BrainsWay Reports Second Quarter 2025 Financial Results and Operational Highlights
BrainsWay (NASDAQ: BWAY), a leader in noninvasive neurostimulation treatments, reported strong Q2 2025 financial results. The company achieved record quarterly revenue of $12.6 million, up 26% year-over-year, with a net profit of $2.0 million, representing a 233% increase.
Key operational highlights include shipping 88 Deep TMS鈩� systems (35% YoY increase), reaching a total installed base of 1,522 systems. The company maintained a strong 75% gross margin and increased Adjusted EBITDA by 16% to $1.5 million. Notably, 70% of new customer engagements are structured as multi-year lease agreements, with remaining performance obligations of $62 million.
Based on strong performance, BrainsWay raised its full-year 2025 guidance to revenues between $50-52 million, with operating income of 4-5% and Adjusted EBITDA of 12-13%. The company also entered a strategic equity financing transaction with Stella MSO, LLC, expanding its mental health provider network.
BrainsWay (NASDAQ: BWAY), leader nelle terapie di neurostimolazione non invasive, ha comunicato solidi risultati finanziari del 2掳 trimestre 2025. L'azienda ha realizzato un fatturato trimestrale record di 12,6 milioni di dollari, in aumento del 26% su base annua, con un utile netto di 2,0 milioni di dollari, pari a un incremento del 233%.
I principali risultati operativi includono la spedizione di 88 sistemi Deep TMS鈩� (aumento del 35% su base annua), portando la base installata totale a 1.522 sistemi. L'azienda ha mantenuto un solido margine lordo del 75% e ha aumentato l'EBITDA rettificato del 16% a 1,5 milioni di dollari. 脠 significativo che il 70% dei nuovi rapporti con i clienti sia strutturato come contratti di leasing pluriennali, con obblighi contrattuali residui di 62 milioni di dollari.
Grazie alle buone performance, BrainsWay ha rivisto al rialzo le previsioni per l'intero esercizio 2025 a ricavi compresi tra 50 e 52 milioni di dollari, con un utile operativo del 4-5% e un EBITDA rettificato del 12-13%. L'azienda ha inoltre avviato un'operazione strategica di finanziamento azionario con Stella MSO, LLC, ampliando la sua rete di fornitori di servizi per la salute mentale.
BrainsWay (NASDAQ: BWAY), l铆der en tratamientos de neuroestimulaci贸n no invasivos, inform贸 s贸lidos resultados financieros del 2T 2025. La compa帽铆a alcanz贸 un ingreso trimestral r茅cord de $12.6 millones, un aumento del 26% interanual, con una utilidad neta de $2.0 millones, lo que representa un incremento del 233%.
Entre los principales hitos operativos figura el env铆o de 88 sistemas Deep TMS鈩� (un aumento interanual del 35%), alcanzando una base instalada total de 1.522 sistemas. La compa帽铆a mantuvo un s贸lido margen bruto del 75% y aument贸 el EBITDA ajustado en un 16% hasta $1.5 millones. Cabe destacar que el 70% de las nuevas relaciones con clientes est谩 estructurado como contratos de arrendamiento plurianuales, con obligaciones de desempe帽o pendientes por $62 millones.
Ante este buen desempe帽o, BrainsWay elev贸 su gu铆a para todo el 2025 a ingresos entre $50鈥�52 millones, con un resultado operativo del 4鈥�5% y un EBITDA ajustado del 12鈥�13%. La empresa tambi茅n cerr贸 una transacci贸n estrat茅gica de financiaci贸n de capital con Stella MSO, LLC, ampliando su red de proveedores de salud mental.
BrainsWay (NASDAQ: BWAY), 牍勳龚鞀奠爜 鞁犼步鞛愱饭 旃橂 攵勳暭鞚� 靹犽弰旮办梾鞚� 2025雲� 2攵勱赴 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� 攵勱赴 毵れ稖 靷儊 斓滉碃旃橃澑 $12.6 million鞚� 雼劚頃� 鞝勲厔 霃欔赴 雽�牍� 26% 歃濌皜頄堨溂氅�, 靾滌澊鞚� $2.0 million鞙茧 233% 歃濌皜頄堨姷雼堧嫟.
