Brainsway Q3 2026 revenue rises 34% to $18.1M
The presentation lists four FDA-cleared indications; it says Deep TMS is not FDA-cleared for alcohol use disorder or cognitive decline.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Brainsway Ltd. (BWAY) reported third-quarter and nine-month 2026 results. Q3 revenue was $18.1 million, up 34% from $13.5 million in Q3 2025; operating income was $2.6 million versus $1.3 million, adjusted EBITDA was $3.9 million versus $2.0 million, and net income was $2.2 million versus $1.6 million. Cash balance was $63.4 million, and backlog was $85 million, up 31% from $65 million in Q3 2025. The company shipped 130 systems, compared with 90 in Q3 2025.
For the nine months ended September 30, 2026, revenue was $50 million, up 35% year over year; adjusted EBITDA was $10 million, up 114%; operating income was $7 million, up 190%; and net income was $7 million, up 54%. Gross margin was 76%, compared with 75% in the prior-year period. Adjusted EBITDA is a non-IFRS measure. A home-use neuromodulation slide lists “$11M convertible debt; milestone tranches; call option to acquire Proliv Rx.”
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month revenue rose 35% year over year to $50 million.
- Moderate pointNine-month operating income increased 190% year over year to $7 million.
- Moderate pointNine-month adjusted EBITDA increased 114% year over year to $10 million.
- Moderate pointNine-month net income increased 54% year over year to $7 million.
Negative
- None.
Filing Explained
BrainsWay furnishes its investor deck as Exhibit 99.1 in this Form 6-K, which the filing says is incorporated by reference into the named S-8 and F-3 registration statements; the deck says it is not an offer or invitation to sell securities.
Key Figures
Key Terms
Adjusted EBITDA financial
Book-to-bill financial
treatment-resistant medical
milestone tranches financial
call option financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BWAY's Q3 2026 results?
Which indications does BWAY list as FDA-cleared for Deep TMS?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-35165
BRAINSWAY LTD.
(Translation of registrant's name into English)
16 Hartum Street RAD Tower, 14th Floor
Har HaHotzvim
Jerusalem, 9777516, Israel
(+972-2) 582-4030
(Address and telephone number of Registrant’s principal executive office)
Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
This Form 6-K is incorporated by reference into the Company's Registration Statements on Form S-8 filed with the Securities and Exchange Commission on April 22, 2019 (Registration No. 333-230979) and on April 20, 2026 (Registration No. 333-295189) and the Company's Registration Statements on Form F-3 filed with the Securities and Exchange Commission on July 22, 2024 (Registration No. 333-280934) and on April 22, 2025 (Registration No. 333-286672).
EXHIBIT INDEX
| Exhibit | Title |
| 99.1 | Investor Deck |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BRAINSWAY LTD. | ||
| (Registrant) | ||
| Date: November 10, 2026 | /s/ Hadar Levy | |
| Hadar Levy | ||
| Chief Executive Officer |
Exhibit 99.1
Leading the next phase of interventional psychiatry Technology. Evidence. Scale. Growth. N o v e m b e r 2026 I N V E S T O R D E C K | Nasdaq / TASE: BWAY
