What does Nayax do and what are its main business segments?

What were the key takeaways from Nayax’s earnings call?

What factors drove the changes in Nayax's revenue and profit?

Did Nayax beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for Nayax year over year?

What is Nayax's gross profit margin?

What is Nayax's latest dividend and current dividend yield?

What guidance did Nayax's management provide for the next earnings period?

- **Historic Profitability**: First-ever $35.5M net income, 28% revenue growth to $400M, and 72% recurring revenue reflect platform scalability.
- **Margin Expansion**: 48.2% gross margin, 17% EBITDA guidance, and 120% net retention rate highlight customer stickiness.
- **Strategic Growth**: EV, Latin America, and Asia expansion via 5 acquisitions drive ARPU and device base growth.
- **Financial Services**: Nayax Capital's Yellow Accounts and e-commerce SDKs target 2026 ARPU expansion and 40% free cash flow conversion.

**【CEO Summary Section】**
- Nayax achieved a historic milestone with $35.5 million net income in 2025, up from a loss the prior year, driven by 28% revenue growth to $400 million.
- Recurring revenue占72% of total, with ARPU increasing 11% to $239, reflecting deeper customer engagement and vertical expansion into EV charging, amusement, and car washes.
- Strategic acquisitions (Lynkwell, UpPay, Inepro, Nayax Capital) expanded geographic reach and vertical capabilities, with Brazil device base doubling YoY.
- Long-term goals include $1 billion revenue, 50% gross margin, and 30% EBITDA margin, supported by 120% net revenue retention rate.

**【CFO Financial Commentary】**
- 2025 gross margin improved to 48.2%, with processing margin at 38% and SaaS margin at 76%, reflecting operational efficiency and scale benefits.
- 2026 guidance: $510-520 million revenue (22-25% organic growth) and 17% EBITDA margin, with free cash flow conversion expected to improve to 40% of EBITDA.
- Installed base of 1.46 million devices and $6.4 billion TCV highlight platform scalability, with 32% TCV growth and 2.7% take rate.

**【Q&A Highlights】**
- Hardware sales in Q4 (e.g., VPOS Media in EV, vending) drive future recurring revenue, with 200,000+ devices added in 2025 and 200-250k expected in 2026.
- Gross margin stability at 48%+ due to processing efficiency and hardware cost optimization, despite take rate volatility.
- M&A pipeline remains active, with $300M+ cash for accretive acquisitions in parking, mass transit, and laundry verticals.
- ARPU expansion via embedded financial services (Yellow Accounts, lending) and e-commerce SDKs in EV, targeting 2026 ARPU growth beyond 11% YoY.

Nayax Ltd. (NYAX) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue up 26% YoY to $104.3M, with 25% organic growth. Recurring revenue (74% of total) rose 29% to $77M.
- **Margin Expansion**: Gross margin 49.3% (vs. 45.7% Q3 2024), driven by 53.6% recurring margin and 37% hardware margin.
- **Strategic Initiatives**: VPOS Media launch, ChargeSmart EV partnership, embedded banking U.S. rollout Q1 2026, and Integral Vending acquisition.
- **2025 Guidance**: $400-405M revenue (27-29% growth), adj. EBITDA $60-65M, 50%+ free cash flow conversion.
- **Long-Term Vision**: 35% annual growth by 2028, targeting 50% gross margin and 30% EBITDA margin.

**【CEO Summary Section】**
- **Revenue Growth and Margin Expansion**: Q3 revenue reached $104.3 million, up 26% YoY, with organic growth of 25%. Recurring revenue (74% of total) rose 29% YoY to $77 million. Gross margin improved to 49.3% (vs. 45.7% Q3 2024), driven by processing and hardware margin gains.
- **Product and Partnership Momentum**: Launched VPOS Media in Australia, U.K., and Europe, expanding into EV charging, amusement, and car wash. Partnered with ChargeSmart for EV charging and Adyen for embedded banking. Acquired Integral Vending in Mexico and completed Tigapo acquisition.
- **Customer Base and Devices**: Added 5,000 new customers (total 110,000) and 56,000 devices (1.4M total). ARPU growth from high-value verticals like EV charging ($18 avg. transaction).
- **Guidance**: Reiterate 25%+ organic revenue growth, targeting $400-405M for 2025. 2028 targets: 35% annual growth, 50% gross margin, 30% EBITDA margin.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 GAAP net income $3.5M (vs. $0.7M), adj. EBITDA $18.2M (17.5% of revenue). Recurring margin 53.6%, hardware margin 37%. Free cash flow $3.9M.
- **Growth Drivers**: 35% transaction value growth to $1.8B, 17% device base expansion. Embedded banking and e-commerce pilots set for 2026 launch.
- **Updated Outlook**: Full-year revenue $400-405M (27-29% growth), adj. EBITDA $60-65M, 50%+ free cash flow conversion.

