Brainsway Ltd · TASE:BWAY
Brainsway — Investor Presentation (May 2026)
37 slides from Brainsway's investor presentation, May 13, 2026
Slide 1: From an innovative technology to a fast-growing ARR company
From an innovative technology to a fast - growing ARR company Investor Deck May 2026 Nasdaq/TASE: BWAY Investor Deck | May 2026
Slide 2: Safe Harbor and Non-GAAP/IFRS Financial Measures
Safe Harbor and Non - GAAP/IFRS Financial Measures 2 Investor Deck | May 2026 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 . This
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: Q1 2026 Highlights
Q1 2026 Highlights Strong Growth & Profitability • Q1 2026 revenue grew 35% year - over - year to $15.5M • Net income more than doubled to $2.3M; Adjusted EBITDA increased 117% to $2.8M • Remaining Performance Obligations (RPO) increased 25% to approximately $75M • Record shipment of 117 Deep TMS sy
Slide 5: Going Forward, All About Execution
Going Forward, All About Execution Steady Quarterly Revenue Growth ~120 Systems Shipped in Q1 / +44% Growth (Y/Y) Profitability Revenue Clean Balance Sheet 12/31/25) 75 % gross margins (Q1 26) +100 % Net Income growth in Q1, 2026 11 consecutive quarters of positive free cash flow +1820 Systems deplo
Slide 6: The ARR Model
4.6 5.5 5.6 6 5.8 6.7 6.8 7.4 7.2 8.2 9 9.9 10.7 2 2.3 2.7 3 3.3 3.3 3.7 4 4.3 4.4 4.5 4.6 4.8 - 2.9 - 0.6 0.3 0.8 0.7 1.2 1.1 1.4 1.3 1.5 2.0 2.3 2.8 Q1 - Q4 - Q3 - Q2 - Q1 - Q4 - Q3 - Q2 - Q1 - Q4 - Q3 - Q2 - Q1 - 2026 2025 2025 2025 2025 2024 2024 2024 2024 2023 2023 2023 2023 Adj. EBITDA * Lease
Slide 7: Focused on ARR and Operating Leverage
Focused on ARR and Operating Leverage Recent revenue growth: >30% Targeted future OPEX growth: <15% Strong Operating Leverage ($ in Millions) - $20 $0 $20 $40 $60 $80 $100 2023 2024 2025 2026 Booking Revenue Opex EBITDA * Adjusted EBITDA is a non - IFRS measure. See slide 34 for operating income res
Slide 8: 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 8 Investor Deck | May 2026
Slide 9: 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 9 Investor Deck | May 2026 Note: Other than MDD/A
Slide 10: How it works
Investor Deck | May 2026 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 d
Slide 11: BrainsWay Deep TMS vs. Traditional TMS
Investor Deck | May 2026 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 More Re
Slide 12: Only system engineered to increase clinic throughput
Provider Economics Care Continuum Clinical Leadership Network Neuromodulation Only system engineered to increase clinic throughput and operational efficiency Only neuromodulation platform spanning clinic - based treatment + At - home neuromodulation Only FDA - cleared accelerated TMS protocol (SWIFT
Slide 13: 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 13 Investor Deck | May 2026
Slide 14: Fixed Lease Model & Pay Per Use
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 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 | May 2026
Slide 16: Strategic Partnership With Valor Equity Partners
Strategic Partnership With Valor Equity Partners 16 Investor Deck | May 2026 Valor, a leading $20B equity firm behind market leaders, is now BrainsWay’s largest investor and an active partner in our scale strategy
Slide 17: Strategic Equity Investments in Mental Health Providers
RPO Costs Net Income 200+ Identified Mental Strategic Initiative Led with Valor Fund Health Clinics as Potential Partners 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 Prov
Slide 18: How do we partner? Deals signed
• $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 • Clinics in NY, Boston • New York, Sout
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 | May 2026
Slide 20: 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 21: 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 21 Investor Deck | May 2026
Slide 22: 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 22 Investor Deck | May 2026
Slide 23: Upside Potential: Deep TMS Research
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 be uniquely suited for older ad
Slide 24: 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 25: 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 25 In
Slide 26: PTSD: Real-world evidence in comorbid MDD patients
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. 26 Investor Deck | May 2026 PHQ - 9 PCL - 5 PTSD New Article (2024)* Real - world evidence showing significant reductions in comorbid PTSD symptoms in MDD patients for u
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 | May 2026 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 & maj
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: Upcoming Planned Milestones and Catalysts
Upcoming Planned Milestones and Catalysts* 31 Investor Deck | May 2026 • FDA Comorbid PTSD application • Neurolief Home use device launch • Full enterprise rollout (10+ new accounts) • Broader coil adoption • New payer coverage wins Long - Term • Neurology portfolio • BrainsWay 360 global launch • S
Slide 32: Summary Highlights
Summary Highlights 32 Investor Deck | May 2026 Category Leader – Only Deep TMS platform with 4 FDA cleared indications Expanding TAM – New indications, Neurolief at - home entry, international scale Recurring Revenue Model / PPU – multi - year agreement High Visibility - $75M Remaining Performance O
Slide 33: Strong Financial Momentum
Strong Financial Momentum. $31.8 $41.0 $52.2 $11.5 $15.5 $0. 00 $10 .00 $20 .00 $30 .00 $40 .00 $50 .00 $60 .00 2023A 2024A 2025A Q1 2025 Q1 2026 Revenue Growth - $2.4 * Adjusted EBITDA is a non - IFRS measure. See slide 34 for operating income results, the closest IFRS measure, and the reconciliati
Slide 34: Q1 2026 vs. Q1 2025 Variance
Q1 2026 VS. Q1 2025 Variance Actual Actual % $ Q1 2025 Q1 2026 USD in thousands 35% 3,995 11,536 15,531 Revenues 32% 930 2,926 3,856 Cost of Revenues 36% 3,065 8,610 11,675 Gross profit 75% 75% Gross Margin 24% 549 2,332 2,881 Research and Development expenses 18% 768 4,162 4,930 Selling and Marketi
Slide 35: Q1 2026 Balance Sheet
Q1 2026 Balance Sheet Investor Deck | May 2026 35 As of March As of December As of March 31, 31, 31, USD in thousands 2025 2025 2026 ASSETS 71,601 67,700 58,636 Cash and cash equivalents 271 251 251 Restricted cash 6,954 4,111 7,530 Trade receivables, net 4,680 6,523 7,078 Inventory - 1,432 1,138 Ot
Slide 36: BrainsWay Leadership Team
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. Gilead Moiseyev Chief Tech
Slide 37: References
References Investor Deck | May 2026 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. 199