D I S C L A I M E R Investor Deck | November 2026 2 Safe Harbor and Non - GAAP/IFRS Financial Measures T h i s p r es e n t a t i o n do e s n o t c on s t i tut e a n o ff e r o r i n v i t a t i o n t o se l l o r iss u e , o r a n y s o li c i t a t i o n o f a n o ff e r t o s ub s c ri b e f o r o r a c q u ir e , a n y s e c u r i t ie s o f th e C o m p a n y , n o r t o p ar t i c i p a t e i n a n y i n v e s t me n t . T h i s pr e s e n t a t i o n s h a l l n o t c o n s t i tu t e a d v er t i s i n g o r b e c o n s t rue d a s c omm er c i a l o r p r omo t i o n a l i n n a tu r e . N o repr e s e n t a t i o n o r w a r r a n t y i s m a d e a s t o t h e a cc u r a c y o r c om p l e te n e s s o f th i s p r es e n t a t i o n . Y o u m u s t m a k e y o u r o w n i n v e s t i ga t i o n a n d assessme n t o f t h e m a t t e r s c o n t ai n e d h er e i n . I n p a r t i c u l a r , n o r e s p o n s i b il i t y i s ass u m e d a s t o th e a c h ie v em e n t o r re as o n a b l e n es s o f a n y f o r e c a s t s , e s t im a t es , o r s t a t eme nt s a s t o p r o s p e c t s c o nt ai n e d o r re f er r e d t o i n th i s p r ese n t a t i o n . This presentation contains information that includes or is based on forward - looking statements within the meaning of the federal securities laws . Such statements are not guarantees of future p er f o r m a n c e . T h e y r e f l e c t cu rre n t e x p e c t a t i o n s a n d ar e s u b je c t t o r is k s a n d u n c e r t a i n t i e s t h a t c ou l d c a u s e a ctu a l r es u l t s t o d i f f e r m a t e ria l l y f r o m t ho s e e x p r esse d o r i m p l i e d . F a ct o r s i n c l u d e , bu t ar e n o t li m i t e d t o : c o n t i nu e d b u s i n es s im p a c t f r o m CO V I D - 19 ; a d v e r s e e c o no mi c c o n d i t i o n s ; ch a n g e s i n d em a n d a n d p ri c i n g ; ma nu f a ctu r i n g d i f f i c u l t ie s o r d el a y s ; l egisl a t i v e a n d r e g u la t o r y a c t i o n s ; ch a n g e s in re i m b u r se m e n t ; t h i r d - p ar t y p a y o r d e c isi on s ; p r o d u c t li a b i l i t y c l a ims ; U . S . h e a l t h c ar e r ef o r m ; f i n a n c i a l m a r k e t c o n d i t i o n s ; c o m p e t i t i v e d y n a mi c s ; f ai l u r e t o a c h i e v e s u f f i c ie n t m a r k e t a d o p t i o n ; r e g u la t or y a c t i o n s o r d el a y s ; a n d o u r a b i l i t y t o r eal i z e e x p e c t e d o p e ra t i o n a l a n d m a nu f a c t u ri n g ef f i c i e n c ies . A dd i t i o n a l i n f o rm a t i o n a b o u t t h es e a n d o t h e r r is k s i s c o n t a i n e d i n o u r f il i n g s w i t h t h e U . S . Se c u r i t i e s a n d E x c h a n g e C ommi ss io n . I f o n e o r m or e o f t h e s e f a c t o r s m a te r i al i z e , o r i f unde rl y in g a ss u mp t i o n s p r o v e i n c o r r e c t , a c t u a l r e s u l t s m a y d i ff e r m a te r i all y . T h i s pr e s e n t a t i o n al s o i n c lu d e s m a r k e t a n d ind u s t r y d a t a f r o m g o v e r n me n t a n d p r i v a t e pub li c a t i o n s a n d i nt e r n a l e s t im a t e s a n d p r o je ct i on s b as e d o n a n u m b e r o f ass u m p t i o n s . W e un d er t a k e n o o b l i ga t i o n t o up d a t e a n y f o r w a r d - l oo k i n g s t a t e me n t a s a r es u l t o f n e w i n f o rm a t i o n , fut u r e e v e n t s , o r oth e r w is e . Certain non - GAAP/IFRS financial measures are included in this presentation . These measures are presented to complement the financial information prepared in accordance with IFRS because management believes they are useful to investors . For example, Adjusted EBITDA, a non - IFRS measure, is widely used by investors and securities analysts to evaluate a company’s operating performance without regard to one - time items (such as restructuring and litigation expenses) that can vary substantially from company to company . Management also uses Adjusted EBITDA with IFRS measures for planning purposes, including preparation of annual operating budgets, as a measure of operating performance . These non - GAAP/IFRS measures should be considered only as supplementsto, andnot superiorto, financial measures prepared in accordancewith IFRS . Othercompanies may calculate similarly titled non - GAAP/IFRS measures differently than the Company .
