BURLINGTON, Mass. and JERUSALEM, Israel — November 11, 2025 — Leads & Copy — BrainsWay Ltd. (NASDAQ & TASE: BWAY) reported increased revenue and adjusted EBITDA in the third quarter of 2025. The company also announced FDA clearance of an accelerated Deep TMS protocol and raised its full-year financial guidance.
Revenue for the third quarter of 2025 was $13.5 million, a 29% increase compared to the third quarter of 2024. Operating income totaled $1.3 million, and Adjusted EBITDA rose approximately 80% to $2.0 million. The company shipped a net total of 90 Deep TMS systems during the quarter, a 43% increase compared to the same period last year.
BrainsWay’s gross margin for the third quarter of 2025 was 75%, compared to 74% in the prior year period. Net profit for the third quarter of 2025 increased 137% to $1.6 million, compared to $0.7 million for the third quarter of 2024.
As of September 30, 2025, BrainsWay’s cash, cash equivalents, and restricted cash totaled $70.7 million. Remaining performance obligations increased to $65 million.
The U.S. Food and Drug Administration (FDA) cleared BrainsWay’s Accelerated Deep TMS protocol for the non-invasive treatment of Major Depressive Disorder (MDD), including patients with comorbid anxiety symptoms.
The National Institutes of Health (NIH) awarded a $2.5 million, five-year R01 grant to researchers at Stanford University and the Palo Alto Veterans Institute for Research to study the mechanism and efficacy of an accelerated Deep TMS protocol, using BrainsWay’s device for the treatment of Alcohol Use Disorder (AUD).
BrainsWay announced four new minority equity investments in 2025, expanding strategic presence across the mental health treatment ecosystem. The company also announced an initial $5 million strategic investment in Neurolief Ltd., a developer of a wearable, non-invasive, multi-channel brain neuromodulation platform for home use, with an option to acquire the company.
BrainsWay is raising the midpoint and narrowing its full-year 2025 financial outlook, including:
- Revenues of $51 million – $52 million, up from the previous guidance of $50 million – $52 million;
- Operating income of 6% – 7%, up from the previous guidance of 4% – 5%; and
- Adjusted EBITDA of 13% – 14%, up from the previous guidance of 12% – 13%.
BrainsWay’s management will host a conference call on Tuesday, November 11, 2025, at 8:30 a.m. Eastern Time to discuss these results and answer questions. The conference call will be broadcast live and will be available for replay for 30 days on the Company’s website, https://investors.brainsway.com/events-and-presentations/event-calendar.
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The company’s proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology aims to improve health and transform lives. BrainsWay has three FDA-cleared indications backed by pivotal clinical studies: major depressive disorder, obsessive-compulsive disorder, and smoking addiction. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway.
BrainsWay’s Chief Executive Officer Hadar Levy can be contacted for further information.
Contact Ido Marom, Chief Financial Officer, at Ido.Marom@BrainsWay.com.
Contact Brian Ritchie, LifeSci Advisors LLC, at britchie@lifesciadvisors.com.
Source: BrainsWay
