Brainsway Ltd · TASE:BWAY
Brainsway — Investor Presentation (November 2025)
37 slides from Brainsway's investor presentation, Nov 12, 2025
Slide 1: Advanced Noninvasive Neurostimulation Treatments for Mental Health Disorders
Advanced Noninvasive Neurostimulation Treatments for Mental Health Disorders Investor Deck November 2025 Nasdaq/TASE: BWAY Investor Deck | November 2025
Slide 2: Safe Harbor and Non-GAAP/IFRS Financial Measures
Safe Harbor and Non - GAAP/IFRS Financial Measures 2 Investor Deck | November 2025 This presentation does not constitute a n offer o r invitation to sell o r issue, o r any solicitation of a n offer to subscribe for o r acquire, any securities of th e Company, nor to participate i n any investment .
Slide 3: BrainsWay: Global Leader in Transcranial Magnetic Stimulation (TMS)
BrainsWay: Global Leader in Transcranial Magnetic Stimulation (TMS) September 16, 2025: FDA Clearance for Accelerated Deep TMS Protocol for MDD Established reimbursement 2013 - Major Depressive Disorder (MDD) 2018 - Obsessive - Compulsive Disorder (OCD) 2020 - Smoking Addiction 2021 - Anxious Depres
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights Strong Growth & Profitability • Revenue: $13.5 M (+29% YoY) • Gross Margin: 75% • Adjusted EBITDA *: $2.0 M (+81%) • Net Profit: $1.6 M (+137%) • Cash: ~$71 M as of Sept 30, 2025 Momentum Across the Business • Remaining Performance Obligations: $65 M (up 37% YoY) • Shipments: 90 D
Slide 5: Going Forward, All About Execution
Going Forward, All About Execution Steady Quarterly Revenue Growth 90 Systems Shipped / +43% Growth (Q3 25 vs. Q2 24) Strong Profitability Revenue Guidance Clean Balance Sheet (6/30/25) 75 % gross margins (Q3 25) $ 7 M adjusted EBITDA * (Q3 25 annualized) +81 % adjusted EBITDA growth * (Q3 25 vs. Q2
Slide 6: The ARR Model
The ARR Model 4.6 5.5 5.6 6 6.1 6.7 6.8 7.4 7.2 8.1 8.8 2 2.3 2.7 3 3 3.3 3.7 4 4.3 4.5 4.7 - 2.9 - 0.6 0.3 0.8 0.7 1.2 1.1 1.4 1.3 1.5 2.0 Q1 - 2023 Q2 - 2023 Q3 - 2023 Q4 - 2023 Q1 - 2024 Q2 - 2024 Q3 - 2024 Q4 - 2024 Q1 - 2025 Q2 - 2025 Q3 - 2025 Sale Lease Adj. EBITDA * ——— — Business Model - Le
Slide 7: Focused on ARR and Operating Leverage
Focused on ARR and Operating Leverage Recurring Revenue Growth Exceeds Non - Recurring Revenue Growth % Growth 2025 (est.) $18.4 2024 $14.0 2023 $10.0 $ Millions Recurring Revenue +31% +25% $33.7 $27.0 $21.7 Non - Recurring Revenue Revenue Mix Shift Towards ARR - $10 $90 $80 $70 $60 $50 $40 $30 $20
Slide 8: We transformed to a winning business model
We transformed to a winning business model ——— — Business Model - Leasing From: One time sale To: A high - margin ARR model 8 Investor Deck | November 2025
Slide 9: Roadmap to Growth: Key Drivers
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 9 Investor Deck | November 2025
Slide 10: Lease Model & Pay Per Use Driving $65M RPO
Provides 4 - 5 years contracts Built for today’s market: solves high - rate CapEx hesitation and staffing constraints Removes barriers, boosts adoption Reduces upfront capital commitment for physicians Clinics pay only when they treat: faster adoption & utilization ~$250 – 300K ~$900K – $1.0M/yr Psy
Slide 11: Roadmap to Growth: Key Drivers
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 11 Investor Deck | November 2025
Slide 12: Strategic Partnership With Valor Equity Partners
Strategic Partnership With Valor Equity Partners 12 Investor Deck | November 2025 Valor, a leading $20B equity firm behind market leaders, is now BrainsWay’s largest investor and an active partner in our scale strategy
Slide 13: Strategic Equity Investments in Mental Health Providers
RPO Costs Net Income 200+ Identified Mental Health Clinics as Potential Partners Strategic Initiative Led by Valor Fund Each deal can deliver Significant incremental gross margin Each deal can potentially add 10 - 15 Clinics Annually No Added OPEX Strategic Equity Investments in Mental Health Provid