Q3 2026 Highlights G R O W T H & P R O F I T A B I L I T Y +34% Revenue Growth $18.1m · vs $13.5m Q3 - 2025 +107% Operating Income $2.6m · vs $1.3m Q3 - 2025 +92% EBITDA $3.9m · vs $2.0m Q3 - 2025 F I N A N C I A L S $63.4m Cash Balance $62.4m Q2 - 2026 $85m Backlog +31% $65m Q3 - 2025 $21.3m Collections $19.8m Q2 - 2026 1.3x Book - to - Bill C O M M E R C I A L M O M E N T U M 130 Systems Shipped vs 90 in Q3 - 2025 ~2,080 Installed Base vs 1,612 Q3 - 2025 $2.2m Net Income Vs $1.6m Q3 - 2025 152 Head Count 143 as of Q2 - 2026 Investor Deck | November 2026 3
W H Y N O W Interventional Psychiatry Has Reached an Inflection Point Interventional psychiatry is one of healthcare’s fastest - growing categories - and BrainsWay is its clear market leader . 8.5M+ Deep TMS sessions delivered 1 Proven, growing clinical demand across indications. 300M+ Covered lives 2 Reimbursement is expanding across Medicare & commercial. +25% New provider sites YoY 1 Providers are actively scaling interventional capacity. T H E M A R K E T L E A D E R I N A F A S T - G R O W I N G C A T E G O R Y Investor Deck | November 2026 4 ~2,080 * Systems installed worldwide 48 US states served 6 Continents 2020→26 Accelerating adoption
Investor Deck | November 2026 W H Y B R A I N S W A Y W I N S Not All TMS is the Same 4 FDA indications Only Deep TMS platform cleared across four. 8.5M+ Sessions delivered Real - world scale competitors cannot match. The Leader In the US TMS market space * DEEP TMS vs. TRADITIONAL “FIGURE - 8” TMS Traditional TMS BrainsWay Deep TMS Feature 0.7 – 1.0 cm 3 1.8 – 2.0 cm 3,4 Stimulation depth Limited (~3 cm 4 ) Extensive (~17 cm 4 ) Brain volume stimulated Prone to targeting errors More reliable targeting Therapy delivery Superficial and focal Deep and broad Structures treated Limited to depression Multiple indications RCT evidence 5 Deep TMS is now a mainstream, reimbursed pillar of psychiatry — and BrainsWay leads on scale, science and access. All competitors in the commercial depression space use variations of the traditional “figure - 8” TMS coil design. Technological distinctions do not necessarily correlate with clinical outcomes *Data on file
T H E M A R K E T O P P O R T U N I T Y From 24M Sufferers to ~8.5M Eligible Patients The treatment - resistant population across BrainsWay's two largest FDA - cleared indications — U.S. patients who have already failed conventional care. M A J O R D E P R E S S I V E D I S O R D E R 21M U.S. clinical depression sufferers per year 7M Do NOT achieve remission after 4 courses of medication & therapy 60 – 90% present with comorbid anxiety symptoms. O B S E S S I V E - C O M P U L S I V E D I S O R D E R 3M U.S. OCD sufferers per year 1.5M Do NOT respond to any medication or psychotherapy T R E AT M E N T - R E S I S T AN T — T M S - E L I G I B L E ~8.5 M U.S. patients who have already failed conventional care Sources: National Institute of Mental Health (nimh.nih.gov); Trivedi MH et al., STAR*D, Am J Psychiatry 2006;163(1):28 - 40; Kessler RC et al., Br J Psychiatry Suppl. 1996; Greist JH, Bull Menninger Clin. 1998; Marks I, Can J Psychiatry 1997; Ballenger JC, Biol Psychiatry 1999. U.S. figures; consistent with BrainsWay Continuum of Care. Investor Deck | November 2026 6
T H E G R O W T H F L Y W H E E L Every Success Creates the Next Layer of Growth Every turn does three things — grows organic demand, raises barriers to entry, and funds expansion. Self - reinforcing growth engine 1 Increasing Organic Growth Increased access — more patient starts at low incremental cost. 2 Strengthening Our Competitive Moat Installed base, clinical data, reimbursement & IP compound into a widening moat. 3 Investing to Expand the Platform New potential indications, clinic footprint, home therapy & AI extend the platform. 4 Grow Installed Base Increasing access · recurring revenue · data asset. 5 Generate Cash & Capital Strong cash · minority investments & M&A. 6 Reinvest & Compound Proprietary data, AI & network effects deepen the moat. Investor Deck | August 2026 7
