BrainsWay (NASDAQ: BWAY) boosts 2026 guidance after 35% jump in Q2 revenue

Rhea-AI Filing Summary

BrainsWay Ltd. reported a strong second quarter for 2026, with revenue up 35% to $17.1 million from $12.6 million a year earlier. Gross profit reached $12.8 million, while operating income rose to $2.4 million, expanding operating margin to 14% from 5% in the prior-year quarter. Adjusted EBITDA increased 141% to $3.5 million, with margin improving to 20% from 11%. Net income grew 34% to $2.7 million, or $0.07 per basic share.

Remaining performance obligations climbed 30% year-over-year to $80.4 million, and the company shipped a record 125 Deep TMS systems in the quarter, bringing the installed base to about 1,949. Cash, cash equivalents and restricted cash totaled $62.4 million as of June 30, 2026, after generating $6.3 million of operating cash flow in the quarter. Reflecting this momentum, BrainsWay raised its full-year 2026 outlook to revenue of $68–$70 million, operating income of 13.5%–14% of revenue, and Adjusted EBITDA of $13–$14 million, implying anticipated revenue growth of approximately 30%–34% and Adjusted EBITDA growth of approximately 90%–100% versus 2025.

Positive

• Revenue grew 35% year-over-year in Q2 2026 to $17.1 million, marking record quarterly revenue and signaling strong demand for BrainsWay’s Deep TMS systems and services.
• Profitability improved sharply: operating income rose to $2.4 million (margin 14% vs. 5%), and Adjusted EBITDA jumped 141% to $3.5 million (margin 20% vs. 11%).
• Cash generation strengthened, with $6.3 million of operating cash flow in Q2 2026 and $62.4 million in cash, cash equivalents and restricted cash as of June 30, 2026.
• The company raised full-year 2026 guidance to $68–$70 million of revenue and $13–$14 million of Adjusted EBITDA, implying approximately 30%–34% revenue and 90%–100% Adjusted EBITDA growth versus 2025.
• Remaining performance obligations increased 30% year-over-year to $80.4 million, and record shipments of 125 Deep TMS systems in Q2 expanded the installed base to approximately 1,949, supporting forward revenue visibility.

Negative

• None.

Key Figures

Q2 2026 Revenue: $17,107 thousand Q2 2026 Operating Income: $2,391 thousand Q2 2026 Adjusted EBITDA: $3,500 thousand +5 more

8 metrics

Q2 2026 Revenue $17,107 thousand Revenue for the three months ended June 30, 2026, up 35% from $12,632 thousand in Q2 2025

Q2 2026 Operating Income $2,391 thousand Operating income for the three months ended June 30, 2026, versus $578 thousand in Q2 2025

Q2 2026 Adjusted EBITDA $3,500 thousand Adjusted EBITDA for the three months ended June 30, 2026, compared with $1,451 thousand a year earlier

Q2 2026 Net Income $2,710 thousand Net income for the three months ended June 30, 2026, up from $2,027 thousand in Q2 2025

Cash and Cash Equivalents $62,108 thousand Cash and cash equivalents balance as of June 30, 2026, excluding $251 thousand restricted cash

Remaining Performance Obligations $80,400 thousand RPO balance as of June 30, 2026, a 30% year-over-year increase

Deep TMS Systems Shipped 125 systems Record total Deep TMS systems shipped in Q2 2026, a 42% year-over-year increase

2026 Revenue Guidance $68–$70 million Updated full-year 2026 revenue outlook, implying approximately 30%–34% growth versus 2025

Key Terms

Remaining performance obligations, Adjusted EBITDA, Deep Transcranial Magnetic Stimulation, Right-of-use assets, +1 more

5 terms

Remaining performance obligations financial

"Remaining performance obligations (RPOs) rose to $80.4 million as of June 30, 2026"

Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.

Adjusted EBITDA financial

"Adjusted EBITDA for the second quarter of 2026 increased 141% to $3.5 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Deep Transcranial Magnetic Stimulation medical

"proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology"

A noninvasive medical therapy that uses focused magnetic pulses to stimulate brain regions deeper than standard transcranial magnetic stimulation; think of it as a magnetic “tuning fork” placed outside the head to gently nudge deeper neural circuits. It matters to investors because its clinical effectiveness, regulatory approvals, device manufacturing, and insurance coverage determine market size and revenue potential for companies that make or sell the equipment and treatment services.