**【Q&A Highlights】**
- **EV Charging and Smart Coolers**: Q4 EV hardware ramp, 100K+ devices by 2026. Smart cooler partnerships in U.S. and Europe, targeting 2026 growth.
- **Embedded Banking and E-commerce**: U.S. launch Q1 2026, EV e-commerce pilot in Q4. Processing margin optimization via acquirer consolidation.
- **M&A Strategy**: Prudent, disciplined approach with focus on Latin America and Asia. 2028 inorganic contribution ~$200M of $1B target.
- **Hardware Margins**: 30-35% target, resilient to tariffs (U.S. 39% of sales). Nayax Capital rental model driving long-term margin expansion.

Nayax Ltd. (NYAX) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 2025 revenue $96M (+22% YoY), recurring revenue $71M (+32% YoY). Full-year guidance $410-425M (+30-35%).
- **EV Expansion**: 100,000 UNO Mini embedded readers partnership with Autel Energy. EV vertical driving higher-margin recurring revenue.
- **Profitability**: Gross margin 48.3% (vs 44.3% Q2 2024). Adjusted EBITDA $13M (13% of revenue).
- **Strategic Moves**: Acquired Inepro Pay, consolidated Nayax Capital (embedded banking). Brazil integration of UPPay/VMtecnologia driving expansion.
- **Cash Flow**: Free cash flow $5.6M, cash balance $172M. 2028 target: 35% revenue growth, 50% gross margin, 30% EBITDA margin.

**【CEO Opening Remarks】**
- Q2 2025 revenue reached $96 million, up 22% YoY, with recurring revenue growing 32% to $71 million (74% of total revenue). Adjusted EBITDA was $13 million (13% of revenue). 
- Key wins include 100,000 UNO Mini embedded readers partnership with Autel Energy and Lynkwell EV charging solution. EV charger, smart cooler, and family entertainment verticals show strong growth.
- Acquired Inepro Pay (Benelux) and consolidated Nayax Capital (embedded banking division). Brazil integration of UPPay and VMtecnologia is driving expansion.
- Gross margin improved to 48.3% (vs 44.3% Q2 2024), driven by hardware cost optimization and processing margin expansion.

**【CFO Financial Commentary】**
- Total transaction value +34% YoY to $1.6B, installed base +16% to 1.38M devices, customers +24% to 105,000.
- Hardware revenue $25M (flat YoY), gross margin 35.4% (vs 28.7% Q2 2024). Recurring margin 52.8% (vs 51.5% Q2 2024).
- Free cash flow $5.6M, cash balance $172M. Full-year 2025 guidance: revenue $410-425M (+30-35%), EBITDA $65-70M.
- 2028 target: 35% annual revenue growth, 50% gross margin, 30% EBITDA margin.

**【Q&A Highlights】**
1. **EV Market Growth**: Autel Energy partnership to embed 100,000 UNO Minis in AC chargers by 2026. EV vertical expected to drive higher-margin recurring revenue. Lynkwell partnership leverages Buy America tariffs for U.S. EV charger sales.
2. **Net Retention Rate (NRR)**: 123% NRR driven by higher ticket sizes in parking ($4), EV ($7), and smart cooler verticals. Vending ticket size ~$1.60-$1.80.
3. **M&A Contribution**: ~$10M inorganic growth expected for 2025. Nayax Capital consolidation enables embedded banking solutions (card issuing, financing). Brazil rental model success being rolled out globally.
4. **Enterprise Sales Momentum**: Q2 added 5,000 new customers and 48,000 devices. Q3/Q4 enterprise sales (longer procurement cycles) driving 2H acceleration. UNO Mini production ramping to meet demand.


Nayax Ltd. (NYAX) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: 27% YoY growth to $81 million, driven by 35% recurring revenue expansion and 100,000+ customers.
- **Profitability Boost**: EBITDA up 150% to $9.7 million (12% margin), gross margin 49% vs. 44% last year.
- **Hardware Dominance**: 39.5% hardware margin (vs. 27.3% in Q1 2024), 69,000 devices sold in Q1.
- **Strategic Moves**: Brazil expansion, EV partnerships, and 84% ownership in Tigapo highlight growth strategy.
- **2025 Outlook**: $410-425 million revenue target, 50% gross margin by 2028.


**【CEO Summary Section】**
- **Revenue Growth**: Q1 2025 revenue reached $81 million (27% YoY), with $82 million on a constant currency basis. Recurring revenue grew 35% to $62 million, accounting for 77% of total revenue.
- **Customer Expansion**: Ended Q1 with over 100,000 global customers, up 30% YoY. Installed base of managed devices reached 1.3 million, a 20% increase.
- **Strategic Acquisitions**: Acquired UPPay in Brazil and Inpro Pay in the Netherlands, reinforcing Latin America and European markets. Ownership in Tigapo increased to 84%.
- **Key Developments**: Launched cloud-based POS in Brazil, partnered with BTC Power for EV charging, and expanded micro market and smart cooler solutions. Brazil and Latin America are key growth regions.

