Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 2

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 2
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Not applicable.

  Reasons for the Offer and Use of Proceeds  

Not applicable.

   2  

  Risk Factors  

You should carefully consider the risks we describe
below, in addition to the other information set forth elsewhere in this Annual Report, including our financial statements and the related
notes beginning on page F-1. The risks and uncertainties described below in this Annual Report on Form 20-F for the year ended December
31, 2024 are not the only risks we face. We may face additional risks and uncertainties not currently known to us or that we currently
deem to be immaterial. Any of the risks described below or incorporated by reference in this Form 20-F, and any such additional risks,
could materially adversely affect our reputation, business, financial condition or results of operations.

Summary of
Risk Factors

The following is a summary of some of the principal
risks we face. The list below is not exhaustive, and investors should read this “ Risk Factors” section in full.

Financial Condition and Capital
Requirement Risks

  We have a history of operating losses. Although during the year ended December 31,                                                          
  2024 we achieved an operating profit, we may incur losses in the future and no longer be profitable and we cannot ensure that our existing  
  capital will be sufficient to meet our capital requirements.                                                                                
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Business, Economic and Industry
risks

  Our success depends on Deep TMS as a safe treatment option for patients, as well as  

  Our long-term growth depends on our ability to increase market penetration and further                                                    
  commercialize Deep TMS, as well as develop enhancements and features to the Deep TMS system through our research and development efforts  
  and obtain regulatory clearances for additional indications, products and/or labeling expansions. If we fail to do so, we may be unable   
  to achieve future growth.                                                                                                                 
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  We operate in a very competitive environment and if we are unable to compete successfully                      
  against our existing or potential competitors, our revenues and operating results may be negatively affected.  
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  We are dependent on physicians and if we are unable to adequately train physicians                                                      
  and other treatment providers and