Slide 1: From an innovative technology to a fast-growing ARR company
From an innovative technology to a fast-growing ARR company Investor Deck March 2026 Nasdaq/TASE: BWAY Investor Deck | March 2026
Slide 2: Safe Harbor and Non-GAAP/IFRS Financial Measures
Safe Harbor and Non-GAAP/IFRS Financial Measures This presentation does not constitute an offer or invitation to sell or issue, or any solicitation of an offer to subscribe for or acquire, any securities of the Company, nor to participate in any investment. This presentation shall not constitute adv
Slide 3: BrainsWay: Global Leader in Transcranial Magnetic Stimulation (TMS)
BrainsWay: Global Leader in Transcranial Magnetic Stimulation (TMS) Installed base of >1,700 treatment centers > 7M individual treatment 4 FDA-cleared indications 2013 - Major Depressive Disorder (MDD) 2018 - Obsessive-Compulsive Disorder (OCD) 2020 - Smoking Addiction 2021- Anxious Depression Septe
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights Strong Growth & Profitability Momentum Across the Business • Revenue: $14.5M (+27% YoY); Full year revenue: $52.2M • FDA Clearance: Accelerated protocol for Major Depressive Disorder (+27% YoY) (MDD) • Gross Margin: 76% (vs. 75% in Q4 2024) • FDA Clearance: adjunct therapy for ado
Slide 5: Going Forward, All About Execution
Going Forward, All About Execution Steady Quarterly Revenue Growth Strong Visibility To Future Business $14.5 $13.5 Recurring revenue poised to increase: $12.6 $11.4 $11.5 $10.0 $10.5 $9.0 $9.1 $7.8 $8.3 $6.6 +1700 +93% Systems deployed customer retention rate Remaining performance obligations (RPO)
Slide 6: The ARR Model
———— Business Model - Leasing The ARR Model Recurring revenue growth (+30% YoY) Exceeds Non-Recurring Revenue growth (+25% YoY) +32% YoY growth $18.4M Recurring $14M Recurring 12.6 13.4 11.4 11.5 10 10.5 4.9 9.0 9.1 4.7 7.8 8.3 4.5 4 4.3 6.6 3.3 3.7 3 3 2.3 2.7 2 8.8 9.5 7.4 8.1 6.7 6.8 7.2 5.5 5.6
Slide 7: Focused on ARR and Operating Leverage
Focused on ARR and Operating Leverage Revenue Mix Shift Towards ARR ($ in Millions) Strong Operating Leverage 2023 2024 2025 % Growth $100 $ Millions $80 Recurring Revenue $10.0 $14.0 $18.4 +32% $60 Non-Recurring Revenue $21.7 $27.0 $33.6 +24% $40 $20 $0 2023 2024 2025 2026 -$20 Recurring Revenue Gr
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 Investor Deck | March 2026 8
Slide 9: One time sale to a high-margin ARR model
———— Business Model - Leasing We transformed to a winning business model To: From: A high-margin One time sale ARR model Investor Deck | March 2026 9
Slide 10: Fix Lease Model & Pay Per Use Driving $70M RPO – U.S. Only
Fix Lease Model & Pay Per Use Driving $70M RPO – U.S. Only ~$900K–$1.0M/yr Removes barriers, boosts adoption Reduces upfront capital commitment for physicians Clinics pay only when they treat: faster adoption & utilization Provides 4-5 years contracts ~$250–300K Built for today’s market: solves high
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 Investor Deck | March 2026 11
Slide 12: Strategic Partnership With Valor Equity Partners
Strategic Partnership With Valor Equity Partners Valor, a leading $20B equity firm behind market leaders, is now BrainsWay’s largest investor and an active partner in our scale strategy Investor Deck | March 2026 12
Slide 13: Strategic Equity Investments in Mental Health Providers
Strategic Equity Investments in Mental Health Providers New Strategy to Accelerate Company Growth Strategic Initiative Led 200+ with Valor Fund Identified Mental Health Clinics as Potential Partners Each deal can potentially add Each deal can deliver No Added OPEX Significant incremental 10-15 Clini
Slide 14: How do we partner?
