M&A Contradictions and EV Growth: Analyzing Revenue Expectations from the Latest Earnings Calls

Strong Financial Performance and Market Expansion:
- Nayax reported revenue of $96 million for Q2 2025, increasing by 22% compared to Q2 2024.
- Recurring revenue grew at an even faster pace, rising by 32%, lifting its share of total revenue to 74%.
- This growth was driven by profitable revenue growth, robust global demand for its solutions and services, and an ever-expanding geographic footprint for its installed base.

EV Charger Partnership and Market Opportunity:
- Nayax announced partnerships with Autel Energy and Lynkwell, with Autel expecting to purchase 100,000 UNO Minis by the end of 2026.
- The company sees strong momentum for the UNO Mini product, which are devices integrated inside OEM products.
- These partnerships are expected to contribute significantly to Nayax's growth in the EV charging vertical, leveraging their first-mover advantage with the UNO Mini product.

M&A Activity and Strategic Moves:
- Nayax acquired Inepro Pay and fully consolidated Nayax Capital under its embedded banking division, increasing recurring revenue potential.
- These acquisitions and integrations are aimed at strengthening Nayax's position in Europe and expanding its offerings in embedded finance solutions.
- The company plans to complete 1 to 2 more acquisitions this year, supporting its inorganic growth strategy.

Supply Chain Optimization and Margin Improvement:
- Gross margin improved significantly to 48.3% compared to 44.3% in Q2 2024, driven by higher recurring and hardware margins.
- Recurring margin increased to 52.8%, driven by improved processing margins and favorable renegotiated contracts with bank acquirers.
- Hardware margin increased to 35.4%, benefiting from supply chain infrastructure optimization and better component sourcing and cost management.