Company: BWAY
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001171843-25-006185
Chunk: 23

Company: Brainsway Ltd.
Filing Date: 2025-09-30
Form: 6-K
Chunk 23
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 on account of grants received for financing our research and development activity, as
well as expenses related to bank charges and foreign currency exchange transactions.

Income Taxes Expense

Our income taxes expense is derived primarily from income
generated from the sales and lease of our Deep TMS systems from our U.S. subsidiary.

#### Critical Accounting Policies
and Estimates

The preparation of unaudited condensed consolidated interim
financial statements, in conformity with IFRS, requires companies to make estimates and assumptions that affect the reported amounts of
assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at and as of the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. These estimates and judgments are subject to
an inherent degree of uncertainty, and actual results may differ. Our significant accounting policies are more fully described in Note
2 to our financial statements included in the 2024 Annual Report and in Note 2 to our unaudited condensed consolidated interim financial
statements included as Exhibit 99.1 to this Report. Critical accounting estimates and judgments are continually evaluated and are based
on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances,
and are particularly important to the portrayal of our financial position and results of operations.

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#### Variability of Quarterly Operating Results
Our revenues and profitability may vary from quarter to
quarter and in any given year, depending primarily on the sales vs. lease mix of our products and the mix of the various components
of the products, sale prices, and production costs, as well as changes in the scope and composition of our expenses. Annual and
quarterly fluctuations in our results of operations may be caused by the timing and composition of orders by our customers and the
timing of our ability to recognize revenues. Our future results may also be affected by a number of factors, including our ability
to continue to develop, introduce and deliver new and enhanced products on a timely basis and expand into new product offerings at
competitive prices, to anticipate effectively customer demands and to manage future inventory levels in line with anticipated
demand. Our results may also be affected by currency exchange rate fluctuations and economic conditions in the geographical areas in
which we operate. In addition, our revenues may vary significantly from quarter to quarter as a result of, among other factors, the
timing of new product announcements and releases by our competitors and us. We cannot be certain that revenues, gross profit and net
income (or loss) in any