Wearable Devices Ltd. (NASDAQ: WLDSW)

Wearable Devices Ltd. is a growth company developing a non-invasive neural input interface in the form of a wearable wristband for controlling digital devices using subtle finger gestures and hand movements. The company’s Mudra platform enables users to interact with consumer electronics, smartwatches, smartphones, augmented reality glasses, virtual reality headsets, televisions, personal computers, laptops, drones, and robots through touchless input. Wearable Devices Ltd. aims to transform human-computer interaction by making the hand a universal input device for seamless control of technology.

Wearable Devices Ltd. generates revenue through the sale of its B2C and B2B products and services. The company sells the Mudra Band for Apple Watch and the Mudra Link as direct-to-consumer wearables, with the Mudra Band priced at $349 (discounted to $299) and the Mudra Link at $299 (pre-order price of $249). On the B2B side, Wearable Devices Ltd. offers the Mudra Development Kit for technology evaluation, the SNC sensor module for integration into partner devices, and the Mudra Experience Studio as a neural input developer platform featuring production-ready SDKs and standardized gesture taxonomy. The company also pursues licensing agreements and explores SaaS models for industrial applications, particularly in Industry 4.0, digital health, and sport analytics.

The company operates through the following segments: Mudra Band, Mudra Link, Mudra Inspire (Development Kit), SNC Sensor Module, and Mudra Experience Studio.

• Mudra Band: This segment provides a neural input wristband designed to control Apple ecosystem devices such as iPhone, Mac computer, Apple TV, iPad, and Apple Vision Pro using subtle touchless finger movements and gestures. The Mudra Band was launched in June 2020 and first delivered to consumers in September 2023. Over 3,000 units have been delivered since the initial shipment.

• Mudra Link: This segment offers a universal personalized gesture control neural band that allows users to control any Bluetooth-compatible device regardless of operating system. The Mudra Link was launched for pre-orders in September 2024 and commenced initial shipments in January 2025. Over 1,000 units have been delivered as of March 11, 2026.

• Mudra Inspire (Development Kit): This segment provides access to the platform via the Mudra Development Kit, which contains the Mudra wristband to allow customers to evaluate the device form factor and user experience. Launched in June 2018 under the name Mudra Inspire, over 200 kits have been sold since inception and are now sold exclusively to B2B customers for pilot transactions. The kit grants API access for developing new applications based on the Mudra gesture set without commercial rights.

• SNC Sensor Module: This segment offers the proprietary SNC sensor, OS software package, and algorithm software package for integration into customer devices such as AR/VR headsets, smartphones, smartwatches, televisions, and laptops. Customers can integrate the SNC sensor into their own wrist-worn devices and use the accompanying software to enable Mudra capabilities. After validation, Wearable Devices Ltd. provides a reference design for the complete sensor system, including motherboard, sensor, and software package, for integration into the customer’s product.

• Mudra Experience Studio: This segment delivers a comprehensive B2B developer environment featuring production-ready SDKs, a standardized gesture taxonomy, and integration APIs for developing, testing, and deploying neural input applications across XR, mobile, desktop, and AI-powered environments. Developers can build and configure applications using natural-language text prompts, similar to working with AI coding agents such as Loveable, Cursor, Claude, and ChatGPT. The platform enables rapid creation, modification, and deployment of neural gesture interactions and supports OEMs, platform providers, and enterprise partners in evaluating gesture mapping and cross-platform interoperability.

Wearable Devices Ltd. holds a pioneering position in the neural interface market as one of the first movers with commercially available non-invasive wearable neural input devices. The company believes its technology is setting the standard for gesture-based interaction in wearable computing and spatial computing, particularly through its vertically integrated platform comprising hardware, software, and humanware layers. Competitive advantages include its Push-Pull strategy engaging both B2B and B2C customers, broad compatibility with iOS, Android, and Windows systems, and the Mudra Experience Studio’s integration with AI-powered IDEs. While competitors include companies offering gesture recognition cameras, voice assistants, and traditional input devices, Wearable Devices Ltd. differentiates itself through its proprietary SNC sensor, high layer interdependency, and focus on wrist-based bio-potential sensing for intuitive, touchless control.

Wearable Devices Ltd. serves a diverse customer base spanning both B2B and B2C markets. Its B2B customers include multinational technology companies, consumer electronics brands, industrial manufacturers, IT and software solutions providers, software development studios, and academic institutions, with over 100 companies having purchased the Mudra Inspire development kit, 30 of which are multinational technology companies. These B2B customers are exploring use-cases in consumer electronics, Industry 4.0, digital health, and sport analytics. On the B2C side, the company sells directly to consumers through its online stores at Mudra-band.com, targeting Apple enthusiasts, early technology adopters, and individuals interested in innovative wearable gadgets and neurotech applications.