欤检殧 鞖挫榿 靹标臣搿滊姅 88雽�鞚� Deep TMS鈩� 鞁滌姢韰�鞚� 於滍晿(鞝勲厔 霃欔赴 雽�牍� 35% 歃濌皜)頃� 齑� 靹れ箻 旮半皹鞚� 1,522雽�鞐� 鞚措ゴ霠�鞀惦媹雼�. 須岇偓電� 臧曧暅 毵れ稖齑濎澊鞚惦 75%鞚� 鞙犾頄堨溂氅�, 臁办爼 EBITDA電� 16% 歃濌皜頃� $1.5 million鞚� 旮半頄堨姷雼堧嫟. 霕愴暅 鞁犼窚 瓿犼皾 瓿勳暯鞚� 70%臧� 雼る厔臧� 毽姢 瓿勳暯鞙茧 觳搓舶霅橃柎 雮潃 瓿勳暯 鞚错枆 鞚橂電� $62 million鞛呺媹雼�.
瓴“頃� 鞁れ爜鞚� 氚旐儠鞙茧 BrainsWay電� 2025雲� 鞝勳泊 臧�鞚措崢鞀�毳� 靸來枼頃� 毵れ稖鞚� $50鈥�52 million搿� 鞝滌嫓頄堦碃, 鞓侅梾鞚挫澋毳� 4鈥�5%, 臁办爼 EBITDA 12鈥�13%毳� 鞓堨儊頄堨姷雼堧嫟. 鞎勳毟霟� Stella MSO, LLC鞕�鞚� 鞝勲灥鞝� 鞛愲掣 臁半嫭 瓯半灅毳� 韱淀暣 鞝曥嫚瓯搓皶 鞝滉车鞛� 雱ろ姼鞗岉伂毳� 頇曤寑頄堨姷雼堧嫟.
BrainsWay (NASDAQ: BWAY), sp茅cialiste des traitements de neurostimulation non invasifs, a publi茅 de solides r茅sultats financiers pour le 2e trimestre 2025. La soci茅t茅 a r茅alis茅 un chiffre d'affaires trimestriel record de 12,6 millions de dollars, en hausse de 26% sur un an, avec un b茅n茅fice net de 2,0 millions de dollars, soit une hausse de 233%.
Parmi les faits marquants op茅rationnels, on compte l'exp茅dition de 88 syst猫mes Deep TMS鈩� (augmentation de 35% en glissement annuel), portant la base install茅e 脿 1 522 syst猫mes. La soci茅t茅 a maintenu une solide marge brute de 75% et a augment茅 l'EBITDA ajust茅 de 16% pour atteindre 1,5 million de dollars. Il est notable que 70% des nouveaux contrats clients sont structur茅s en baux pluriannuels, avec des obligations de performance restantes de 62 millions de dollars.
Compte tenu de ces bonnes performances, BrainsWay a relev茅 ses pr茅visions pour l'ensemble de 2025 : revenus pr茅vus entre 50 et 52 millions de dollars, marge op茅rationnelle de 4鈥�5% et EBITDA ajust茅 de 12鈥�13%. La soci茅t茅 a 茅galement conclu une op茅ration strat茅gique de financement en capital avec Stella MSO, LLC, 茅largissant ainsi son r茅seau de prestataires en sant茅 mentale.
BrainsWay (NASDAQ: BWAY), ein f眉hrendes Unternehmen f眉r nichtinvasive Neurostimulationsbehandlungen, meldete starke Finanzergebnisse f眉r das 2. Quartal 2025. Das Unternehmen erzielte einen quartalsweisen Rekordumsatz von 12,6 Mio. $, ein Plus von 26% gegen眉ber dem Vorjahr, und einen Nettoertrag von 2,0 Mio. $, was einer Steigerung von 233% entspricht.
Zu den wichtigsten operativen Kennzahlen geh枚rt der Versand von 88 Deep TMS鈩�-Systemen (Plus 35% gegen眉ber dem Vorjahr), wodurch die installierte Basis auf 1.522 Systeme anwuchs. Das Unternehmen hielt eine starke Bruttomarge von 75% und steigerte das bereinigte EBITDA um 16% auf 1,5 Mio. $. Bemerkenswert ist, dass 70 % der neuen Kundenvereinbarungen als mehrj盲hrige Leasingvertr盲ge strukturiert sind; die verbleibenden Erf眉llungsverpflichtungen belaufen sich auf 62 Mio. $.
