How did Nayax's recurring revenue and POS device sales drive Q2 2024 growth?

Nayax's recurring revenue and POS device sales were instrumental in driving growth in Q2 2024, as evidenced by several key metrics and strategic initiatives: 1. **Recurring Revenue Growth**: Nayax experienced a significant increase in recurring revenue, which grew by 47% year-over-year in Q2 2024. This growth was primarily attributed to the conversion trend of cash-to-cashless transactions and the expansion of their payment processing capabilities. The company's focus on scaling recurring revenue streams, particularly in payment processing, has been a key factor in driving overall growth. 2. **POS Device Sales**: The growth in POS device sales is another contributing factor to Nayax's Q2 2024 growth. The company reported a 52% year-over-year increase in the number of managed and connected devices, with a record organic growth of 62,000 devices. This increase in POS device deployments likely led to higher transaction volumes and recurring revenue from payment processing fees. 3. **Market Expansion**: Nayax's expansion into new markets and the acquisition of Inepro Pay in the Netherlands have also contributed to their growth. These strategic moves have allowed Nayax to capture market share in Europe and further solidify its position as a leading provider of commerce payments and loyalty platforms. 4. **Technological Advancements**: Nayax's introduction of new hardware and software solutions, such as the Nova Modu and Nova 55F mobile point-of-sale devices, has enabled cashless payments and real-time data visibility across vending, micro markets, and self-service environments. These innovations likely enhanced customer experience and operational efficiency, driving adoption and revenue growth. In summary, Nayax's growth in Q2 2024 was driven by the significant increase in recurring revenue, the expansion of POS device sales, strategic market expansions, and technological advancements that cater to the evolving needs of merchants and consumers.