BrainsWay (BWAY) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $13.5 million, a 29% year-over-year increase, with 70% of new business from multi-year leases.

• Shipped 90 Deep TMS systems, up 43% year-over-year, with a global install base exceeding 1,600 systems.

• Net profit rose 137% to $1.6 million, and operating profit increased to $1.3 million from $0.3 million year-over-year.

• Raised full-year 2025 revenue guidance to $51–$52 million and increased operating profit and adjusted EBITDA margin expectations.

• FDA cleared an accelerated Deep TMS protocol for major depressive disorder, and a $2.5 million NIH grant was awarded for alcohol use disorder research.

Financial highlights

• Gross profit reached $10.2 million, up from $7.7 million last year, with gross margin stable at 75%.

• Adjusted EBITDA rose to $2 million from $1.1 million in Q3 2024, an 81% increase.

• Net profit for the quarter was $1.6 million, more than doubling from $0.7 million a year ago.

• Ended the quarter with $70.7 million in cash and cash equivalents as of September 30, 2025.

• For the nine months ended September 30, 2025, revenue was $37.7 million, net profit $4.7 million, and basic EPS $0.12.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $51–$52 million, representing 24%–27% year-over-year growth.

• Operating profit expected at 6%–7% of revenue, up from prior guidance of 4%–5%.

• Adjusted EBITDA margin guidance increased to 13%–14%.

• Strong visibility into future revenues supported by growing performance obligations.