Aufgrund der starken Entwicklung hob BrainsWay seine Jahresprognose 2025 an: Umsatzerwartung 50鈥�52 Mio. $, operative Marge 4鈥�5% und bereinigtes EBITDA 12鈥�13%. Das Unternehmen ging zudem eine strategische Eigenkapitalfinanzierung mit Stella MSO, LLC ein und erweiterte damit sein Netz an Anbietern im Bereich psychische Gesundheit.
- Record quarterly revenue of $12.6 million, up 26% year-over-year
- Net profit increased 233% to $2.0 million
- Strong cash position of $78.3 million
- Shipped 88 Deep TMS systems, up 35% YoY
- Raised full-year 2025 revenue and EBITDA guidance
- 70% of new customers on multi-year lease agreements
- Maintained healthy 75% gross margin
- Strategic partnership with Stella MSO to expand market presence
- Operating income remained flat at $0.6 million despite revenue growth
Insights
BrainsWay's Q2 shows strong financial performance with 26% revenue growth and promising recurring revenue strategy fueling raised 2025 guidance.
BrainsWay's Q2 2025 results demonstrate impressive financial momentum with
The company's Deep TMS technology continues to gain market traction, with 88 new systems shipped in Q2 (a
Perhaps most notably, BrainsWay's profitability metrics show significant improvement. While operating income held steady at
Management's confidence is evident in their raised full-year guidance, now projecting 2025 revenue between
The company's regulatory strategy also appears to be advancing, with FDA submission for an accelerated treatment protocol and progress with Israel's Ministry of Defense for PTSD treatment applications. These developments could potentially expand their addressable market and strengthen their competitive positioning in the noninvasive neurostimulation space.
Achieved record quarterly revenue of
Operating profit totaled
Raised full-year 2025 Revenue and EBITDA guidance
Remaining performance obligations increased by
Conference call to be held today at 8:30 AM ET
BURLINGTON, Mass. and JERUSALEM, Aug. 13, 2025 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (鈥淏rainsWay鈥� or the 鈥淐ompany鈥�), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today reported second quarter 2025 financial results and provided an operational update.
Recent Financial and Operational Highlights
- Revenue in the second quarter of 2025 increased
26% to$12.6 million , compared to the second quarter of 2024. - Of recent customer engagements, approximately
70% are structured as multi-year lease agreements; the Company currently has$62 million in remaining performance obligations from customers under signed multi-year contracts. - Shipped a net total of 88 Deep TMS鈩� systems in the second quarter of 2025, a
35% increase compared to the same period last year. Total installed base now stands at 1,522 systems. - Gross margin for the second quarter of 2025 was
75% , the same as in the prior year period. - Operating income for the second quarter of 2025 was
$0.6 million , the same as in the prior year period. - Adjusted EBITDA1 for the second quarter of 2025 increased
16% to$1.5 million , compared to$1.3 million for the second quarter of 2024. - Net profit for the second quarter of 2025 increased
233% to$2.0 million , compared to$0.6 million for the second quarter of 2024. - As of June 30, 2025, cash, cash equivalents, restricted cash, and short-term deposits totaled
$78.3 million . - Entered an equity financing transaction with Stella MSO, LLC, a management services organization servicing more than 20 mental health clinics across US and Israel that have treated over 30,000 patients to date.
- Actively seeking to ramp up this strategic initiative with additional minority equity investments in high-performing mental health providers; partnered with Valor Equity Partners to identify additional clinical targets.
- Company submitted data to the FDA from its randomized, multicenter U.S. clinical trial evaluating an accelerated Deep TMS treatment protocol versus the current standard-of-care Deep TMS protocol.
- Continued progress with Israel Ministry of Defense鈥檚 Rehabilitation Department in qualifying patients with post-traumatic stress disorder (PTSD) for Deep TMS.
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1 See Adjusted EBITDA details and reconciliation table in the appendix below.
Full-Year 2025 Financial Guidance
- Based on the strength of its results to date, improved visibility and business momentum, the company raises its full-year 2025 revenue guidance to between
$50 million and$52 million with operating income of4% to5% and Adjusted EBITDA of12% to13% . Previous guidance expected 2025 revenues of between$49 million and$51 million , operating income of3% to4% and Adjusted EBITDA of11% to12% .