**【CFO Financial Highlights】**
- **Profitability**: Adjusted EBITDA of $9.7 million (12% of revenue), up $6 million YoY. Gross margin improved to 49% (44% in Q1 2024), driven by hardware margin expansion to 39.5% (27.3% in Q1 2024).
- **Hardware Performance**: Sold 69,000 devices in Q1, 44,000 organically. Hardware revenue grew 6% to $19 million, with margins expected to stay 30-35% for FY 2025.
- **Cash Flow**: Generated $1.3 million in operating cash flow, with free cash flow negative $5.7 million due to processing timing.
- **Guidance**: Full-year 2025 revenue $410-425 million (30-35% growth), EBITDA $65-70 million. Target 50% gross margin and 30% EBITDA margin by 2028.

**【Q&A Key Takeaways】**
- **EV and OEM Growth**: Secured Tier 1 EV charger partnerships, with kiosk features simplifying user experience. OEM orders in vending and EV sectors are strong.
- **Margin Strategy**: Hardware margins improved via supply chain optimization and higher ASPs. Recurring margin at 52% (up from 50%) due to acquirer contracts and smart routing.
- **Market Expansion**: Brazil and Latin America key for unattended retail. Europe accounts for 36% of revenue, with focus on consolidating distribution channels.
- **Tariff Impact**: Absorbed U.S. hardware tariffs without price hikes, showcasing operational resilience.
- **Transaction Trends**: Q1 transaction value up 18% to $1.3 billion, with March and April growth aligning with seasonal expectations.


Nayax Ltd. (NYAX) Q1 2025 Earnings Call Transcript

- **Record 2024 Growth**: $315M revenue (+34%), 71% recurring, $35.5M EBITDA (4x growth), $18M free cash flow.
- **2025 Ambitions**: 30-35% revenue growth, $65-70M EBITDA, 50%+ free cash flow conversion.
- **Margin Expansion**: Gross margin 46.1%, processing margin 34%, hardware margin 29.4%.
- **Strategic Momentum**: 2.4k OEM partnerships, 1.26M managed devices, 95k customers.
- **EV & Gas Station Growth**: EV Kiosk app launch, 3,000+ gas station points in Israel, Brazil expansion.
- **M&A Pipeline**: Sub-10x EBITDA deals in Latin America, APAC, and EV charging.

**【CEO Summary Section】**
- Nayax achieved record 2024 revenue of $315.2 million (+34% YoY), with 71% of revenue from high-margin recurring streams.
- Adjusted EBITDA surged 4x to $35.5 million, free cash flow reached $18 million (50% of EBITDA), and ARPU increased 12% to $215.
- Installed base of managed devices grew 21% to 1.26 million, with 36% transaction value growth and 32% customer base expansion.
- 2025 targets: 30-35% revenue growth, $65-70 million EBITDA, and 50%+ free cash flow conversion.

**【CFO Financial Commentary】**
- Q4 2024 revenue: $89 million (+34% YoY), with 71% from recurring streams.
- Gross margin improved to 46.1% (vs. 39.9% prior year), driven by 34% processing margin expansion.
- Adjusted EBITDA reached $12.8 million (14.4% of revenue), up $9 million YoY.
- Cash position: $92.5 million, with net debt of $47.9 million.

**【M&A & Strategy Update】**
- 2024 acquisitions (VMtecnologia, Roseman, UPPay) added 25,000+ devices in Brazil, expanding EV, gas station, and micro-market solutions.
- OEM partnerships (e.g., SECO) embed Nayax devices into 2,400+ global vending machine models.
- 2025 pipeline: Focus on Latin America, APAC, and EV charging verticals with sub-10x EBITDA M&A targets.

**【Q&A Highlights】**
- 2025 organic growth (25%+): Driven by 21% device base growth, 36% transaction value expansion, and 50%+ existing customer cash-to-cashless conversion.
- ARPU growth: Higher-margin EV, gas station, and micro-market verticals offset hardware margin headwinds.
- Cash flow: 50%+ EBITDA conversion expected, with 30%+ EBITDA margin target by 2028.
- EV certification delays resolved; EV Kiosk app launch in H1 2025 with Adyen partnership.

Actual	-0.3004	-0.229	-0.1682	-0.12	-0.093	-0.1	-0.147	-0.083	0.019	0.044	0.192	0.308	0.092	0.349
Forecast	-0.2	-0.2906	-0.1685	-0.1233	-0.0933	-0.0633	-0.0238	-0.0134	0.0078	0.033	0.02	0.1065	0.2192	0.2592
Surprise	-50.20%	+21.20%	+0.18%	+2.68%	+0.32%	-57.98%	-517.65%	-519.40%	+143.59%	+33.33%	+860.00%	+189.20%	-58.03%	+34.65%

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NYAX Q4 2025 Earnings

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