Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 70

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 70
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 operations and product development, cause our revenues to decrease, and adversely affect the share
price of publicly traded companies having functions in Israel, such as us.

Moreover, in recent years Israel has been facing
political instability with the rapid changing of its government. Between the years 2018 and 2022, five elections were held for the Israeli
Parliament as a result of a failure to constitute a government. In addition, in 2022 a proposed dramatic and controversial legal reform
that would drastically change the way that the High Court of Justice would function and shift the balance of power between the Knesset
and other government bodies caused significant backlash in Israel, including civil protests and demonstrations, which continued and intensified
in connection with the October 2023 attacks on Israel and the hostages taken by Hamas and other militant groups in the Gaza Strip. Any
continuations or exacerbations of instability in Israel’s security, political and/or economic environments might deter potential
and current investors from investing in Israeli based companies such as BrainsWay.

  40  

Exchange rate
fluctuations between the U. S. dollar, the New Israeli Shekel and other foreign currencies may negatively affect our future revenues.

While a substantial portion of our revenues is and
will continue to be generated in U. S. dollars and our financial records are maintained in U. S. dollars, we incur a significant portion
of our expenses in currencies other than U. S. dollars, such as NIS. As a result, our financial results have been and may continue to be
affected by fluctuations in the applicable exchange rates of currencies in the U. S., Israel, and other countries in which our products
and services may be sold.

Our operations
may be affected by negative labor conditions in Israel.

Strikes and work-stoppages occur relatively frequently
in Israel. If Israeli trade unions threaten additional strikes or work-stoppages and such strikes or work-stoppages occur, those may,
if prolonged, have a material adverse effect on the Israeli economy and on our business, including our ability to deliver products to
our customers and to receive raw materials from our suppliers in a timely manner.

Our operations
could be disrupted as a result of the obligation of some of our personnel to perform military service.

Members of our senior management and several of our
key employees reside in Israel, and although most of them are no longer required to perform reserve duty, some may be required to perform
annual military reserve duty, and may be called for active duty under