products may lead to the application of new laws, regulations, standards, etc. not considered until now.
  • Any negative publicity concerning our products could harm our business and reputation and negatively impact our financial results.
  • United States or European healthcare reform measures and other potential legislative initiatives could adversely affect our business.
  • Risks Related to War in Ukraine and Israel and Palestine
  • Risks Related to Our Intellectual Property and Information Technology
  • We depend on computer and information systems we do not own or control and failures in our systems or a cybersecurity attack or breach of our IT systems or technology could significantly disrupt our business operations or result in sensitive information being compromised which would adversely affect our reputation and/or results of operations.
  • Our success depends in part on our ability to obtain and maintain protection for the intellectual property relating to or incorporated into our products.
  • We are not able to protect our intellectual property rights in all countries.
  • We may be subject to patent infringement claims, especially for products acquired through acquisitions, which could result in substantial costs and liability and prevent us from commercializing such acquired products.
  • We may be subject to damages resulting from claims that our employees or we have wrongfully used or disclosed alleged trade secrets of their former employers.
  • Risks Related to Ownership of DIH Common Stock
  • We are not in compliance with the continued listing requirements of the Nasdaq Stock Market and our securities could be delisted.
  • Future sales of a substantial number of shares of DIH Common Stock by us or our large stockholders, certain of whom may have registration rights, or dilutive exercises of a substantial number of warrants by our warrant holders could adversely affect the market price of our Common Stock.
  • Future grants of shares of DIH Common Stock under our equity incentive plan to our employees, non-employee directors and consultants, or sales by these individuals in the public market, could result in substantial dilution, thus decreasing the value of your investment in DIH Common Stock. In addition, stockholders will experience dilution upon the exercise of outstanding warrants.
  • If securities or industry analysts do not publish research or reports about DIH’s business, or if they issue an adverse opinion regarding its stock, its stock price and trading volume could decline.
  • We are emerging growth company and a “smaller reporting company” and the reduced reporting requirements applicable to such companies may make our DIH Common Stock less attractive to investors.
  • The price of our Common Stock may be volatile, and you may lose all or part of your investment.
  • General Risks
  • Exchange rate fluctuations between the U.S. dollar, the Euro and the Swiss Franc may negatively affect our revenue and earnings.
  • We are subject to certain regulatory regimes that may affect the way that we conduct business internationally, and our failure to comply with applicable laws and regulations could materially adversely affect our reputation and result in penalties and increased costs.
  • If there are significant disruptions in our information technology systems, our business, financial condition and operating results could be adversely affected.
  • If we fail to properly manage our anticipated growth, our business could suffer.
  • We are highly dependent on the knowledge and skills of our global leadership team, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • DIH’s management team has limited experience managing a public company.
  • We have identified material weaknesses in our internal control over financial reporting. These material weaknesses could continue to adversely affect our ability to report our results of operations and financial condition accurately and in a timely manner.

Legal proceedings

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding in the 12 months preceding the date of this Annual Report.

The opening of Item 3, Legal Proceedings.5

Sources

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