BrainsWay (BWAY) Q1 2026 earnings summary

Executive summary

• Revenue grew 35% year-over-year to $15.5 million in Q1 2026, with net income more than doubling to $2.3 million and Adjusted EBITDA up 119% to $2.8 million, driven by strong execution and expanded market penetration.

• Shipped 117 Deep TMS systems, a 44% increase over the prior year, expanding the installed base to approximately 1,820 systems.

• Remaining performance obligations rose 25% year-over-year to $75 million, reflecting strong demand and enterprise account growth.

• Achieved first insurer coverage for accelerated SWIFT Deep TMS protocol and expanded payer support for nurse practitioner-administered TMS.

• Advanced clinical pipeline with ongoing studies in alcohol use disorder and planned FDA filing for PTSD in MDD patients.

Financial highlights

• Gross profit increased 35% to $11.6 million, maintaining a gross margin of 75%.

• Operating income was $2 million, up from $0.6 million in Q1 2025.

• Net income for Q1 2026 was $2.3 million, up from $1.1 million year-over-year.

• Adjusted EBITDA for Q1 2026 reached $2.8 million, more than double the prior year.

• Cash and cash equivalents as of March 31, 2026, totaled $58.9 million.

Outlook and guidance

• Full-year 2026 revenue expected in the range of $66 million–$68 million, representing 27%–30% growth.

• Operating income projected at 13%–14% of revenue; adjusted EBITDA guidance of $12 million–$14 million, up 86%–100% over 2025.

• Management anticipates continued profitability and positive cash flow.

• Anticipates FDA clearance for Deep TMS in PTSD with MDD before year-end, with a marketing push planned for Q4.