<SEC-DOCUMENT>0001171843-25-003109.txt : 20250513
<SEC-HEADER>0001171843-25-003109.hdr.sgml : 20250513
<ACCEPTANCE-DATETIME>20250513073006
ACCESSION NUMBER:		0001171843-25-003109
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250513
FILED AS OF DATE:		20250513
DATE AS OF CHANGE:		20250513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brainsway Ltd.
		CENTRAL INDEX KEY:			0001505065
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			L3

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35165
		FILM NUMBER:		25937141

	BUSINESS ADDRESS:	
		STREET 1:		16 HARTUM STREET RAD TOWER, 14TH FLOOR
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			9777516
		BUSINESS PHONE:		972 2 581-3140

	MAIL ADDRESS:	
		STREET 1:		16 HARTUM STREET RAD TOWER, 14TH FLOOR
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			9777516
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_051225.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of May 2025</strong></p><p style="text-align: center;">Commission File Number: <strong>001-35165</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>BRAINSWAY LTD.</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><!--16 Hartum Street RAD Tower, 14th Floor <br>Har HaHotzvim--><strong>16 Hartum Street RAD Tower, 14th Floor </strong><br /><strong>Har HaHotzvim<br /> Jerusalem, 9777516, Israel<br />(+972-2) 582-4030<br /></strong>&#160;(Address and telephone number of Registrant&#8217;s principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;X ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;&#160; ]</p><!--<p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#160;</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#160;</p>--><p>This
Form 6-K is incorporated by reference into the Company's Registration Statement on Form S-8 filed with the Securities and Exchange Commission
on April 22, 2019 (Registration No. 333- 230979) and the Company's Registration Statements on Form F-3 filed with the Securities and
Exchange Commission on July 22, 2024 (Registration No. 333-280934) and on April 22, 2025 (Registration No. 333-286672).<p style="text-align: center;"><font style="font-size: 10pt;"><strong>&nbsp;</strong></font></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p style="text-align: center"><font style="font-size: 10pt"><strong></strong></font></p>

<p style="text-align: center"><font style="font-size: 10pt"><strong>EXHIBIT INDEX</strong></font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Exhibit Number</strong></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;"><strong>Description</strong></font></td></tr><tr><td><font style="font-size: 10pt;"></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td style="vertical-align: top;"><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="vertical-align: top;"><font style="font-size: 10pt;"><a href="exh_991.htm">Press Release dated May 13, 2025</a> </font></td></tr></table>&#160;</font></p><p /></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%"><strong>&#160;&#160;&#160;&#160;BRAINSWAY LTD.&#160;&#160;&#160;&#160;</strong></td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">(Registrant)</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: May 13, 2025</td><td width="6%">&#160;</td><td style="text-decoration: underline;" align="center" width="47%">&#160;&#160;&#160;&#160;/s/ Hadar Levy &#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Hadar Levy </td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">Chief Executive Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%"></td></tr></table><p><font>&#160;</font></p></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<html lang="en-US">
<!-- Field: Set; Name: Tidy Processed; Value: True -->
<head>
  <title>EdgarFiling</title>
  <meta content="text/html; charset=windows-1252" >
  <meta name="GENERATOR" content="MSHTML 8.00.7601.18094" >
</head>
<body bgcolor="#ffffff">

<p style="text-align: right;"><font style="font-size: 10pt"><b>EXHIBIT 99.1</b></font></p>

<p style="text-align: center;"><font style="font-size: 10pt"><b>BrainsWay Reports First Quarter 2025 Financial Results and Operational
Highlights</b></font></p>

<p style="text-align: center;"></p>

<p><p align="center"><font style="font-size: 10pt"><i>Achieved record quarterly sales of $11.5 million in Q1 2025, an increase of 27% compared
to Q1 2024</i></font></p>

<p align="center"><font style="font-size: 10pt"><i>Operating profit totaled $0.6 million and Adjusted EBITDA rose to $1.3 million, increasing
by 519% and 81%, respectively, compared to Q1 of 2024 </i></font></p>

<p align="center"><font style="font-size: 10pt"><i>Shipped a record net number of Deep TMS Systems, indicating significant demand and
further strengthening of relationships with enterprise accounts </i></font></p>