Right-of-use assets financial

"Right-of-use assets | | | 5,294 | | | | | 5,548"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

Liability in respect of development grants financial

"Liability in respect of development grants | | | 4,393"

Earnings Snapshot

Revenue: $17.1 million in Q2 2026 · Guidance included

quarter and six months ended June 30, 2026

Revenue $17.1 million in Q2 2026 Increased 35% from $12.6 million in Q2 2025

Operating Income $2.4 million in Q2 2026 Increased by more than 300% from $0.6 million in Q2 2025

Net Income $2.7 million in Q2 2026 Increased 34% from $2.0 million in Q2 2025

Adjusted EBITDA $3.5 million in Q2 2026 Increased 141% from $1.5 million in Q2 2025

2026 Revenue Guidance $68–$70 million Raised from prior range of $66–$68 million, implying approximately 30%–34% growth vs. 2025

2026 Adjusted EBITDA Guidance $13–$14 million Raised from prior range of $12–$14 million, implying approximately 90%–100% growth vs. 2025

Guidance

For 2026, BrainsWay expects revenue of $68–$70 million, operating income of 13.5%–14% of revenue, and Adjusted EBITDA of $13–$14 million, representing anticipated revenue growth of approximately 30%–34% and Adjusted EBITDA growth of approximately 90%–100% versus 2025.

FAQ

How did BrainsWay (BWAY) perform financially in Q2 2026?

BrainsWay reported Q2 2026 revenue of $17.1 million, up 35% year-over-year, with net income of $2.7 million. Operating income rose to $2.4 million and Adjusted EBITDA increased to $3.5 million, reflecting stronger margins and operating leverage.

What guidance did BrainsWay (BWAY) provide for full-year 2026?

BrainsWay now expects 2026 revenue of $68–$70 million and Adjusted EBITDA of $13–$14 million. This updated outlook implies anticipated revenue growth of about 30%–34% and Adjusted EBITDA growth of about 90%–100% compared with 2025.

How strong is BrainsWay’s (BWAY) cash position and cash flow?

As of June 30, 2026, BrainsWay held $62.4 million in cash, cash equivalents and restricted cash. The company generated $6.3 million of cash flow from operating activities during Q2 2026, supporting ongoing growth and investment capacity.

What operational milestones did BrainsWay (BWAY) achieve in Q2 2026?

BrainsWay shipped a record 125 Deep TMS systems in Q2 2026, a 42% year-over-year increase, bringing its installed base to about 1,949 systems. Remaining performance obligations rose 30% to $80.4 million, enhancing revenue visibility.

How did BrainsWay’s (BWAY) profitability metrics change year-over-year?

Q2 2026 operating income climbed to $2.4 million from $0.6 million, expanding margin to 14% from 5%. Adjusted EBITDA increased 141% to $3.5 million, with margin improving to 20% from 11%, and net income rose 34% to $2.7 million.

What is BrainsWay’s (BWAY) remaining performance obligations balance?

Remaining performance obligations were $80.4 million as of June 30, 2026, up 30% year-over-year. This balance reflects contracted revenue not yet recognized and provides improved visibility into BrainsWay’s future revenue streams.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 08/12/2026 - 07:30 AM Accepted by SEC EDGAR 08/12/2026 - 07:30 AM Learn about SEC filing dates

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 August 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 Number		Description
99.1		BrainsWay Reports Second Quarter 2026 Financial Results and Operational Highlights

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: August 12, 2026		/s/ Hadar Levy
		Hadar Levy
		Chief Executive Officer

EXHIBIT 99.1

BrainsWay Reports Second Quarter 2026 Financial Results and Operational Highlights

Record second quarter 2026 revenue increased 35% to $17.1 million, compared with Q2 2025

Adjusted EBITDA more than doubled year-over-year to $3.5 million, with margin expanding to 20%

Remaining performance obligations grew 30% year-over-year to $80.4 million

Shipped a record total 125 Deep TMS systems in Q2 2026, a 42% increase year-over-year

Raises FY 2026 revenue and EBITDA guidance

BURLINGTON, Mass. and JERUSALEM, Aug. 12, 2026 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today reported its second quarter 2026 financial results and provided an operational update.

