Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 25

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 25
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 |     |   |    986 |
| Income taxes                              |     |                                   |                                               227 |     |   |    275 |
| Net profit and total comprehensive income |     | $                                 |                                             3,134 |     | $ |    711 |
| Basic net earnings per share              |     | $                                 |                                              0.08 |     | $ |   0.02 |
| Diluted net earnings per share            |     | $                                 |                                              0.07 |     | $ |   0.02 |

**Six Months Ended June 30, 2025 compared
to Six Months Ended June 30, 2024

Revenues**

Our total revenues were $24.2 million for the six months
ended June 30, 2025, compared to $19.1 million for the six months ended June 30, 2024. The increase in revenues of $5.1 million, or
27%, is primarily attributed to an increase in leases and sales of our Deep TMS systems to customers. Revenues from sales and leases
were 64% and 24%, respectively, of the revenues for the six months ended June 30, 2025, compared to 42% and 48%, respectively, of
the revenues for the six months ended June 30, 2024.

| 7 |

Cost of revenues and gross margin

Our cost of revenues was $6.1 million
for the six months ended June 30, 2025, compared to $4.8 million for the six months ended June 30, 2024. The increase of $1.3 million,
or 27% is primarily attributed to an increase in sales volumes. There has been no material change in our gross margin as a percentage
of revenue for the last three years.

Research and development expenses

Our research and development expenses were $4.7 million
for the six months ended June 30, 2025, compared to $3.4 million for the six months ended June 30, 2024. The increase of $1.4 million,
or 42%, is primarily attributed to an increase in headcount and in investments in clinical trial and post-marketing studies.

Selling and marketing expenses

Our selling and marketing expenses were $9.1 million for the
six months ended June 30, 2025, compared to $7.6 million for the six months ended June 30