Slide 14: Deals signed in 2025
• $5M investment • 20+ clinics • 30,000 patients treated to date • $2.3M in initial investment • Additional $1M milestone - based investment • Clinics in Colorado • $2.5M in initial investment • Additional $1.5M milestone - based investment • Clinics in Texas Leading Mental Health (Northeast) • Clin
Slide 15: Roadmap to Growth: Key Drivers
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 15 Investor Deck | November 2025
Slide 16: Extending to Home-Use Neuromodulation
03 02 01 Explore extending deep TMS treatments with At - home* therapy - start in clinic, continue at home 04 Bigger reach: taps ~50% telemedicine activity, clinic - prescribed home device grows TAM without extra marketing and feeds in - clinic use. Patients can go directly to their primary care phy
Slide 17: International Growth Opportunities
Europe – 37M Depression Patients India – 57M Depression Patients China – 71M Depression Patients Japan – 6M Depression Patients Australia – 1.3M Depression Patients Existing Partnership: Europ e India China Australia Japan International Growth Opportunities 17 Investor Deck | November 2025
Slide 18: Upcoming Planned Milestones and Catalysts
Investor Deck | November 2025 Upcoming Planned Milestones and Catalysts* • Neurolief Home use device launch** • Full enterprise rollout (10+ accounts) • Broader coil adoption • New payer coverage wins Long - Term • Neurology portfolio • BrainsWay 360 global launch • Selective global expansion Near -
Slide 19: Roadmap to Growth: Key Drivers
Roadmap to Growth: Key Drivers New Indications New Care Settings / Territories Strategic Equity Investments in Mental Health Providers Organic Growth 2025 Future 19 Investor Deck | November 2025
Slide 20: Accelerated Deep TMS: From weeks to days
From 6 weeks To 6 days * • Accelerated Deep TMS protocol: 1,800 iTBS pulses at 110% of MT using the H1 coil • 30 total sessions • Flexible scheduling - days can be non - consecutive 78 87.8 87.5 87.5 Accel H1 Standard H1 Accelerated Trial Outcomes (n=104 patients enrolled, 89 completers mITT outcome
Slide 21: Indications: Smoking Addiction
— — Indications Smoking Addiction 28.3 M U.S Adult Smokers $ 2B /year nearly spent by smokers on Quitting 85 % of them don't succeed With Brainsway: ~ 67 % of 6 - week completers remained non - smokers for +3 months ~ 1 o u t of 3 patients quit for 4 weeks 1 st and Only TMS Addiction Clearance 21 In
Slide 22: PTSD Real-world evidence in comorbid MDD
Pre - tx Post - tx 3 Month 6 Month 20 10 0 40 30 50 BSS *Deep TMS is not FDA - cleared for PTSD. Data collection efforts underway. 22 Investor Deck | November 2025 PHQ - 9 PCL - 5 PTSD New Article (2024)* Real - world evidence showing significant reductions in comorbid PTSD symptoms in MDD patients
Slide 23: Upside Potential: Deep TMS Research
Investor Deck | November 2025 Upside Potential: Deep TMS 360 Research* Overview • Potential Novel solution being explored for shorter treatment , better efficacy , and possible new indications • Enables activation of greater numbers of neurons in the brain than currently available forms of TMS May b
Slide 24: Expanding TAM in a Massive Market
Expanding TAM in a Massive Market Major Depressive Disorder (MDD) & Anxious Depression, OCD, Smoking Addiction Alcohol Use Disorder (AUD) Alzheimer Post - Stroke Future Pipeline Indications U.S Patient population FDA cleared indications 49 M 29 M 8 M 24 Investor Deck | November 2025 Note: Other than
Slide 25: How it works
How it works: • An electromagnetic H - coil is placed on the scalp • A rapid current flows through the coil • This generates a magnetic field that induces an electric field in the brain • The changing electric field depolarizes axons and triggers action potentials • ~2.5 п deeper penetration than st
Slide 26: BrainsWay Deep TMS vs. Traditional TMS
