BrainsWay is transitioning from a device manufacturer to a capital-light ecosystem provider for interventional psychiatry, leveraging recurring revenue and minority investments. BWAY reported Q1-2026 revenue up 35% YoY, a steady 75% gross margin, and expects FY-2026 revenue of $66–68M with adjusted EBITDA growth of 86–100%. Multi-year leasing, accelerated protocols, and expanded provider access are reducing TMS adoption barriers, supporting higher utilization and stickier customer relationships.