Recent Financial and Operational Highlights

• Revenue in the second quarter of 2026 increased 35% to $17.1 million, compared with $12.6 million in the second quarter of 2025.
• Remaining performance obligations (RPOs) rose to $80.4 million as of June 30, 2026, a 30% increase compared with the same period last year.
• Shipped a record total 125 Deep TMS™ systems during the second quarter of 2026, a 42% increase compared with the same period last year. Total installed base now stands at approximately 1,949.
• Operating income for the second quarter of 2026 increased more than 300% to $2.4 million, compared with $0.6 million for the prior year period. Operating margin for the quarter expanded to 14% from 5% for the prior year period.
• Adjusted EBITDA for the second quarter of 2026 increased 141% to $3.5 million, compared with $1.5 million for the prior year period. Adjusted EBITDA margin for the quarter expanded to 20% from 11% for the prior year period.
• Net income for the second quarter of 2026 increased 34% to $2.7 million, compared with $2.0 million for the prior year period.
• As of June 30, 2026, cash and cash equivalents and restricted cash totaled $62.4 million, an increase of approximately 6% compared with March 31, 2026.
• Generated $6.3 million of cash flow from operations during the second quarter of 2026.
• Continued expansion of insurer coverage for the SWIFT™ (Short-course with Intrinsic Field Targeting) accelerated Deep TMS protocol.
• Presented real-world data in patients with comorbid post-traumatic stress disorder (PTSD) and major depressive disorder (MDD), demonstrating an 83.5% response rate in PTSD symptoms, with a mean 52% reduction in PCL-5 scores.
• Presented the first prospective 12-month durability data for the SWIFT accelerated Deep TMS protocol at the 14th Annual Clinical TMS Society (CTMSS) Meeting, demonstrating sustained clinical improvement through one year following treatment.
• Continued expanding the Company's growing minority investment portfolio through strategic investments in Hopemark Health and Radial Health, with several previous portfolio investment targets indicating significant growth in patient access to care due to the growth capital afforded under the program.
  
  

Updated Full-Year 2026 Financial Guidance

The Company now expects to report for the full-year ended December 31, 2026:

• Revenue of $68 million to $70 million, compared to the previous range of $66 to $68 million. The updated revenue guidance represents anticipated growth of approximately 30% to 34% compared with revenue for 2025.
• Operating income of 13.5% to 14% of revenue, compared to the previous range of 13%-14%.
• Adjusted EBITDA of $13 million to $14 million, compared to the previous range of $12 million to $14 million. The updated Adjusted EBITDA guidance represents anticipated growth of approximately 90% to 100% over 2025.
  
  

“This quarter marked our second consecutive quarter of approximately 35% revenue growth and further expansion in operating leverage. Revenue reached a record $17.1 million, Adjusted EBITDA more than doubled to $3.5 million, and we generated more than $6.0 million of operating cash flow. Record system shipments and RPO of $80.4 million further strengthen our visibility into continued growth,” said Hadar Levy, Chief Executive Officer of BrainsWay. “We are seeing strong momentum across the business, which is fueled by expanding reimbursement coverage and increasing utilization throughout our installed base. As a result, we are raising our full-year financial guidance for 2026.”

Call and Webcast

BrainsWay’s management will host a conference call in English on Wednesday, August 12, 2026, at 8:30 a.m. Eastern Daylight Time (EDT) to discuss these results and answer questions, followed by a webinar hosted in Hebrew on Thursday, August 13, 2026, at 11:00 AM Israel Daylight Time (IDT). All details to access these events are listed below.

In English:

• Date: Wednesday, August 12, 2026
• Time: 8:30 AM EDT
• Dial-In: 1-877-269-7751 (U.S) / 1-201-389-0908 (International)
• Conference ID: 13761391
• The U.S. conference call will be broadcast live and will be available for replay for 30 days on the Company’s website at investors.brainsway.com and through this link: https://viavid.webcasts.com/starthere.jsp?ei=1768433&tp_key=0923ccd15a
  
  

In Hebrew:

• Date: Thursday, August 13, 2026
• Time: 11:00 AM IDT
• To register for this webinar, please click here: BrainsWay Q2 2026 IL Investor Webinar
  
  

Non-IFRS Financial Measures

In addition to our results determined in accordance with International Financial Reporting Standards (IFRS), including in particular operating profit and net profit, we believe that Adjusted EBITDA, a non-IFRS measure, is useful in evaluating our operating performance. We define Adjusted EBITDA as net profit adjusted for depreciation and amortization, finance income, finance expenses, income taxes, cost of share-based payments, and one-time restructuring and litigation expenses.