B U S I N E S S M O D E L & V I S I B I L I T Y A Model Built to Compound — With Clear Line of Sight Every system becomes a long - term asset — a one - time hardware sale transformed into high - margin, multi - year recurring revenue. 4 - 5 Yrs Multi - year leasing Typical contract term (4 – 5 yr). 90%+ Customer retention 8 Durable, predictable revenue. 1.3x Book - to - bill Bookings outpacing revenue. R E C U R R I N G , D U R A B L E , P R E D I C T A B L E R E V E N U E Every system can become a multi - year, high - margin revenue stream. 90%+ renewals · compounding backlog · predictable ARR. F A C I L I T A T I N G F A S T E R A D O P T I O N We lower the barriers for clinic owners. Capital - light leasing · fast payback · turnkey onboarding & support. 8 Investor Deck | November 2026
C U S T O M E R E C O N O M I C S Why Clinics Keep Expanding One chair leads to a second, then a third, then a second clinic — compelling economics drive enterprise - wide rollout. SINGLE - CHAIR ECONOMICS ~$0.8M - $1M Annual revenue per chair ~$0.5M - 0.7M Profit per chair, per year Rapid Cash - on - cash return ROBUST REIMBURSEMENT 3 established CPT codes Well - defined billing across Medicare & major commercial insurers. 300M+ covered lives (depression) Broad coverage in all 50 states; 100M+ covered for OCD. Verified return on investment 9 Investor Deck | November 2026 Up to ~$10K revenue per depression patient course.
T H E S W I F T A D V A N T A G E From 20 Days to 6 Days The only FDA - cleared 6 - day accelerated Deep TMS protocol — a significantly faster path to relief. S T AN D AR D P R O T O C O L 20 days Treatment days in the acute phase – before maintenance S W I F T P R O T O C O L 6 days Only 6 treatment days in the acute phase – before maintenance FASTER F O R P AT I E N T S Convenience Less time away from daily life. Faster relief Accelerated path to benefit. F O R P R O V I D E R S Higher throughput More patients per chair. Capacity unlock Scale without added footprint. 10 Investor Deck | November 2026
Strategic Partnership With Valor Equity Partners 11 Investor Deck | November 2026 Valor, a leading $20B equity firm behind market leaders, is now BrainsWay’s largest investor and an active partner in our scale strategy
S T R A T E G I C I N V E S T M E N T S A Low - Risk, High - ROI Network That Widens the Moat Low - risk and capital - light with high ROI — equity stakes deepen partnerships, expand patient access, and widen our competitive moat. BACKED BY Valor Equity Partners A ~$100B firm and BrainsWay's largest investor — an active partner in our scale strategy. PORTFOLIO PEDIGREE Tesla SpaceX PayPal Uber Anduril Neuralink THE PARTNERSHIP MODEL 200+ Potential partners in the pipeline. 10 – 15 Clinics potentially added annually. No added OPEX Capital - light expansion model. 12 Investor Deck | November 2026
T H E P I P E L I N E A Pipeline of Expanding Indications New potential FDA indications can expand the addressable market on the same commercial platform 1 CLEARED TODAY 4 FDA Indications MDD, OCD, smoking addiction and anxious depression — a proven regulatory track record. › 2 PIPELINE Alcohol Use Disorder* A large, underserved addiction market — a natural extension of our addiction research to date › 3 PIPELINE Cognitive Decline* Pllanned studies targeting one of the largest unmet needs in brain health — would extend the platform into neurology - adjacent care . New indications can leverage existing installed base and sales engine. Expanding the addressable market with each clearance — at low incremental cost. *This slide is forward - looking only. Alcohol Use Disorder and Cognitive decline are areas of research that are being explored. BrainsWay Deep TMS is not FDA cleared as safe and effective for these indications. 13 Investor Deck | November 2026
G L O B A L E X P A N S I O N A Multi - Billion - Dollar International Opportunity We are not entering these markets — we are scaling established commercial partnerships across regions with hundreds of millions 9 of untreated patients. 37M Europe 71M China 6M Japan 57M India 1.3M Australia 170 M + 14 Investor Deck | November 2026 Untreated patients across current partner markets. Scaling proven partnerships — not building new markets from scratch.