<p align="center"><font style="font-size: 10pt"><i>Company is reiterating its full-year 2025 financial guidance, including revenue of
$49 to $51 million, operating profit of 3% to 4% and Adjusted EBITDA of 11% to 12%</i></font></p>

<p align="center"><font style="font-size: 10pt"><i>Conference call to be held today at 8:30 AM ET</i></font></p>

<p align="justify"><font style="font-size: 10pt">BURLINGTON, Mass. and JERUSALEM, May 13, 2025 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ
&amp; TASE: BWAY) (&#8220;BrainsWay&#8221; or the &#8220;Company&#8221;), a global leader in advanced noninvasive neurostimulation treatments
for mental health disorders, today reported first quarter 2025 financial results and provided an operational update.</font></p>

<p align="justify"><font style="font-size: 10pt"><b>Recent Financial and Operational Highlights</b></font></p>

<ul type="disc">

<li style="text-align:justify;"><font style="font-size: 10pt">Revenue in the first quarter of 2025 increased 27% to $11.5 million, compared
to the first quarter of 2024.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Shipped a net total of 81 Deep TMS&#153; systems in the first quarter of
2025, a 42% increase compared to the 57 systems shipped in the same period last year.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Gross margin for the first quarter of 2025 was 75%, the same as in the
prior year period.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Operating profit increased 519% in the first quarter of 2025 to $0.6 million,
compared to $0.1 million for the same period in 2024.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Adjusted EBITDA<sup>1</sup> for the first quarter of 2025 increased 81%
to $1.3 million, compared to $0.7 million for the first quarter of 2024.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Net profit for the first quarter of 2025 increased 897% to $1.1 million,
compared with $0.1 million for the first quarter of 2024.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">As of March 31, 2025, cash, cash equivalents and short-term deposits totaled
$71.9 million.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Continued progress in the Company&#8217;s randomized, multicenter U.S.
clinical trial evaluating an accelerated treatment protocol for the Deep TMS system for major depressive disorder (MDD) treatment as
compared with the current standard-of-care Deep TMS protocol.</font></li>

<li style="text-align:justify;"><font style="font-size: 10pt">Continued progress with Israel Ministry of Defense&#8217;s Rehabilitation
Department in qualifying patients with post-traumatic stress disorder (PTSD) for Deep TMS.<br></font></li></ul>

<p><font style="font-size: 10pt">___________________________<sup><br>1</sup> See Adjusted EBITDA details and reconciliation table in
the appendix below.</font></p>

<p align="justify"><font style="font-size: 10pt"><b>Full-Year 2025 Financial Guidance</b></font></p>

<ul type="disc">

<li style="text-align:justify;"><font style="font-size: 10pt">Reiterating full-year 2025 financial guidance, including revenue between
$49 million to $51 million with an operating profit of 3% to 4% and Adjusted EBITDA of 11% to 12%.<br></font></li></ul>

<p align="justify"><font style="font-size: 10pt">&#8220;We continued to rapidly increase our share of the TMS market during the first
quarter of 2025. The momentum in our business is being driven by growing demand and utilization of our industry-leading technology in
multiple indications, including obsessive compulsive disorder (OCD) and anxious depression, as well as enhanced global sales channels.
Importantly, we continue to gain traction with large enterprise customers, resulting in the opportunity for meaningful recurring revenue
and a significant sales backlog,&#8221; said Hadar Levy, BrainsWay&#8217;s Chief Executive Officer.</font></p>

<p align="justify"><font style="font-size: 10pt">&#8220;We see tremendous opportunities for future growth with several upcoming key catalysts,
including our next-generation Deep TMS 360&#153; system, the expansion into new indications, and broadened and enhanced accessibility
across indications supported by additional clinical data. In order to leverage these critical technology advancements, our global market
presence continues to expand, and now extends across key markets including Canada, Asia, India and Europe,&#8221; concluded Mr. Levy.</font></p>

<p align="justify"><font style="font-size: 10pt"><b>Call and Webcast</b></font></p>