鈥淏rainsWay鈥檚 second quarter results were strong, demonstrating momentum across our core market and successful execution of our growth strategy. The stable growth in our business reflects the recurring revenue streams we have built over the past few years through multi-year agreements. These agreements now make up approximately
鈥淥ur successes to date have given rise to exciting new opportunities, including our strategic initiative aimed at securing minority equity investments in high-performing mental health providers. This program has already led to several opportunities currently being explored, and we are working to rapidly close the next round of investments. As evidenced from the initial feedback we received, we believe this strategic initiative will significantly increase awareness among patients of the benefits of transformative care, including from our Deep TMS technology. This is an exciting time for us as a company and we look forward to keeping you apprised of our progress,鈥� concluded Mr. Levy.
Call and Webcast
BrainsWay鈥檚 management will host a conference call on Wednesday, August 13, 2025, at 8:30 a.m. Eastern Time to discuss these results and answer questions.
Wednesday, August 13, 2025, at 8:30 AM Eastern Time:
| United States: | 1-877-300-8521 |
| International: | 1-412-317-6026 |
| Israel: | 1-80-921-2373 |
| Conference ID: | 10201287 |
| Webcast: |
The conference call will be broadcast live and will be available for replay for 30 days on the Company鈥檚 website, . Please access the Company鈥檚 website at least 10 minutes ahead of the conference call to register.
Non-IFRS Financial Measures
In addition to our results determined in accordance with International Financial Reporting Standards (IFRS), including in particular operating profit and net profit, we believe that Adjusted EBITDA, a non-IFRS measure, is useful in evaluating our operating performance. We define Adjusted EBITDA as net profit adjusted for depreciation and amortization, finance income, finance expenses, income taxes, cost of share-based payments, and one-time restructuring and litigation expenses.
In addition to operating income (loss) and net income (loss), we use Adjusted EBITDA as a measure of operational efficiency. We believe that this non-IFRS financial measure is useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:
- Adjusted EBITDA is widely used by investors and securities analysts to measure a company鈥檚 operating performance without regard to items such as stock-based compensation expenses, depreciation and amortization, finance expenses, income taxes, and certain one-time items such as restructuring and litigation expenses, that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired.
- Our management uses Adjusted EBITDA in conjunction with IFRS financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-IFRS or non-GAAP financial measures to supplement their IFRS or GAAP results.
Adjusted EBITDA, however, should not be considered as an alternative to operating profit (loss) or net profit (loss) for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under IFRS and may not be comparable to other similarly titled measures for other companies. A reconciliation between the Company鈥檚 net profit (loss) and Adjusted EBITDA is presented in the attached summary financial statements.
Because of these and other limitations, you should consider Adjusted EBITDA along with other IFRS-based financial performance measures, including net profit (loss) and our IFRS financial results.
About BrainsWay
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS鈩�) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal clinical studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with operations in the United States and Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit .
Forward-Looking Statement
This press release contains 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words 鈥渋ntends,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥減lans,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥減rojects,鈥� 鈥減redicts,鈥� 鈥渆stimates,鈥� 鈥渁ims,鈥� 鈥渂elieves,鈥� 鈥渉opes,鈥� 鈥減otential鈥� or similar words, and also includes any financial guidance and projections contained herein. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company鈥檚 anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company鈥檚 intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements.
Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading 鈥淩isk Factors鈥� in the Company鈥檚 filings with the U.S. Securities and Exchange Commission.
