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.
Additionally, BrainsWay announced a multicenter trial for Alcohol Use Disorder (AUD) using its Deep TMS 360™ platform and celebrated the approval of Neurolief ProlivRx, further diversifying its neuro-modulatory portfolio.
Looking ahead to 2026, BrainsWay issued aggressive guidance, projecting revenue between $66 million and $68 million, which implies a growth rate of 27% to 30%.
The company is targeting an operating income margin of 13% to 14% and expects adjusted EBITDA to nearly double to a range of $12 million to $14 million.