<p align="justify"><font style="font-size: 10pt">BrainsWay&#8217;s management will host a conference call on Tuesday, May 13, 2025, at
8:30 a.m. Eastern Time to discuss these results and answer questions.</font></p>

<p align="justify"><font style="font-size: 10pt">Tuesday, May 13, 2025, at 8:30 AM Eastern Time:</font></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td class="hugin" style="max-width:16%; width:16%; min-width:16%;"><font style="font-size: 10pt">United States:</font></td>
    <td class="hugin" style="max-width:84%; width:84%; min-width:84%;"><font style="font-size: 10pt">1-877-300-8521</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">International:</font></td>
    <td class="hugin"><font style="font-size: 10pt">1-412-317-6026</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">Israel:</font></td>
    <td class="hugin"><font style="font-size: 10pt">1-80-921-2373</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">Conference ID:</font></td>
    <td class="hugin"><font style="font-size: 10pt">10198731</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">Webcast:</font></td>
    <td class="hugin"><font style="font-size: 10pt">Link</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td></tr>
  </table>

<p align="justify"><font style="font-size: 10pt">The conference call will be broadcast live and will be available for replay for 30 days
on the Company&#8217;s website, https://investors.brainsway.com/events-and-presentations/event-calendar. Please access the Company&#8217;s
website at least 10 minutes ahead of the conference call to register.</font></p>

<p align="justify"><font style="font-size: 10pt"><b>Non-IFRS Financial Measures</b></font></p>

<p align="justify"><font style="font-size: 10pt">In addition to our results determined in accordance with International Financial Reporting
Standards (IFRS), including in particular operating profit and net profit, we believe that Adjusted EBITDA, a non-IFRS measure, is useful
in evaluating our operating performance. We define Adjusted EBITDA as net profit adjusted for depreciation and amortization, finance
income, finance expenses, income taxes, cost of share-based payments, and one-time restructuring and litigation expenses.</font></p>

<p align="justify"><font style="font-size: 10pt">In addition to operating income (loss) and net income (loss), we use Adjusted EBITDA
as a measure of operational efficiency. We believe that this non-IFRS financial measure is useful to investors for period-to-period comparisons
of our business and in understanding and evaluating our operating results for the following reasons:</font></p>

<ul type="disc">

<li style="text-align:justify;"><font style="font-size: 10pt">Adjusted EBITDA is widely used by investors and securities analysts to
measure a company&#8217;s operating performance without regard to items such as stock-based compensation expenses, depreciation and amortization,
finance expenses, income taxes, and certain one-time items such as restructuring and litigation expenses, that can vary substantially
from company to company depending upon their financing, capital structures and the method by which assets were acquired.</font></li>

<li style="margin-bottom:8pt; text-align:justify;"><font style="font-size: 10pt">Our management uses Adjusted EBITDA in conjunction with
IFRS financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance
and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance;
and Adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons
of operations, and also facilitates comparisons with other peer companies, many of which use similar non-IFRS or non-GAAP financial measures
to supplement their IFRS or GAAP results.</font></li></ul>

<p align="justify"><font style="font-size: 10pt">Adjusted EBITDA, however, should not be considered as an alternative to operating profit
(loss) or net profit (loss) for the period and may not be indicative of the historic operating results of the Company; nor is it meant
to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under IFRS and may not be comparable
to other similarly titled measures for other companies. A reconciliation between the Company&#8217;s net profit (loss) and Adjusted EBITDA
is presented in the attached summary financial statements.</font></p>

<p align="justify"><font style="font-size: 10pt">Because of these and other limitations, you should consider Adjusted EBITDA along with
other IFRS-based financial performance measures, including net profit (loss) and our IFRS financial results.</font></p>

<p align="justify"><font style="font-size: 10pt"><b>About BrainsWay</b></font></p>

