BRSYF · BrainsWay Ltd.

BrainsWay delivered a strong Q1 2026 performance with revenue surging 35% year-over-year to $15.5 million, primarily fueled by shipping a record 117 Deep TMS systems, a 44% increase from the prior year, reflecting heightened demand and strengthened enterprise account relationships. Gross margin held steady at 75%, supporting operating income expansion to $2.0 million from $0.6 million, while Adjusted EBITDA more than doubled to $2.8 million due to operational leverage and cost efficiencies. Net income rose over 100% to $2.3 million, underscoring sustained profitability. CEO Hadar Levy highlighted progress in reimbursement expansion, including first insurer coverage for the accelerated SWIFT Deep TMS protocol and growing payer support for nurse practitioners, alongside provider adoption and mental health network engagement driving utilization. Remaining performance obligations grew 25% to $75 million, signaling a robust backlog. The company secured insurer milestones and advanced clinical pipeline with ongoing alcohol use disorder study recruitment and planned Q2 PTSD filing. Investments in Neurolief ($6 million milestone, total $11 million) and others align with its minority stake strategy. Cash position stood at $58.9 million as of March 31. Reiterating full-year guidance of $66-$68 million revenue (27-30% growth), 13-14% operating margin, and $12-$14 million Adjusted EBITDA demonstrates confidence in momentum amid expanding Deep TMS access.