颁辞苍迟补肠迟蝉:听
BrainsWay:
Ido Marom
Chief Financial Officer
Investors:
Brian Ritchie
LifeSci Advisors LLC
| BRAINSWAY LTD. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||
| U.S. dollars in thousands | ||||||||
| 听 | 听 | 听 | 听 | 听 | ||||
| 听 | 听 | June 30, | 听 | December 31, | ||||
| 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| ASSETS | 听 | (Unaudited) | (Audited) | |||||
| Current Assets | 听 | 听 | 听 | 听 | ||||
| Cash and cash equivalents | 听 | $ | 67,912 | 听 | 听 | $ | 69,345 | 听 |
| Restricted cash | 听 | 听 | 251 | 听 | 听 | 听 | 271 | 听 |
| Short-term deposits | 听 | 听 | 10,087 | 听 | 听 | 听 | - | 听 |
| Trade receivables, net | 听 | 听 | 3,871 | 听 | 听 | 听 | 4,596 | 听 |
| Inventory | 听 | 听 | 4,190 | 听 | 听 | 听 | 4,426 | 听 |
| Other current assets | 听 | 听 | 3,179 | 听 | 听 | 听 | 1,032 | 听 |
| 听 | 听 | 听 | 89,490 | 听 | 听 | 听 | 79,670 | 听 |
| Non-Current Assets | 听 | 听 | 听 | 听 | ||||
| Investments in financial assets | 听 | 听 | 5,000 | 听 | 听 | 听 | - | 听 |
| System components | 听 | 听 | 2,641 | 听 | 听 | 听 | 1,707 | 听 |
| Leased systems, net | 听 | 听 | 4,403 | 听 | 听 | 听 | 3,959 | 听 |
| Other property and equipment, net | 听 | 听 | 812 | 听 | 听 | 听 | 752 | 听 |
| Right-of-use assets | 听 | 听 | 5,318 | 听 | 听 | 听 | 5,530 | 听 |
| Other long-term assets | 听 | 听 | 3,900 | 听 | 听 | 听 | 2,698 | 听 |
| 听 | 听 | 听 | 22,074 | 听 | 听 | 听 | 14,646 | 听 |
| 听 | 听 | $ | 111,564 | 听 | 听 | $ | 94,316 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||||
| LIABILITIES AND EQUITY | 听 | 听 | 听 | 听 | ||||
| Current Liabilities | 听 | 听 | 听 | 听 | ||||
| Trade payables | 听 | $ | 1,209 | 听 | 听 | $ | 2,868 | 听 |
| Deferred revenues | 听 | 听 | 15,646 | 听 | 听 | 听 | 4,434 | 听 |
| Liability in respect of government grants | 听 | 听 | 1,401 | 听 | 听 | 听 | 1,293 | 听 |
| Current maturities of lease liabilities | 听 | 听 | 911 | 听 | 听 | 听 | 824 | 听 |
| Other accounts payable | 听 | 听 | 6,341 | 听 | 听 | 听 | 5,927 | 听 |
| 听 | 听 | 听 | 25,508 | 听 | 听 | 听 | 15,346 | 听 |
| Non-Current Liabilities | 听 | 听 | 听 | 听 | ||||
| Deferred revenues | 听 | 听 | 7,104 | 听 | 听 | 听 | 3,625 | 听 |
| Liability in respect of government grants | 听 | 听 | 5,601 | 听 | 听 | 听 | 5,803 | 听 |
| Lease liabilities | 听 | 听 | 5,219 | 听 | 听 | 听 | 4,800 | 听 |
| Warrants liability | 听 | 听 | - | 听 | 听 | 听 | 2,429 | 听 |
| 听 | 听 | 听 | 17,924 | 听 | 听 | 听 | 16,657 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||||
| Equity | 听 | 听 | 听 | 听 | ||||
| Share capital | 听 | 听 | 415 | 听 | 听 | 听 | 413 | 听 |
| Share premium | 听 | 听 | 158,398 | 听 | 听 | 听 | 157,597 | 听 |
| Reserve for share-based payment | 听 | 听 | 4,628 | 听 | 听 | 听 | 4,872 | 听 |
| Warrants | 听 | 听 | 2,126 | 听 | 听 | 听 | - | 听 |
| Currency Translation Adjustments | 听 | 听 | (2,188 | ) | 听 | 听 | (2,188 | ) |
| Accumulated deficit | 听 | 听 | (95,247 | ) | 听 | 听 | (98,381 | ) |
| 听 | 听 | 听 | 68,132 | 听 | 听 | 听 | 62,313 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||||
| 听 | 听 | $ | 111,564 | 听 | 听 | $ | 94,316 | 听 |
| BRAINSWAY LTD. AND SUBSIDIARIES | ||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT (LOSS) | ||||||||||||
