BrainsWay (NASDAQ:BWAY), a global leader in advanced non-invasive neurostimulation treatments, reported robust financial results for the fourth quarter and full year ended December 31, 2025.
The company achieved a 27% year-over-year increase in revenue, reaching $52.2 million for the year, as its Deep Transcranial Magnetic Stimulation (Deep TMS) technology continues to gain traction in the mental health and addiction sectors.
The fourth quarter was particularly strong, with revenue climbing to $14.5 million, also a 27% increase compared to the prior-year period.
Profitability metrics surged alongside the top line; fourth-quarter adjusted EBITDA rose 53% to $2.3 million, bringing the full-year total to approximately $7 million.
This momentum is further supported by a 43% growth in remaining performance obligations, which now stand at approximately $70 million.
Operationally, 2025 was a year of significant regulatory and commercial milestones.
The company secured an FDA label expansion for its Deep TMS system to treat adolescent Major Depressive Disorder (MDD) and received critical insurer coverage for its accelerated "SWIFT" protocol.