In addition to operating income (loss) and net income (loss), we use Adjusted EBITDA as a measure of operational efficiency. We believe that this non-IFRS financial measure is useful to investors for period-to-period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

• Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expenses, depreciation and amortization, finance expenses, income taxes, and certain one-time items such as restructuring and litigation expenses, that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired.
• Our management uses Adjusted EBITDA in conjunction with IFRS financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-IFRS or non-GAAP financial measures to supplement their IFRS or GAAP results.
  
  

Adjusted EBITDA, however, should not be considered as an alternative to operating profit (loss) or net profit (loss) for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under IFRS and may not be comparable to other similarly titled measures for other companies. A reconciliation between the Company’s net profit (loss) and Adjusted EBITDA is presented in the attached summary financial statements.

Because of these and other limitations, you should consider Adjusted EBITDA along with other IFRS-based financial performance measures, including net profit (loss) and our IFRS financial results.

About BrainsWay
BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared indications backed by pivotal clinical studies demonstrating clinically proven efficacy. Current indications include major depressive disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with operations in the United States and Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest news and information about BrainsWay, please visit www.brainsway.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words, and also includes any financial guidance and projections contained herein. These forward-looking statements and their implications are based on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks relating to the Company’s ability to consummate, finance and close proposed or potential investments, inadequacy of financial resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company’s anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company’s intellectual property, including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements.
Any forward-looking statement in this press release speaks only as of the date of this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission.

Contacts:
BrainsWay:
Ido Marom
Chief Financial Officer
Ido.Marom@BrainsWay.com

Investors:
Brian Ritchie
LifeSci Advisors LLC
britchie@lifesciadvisors.com

BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands
		June 30,					December 31,
		2026					2025
ASSETS		(Unaudited)					(Audited)
Current Assets
Cash and cash equivalents		$	62,108				$	67,700
Restricted cash			251					251
Trade receivables, net			7,032					4,111
Inventory			7,310					6,523
Other current financial assets			1,060					1,432
Other current assets			3,663					3,807
			81,424					83,824
Non-Current Assets
System components			2,073					1,584
Leased systems, net			5,153					4,860
Other property and equipment			868					788
Right-of-use assets			5,294					5,548
Other long-term assets			2,163					1,931
Other non-current financial assets			25,000					14,656
			40,551					29,367
		$	121,975				$	113,191
LIABILITIES AND EQUITY
Current Liabilities
Trade payables		$	2,503				$	2,428
Deferred revenues			10,232					10,551
Liability in respect of development grants			1,854					1,679
Current maturities of lease liabilities			1,239					1,075
Other accounts payable			6,845					6,762
			22,673					22,495
Non-Current Liabilities
Deferred revenues			9,826					6,762
Liability in respect of development grants			4,393					5,029
Lease liabilities			5,894					5,742
			20,113					17,533
Equity
Share capital			440					430
Share premium			164,187					162,221
Reserve for share-based payment			2,556					3,506
Currency Translation Adjustments			(2,188	)				(2,188	)
Accumulated deficit			(85,806	)				(90,806	)
			79,189					73,163
		$	121,975				$	113,191

BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
U.S. dollars in thousands (except per share data)
		For the three months ended June 30,						For the six months ended June 30,
		2026			2025			2026			2025
		(Unaudited)						(Unaudited)
Revenues		$	17,107		$	12,632		$	32,638		$	24,168
Cost of revenues			4,341			3,133			8,197			6,059
Gross profit			12,766			9,499			24,441			18,109
Research and development expenses, net			3,219			2,344			6,100			4,676
Selling and marketing expenses			4,852			4,940			9,782			9,102
General and administrative expenses			2,304			1,637			4,163			3,177
Total operating expenses			10,375			8,921			20,045			16,955
Operating Income			2,391			578			4,396			1,154
Finance income			1,406			2,303			2,130			3,414
Finance Expense			879			784			1,198			1,207
Income before taxes on income			2,918			2,097			5,328			3,361
Taxes on income			208			70			328			227
Net income		$	2,710		$	2,027		$	5,000		$	3,134
Basic net income per share		$	0.07		$	0.05		$	0.13		$	0.08
Diluted net income per share		$	0.07		$	0.05		$	0.12		$	0.07