| U.S. dollars in thousands (except per share data) | ||||||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| 听 | 听 | For the three months ended June 30, | 听 | For the six months ended June 30, | ||||||||
| 听 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 |
| 听 | 听 | (Unaudited) | 听 | (Unaudited) | ||||||||
| Revenues | 听 | $ | 12,632 | 听 | $ | 10,005 | 听 | $ | 24,168 | 听 | $ | 19,100 |
| Cost of revenues | 听 | 听 | 3,133 | 听 | 听 | 2,468 | 听 | 听 | 6,059 | 听 | 听 | 4,751 |
| Gross profit | 听 | 听 | 9,499 | 听 | 听 | 7,537 | 听 | 听 | 18,109 | 听 | 听 | 14,349 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Research and development expenses, net | 听 | 听 | 2,344 | 听 | 听 | 1,711 | 听 | 听 | 4,676 | 听 | 听 | 3,337 |
| Selling and marketing expenses | 听 | 听 | 4,940 | 听 | 听 | 3,796 | 听 | 听 | 9,102 | 听 | 听 | 7,623 |
| General and administrative expenses | 听 | 听 | 1,637 | 听 | 听 | 1,444 | 听 | 听 | 3,177 | 听 | 听 | 2,710 |
| Total operating expenses | 听 | 听 | 8,921 | 听 | 听 | 6,951 | 听 | 听 | 16,955 | 听 | 听 | 13,670 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Operating profit | 听 | 听 | 578 | 听 | 听 | 586 | 听 | 听 | 1,154 | 听 | 听 | 679 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Finance income | 听 | 听 | 2,303 | 听 | 听 | 518 | 听 | 听 | 3,414 | 听 | 听 | 1,115 |
| Finance Expense | 听 | 听 | 784 | 听 | 听 | 401 | 听 | 听 | 1,207 | 听 | 听 | 808 |
| Profit before income taxes | 听 | 听 | 2,097 | 听 | 听 | 703 | 听 | 听 | 3,361 | 听 | 听 | 986 |
| Income taxes | 听 | 听 | 70 | 听 | 听 | 103 | 听 | 听 | 227 | 听 | 听 | 275 |
| Net profit and total comprehensive profit | 听 | $ | 2,027 | 听 | $ | 600 | 听 | $ | 3,134 | 听 | $ | 711 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Basic net income per share | 听 | $ | 0.05 | 听 | $ | 0.02 | 听 | $ | 0.08 | 听 | $ | 0.02 |
| Diluted net income per share | 听 | $ | 0.05 | 听 | $ | 0.02 | 听 | $ | 0.07 | 听 | $ | 0.02 |
| BRAINSWAY LTD. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| U.S. dollars in thousands | ||||||||||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| 听 | 听 | For the three months ended June 30, | 听 | For the six months ended June 30, | ||||||||||||
| 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| 听 | 听 | (Unaudited) | 听 | (Unaudited) | ||||||||||||
| Cash flows from operating activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Total comprehensive profit | 听 | $ | 2,027 | 听 | 听 | $ | 600 | 听 | 听 | $ | 3,134 | 听 | 听 | $ | 711 | 听 |
| Adjustments to reconcile net profit to net cash provided by operating activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Adjustments to profit or loss items: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Depreciation and amortization | 听 | 听 | 180 | 听 | 听 | 听 | 58 | 听 | 听 | 听 | 371 | 听 | 听 | 听 | 120 | 听 |
| Depreciation of leased systems | 听 | 听 | 208 | 听 | 听 | 听 | 240 | 听 | 听 | 听 | 411 | 听 | 听 | 听 | 495 | 听 |
| Impairment and disposal of inventory and system components | 听 | 听 | (40 | ) | 听 | 听 | 391 | 听 | 听 | 听 | 168 | 听 | 听 | 听 | 642 | 听 |
| Finance income, net | 听 | 听 | (1,519 | ) | 听 | 听 | (117 | ) | 听 | 听 | (2,207 | ) | 听 | 听 | (307 | ) |
| Cost of share based payment | 听 | 听 | 227 | 听 | 听 | 听 | 364 | 听 | 听 | 听 | 552 | 听 | 听 | 听 | 669 | 听 |