<p align="justify"><font style="font-size: 10pt">BrainsWay is a global leader in advanced noninvasive neurostimulation treatments for
mental health disorders. The Company is boldly advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep
TMS&#153;) platform technology to improve health and transform lives. BrainsWay is the first and only TMS company to obtain three FDA-cleared
indications backed by pivotal clinical studies demonstrating clinically proven efficacy. Current indications include major depressive
disorder (including reduction of anxiety symptoms, commonly referred to as anxious depression), obsessive-compulsive disorder, and smoking
addiction. The Company is dedicated to leading through superior science and building on its unparalleled body of clinical evidence. Additional
clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders are underway. Founded in 2003, with operations
in the United States and Israel, BrainsWay is committed to increasing global awareness of and broad access to Deep TMS. For the latest
news and information about BrainsWay, please visit www.brainsway.com.</font></p>

<p align="justify"><font style="font-size: 10pt"><b>Forward-Looking Statement</b></font></p>

<p align="justify"><font style="font-size: 10pt"><i>This press release contains &#8220;forward-looking statements&#8221; within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words &#8220;intends,&#8221; &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;plans,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;projects,&#8221; &#8220;predicts,&#8221;
&#8220;estimates,&#8221; &#8220;aims,&#8221; &#8220;believes,&#8221; &#8220;hopes,&#8221; &#8220;potential&#8221; or similar words, and
also includes any financial guidance and projections contained herein. These forward-looking statements and their implications are based
on the current expectations of the management of the Company only and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in the forward-looking statements. In addition, historical results or
conclusions from scientific research and clinical studies do not guarantee that future results would suggest similar conclusions or that
historical results referred to herein would be interpreted similarly in light of additional research or otherwise. The following factors,
among others, could cause actual results to differ materially from those described in the forward-looking statements: inadequacy of financial
resources to meet future capital requirements; changes in technology and market requirements; delays or obstacles in launching and/or
successfully completing planned studies and clinical trials; failure to obtain approvals by regulatory agencies on the Company&#8217;s
anticipated timeframe, or at all; inability to retain or attract key employees whose knowledge is essential to the development of Deep
TMS products; unforeseen difficulties with Deep TMS products and processes, and/or inability to develop necessary enhancements; unexpected
costs related to Deep TMS products; failure to obtain and maintain adequate protection of the Company&#8217;s intellectual property,
including intellectual property licensed to the Company; the potential for product liability; changes in legislation and applicable rules
and regulations; unfavorable market perception and acceptance of Deep TMS technology; inadequate or delays in reimbursement from third-party
payers, including insurance companies and Medicare; inability to commercialize Deep TMS, including internationally, by the Company or
through third-party distributors; product development by competitors; inability to timely develop and introduce new technologies, products
and applications, which could cause the actual results or performance of the Company to differ materially from those contemplated in
such forward-looking statements.</i></font></p>

<p align="justify"><font style="font-size: 10pt"><i>Any forward-looking statement in this press release speaks only as of the date of
this press release. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may be required by any applicable securities laws. More detailed information
about the risks and uncertainties affecting the Company is contained under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s
filings with the U.S. Securities and Exchange Commission.</i></font></p>

<p><font style="font-size: 10pt"><b>Contacts:&#160;</b><br>BrainsWay:<br>Ido Marom<br>Chief Financial Officer<br>Ido.Marom@BrainsWay.com</font></p>

<p><font style="font-size: 10pt"><b>Investors:</b><br>Brian Ritchie<br>LifeSci Advisors LLC<br>britchie@lifesciadvisors.com</font></p>