Investor Deck | November 2025 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 BrainsWay Deep TMS Traditional TMS 1.8 to 2.0 cm 9,10 Extensive - 17 cm 10 Mo
Slide 27: Depression Clinical Efficacy
Depression Clinical Efficacy: Demonstrated Safety and Efficacy After 30 sessions 81.6 % Remission 65.3 % Response • Durability in TMS is >1 Year in ~50% of Responders • A published abstract of 200 patients from a single BrainsWay site showed average durability of 860 days • ~2 in 3 patients achieved
Slide 28: OCD Clinical Efficacy
OCD Clinical Efficacy After 29 sessions 57.9 % Durability of 1+ Years 87.0 % Response • 219 patients across 22 centers • Sustained response achieved in ~20 sessions • No systemic side effects • n = 60 patients (from pivotal and post - market studies) • Durability = time from end of Deep TMS course t
Slide 29: Economic Impact of Reimbursement
Economic Impact of Reimbursement 29 Investor Deck | November 2025 Flexible Pricing Options Verified Return - on - Investment Up to $10k Revenue per Depression Patient Highly Profitable Procedure Increased Utilization 3 well - established CPT codes Reimbursement 250M+ covered for Depression Medicare
Slide 30: Patent Portfolio
30+ US 50+ OUS Deep TMS TM Coils Multi - Channel TMS Rotational Field Deep TMS Closed Loop TMS/EEG Issued Patents or Allowed Applications Most Extensive and Broadest TMS Intellectual Property Encompassing Core Technology and Applications Key Portfolio Coverage Areas Patent Portfolio 30 Investor Deck
Slide 31: Legacy Adoption Barriers Overcome
2020 2025 Legacy Adoption Barriers Overcome □ $8,500 average reimbursement □ Limited reimbursement □ Infrastructure of clinics following J&J Spravato approval □ Early days of selling medical devices to mental health channel □ Openness to pay - per - use □ One - time sale / Resistance to pay -
Slide 32: Strong Financial Momentum
Investor Deck | November 2025 Strong Financial Momentum. $31.8 $41.0 $52.0 $29.6 $37.7 $0. 00 $10 .00 $20 .00 $30 .00 $40 .00 $50 .00 $60 .00 2023A 2024A 2025 Guidance 9/2024 YTD 9/2025 YTD Revenue Growth - $2.4 $4.5 $7.0 $3.1 $4.8 - $3.00 - $2.00 - $1.00 $0. 00 $1. 00 $2. 00 $3. 00 $4. 00 $5. 00 $6
Slide 33: YTD 2025 vs. YTD 2024
YTD 2025 VS. YTD 2024 Variance Actual Actual % $ YTD 2024 YTD 2025 USD in thousands 27% 8,078 29,602 37,680 Revenues 25% 1,880 7,532 9,412 Cost of Revenues 28% 6,198 22,070 28,268 Gross profit 74.56% 75.02% Gross Margin 37% 1,926 5,146 7,072 Research and Development expenses 18% 2,100 11,731 13,831
Slide 34: Q3 2025 Balance Sheet
Q3 2025 Balance Sheet Change vs. 06/25 Change vs. 12/24 As of December 31, As of June 30, As of September 30, USD in thousands % $ % $ 2024 2025 2025 ASSETS 2% 1,113 4% 2,546 69,345 67,912 70,458 Cash and cash equivalents - 7% (20) 0% - 271 251 251 Restricted cash 100% - - 100% (10,087) - 10,087 - S
Slide 35: Successful, Experienced Medical Device Professionals
Moria Ben Soussan Vice President - R&D 15+ Years Med Device Dev Hadar Levy Chief Executive Officer 25 + Years Med Device Michael Cohen Vice President - US Sales 15+ Years Med Device Sales Dr. Colleen Hanlon Vice President - Medical Affairs 15+ Years Brain Stim Research Dr. Richard Bermudes Chief Med
Slide 36: Summary Highlights
Summary Highlights Investor Deck | November 2025 36 Category Leader – Only Deep TMS platform with 4 FDA cleared indications Expanding TAM – New indications, Neurolief at - home entry, international scale Recurring Revenue Model – ~70% new deals are multi - year rentals High Visibility - $65M Remaini
Slide 37: References
References Investor Deck | November 2025 37 1. BrainsWay Data on File 2. The National Institute of Mental Health: nimh.nih.gov 3. Kessler RC, et al. Comorbidity of DSM - III - R major depressive disorder in the general population: results from the US National Comorbidity Survey Br J Psychiatry Suppl