BrainsWay : Consolidated Statements of Financial Position

BRAINSWAY LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

U.S. dollars in thousands

		December 31,			December 31,
		2022			2021
ASSETS		(Unaudited)
Current Assets
Cash and cash equivalents	$	47,581	$	16,921
Short-term deposits		271			40,428
Trade receivables, net		4,844			6,332
Inventory		3,837			-
Other current assets		1,556			1,766
		58,089			65,447
Non-Current Assets
System components		1,220			4,463
Leased systems, net		3,118			3,813
Other property and equipment		1,008			1,055
Other long-term assets		1,042			954
		6,388			10,285
	$	64,477	$	75,732
LIABILITIES AND EQUITY
Current Liabilities
Trade payables	$	1,116	$	1,103
Deferred revenue		1,477			2,195
Liability in respect of research and development grants		1,057			978
Other accounts payable		4,491			4,792
		8,141			9,068
Non-Current Liabilities
Deferred revenue and other liabilities		4,923			3,419
Liability in respect of research and development grants		6,016			5,921
		10,939			9,340
Equity
Share capital		364			362
Share premium		138,146			137,566
Share-based payment reserve		6,180			5,340
Currency Translation Adjustments		(2,188)			(2,188)
Accumulated deficit		(97,105)			(83,756)
		45,397			57,324
	$	64,477	$	75,732

BRAINSWAY LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

U.S. dollars in thousands (except per share data)

	For the three months ended		For the twelve months
		December 31,			ended December 31,
		2022			2021			2022			2021
		(Unaudited)				(Unaudited)
Revenues	$	6,033	$	8,470	$	27,177	$	29,657
Cost of revenues		1,729			1,906			7,129			6,599
Gross profit		4,304			6,564			20,048			23,058
Selling and marketing expenses		4,750			4,518			18,199			15,880
Research and development expenses, net		2,151			2,032			7,678			6,393
General and administrative expenses		1,726			1,466			6,854			5,784
Total operating expenses		8,627			8,016			32,731			28,057
Operating loss		(4,323)			(1,452)			(12,683)			(4,999)
Finance income (expense), net		401			(379)			(351)			(1,420)
Loss before income taxes		(3,922)			(1,831)			(13,034)			(6,419)
Taxes on income (tax benefit)		(55)			(484)			315			43
Net loss and total comprehensive loss	$	(3,867)		$	(1,347)		$	(13,349)		$	(6,462)
Basic and diluted net loss per share	$	(0.12)	$	(0.04)	$	(0.40)	$	(0.21)

BRAINSWAY LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

	For the three months ended			For the twelve months
		December 31,			ended December 31,
		2022			2021			2022			2021
		(Unaudited)				(Unaudited)
Cash flows from operating activities:
Total comprehensive loss	$	(3,867)	$	(1,347)	$	(13,349)	$	(6,462)
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to profit or loss items:
Depreciation and amortization		102			170			559			560
Depreciation of leased systems		241			267			976			1,126
Impairments and disposals		400			410			816			1,295
Finance expenses, net		(401)			379			351			1,420
Cost of share based payment		353			416			1,474			1,893
Income taxes		(55)			(484)			315			43
Total adjustments to reconcile loss		640			1,158			4,491			6,337
Changes in asset and liability items:
(Increase) decrease in trade receivables		821			938			1,456			(849)
(Increase) in inventory		(643)			-			(3,595)			-
(Increase) decrease in other accounts receivable		255			(334)			(403)			(1,226)
Increase (decrease) in trade payables		(169)			153			-			289
Increase in other accounts payable		731			1,410			298			815
Increase (decrease) in deferred revenues and other liabilities		(313)			1,600			790			2,039
Total changes in asset and liability		682			3,767			(1,454)			1,068
Cash paid and received during the period for:
Interest paid		(12)			(16)			(46)			(62)
Interest received		422			13			1,042			17
Income taxes paid		(107)			(2)			(443)			(14)
Total cash paid and received during the period		303			(4)			553			(58)
Net cash provided by (used in) operating activities:		(2,242)			3,574			(9,759)			885
Cash flows from investing activities:
Proceeds from (purchase of) property and equipment and system components, net		428			(1,176)			1,936			(2,238)
Withdrawal of (investment in) short-term deposits, net		-			-			40,254			(40,000)
Investment in long-term deposits, net		(1)			34			(21)			22
Net cash provided by (used in) investing activities		427			(1,142)			42,169			(42,216)
Cash flows from financing activities:
Repayment of liability in respect of research and development grants		-			(388)			(977)			(761)
Receipt of government grants		-			23			15			492
Repayment of lease liability		(72)			(115)			(532)			(475)
Issuance of share capital, net		-			-			(52)			42,260
Net cash provided by (used in) financing activities		(72)			(480)			(1,546)			41,516
Exchange rate differences on cash and cash equivalents		116			(13)			(204)			(224)
Increase (decrease) in cash and cash equivalents		(1,771)			1,938			30,660			(40)
Cash and cash equivalents at the beginning of the period		49,352			14,983			16,921			16,961
Cash and cash equivalents at the end of the period	$	47,581	$	16,921	$	47,581	$	16,921
(a) Significant non cash transactions:
Recognition of new lease liability and right-of-use		61			-			301			587