| Income taxes | 听 | 听 | 70 | 听 | 听 | 听 | 103 | 听 | 听 | 听 | 227 | 听 | 听 | 听 | 275 | 听 |
| Total adjustments to reconcile profit | 听 | 听 | (874 | ) | 听 | 听 | 1,039 | 听 | 听 | 听 | (478 | ) | 听 | 听 | 1,894 | 听 |
| Changes in asset and liability items: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Decrease (increase) in inventory | 听 | 听 | 498 | 听 | 听 | 听 | (54 | ) | 听 | 听 | 425 | 听 | 听 | 听 | (107 | ) |
| Decrease (increase) in trade receivables | 听 | 听 | 3,176 | 听 | 听 | 听 | 454 | 听 | 听 | 听 | 827 | 听 | 听 | 听 | (120 | ) |
| Decrease (increase) in other current assets | 听 | 听 | 342 | 听 | 听 | 听 | (233 | ) | 听 | 听 | 264 | 听 | 听 | 听 | 31 | 听 |
| Increase (decrease) in trade payables | 听 | 听 | (950 | ) | 听 | 听 | 730 | 听 | 听 | 听 | (1,690 | ) | 听 | 听 | 880 | 听 |
| Decrease in other accounts payable | 听 | 听 | (454 | ) | 听 | 听 | (165 | ) | 听 | 听 | (838 | ) | 听 | 听 | (530 | ) |
| Increase (decrease) in deferred revenues | 听 | 听 | 8,379 | 听 | 听 | 听 | (721 | ) | 听 | 听 | 14,691 | 听 | 听 | 听 | 1,203 | 听 |
| Total changes in asset and liability | 听 | 听 | 10,991 | 听 | 听 | 听 | 11 | 听 | 听 | 听 | 13,679 | 听 | 听 | 听 | 1,357 | 听 |
| Cash paid and received during the period for: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Interest paid | 听 | 听 | 44 | 听 | 听 | 听 | (12 | ) | 听 | 听 | (54 | ) | 听 | 听 | (23 | ) |
| Interest received | 听 | 听 | 835 | 听 | 听 | 听 | 704 | 听 | 听 | 听 | 1,748 | 听 | 听 | 听 | 1,581 | 听 |
| Income taxes paid | 听 | 听 | (640 | ) | 听 | 听 | (994 | ) | 听 | 听 | (636 | ) | 听 | 听 | (994 | ) |
| Total cash paid and received during the period | 听 | 听 | 239 | 听 | 听 | 听 | (302 | ) | 听 | 听 | 1,058 | 听 | 听 | 听 | 564 | 听 |
| Net cash provided by operating activities: | 听 | 听 | 12,383 | 听 | 听 | 听 | 1,348 | 听 | 听 | 听 | 17,393 | 听 | 听 | 听 | 4,526 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Cash flows from investing activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Purchase of property and equipment and system components, net | 听 | 听 | (1,166 | ) | 听 | 听 | (847 | ) | 听 | 听 | (2,209 | ) | 听 | 听 | (1,571 | ) |
| Withdrawal of restricted cash | 听 | 听 | 20 | 听 | 听 | 听 | - | 听 | 听 | 听 | 20 | 听 | 听 | 听 | ||
| Proceeds from lease assets | 听 | 听 | - | 听 | 听 | 听 | 20 | 听 | 听 | 听 | - | 听 | 听 | 听 | 40 | 听 |
| Purchase of financial assets measured at fair value | 听 | 听 | (5,000 | ) | 听 | 听 | - | 听 | 听 | 听 | (5,000 | ) | 听 | 听 | - | 听 |
| Proceeds from short-term bank deposits | 听 | 听 | - | 听 | 听 | 听 | 35,000 | 听 | 听 | 听 | - | 听 | 听 | 听 | 35,000 | 听 |
| Investment in short-term bank deposits | 听 | 听 | (10,000 | ) | 听 | 听 | - | 听 | 听 | 听 | (10,000 | ) | 听 | 听 | - | 听 |
| Withdrawal of (investment in) long-term deposits, net | 听 | 听 | 287 | 听 | 听 | 听 | 25 | 听 | 听 | 听 | (636 | ) | 听 | 听 | 19 | 听 |
| Net cash provided by (used in) investing activities | 听 | 听 | (15,859 | ) | 听 | 听 | 34,198 | 听 | 听 | 听 | (17,825 | ) | 听 | 听 | 33,488 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Cash flows from financing activities: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Repayment of liability in respect of research and development grants | 听 | 听 | (3 | ) | 听 | 听 | - | 听 | 听 | 听 | (641 | ) | 听 | 听 | (532 | ) |
