Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 28

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 28
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 cash and cash equivalents |     |                           |                         18 |   |     |    (46 | ) |
| Increase (decrease) in cash and cash equivalents       |     |                           |                     (1,433 | ) |     | 37,344 |   |

#### Operating Activities
Net cash provided by operating activities was $17.4 million
during the six months ended June 30, 2025, compared to $4.5 million provided by operating activities during the six months ended June
30, 2024. The increase of $12.9 million is primarily attributed to deferred revenue receipts from customers and an increase in net profit
in 2025 compared to 2024.

#### Investing Activities
Net cash used in investing activities was $17.8 million during
the six months ended June 30, 2025, compared to $33.5 million provided by investing activities during the six months ended June 30, 2024.
The increase in cash used in investing activities is mainly due to the transfer during the six months ended June 30, 2024 of $35 million
that was held in bank deposits for a duration of over three months to bank deposits for a duration of less than three months and the deposit
of $10.0 million in bank deposits for a duration of over three months during the six months ended June 30, 2025. This resulted in a change
in the way these amounts are classified from “short term deposits” to “cash and cash equivalents”.

| 9 |

#### Financing Activities
Net cash used in financing activities was $1.0 million during
the six months ended June 30, 2025, compared to $0.6 million used in financing activities during the six months ended June 30, 2024. The
increase in net cash used in financing activities is primarily attributed to an increase in lease liability repayments in 2025.

#### Government Grants
During the six months ended June 30, 2025, we did not receive
any additional grants from the Israeli government, while we repaid approximately $0.6 million in respect of refundable projects through
royalties. For a discussion of our existing government grants related to our research and development efforts, please see “Item
5. Operating and Financial Review and Prospects— B. Liquidity and Capital Resources— Government Grants” in our 2024
Annual Report.

#### Outstanding Warrants
In connection with the private placement to Valor