BrainsWay Ltd.

Q2 2026 revenue was $17.1 million, up 35% from $12.6 million a year ago. Gross profit was $12.8 million, up 34%, with gross margin stable at 75%. Operating income was $2.4 million versus $0.6 million last year, net income was $2.7 million versus $2.0 million, and adjusted EBITDA was $3.5 million versus $1.5 million, with adjusted EBITDA margin improving to 20% from 11%. The company shipped 125 Deep TMS systems in the quarter and ended with an installed base of approximately 1,950 systems; RPO reached $80.4 million, up 30% year over year. Cash flow from operations was $6.3 million in Q2, cash and equivalents were $62.4 million, and the company remained debt-free. Management raised full-year 2026 revenue guidance to $68 million-$70 million from $66 million-$68 million, saying this implies 30%-34% year-over-year growth; it also narrowed operating margin guidance to 13.5%-40% of revenue and adjusted EBITDA guidance to $13 million-$40 million.

Hadar Levy framed the quarter as evidence that BrainsWay is moving from a leading Deep TMS company toward a broader interventional psychiatry platform. He emphasized three main growth drivers: expanding clinical evidence, broader reimbursement, and strategic partnerships, with SWIFT acceleration and the PTSD/MDD FDA submission highlighted as key opportunities. His tone was confident and forward-looking, repeatedly pointing to visibility into 2027 and describing the business as being early in a larger opportunity.

Ido Marom focused on the financial leverage in the model: revenue up 35% to $17.1 million, gross profit up 34% to $12.8 million, operating income up to $2.4 million, and adjusted EBITDA up 141% to $3.5 million. He noted sales and marketing expense held flat at $4.9 million, while R&D rose to $3.2 million and G&A increased to $2.3 million due to professional fees and administrative costs. He also highlighted $6.3 million of operating cash flow, $62.4 million of cash and equivalents, a debt-free balance sheet, and the company’s decision to raise full-year guidance.

Analysts focused on what is driving the stronger second-half outlook, especially the SWIFT protocol and the increase in RPO. Management said demand is strong across Deep TMS for MDD and OCD, with SWIFT now a main driver, and linked the raised guidance to growing backlog and better visibility into 2027. Questions also probed reimbursement adoption and patient mix for SWIFT; Hadar Levy said SWIFT is currently being used in MDD, that reimbursement expansion is key to broader adoption, and that clinics can see materially higher utilization once local coverage is in place.