Brainsway(BWAY) - 2025 Q3 - Quarterly Report

Financial Performance - Revenue increased 29% to $13.5 million in Q3 2025 compared to Q3 2024[5] - Operating income totaled $1.3 million in Q3 2025, up from $0.3 million in the prior year period[5] - Adjusted EBITDA rose approximately 81% to $2.0 million in Q3 2025, compared to $1.1 million for Q3 2024[5] - Net profit for Q3 2025 increased 137% to $1.6 million, compared to $0.7 million for Q3 2024[5] - Revenues for Q3 2025 reached $13,512 thousand, a 28.6% increase from $10,502 thousand in Q3 2024[23] - Operating profit for Q3 2025 was $1,253 thousand, compared to $281 thousand in Q3 2024, marking a significant increase of 345.5%[23] - Net profit for the nine months ended September 30, 2025, was $4,700 thousand, a 242.5% increase from $1,373 thousand in the same period of 2024[23] - Adjusted EBITDA for Q3 2025 was $2,021 thousand, up 80.9% from $1,117 thousand in Q3 2024[28] - Basic net income per share for Q3 2025 was $0.04, doubling from $0.02 in Q3 2024[23] Operational Highlights - Remaining performance obligations increased to $65 million from customers under multi-year contracts[5] - Gross margin for Q3 2025 was 75%, compared to 74% in the prior year period[5] - Shipped a net total of 90 Deep TMS™ systems in Q3 2025, a 43% increase compared to the same period last year[5] Guidance and Investments - Full-year 2025 revenue guidance raised to $51 million – $52 million, up from previous guidance of $50 million – $52 million[5] - Announced four new minority equity investments in 2025 to expand strategic presence across the mental health treatment ecosystem[5] Cash and Expenses - Cash and cash equivalents at the end of Q3 2025 were $70,458 thousand, compared to $48,127 thousand at the end of Q3 2024, reflecting a 46.4% increase[26] - Total operating expenses for the nine months ended September 30, 2025, were $25,861 thousand, up 22.5% from $21,110 thousand in 2024[23] - Research and development expenses for the nine months ended September 30, 2025, totaled $7,072 thousand, an increase of 37.4% from $5,146 thousand in 2024[23] - Finance income for the nine months ended September 30, 2025, was $4,540 thousand, compared to $1,945 thousand in the same period of 2024, representing a 133.5% increase[23]