BRSYF Brainsway Ltd.
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Executive Summary
BrainsWay reported Q1 2026 revenue of $15.5 million (up 35% YoY) and net income of $2.3 million (up >100% YoY), with Adjusted EBITDA more than doubling to $2.8 million. The company reiterated full-year 2026 guidance of $66-$68 million in revenue and $12-$14 million in Adjusted EBITDA, supported by record system shipments and expanding payer coverage.
Actionable Insight
Strong Q1 beat across all metrics with reiterated guidance suggests accelerating momentum. Watch for FDA filing in Q2 2026 for PTSD indication, which could expand TAM. The $8.5 million in financial asset purchases (likely convertible loans) signals active capital deployment but also cash burn — monitor cash position in subsequent quarters.
Key Facts
- Q1 2026 revenue of $15.5 million, up 35% from $11.5 million in Q1 2025
- Net income of $2.3 million, up >100% from $1.1 million in Q1 2025
- Adjusted EBITDA of $2.8 million, up 117% from $1.3 million in Q1 2025
- Operating income of $2.0 million, up from $0.6 million in Q1 2025
- Gross margin steady at 75%
- Shipped 117 Deep TMS systems in Q1 2026, up 44% YoY; installed base ~1,820 systems
- Remaining performance obligations of $75 million, up 25% YoY
- Cash and equivalents of $58.6 million as of March 31, 2026
- Reiterated FY2026 guidance: revenue $66-$68 million, operating income 13%-14% of revenue, Adjusted EBITDA $12-$14 million
- Completed $6 million convertible loan to Neurolief and $1 million minority stake in BrainStim Health Inc.
Financial Impact
Revenue growth of 35% YoY to $15.5 million, net income more than doubled to $2.3 million, Adjusted EBITDA up 117% to $2.8 million
Risk Factors
- Cash and equivalents declined from $67.7 million to $58.6 million in Q1 2026, partly due to $8.5 million in financial asset purchases
- Trade receivables increased to $7.5 million from $4.1 million, indicating potential collection risk
- Ongoing patent litigation with Magnus Medical noted in prior 20-F filing
- Reliance on single large customer as noted in prior annual report
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003345 |
| Document: f6k_051226.htm | 0001171843-26-003345 |
| Document: 0001171843-26-003345-index-headers.html | 0001171843-26-003345 |
| Document: 0001171843-26-003345-index.html | 0001171843-26-003345 |
| Document: 0001171843-26-003345.txt | 0001171843-26-003345 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 9, 2026
today
|
6-K
| — | awaiting T+5 | — | — |
|
May 18, 2026
22d ago
|
6-K
| $16.84 $16.84 | · 0.00% | ▼ −1.62% | $16.84 (+0.00%) |
|
May 13, 2026
27d ago
|
6-K
| $16.84 $16.84 | · 0.00% | ▲ +1.16% | $16.84 (+0.00%) |
|
Apr 20, 2026
7w ago
|
20-F
| $13.55 $13.55 | · 0.00% | ▼ −1.08% | $16.84 (+24.28%) |
|
Apr 15, 2026
7w ago
|
6-K
| $13.55 $13.55 | · 0.00% | ▼ −1.64% | $16.84 (+24.28%) |
US Market Status
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