BrainsWay (BWAY) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $12.6 million, a 26% year-over-year increase, with net profit rising to $2.0 million, up 233% from Q2 2024.

• Shipped 88 Deep TMS systems, a 35% increase year-over-year, expanding the installed base to 1,522 systems.

• Multi-year lease agreements now account for 70% of customer engagement, driving recurring revenue and high retention, with $62 million in remaining performance obligations, up 25% year-over-year.

• Strategic minority investments initiated, including a $5 million investment in Stellar MSL and partnerships with Valor Equity Partners.

• Backlog of signed agreements provides strong future revenue visibility.

Financial highlights

• Gross profit reached $9.5 million, up from $7.5 million year-over-year, with a stable 75% gross margin.

• Operating profit was $600,000, consistent with the prior year.

• Adjusted EBITDA increased to $1.5 million from $1.3 million year-over-year.

• Net profit rose to $2 million from $0.6 million in Q2 2024; basic EPS $0.05.

• Ended the quarter with $78.3 million in cash and equivalents, including $10.1 million in short-term deposits.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $50–$52 million, representing 22%–27% growth over 2024.

• Expected operating profit margin of 4%–5% and adjusted EBITDA margin of 12%–13% for 2025.

• Plans to sign at least five new minority investment contracts in 2025, targeting 15 by end of 2026.

• Business momentum and recurring revenue streams from multi-year agreements support improved visibility.