BrainsWay (BWAY) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of $11.5 million, a 27% year-over-year increase, with 81 Deep TMS systems shipped, up 42% from Q1 2024.

• Net profit rose 897% to $1.1 million; operating profit increased 519% to $0.6 million; Adjusted EBITDA up 81% to $1.3 million compared to Q1 2024.

• Backlog and remaining performance obligations near $60 million, providing strong visibility into future growth.

• Commercial growth driven by expanded adoption in OCD, anxious depression, and other mental health conditions, especially in the U.S.

• Strategic focus on multi-year enterprise agreements, recurring revenue models, and technological differentiation.

Financial highlights

• Q1 2025 revenue: $11.5 million, up from $9.1 million in Q1 2024 (+27%).

• Gross profit: $8.6 million (75% gross margin), up from $6.8 million at the same margin last year.

• Operating profit: $0.6 million, up from $0.1 million in Q1 2024.

• Adjusted EBITDA: $1.3 million, seventh consecutive positive quarter, up from $0.7 million last year.

• Net profit: $1.1 million, up from $0.1 million in Q1 2024.

• Cash and short-term deposits: $71.9 million as of March 31, 2025.

Outlook and guidance

• Reiterated full-year 2025 revenue guidance of $49–$51 million, representing 20–24% growth over 2024.

• Anticipates operating income of 3–4% and adjusted EBITDA of 11–12% for 2025.

• Anticipates growth from new product launches, expanded indications, and broader global reach.

• No material impact expected from recent international trade and tariff policy changes.