<p></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p><font style="font-size: 10pt"><br></font></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>BRAINSWAY LTD. AND SUBSIDIARIES</b></font></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>CONSOLIDATED STATEMENTS OF
    FINANCIAL POSITION</b></font></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>U.S. dollars in thousands</b></font></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>March 31,</b></font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>December 31,</b></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;<b>2025</b></font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;<b>2024</b></font></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><u>ASSETS</u></font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="4" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>(Unaudited)</b></font></td>
    <td colspan="3" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>(Audited)</b></font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Current Assets</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="max-width:64%; width:64%; min-width:64%;;vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Cash
    and cash equivalents</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:14%; width:14%; min-width:14%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">71,601</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:14%; width:14%; min-width:14%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">69,345</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Restricted cash</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">271</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">271</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Trade receivables, net</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">6,954</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,596</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Inventory</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,680</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,426</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Other current assets</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,150</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,032</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">84,656</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">79,670</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Non-Current Assets</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">System components</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,937</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,707</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Leased systems, net</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,129</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">3,959</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Other property and equipment,
    net</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">796</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">752</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Right-of-use assets</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,378</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,530</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Other long-term assets</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">3,302</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,698</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="max-width:62%; min-width:62%;;vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; min-width:2%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">15,542</font></td>
    <td style="max-width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; min-width:2%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:14%; min-width:14%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">14,646</font></td>
    <td style="max-width:1%; min-width:1%;;border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">100,198</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">94,316</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><u>LIABILITIES AND EQUITY</u></font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Current Liabilities</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Trade payables</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,104</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,868</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Deferred revenues</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">7,022</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,434</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Liability in respect of
    government grants</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,341</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,293</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Current maturities of
    lease liabilities</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">818</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">824</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Other accounts payable</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,561</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,927</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">16,846</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">15,346</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Non-Current Liabilities</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Deferred revenues</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">7,349</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">3,625</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Liability in respect of
    government grants</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,380</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,803</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Lease liabilities</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,747</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,800</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Warrants liability</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,126</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,429</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">19,602</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">16,657</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Equity</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Share capital</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">415</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">413</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Share premium</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">158,134</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">157,597</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Reserve for share-based
    payment</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,663</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,872</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Currency Translation Adjustments</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(2,188</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(2,188</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Accumulated deficit</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(97,274</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(98,381</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">63,750</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">62,313</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">100,198</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">94,316</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  </table>

<p><font style="font-size: 10pt"><br></font></p>

<!-- Field: Page; Sequence: 2 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>BRAINSWAY LTD. AND SUBSIDIARIES</b></font></td></tr>
  <tr>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>CONSOLIDATED STATEMENTS OF
    COMPREHENSIVE PROFIT (LOSS)</b></font></td></tr>
  <tr>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>U.S. dollars in thousands
    (except per share data)</b></font></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="2"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="2"><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="5" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>For
    the three months ended<br>March 31,</b></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>2025</b></font></td>
    <td style="border-top: solid black 1pt ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>2024</b></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="5" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>(Unaudited)</b></font></td></tr>
  <tr>
    <td style="max-width:64%; width:64%; min-width:64%;;vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Revenues</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:15%; width:15%; min-width:15%;;padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">11,536</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:15%; width:15%; min-width:15%;;padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">9,095</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Cost of revenues</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,926</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,283</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Gross profit</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">8,610</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">6,812</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Research and development
    expenses, net</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,332</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,626</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Selling and marketing
    expenses</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4,162</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">3,827</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">General and administrative
    expenses</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,540</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,266</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Total operating expenses</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">8,034</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">6,719</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Operating profit</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">576</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">93</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Finance income</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,274</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">618</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Finance Expense</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">586</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">428</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Profit before income taxes</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,264</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">283</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Income taxes</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">157</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">172</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Net profit and total comprehensive profit</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,107</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">111</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Basic net income per share</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">0.03</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">0.00</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Diluted net income per share</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">0.02</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">0.00</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="2" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  </table>