Extending to Home - Use Neuromodulation • RELIVION® PATIENT REMOTE MANAGEMENT INTERFACE Proliv Rx Cloud BIG DATA ANALYTICS Physician Remotely monitors patient Proliv Rx Patient’s App Uploads data Remote Monitoring & Big Data Analytics $11M convertible debt; milestone tranches; call option to acquire Proliv Rx is a registered trademark of Neurolief Ltd. 15 Investor Deck | November 2026
9 M O U N T H S 2 0 2 6 P E R F O R M A N C E Financial Results Validate the Thesis Strong year - to - date growth is translating into higher margins, profitability, and cash generation. R E V E N U E $50.8M +35% year - over - year A D J U S T ED EB I T D A $10.2M +114% year - over - year 76% Gross margin vs. 75% in 9M 2025 $7.0M Operating income +190% year - over - year 14% Operating margin vs. 6% in 9M 2025 $7.2M Net income +54% year - over - year 20% Adjusted EBITDA margin vs. 13% in 9M 2025 +43% Systems shipped 9M 2026 year - over - year → Growing Cash 9 M O N T H S 2 0 2 6 M O M E N T U M More Systems → More Revenue → Higher Margin → Stronger Profitability → Higher RPO Revenue +35% | Gross Profit +36% | Operating Income +190% | Adjusted EBITDA +114% | Net Income +54% | Shipments +43% *Adjusted EBITDA is a non - IFRS measure. Figures shown are for the nine months ended September 30, 2026, except RPO and cash, which are period - end metrics. 16 Investor Deck | November 2026
Revenue Growing Far Faster Than Costs 40 53 73 90 32 41 51 70 28 29 36 42 - 2 5 7 14 2023 2026E 2024 Bookings Revenue OPEX 2025 Adj. EBITDA Revenue +30 - 34% growth OPEX <18% growth Adj. EBITDA $ in millions 17 O P E R A T I N G L E V E R A G E *Adjusted EBITDA is a Non - IFRS Measure. See operating income results, the closest IFRS measure, and the reconciliation table in the Company’s Earnings release ** Anticipated guidance, which is forward looking. See recent earnings releases. Investor Deck | November 2026 ~ 18% - 20% Recent revenue growth >30% while targeted OPEX growth stays <18% — profitability compounds. 2026 Financial Guidance**
Investor Deck | November 2026 T H E I N V E S T M E N T C A S E Why BrainsWay, Why Now 01 The market is inflecting. Interventional psychiatry is going mainstream. 02 BrainsWay leads. The only Deep TMS platform with 4 FDA indications. 03 The economics compound. Strong recurring revenue, 90%+ retention, operating leverage. 04 The platform expands. Home, AI, clinic network, international & M&A. 05 Execution validates the thesis. Record shipments converting into revenue, margin & cash. 18
Building the Global Platform for Interventional Psychiatry. One Platform Millions of Patients Decades of Growth N A S D A Q / T A S E : B W A Y 19
Investor Deck | November 2026 References 1. Data on file 2. See company reimbursement database ; published payer policies ; and sec . gov/Archives/edgar/data/ 1735948 / 000110465921043982 /tm 2111152 d 1 _ex 99 - 1 . htm 3. BrainsWay Data on File ; Depth, measured in phantom head, is from cortical surface toward brain center for which E - field >= 100 V/m for calibrated stimulator output . If measuring from scalp surface, an additional 1 . 5 cm should be added ; See also, Guadagnin, V . , et . al . , 2016 . Deep Transcranial Magnetic Stimulation : Modeling of Different Coil Configurations . 63 , 1543 – 1550 . 4. Fiocchi, S . , et . al . , 2016 . Modelling of the Electric Field Distribution in Deep Transcranial Magnetic Stimulation . 2016 5. $15B+ Global TAM assumes existing and not - yet - cleared planned indications; based on BrainsWay internal market model (WHO Global Burden of Disease; NIMH; CDC) and payer reimbursement assumptions. 6. ~$4B US depression ≈ 3.4M insured MDD patients п ~33 sessions п ~$70 ≈ $8B TAM (8/24/2020 Oppenheimer Research Report), of which ~$4B is serviceable near - term. 7. <2% penetration based on Company data on file: installed base and cumulative treatments vs. estimated eligible patient population and TAM. 8. Company estimate based on data on file. 9. llustrative number; See, for example, https://worldpopulationreview.com/country - rankings/depression - rates - by - country. 20 A P P E N D I X