Welcome to our dedicated page for Brainsway Ltd. SEC filings (Ticker: BWAY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
BrainsWay Ltd.'s SEC filings document foreign private issuer current reports for a medical technology company focused on noninvasive neurostimulation for mental health disorders. Recent Form 6-K reports furnish press releases and investor materials covering Deep TMS commercialization, FDA-cleared indications, payer reimbursement policies, clinical data, financial results, operating guidance, and strategic investments in provider networks and related neurostimulation assets.
The filings also identify the company as a Form 20-F filer and reference registration statements on Form S-8 and Form F-3. Exhibits disclose capital-allocation activity, customer and reimbursement developments, risk-factor themes in investor materials, and formal updates on the business model built around leasing and selling Deep TMS systems.
Brainsway Ltd. director Lushi Avner reported initial equity holdings consisting of stock options and restricted stock units tied to the company’s ordinary shares. The filing shows stock options to purchase 12,500 ordinary shares, granted on March 5, 2024, with the remaining options vesting in equal quarterly installments until March 5, 2028 and expiring on March 5, 2034. The exercise price for these options is NIS 11.17 per share. In addition, Avner holds 6,250 unvested RSUs, each representing a contingent right to receive one ordinary share, vesting quarterly until March 5, 2028. The ordinary shares may be represented by American Depositary Shares, with each ADS currently corresponding to one ordinary share.
Brainsway Ltd. Chief Marketing Officer Naomi Rozenfeld filed an initial ownership report showing equity exposure through shares, RSUs and options. She holds 25,000 Ordinary Shares, including 25,000 unvested RSUs that begin vesting on March 10, 2027 and continue quarterly until March 10, 2030. She also holds stock options over 75,000 Ordinary Shares, granted on December 22, 2025, with 18,750 options vesting on December 22, 2026 and the rest vesting quarterly until December 22, 2029, at an exercise price of NIS 30.74 per share and expiring on December 22, 2035. The Ordinary Shares may also be represented by American Depositary Shares, each currently equal to one Ordinary Share.
Brainsway Ltd. filed a Form 3 showing the initial equity holdings of Chief Executive Officer Levy Hadar. The filing reports direct ownership of 123,050 Ordinary Shares, which includes 16,800 shares and unvested restricted stock units that convert into shares as they vest.
Hadar also holds stock options over 80,000 Ordinary Shares granted on February 9, 2023 with an exercise price of NIS 3.65 per share, vesting in equal quarterly installments until February 13, 2027. Additional options cover 62,500 Ordinary Shares granted on March 5, 2024 at an exercise price of NIS 11.17 per share, vesting in equal quarterly installments until March 5, 2028.
Brainsway Ltd. executive Dr. Yiftach Roth, the Chief Scientist, filed an initial statement of beneficial ownership showing he holds 1,079,305 Ordinary Shares. This figure includes shares held jointly with his spouse, additional individually held shares, and unvested restricted stock units that vest gradually through 2030.
Brainsway Ltd. VP of Medical Affairs Colleen Hanlon filed an initial Form 3 detailing her equity position in the company. She directly holds 53,881 Ordinary Shares, including 20,381 shares and multiple RSU grants that vest in quarterly installments through dates extending to March 10, 2030. She also holds stock options over 10,000 Ordinary Shares, granted on March 5, 2024, with an exercise price of NIS 11.17 per share and an expiration date of March 5, 2034, with 5,000 of these options scheduled to vest in equal quarterly installments until March 5, 2028.
Brainsway Ltd. director Jonathan K. Shulkin filed an initial ownership report showing only existing indirect holdings, with no new share purchases or sales. The filing lists Ordinary Shares, which are represented by American Depositary Shares on the market, each equal to one Ordinary Share.
Shulkin reports indirect ownership of 536,494 Ordinary Shares through Tikvah Partners LLC, and 5,314,950 Ordinary Shares through Valor Brainsway Holdings LLC
BrainsWay Ltd. reports strong 2025 growth and profitability, highlighting its shift to a recurring-revenue, leasing-based model. Revenue reached $52.2M in 2025, up 27% year over year, with Q4 2025 revenue of $14.5M. Adjusted EBITDA rose to $7M for 2025, also up 27% from 2024, while Q4 2025 Adjusted EBITDA was $2.3M with an EBITDA margin of 16%. Net income for 2025 totaled $7M, an increase of 161%, and the company reported 10 consecutive quarters of positive free cash flow.
BrainsWay ended 2025 with approximately $68M in cash and no debt, and Remaining Performance Obligations of $70M, up 43%. The installed base exceeded 1,700 Deep TMS systems, with about 70% of new engagements structured as multi-year leases. For 2026, the company guides to revenue of $66–$68M and expects recurring revenue to continue outpacing non-recurring revenue, supported by FDA clearances in Major Depressive Disorder, expanded reimbursement, and strategic equity investments in mental health providers.
BrainsWay Ltd. reported a strong 2025, combining fast growth with higher profitability. Full-year revenue reached $52.2 million, up 27% from 2024, while net income rose 161% to $7.6 million and Adjusted EBITDA increased to about $7.1 million. Q4 revenue grew 27% year-over-year to $14.5 million, with operating income of $1.9 million and net income of $2.9 million.
The company ended 2025 with $68.0 million in cash, cash equivalents and restricted cash and remaining performance obligations of approximately $70 million, up 43% from December 31, 2024. BrainsWay also highlighted regulatory and commercial progress, including FDA label expansion for Deep TMS in adolescent depression, first insurer coverage for its accelerated SWIFT protocol, and FDA approval of Neurolief’s Proliv Rx neuromodulation system.
For 2026, BrainsWay targets revenue of $66 million to $68 million, implying 27% to 30% growth over 2025, and is guiding to operating income of 13% to 14% and Adjusted EBITDA of $12 million to $14 million, while expecting continued profitability and positive cash flow.
BrainsWay Ltd. reported new clinical data on its FDA-cleared SWIFT™ accelerated Deep TMS™ protocol for major depressive disorder. Two peer-reviewed manuscripts in Brain Stimulation show that SWIFT achieves comparable outcomes to the standard Deep TMS protocol while sharply reducing treatment time.
The accelerated protocol shortens the traditional 20-visit acute phase to 6 half days, then weekly maintenance visits for 4 weeks. In a large randomized multisite trial, SWIFT delivered an 87.8% response rate, a 78.0% remission rate, and a median time to remission of 21 days versus 28 days for the standard protocol.
Patient-reported data showed quality-of-life scores improving by about 32 percentage points by 6 weeks, with roughly 70% no longer severely impaired and about 60% reaching normal-range functioning. BrainsWay positions SWIFT as a way to reduce treatment burden and expand access to non-drug depression therapy.
Brainsway Ltd. reports that Harel Insurance Investments & Financial Services Ltd. beneficially owns 1,981,714 Ordinary Shares, representing 5.2% of the outstanding ordinary shares based on June 30, 2025 share count. The filing states 1,974,472 Ordinary Shares are held for public clients by subsidiaries with independent voting and investment decisions and 7,242 Ordinary Shares are held in third‑party client accounts where the manager has investment but not voting power. The CUSIP cited (10501L106) applies to American Depositary Shares, each representing two ordinary shares.