<p></p>

<!-- Field: Page; Sequence: 3 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p><font style="font-size: 10pt"><br></font></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>BRAINSWAY LTD. AND SUBSIDIARIES</b></font></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>CONSOLIDATED STATEMENTS OF
    CASH FLOWS</b></font></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>U.S. dollars in thousands</b></font></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>For
    the three months ended<br>March 31,</b></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>2025</b><br></font></td>
    <td style="border-top: solid black 1pt ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>2024</b><br></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>(Unaudited)</b></font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Cash flows from operating activities:</font></td>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="max-width:64%; width:64%; min-width:64%;;vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Total
    comprehensive profit</font></td>
    <td class="hugin" style="max-width:1%; width:1%; min-width:1%;"><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:14%; width:14%; min-width:14%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,107</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:14%; width:14%; min-width:14%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">111</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Adjustments to reconcile
    net profit to net cash provided by operating activities:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Adjustments to profit
    or loss items:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Depreciation and amortization</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">191</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">62</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Depreciation of leased
    systems</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">203</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">255</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Impairment and disposal
    of inventory and system components</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">208</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">251</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Finance income, net</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(688</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(190</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Cost of share based payment</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">325</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">305</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Income taxes</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">157</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">172</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Total adjustments to reconcile profit</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">396</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">855</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Changes in asset and liability items:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Increase in inventory</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(73</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(53</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Increase in trade receivables</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(2,349</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(574</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Decrease (increase)&#160;in
    other current assets&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(78</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">264</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Increase (decrease)&#160;in
    trade payables</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(740</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">150</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Decrease in other accounts
    payable</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(384</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(365</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Increase in deferred revenues</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">6,312</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,924</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Total changes in asset and liability</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,688</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,346</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Cash paid and received during the period for:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Interest paid</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(98</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(11</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Interest received</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">913</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">877</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Income taxes received</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">4</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">-</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Total cash paid and received during the period</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">819</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">866</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Net cash provided by operating activities:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">5,010</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">3,178</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-top: solid black 1pt ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Cash flows from investing activities:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Purchase of property and
    equipment and system components, net</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(1,043</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(724</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Proceeds from sub-lease
    asset</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">-</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">20</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Investment in deposits,
    net</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(923</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(6</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Net cash used in investing activities</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(1,966</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(710</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Cash flows from financing activities:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Repayment of liability
    in respect of research and development grants</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(638</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(532</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Repayment of lease liability</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(117</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(57</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Net cash used in financing activities</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(755</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(589</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Exchange rate differences on cash and cash
    equivalents</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(33</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(17</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Increase in cash and cash equivalents</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">2,256</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,862</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Cash and cash equivalents at the beginning
    of the period</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">69,345</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">10,520</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">Cash and cash equivalents at the end of the
    period</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">71,601</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">12,382</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">(a) Significant non cash transactions:</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 20.0px; "><font style="font-size: 10pt">Recognition of new lease
    liability and right-of-use</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">27</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">72</font></td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td></tr>
  </table>

<p></p>

<!-- Field: Page; Sequence: 4 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p><font style="font-size: 10pt"><br></font></p>

<table style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; ">
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>BRAINSWAY LTD.</b></font></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>A reconciliation of Adjusted
    EBITDA to net profit, the most directly comparable IFRS measure, is set forth below:</b></font></td></tr>
  <tr>
    <td colspan="9" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>U.S. dollars in thousands
    (except share and per share data)</b></font></td></tr>
  <tr>
    <td style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="7" style="border-bottom: solid black 1pt ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>For
    the three months ended<br>March 31,</b></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>2025</b><br></font></td>
    <td style="border-top: solid black 1pt ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>2024</b><br></font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="7" style="text-align: center ; vertical-align: middle; "><font style="font-size: 10pt"><b>(Unaudited)</b></font></td></tr>
  <tr>
    <td style="max-width:64%; width:64%; min-width:64%;;text-align: left ; vertical-align: middle; "><font style="font-size: 10pt"><b>Net
    profit and total comprehensive profit</b></font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:14%; width:14%; min-width:14%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,107</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="max-width:2%; width:2%; min-width:2%;;padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="max-width:14%; width:14%; min-width:14%;;padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">111</font></td>
    <td style="max-width:1%; width:1%; min-width:1%;;padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td colspan="3" style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Finance income, net</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(688</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">(190</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">)</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Income taxes</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">157</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">172</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Depreciation and amortization</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">191</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">62</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Depreciation of leased
    systems</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">203</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">255</font></td>
    <td style="padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">Cost of share based payment</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">325</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">305</font></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="text-align: left ; vertical-align: middle; "><font style="font-size: 10pt"><b>Adjusted EBITDA</b></font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">1,295</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">$</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ; vertical-align: middle; "><font style="font-size: 10pt">715</font></td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ; vertical-align: middle; "><font style="font-size: 10pt">&#160;</font></td></tr>
  <tr>
    <td style="vertical-align: middle; text-align: left; padding-left: 10.0px; "><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin"><font style="font-size: 10pt">&#160;</font></td>
    <td class="hugin" colspan="3"><font style="font-size: 10pt">&#160;</font></td></tr>
  </table></p>

<p ></p>

</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