Access to Data How do we partner? Access to Patients Best-in-class Infrastructure for Expansion Deals signed: • Up to $2.5M investment • • Clinics in NY, Boston • $2.3M in initial investment $2.5M in initial investment • Clinics in Vancouver, South • $5M investment • • New York, South Carolina, • Ad
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 Investor Deck | March 2026 15
Slide 16: Extending to Home-Use Neuromodulation
Extending to Home-Use Neuromodulation August 21, 2025: Announced Structured M&A Option Explore extending deep TMS treatments with At- 01 home therapy - start in clinic, continue at home Structured deal: $5M convertible debt; milestone 02 tranches; call option to acquire 03 Clean P&L: no consolidatio
Slide 17: International Growth Opportunities
International Growth Opportunities Existing Partnership: China Europe Japan Europe – 37M Depression Patients India India – 57M Depression Patients China – 71M Depression Patients Japan – 6M Depression Patients Australia Australia – 1.3M Depression Patients Investor Deck | March 2026 17
Slide 18: 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 Investor Deck | March 2026 18
Slide 19: Expanding TAM in a Massive Market
Expanding TAM in a Massive Market U.S Patient population Major Depressive Disorder (MDD) & Anxious Depression, FDA cleared 49M OCD, indications Smoking Addiction 29M Alcohol Use Disorder (AUD) Future Pipeline Indications 8M Alzheimer Post-Stroke Note: Other than MDD/Anxious Depression, OCD, and Smok
Slide 20: Upside Potential: Deep TMS 360 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 adul
Slide 21: From 6 weeks To 6 days
—— Accelerated Treatment Accelerated Trial Outcomes (n=104 patients enrolled, 89 completers mITT outcomes displayed) From 6 weeks To 6 days* 87.8 87.5 87.5 78 • Accelerated Deep TMS protocol: 1,800 iTBS pulses at 110% of MT using the H1 coil • 30 total sessions • Flexible scheduling - days can be no
Slide 22: Smoking Addiction With Brainsway
—— Indications Smoking Addiction With Brainsway: 28.3 U.S Adult Smokers M ~ 1 out of 3 ~ 67 % patients quit for 4 of 6-week completers weeks remained non-smokers $2B/year for +3 months nearly spent by smokers on Quitting 1Onlyst and 85% of them don't succeed TMS Addiction Clearance Investor Deck | M
Slide 23: PTSD New Article (2024)
PTSD New Article (2024)* Real-world evidence showing significant reductions in comorbid PTSD symptoms in MDD patients for up to 6 months after treatment • 99 patients in VA clinic 50 BSS PHQ-9 PCL-5 • H1-coil, FDA-approved depression protocol 40 • 3-week taper (maintenance) • Significant reductions
Slide 24: BrainsWay Deep TMS vs. Traditional TMS
BrainsWay Deep TMS vs. Traditional TMS Clear, compelling technological advantage BrainsWay Deep TMS Features Traditional TMS 1.8 to 2.0 cm9,10 Depth 0.7cm to 1.0 cm9 Extensive -17 cm10 Brain Volume Stimulated Limited - 3 cm10 More Reliable Targeting Prone to Targeting Errors Therapy Delivery Deep an
Slide 25: Depression Clinical Efficacy: Demonstrated Safety and Efficacy
Depression Clinical Efficacy: Demonstrated Safety and Efficacy After 30 sessions 81.6 % 65.3 % Response Remission • Durability in TMS is >1 Year in ~50% of • ~2 in 3 patients achieved remission with Responders Deep TMS • A published abstract of 200 patients from • 1,351 MDD patients who received at
Slide 26: OCD Clinical Efficacy
OCD Clinical Efficacy After 29 sessions 87.0 % 57.9 % Response Durability of 1+ Years • 219 patients across 22 centers • n = 60 patients (from pivotal and • Sustained response achieved in ~20 post-market studies) sessions • Durability = time from end of • No systemic side effects Deep TMS course to
Slide 27: Strong Economic and Clinical Incentive for Adopters
Strong Economic and Clinical Incentive for Adopters Flexible Pricing Options Robust Reimbursement Coverage Drives Compelling Clinician ROI Reimbursement Increased Verified Return- Utilization on-Investment Economic 3 well-established CPT codes Impact of Reimbursement 250M+ covered for Depression Med
Slide 28: Most Extensive and Broadest TMS Intellectual Property
Most Extensive and Broadest TMS Intellectual Property Encompassing Core Technology and Applications Patent Portfolio Key Portfolio Coverage Areas Deep TMSTM Coils 30+ 50+ Multi-Channel TMS US OUS Rotational Field Deep TMS Issued Patents or Allowed Applications Closed Loop TMS/EEG Investor Deck | Mar
Slide 29: Upcoming Planned Milestones and Catalysts
Upcoming Planned Milestones and Catalysts* 12 Near-Term Month 12-36 Mid-Term Month 36 + Long-Term Month ✓ FDA accelerated protocol clearance • FDA Comorbid PTSD application • Neurology portfolio ✓ New AUD trial launch • Neurolief Home use device launch • BrainsWay 360 global launch ✓ FDA adolescent
Slide 30: BrainsWay is building the future for brain health
BrainsWay is building the future for brain health, positioning the company to scale across multiple neurological and psychiatric conditions Network Clinical Leadership Care Continuum Provider Economics Neuromodulation Only TMS company Only system engineered Only platform capable Only FDA-cleared acc
Slide 31: Successful, Experienced Medical Device Professionals - Decades of Results
Successful, Experienced Medical Device Professionals - Decades of Results Hadar Levy Ido Marom Dr. Gilead Moiseyev Naomi Rozenfeld Dr. Richard Bermudes Chief Executive Officer Chief Financial Officer Chief Technology Officer Chief Marketing Officer Chief Medical Officer 25+ Years Med Device 20+ Year
Slide 32: Summary Highlights
Summary Highlights 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 - $70M Remaining Performance Obligations (RPO) Stro
Slide 33: Strong Financial Momentum.
Strong Financial Momentum. ($ in Millions) Revenue Growth Adjusted EBITDA * ($ in Millions) $60 .00 $52.2 $8. 00 $7.0 $50 .00 $41.0 $6. 00 $40 .00 $31.8 $4.5 $30 .00 $4. 00 $20 .00 $2.3 $14.5 $11.4 $2. 00 $1.5 $10 .00 $0. 00 $0. 00 2023A 2024A 2025A Q4 2024 Q4 2025 2023A 2024A 2025A Q4 2024 Q4 2025
Slide 34: FY 2025 VS. FY 2024
FY 2025 VS. FY 2024 Investor Deck | March 2026 34
Slide 35: 2025 Balance Sheet
2025 Balance Sheet As of As of As of USD in thousands December 31, September 30, December 31, 2025 2025 2024 ASSETS Cash and cash equivalents 67,700 70,458 69,345 Short-term deposits - - - Restricted cash 251 251 271 Trade receivables, net 4,111 5,129 4,596 Inventory 7,134 4,418 4,426 Other current
Slide 36: References
References 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. 1996 4. Trivedi MH et al. STAR*D St