The strong beat-and-raise quarter with accelerating revenue growth, expanding margins, and record system shipments signals robust demand and operational leverage. Traders should watch the upcoming conference call for details on reimbursement expansion and the minority investment portfolio's contribution. The raised guidance provides a clear catalyst for near-term upside.
Price Chart
Executive Summary
BrainsWay reported a record Q2 2026 with revenue up 35% YoY to $17.1M, net income up 34% to $2.7M, and Adjusted EBITDA more than doubling to $3.5M with margin expanding to 20%. The company raised full-year 2026 revenue guidance to $68M-$70M and EBITDA guidance to $13M-$14M, driven by record system shipments (125 units, +42% YoY) and growing RPO of $80.4M. This strong operational momentum, supported by expanding reimbursement coverage and a healthy balance sheet ($62.4M cash), reinforces the bullish trajectory from the prior 20-F annual report.
Key Facts
- Q2 2026 revenue increased 35% YoY to $17.1M, a record.
- Net income rose 34% YoY to $2.7M; diluted EPS was $0.07 vs $0.05.
- Adjusted EBITDA more than doubled to $3.5M, with margin expanding to 20% from 11%.
- Shipped a record 125 Deep TMS systems in Q2, up 42% YoY; installed base ~1,949.
- Remaining performance obligations (RPO) grew 30% YoY to $80.4M.
- Raised FY 2026 revenue guidance to $68M-$70M (from $66M-$68M) and Adjusted EBITDA guidance to $13M-$14M (from $12M-$14M).
- Cash and cash equivalents totaled $62.4M as of June 30, 2026, up ~6% from March 31, 2026.
- Generated $6.3M of cash flow from operations in Q2 2026.
Financial Impact
Revenue growth of 35% YoY to $17.1M; net income growth of 34% to $2.7M; Adjusted EBITDA growth of 141% to $3.5M; raised FY 2026 revenue guidance by $2M at midpoint to $69M.
Risk Factors
- Patent litigation with Magnus Medical remains an overhang, though no update was provided in this filing.
- Reliance on a single large customer (noted in prior 20-F) and execution risk on the minority investment portfolio could temper growth.
- Forward guidance assumes continued reimbursement expansion and installed base utilization, which may face competitive or regulatory headwinds.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005440 |
| Document: f6k_081126.htm | 0001171843-26-005440 |
| Document: 0001171843-26-005440-index-headers.html | 0001171843-26-005440 |
| Document: 0001171843-26-005440-index.html | 0001171843-26-005440 |
| Document: 0001171843-26-005440.txt | 0001171843-26-005440 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 8, 2026 24d ago | 6-K | $14.16 $13.63 | ▼ −3.74% | ▼ −3.08% | $12.71 (−10.24%) |
Aug 27, 2026 5w ago | 6-K | $14.40 $14.51 | ▲ +0.76% | ▲ +0.50% | $12.71 (−11.74%) |
Aug 12, 2026 7w ago | 6-K | $16.47 $14.97 | ▼ −9.11% | ▼ −7.14% | $12.71 (−22.83%) |
Aug 12, 2026 7w ago | 6-K | $16.60 $15.17 | ▼ −8.61% | ▼ −8.17% | $12.71 (−23.43%) |
Aug 12, 2026 7w ago | Press Release | $16.60 $15.17 | ▼ −8.61% | ▼ −8.17% | $12.71 (−23.43%) |
Jul 20, 2026 10w ago | 6-K | $16.50 $15.97 | ▼ −3.21% | ▼ −2.79% | $12.71 (−22.97%) |
Jul 16, 2026 11w ago | 6-K | $14.84 $16.51 | ▲ +11.25% | ▲ +12.92% | $12.71 (−14.35%) |
Jun 29, 2026 13w ago | Press Release | $15.17 $16.02 | ▲ +5.60% | ▲ +4.22% | $12.71 (−16.22%) |
Jun 22, 2026 14w ago | 6-K | $14.38 $15.17 | ▲ +5.49% | ▲ +5.95% | $12.71 (−11.61%) |
May 18, 2026 19w ago | Press Release | $14.88 $15.89 | ▲ +6.79% | ▲ +5.17% | $12.71 (−14.58%) |
US Market Status
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