| Exercise of share options | 听 | 听 | - | 听 | 听 | 听 | 19 | 听 | 听 | 听 | - | 听 | 听 | 听 | 19 | 听 |
| Repayment of lease liability | 听 | 听 | (261 | ) | 听 | 听 | (54 | ) | 听 | 听 | (378 | ) | 听 | 听 | (111 | ) |
| Net cash used in financing activities | 听 | 听 | (264 | ) | 听 | 听 | (35 | ) | 听 | 听 | (1,019 | ) | 听 | 听 | (624 | ) |
| Exchange rate differences on cash and cash equivalents | 听 | 听 | 51 | 听 | 听 | 听 | (29 | ) | 听 | 听 | 18 | 听 | 听 | 听 | (46 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Increase (decrease) in cash and cash equivalents | 听 | 听 | (3,689 | ) | 听 | 听 | 35,482 | 听 | 听 | 听 | (1,433 | ) | 听 | 听 | 37,344 | 听 |
| Cash and cash equivalents at the beginning of the period | 听 | 听 | 71,601 | 听 | 听 | 听 | 12,382 | 听 | 听 | 听 | 69,345 | 听 | 听 | 听 | 10,520 | 听 |
| Cash and cash equivalents at the end of the period | 听 | $ | 67,912 | 听 | 听 | $ | 47,864 | 听 | 听 | $ | 67,912 | 听 | 听 | $ | 47,864 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| (a) Significant non cash transactions: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Change in prepaid expenses recognized with corresponding liability | 听 | $ | 1,622 | 听 | 听 | $ | - | 听 | 听 | $ | 1,487 | 听 | 听 | $ | - | 听 |
| Right-of-use asset recognized with corresponding lease liability | 听 | $ | 170 | 听 | 听 | $ | 109 | 听 | 听 | $ | 197 | 听 | 听 | $ | 181 | 听 |
| BRAINSWAY LTD. | ||||||||||||||||
| A reconciliation of Adjusted EBITDA to net profit, the most directly comparable IFRS measure, is set forth below: | ||||||||||||||||
| U.S. dollars in thousands (except share and per share data) | ||||||||||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| 听 | 听 | For the three months ended June 30, | 听 | For the six months ended June 30, | ||||||||||||
| 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 | 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| 听 | 听 | (Unaudited) | 听 | (Unaudited) | ||||||||||||
| Net profit and total comprehensive profit | 听 | $ | 2,027 | 听 | 听 | $ | 600 | 听 | 听 | $ | 3,134 | 听 | 听 | $ | 711 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||
| Finance income, net | 听 | 听 | (1,519 | ) | 听 | 听 | (117 | ) | 听 | 听 | (2,207 | ) | 听 | 听 | (307 | ) |
| Income taxes | 听 | 听 | 70 | 听 | 听 | 听 | 103 | 听 | 听 | 听 | 227 | 听 | 听 | 听 | 275 | 听 |
| Depreciation and amortization | 听 | 听 | 180 | 听 | 听 | 听 | 58 | 听 | 听 | 听 | 371 | 听 | 听 | 听 | 120 | 听 |
| Depreciation of leased systems | 听 | 听 | 208 | 听 | 听 | 听 | 240 | 听 | 听 | 听 | 411 | 听 | 听 | 听 | 495 | 听 |
| Cost of share based payment | 听 | 听 | 227 | 听 | 听 | 听 | 364 | 听 | 听 | 听 | 552 | 听 | 听 | 听 | 669 | 听 |
| Restructuring and litigation Cost | 听 | 听 | 258 | 听 | 听 | 听 | - | 听 | 听 | 听 | 258 | 听 | 听 | 听 | - | 听 |
| Adjusted EBITDA | 听 | $ | 1,451 | 听 | 听 | $ | 1,248 | 听 | 听 | $ | 2,746 | 听 | 听 | $ | 1,963 | 听 |
FAQ
What were BrainsWay's (BWAY) Q2 2025 earnings results?
How many Deep TMS systems did BrainsWay install in Q2 2025?
What is BrainsWay's updated revenue guidance for 2025?
What percentage of BrainsWay's new customers are on multi-year contracts?
What is BrainsWay's current cash position as of Q2 2025?
