BrainsWay (BWAY) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 27% year-over-year to $14.5 million, with full-year revenue also up 27% to $52.2 million, exceeding guidance and reaching a record high.

• Achieved 10 consecutive quarters of profitability, with net income for 2025 rising 161% year-over-year to $7.6 million, driven by expanding margins and a recurring revenue model.

• Shipped 95 Deep TMS systems in Q4, bringing the installed base to approximately 1,700 worldwide, a 27% increase year-over-year.

• Book-to-bill ratio increased to 1.4x, and remaining performance obligation grew 43% year-over-year to $70 million.

• Minority investments in five mental health networks and strategic investment in Neurolief are driving increased utilization and demand.

Financial highlights

• Gross profit for Q4 was $11.1 million (76% margin), up from $8.5 million (75%) year-over-year; full-year gross profit reached $39.4 million (75% margin), up from $30.6 million in 2024.

• Q4 adjusted EBITDA increased 53% year-over-year to $2.3 million; full-year adjusted EBITDA was $7.0 million (13% of revenue), up from $4.5 million (11%).

• Operating income for Q4 was $1.9 million, up from $0.4 million; full-year operating income was $4.3 million.

• Net income for Q4 was $2.9 million, up from $1.5 million; full-year net income was $7.6 million, up from $2.9 million.

• Ended 2025 with $68 million in cash and cash equivalents, and no debt.

Outlook and guidance

• 2026 revenue guidance is $66–68 million, representing 27–30% year-over-year growth.

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

• Management anticipates continued profitability and positive cash flow.