BRAINSWAY LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
	For the three months ended June 30,								For the six months ended June 30,
	2026				2025				2026				2025
	(Unaudited)								(Unaudited)
Cash flows from operating activities:
Total comprehensive profit	$	2,710			$	2,027			$	5,000			$	3,134
Adjustments to reconcile net profit to net cash provided by operating activities:
Adjustments to profit or loss items:
Depreciation and amortization		239				180				406				371
Depreciation of leased systems		203				208				501				411
Impairment and disposal of inventory and system components		55				(40	)			(197	)			168
Finance income, net		(287	)			(1,443	)			(843	)			(2,207	)
Cost of share based payment		667				227				1,008				552
Income taxes		208				70				328				227
Total adjustments to reconcile profit		1,085				(798	)			1,203				(478	)
Changes in asset and liability items:
Decrease (increase) in inventory		(137	)			498				(237	)			425
Increase (decrease) in trade receivables		534				3,176				(2,921	)			827
Decrease in other current assets		182				746				30				264
Decrease in other financial assets		309				-				729				-
Increase (decrease) in trade payables		(452	)			(950	)			74				(1,690	)
Increase (decrease) in other accounts payable		(519	)			(454	)			44				(838	)
Increase in deferred revenues		2,305				8,379				2,745				14,691
Total changes in asset and liability		2,222				11,395				464				13,679
Cash paid and received during the period for:
Interest paid		(239	)			(32	)			(350	)			(54	)
Interest received		656				835				1,285				1,748
Income taxes paid		(127	)			(640	)			(127	)			(636	)
Total cash paid and received during the period		290				163				808				1,058
Net cash provided by operating activities:		6,307				12,787				7,475				17,393
Cash flows from investing activities:
Purchase of property and equipment and system components, net		(884	)			(1,166	)			(1,653	)			(2,209	)
Purchase of financial assets measured at fair value		(1,625	)			(5,000	)			(10,125	)			(5,000	)
Investment in short-term bank deposits		-				(10,000	)			-				(10,000	)
Investment in short-term deposits		(17	)			-				(17	)			-
Withdrawal of short-term deposits		4				-				7				-
Withdrawal of restricted cash		-				20				-				20
Investment in Commission asset		(122	)			(117	)			(183	)			(636	)
Net cash used in investing activities		(2,644	)			(16,263	)			(11,971	)			(17,825	)
Cash flows from financing activities:
Repayment of liability in respect of research and development grants		-				(3	)			(730	)			(641	)
Repayment of lease liability		(158	)			(261	)			(326	)			(378	)
Net cash used in financing activities		(158	)			(264	)			(1,056	)			(1,019	)
Exchange rate differences on cash and cash equivalents		(33	)			51				(40	)			18
Increase (decrease) in cash and cash equivalents		3,472				(3,689	)			(5,592	)			(1,433	)
Cash and cash equivalents at the beginning of the period		58,636				71,601				67,700				69,345
Cash and cash equivalents at the end of the period	$	62,108			$	67,912			$	62,108			$	67,912
(a) Significant non cash transactions:
Right-of-use asset recognized with corresponding lease liability	$	170			$	170			$	177			$	197

BRAINSWAY LTD.
A reconciliation of Adjusted EBITDA to net income, the most directly comparable IFRS measure, is set forth below:
U.S. dollars in thousands (except share and per share data)
		For the three months ended June 30,								For the six months ended June 30,
		2026				2025				2026				2025
		(Unaudited)								(Unaudited)
Net Income		$	2,710			$	2,027			$	5,000			$	3,134
Finance income, net			(527	)			(1,519	)			(932	)			(2,207	)
Income taxes			208				70				328				227
Depreciation and amortization			239				180				406				371
Depreciation of leased systems			203				208				501				411
Cost of share based payment			667				227				1,008				552
Restructuring and litigation Cost			-				258				-				258
Adjusted EBITDA		$	3,500			$	1,451			$	6,311			$	2,746

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