Strong Q1 beat across all metrics with reiterated guidance suggests accelerating momentum. Watch for FDA filing in Q2 2026 for PTSD indication, which could expand TAM. The $8.5 million in financial asset purchases (likely convertible loans) signals active capital deployment but also cash burn — monitor cash position in subsequent quarters.
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Executive Summary
BrainsWay reported Q1 2026 revenue of $15.5 million (up 35% YoY) and net income of $2.3 million (up >100% YoY), with Adjusted EBITDA more than doubling to $2.8 million. The company reiterated full-year 2026 guidance of $66-$68 million in revenue and $12-$14 million in Adjusted EBITDA, supported by record system shipments and expanding payer coverage.
Key Facts
- Q1 2026 revenue of $15.5 million, up 35% from $11.5 million in Q1 2025
- Net income of $2.3 million, up >100% from $1.1 million in Q1 2025
- Adjusted EBITDA of $2.8 million, up 117% from $1.3 million in Q1 2025
- Operating income of $2.0 million, up from $0.6 million in Q1 2025
- Gross margin steady at 75%
- Shipped 117 Deep TMS systems in Q1 2026, up 44% YoY; installed base ~1,820 systems
- Remaining performance obligations of $75 million, up 25% YoY
- Cash and equivalents of $58.6 million as of March 31, 2026
- Reiterated FY2026 guidance: revenue $66-$68 million, operating income 13%-14% of revenue, Adjusted EBITDA $12-$14 million
- Completed $6 million convertible loan to Neurolief and $1 million minority stake in BrainStim Health Inc.
Financial Impact
Revenue growth of 35% YoY to $15.5 million, net income more than doubled to $2.3 million, Adjusted EBITDA up 117% to $2.8 million
Risk Factors
- Cash and equivalents declined from $67.7 million to $58.6 million in Q1 2026, partly due to $8.5 million in financial asset purchases
- Trade receivables increased to $7.5 million from $4.1 million, indicating potential collection risk
- Ongoing patent litigation with Magnus Medical noted in prior 20-F filing
- Reliance on single large customer as noted in prior annual report
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-003345 |
| Document: f6k_051226.htm | 0001171843-26-003345 |
| Document: 0001171843-26-003345-index-headers.html | 0001171843-26-003345 |
| Document: 0001171843-26-003345-index.html | 0001171843-26-003345 |
| Document: 0001171843-26-003345.txt | 0001171843-26-003345 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 9, 2026 16w ago | 6-K | $16.84 $15.13 | ▼ −10.15% | ▼ −14.24% | $15.13 (−10.15%) |
May 18, 2026 19w ago | 6-K | $16.84 $15.13 | ▼ −10.15% | ▼ −15.01% | $15.13 (−10.15%) |
May 13, 2026 20w ago | 6-K | $16.84 $15.13 | ▼ −10.15% | ▼ −14.59% | $15.13 (−10.15%) |
Apr 20, 2026 23w ago | 20-F | $13.55 $15.13 | ▲ +11.66% | ▲ +4.76% | $15.13 (+11.66%) |
Apr 15, 2026 24w ago | 6-K | $13.55 $15.13 | ▲ +11.66% | ▲ +3.52% | $15.13 (+11.66%) |
US Market Status
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