BrainsWay (BWAY) Q3 2026 earnings summary

Executive summary

• Q3 systems shipped rose 44% YoY to 130, bringing the installed base to ~2,080; revenue grew 34% to $18.146m and RPO rose 31% to ~$85m.

• Growth reflected Deep TMS adoption, recurring-revenue momentum and operating leverage; operating cash flow was $6.183m.

Financial highlights

• Q3 revenue was $18.146m versus $13.512m; 9M revenue was $50.784m versus $37.680m.

• Q3 gross profit was $14.135m versus $10.159m; gross margin was 78% versus 75% in Q3 2025 and Q2 2026.

• Q3 operating income was $2.590m versus $1.253m; net income was $2.222m versus $1.566m.

• Adjusted EBITDA was $3.873m versus $2.021m; margin expanded to 21% from 15%.

• 9M operating income was $6.986m versus $2.407m; net income was $7.222m versus $4.700m.

Outlook and guidance

• FY26 revenue, operating-income margin and Adjusted EBITDA are expected at the upper end of prior guidance, with potential to modestly exceed it.

• Management expects gross-margin improvement through year-end and operating income at the upper end of guidance.

• 2027 OpEx is expected to rise 15%-20%; further margin gains depend on book-to-bill remaining around 1.3x-1.4x.

• Recurring revenue and RPO support visibility into growth and profitability into 2027.