BrainsWay (BWAY) Q2 2026 earnings summary

Executive summary

• Entered H2 2026 with accelerating growth, expanding profitability, and increased revenue visibility, transitioning from a Deep TMS company to a broader interventional psychiatry platform.

• Achieved record Q2 2026 revenue of $17.1 million, up 35% year-over-year, with strong growth in system shipments and recurring revenue visibility.

• Adjusted EBITDA more than doubled year-over-year to $3.5 million, with margin expanding to 20%.

• Net income rose 34% year-over-year to $2.7 million, and operating income increased over 300% to $2.4 million.

• Strategic investments in behavioral health platforms and Neurolief support expansion into home care and international markets.

Financial highlights

• Q2 2026 revenue: $17.1M, up 35% from $12.6M in Q2 2025.

• Gross profit: $12.8M, up 34% year-over-year; gross margin stable at 75%.

• Operating income: $2.4M (up from $0.6M); operating margin expanded to 40% from 5%.

• Adjusted EBITDA: $3.5M, up 141% year-over-year; margin expanded to 20% from 11%.

• Cash and cash equivalents: $62.4M as of June 30, 2026; company remains debt-free.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $68M–$70M (30%–34% growth expected).

• Operating margin guidance narrowed to 13.5%–40% of revenue.

• Adjusted EBITDA guidance raised to $13M–$14M, representing 90%–100% anticipated growth over 2025.

• High confidence in sustained demand and growth into H2 2026 and 2027, driven by strong backlog and SWIFT protocol adoption.