Brainsway(BWAY) - 2024 Q4 - Annual Report

Financial Performance - Achieved record quarterly sales of $11.4 million in Q4 2024, a 27% increase compared to Q4 2023[1] - Full year 2024 revenue increased nearly 30% YoY to $41 million[1] - Operating income for the full year 2024 was $1.4 million, compared to an operating loss of $5.0 million in the prior year[5] - Net income for the full year 2024 was $2.9 million, compared to a net loss of $4.2 million in the prior year[5] - Adjusted EBITDA for the full year 2024 was approximately $4.5 million, compared to an adjusted EBITDA loss of $2.4 million for the prior year[5] - Revenues for Q4 2024 increased to $11,414,000, a 26.5% rise from $9,029,000 in Q4 2023[22] - Gross income for Q4 2024 was $8,511,000, up 26.3% from $6,739,000 in Q4 2023[22] - Operating income for the year ended December 31, 2024, was $1,391,000, compared to a loss of $4,959,000 in 2023[22] - Net income for Q4 2024 was $1,548,000, significantly higher than $127,000 in Q4 2023[22] - Adjusted EBITDA for Q4 2024 was $1,360,000, compared to $757,000 in Q4 2023, reflecting a 79.6% increase[27] Future Projections - Company expects revenue for full year 2025 to be between $49 million to $51 million, representing 20% to 24% growth over 2024 revenue[11] Cash and Financing - Increased cash and cash equivalents to $69.4 million as of December 31, 2024, compared to $10.5 million in the prior year[21] - Cash and cash equivalents at the end of Q4 2024 were $69,345,000, up from $10,520,000 at the end of Q4 2023[25] - The company raised $16,353,000 from the issuance of shares in Q4 2024, contributing to a net cash provided by financing activities of $19,585,000[25] Operating Expenses - Total operating expenses for the year ended December 31, 2024, were $29,190,000, slightly higher than $28,436,000 in 2023[22] - Research and development expenses for Q4 2024 were $2,044,000, an increase from $1,434,000 in Q4 2023[22] Product Performance - Shipped a net total of 75 Deep TMS™ systems in Q4 2024, a 25% increase from Q4 2023[5] - Completed a $20 million strategic equity financing transaction with Valor Equity Partners to expand access to Deep TMS™[5] Cash Flow - The company reported a net cash provided by operating activities of $10,230,000 for the year ended December 31, 2024, compared to $1,284,000 in 2023[24]