BrainsWay (BWAY) Investor presentation summary

Market leadership and clinical innovation

• Over 1,700 treatment centers installed and more than 7 million treatments delivered globally.

• Four FDA-cleared indications: MDD, OCD, smoking addiction, and anxious depression, with recent clearances for accelerated protocols and adolescent use.

• Deep TMS technology offers broader and deeper brain stimulation compared to traditional TMS, with strong clinical efficacy and safety data.

• Extensive intellectual property portfolio with 30+ US and 50+ international patents.

• Strategic partnership with Valor Equity Partners to support scaling and growth.

Financial performance and growth

• Fiscal 2025 revenue reached $52.2M, up 27% YoY, with Q4 revenue at $14.5M.

• Adjusted EBITDA for 2025 was $7M (+56% YoY), and net income was $7.6M (+161% YoY).

• Gross margin improved to 76% in Q4 2025.

• Cash position of $68M at year-end 2025, with no debt.

• Ten consecutive quarters of positive free cash flow and a 93% customer retention rate.

Business model transformation and recurring revenue

• Shifted from one-time sales to a high-margin, recurring revenue (ARR) model, with ~70% of new deals as multi-year leases.

• Recurring revenue grew 32% YoY in 2025, outpacing non-recurring revenue growth.

• Remaining performance obligations (RPO) reached $70M, up 43% YoY.

• U.S. lease and pay-per-use model reduces upfront costs for clinics and drives adoption.