Nayax Stock Earnings Reports

Nayax reported a strong start to 2026 with Q1 revenue up 32% to $107M (26% organic), adjusted EBITDA up 43% to $14M (13% margin), and recurring revenue representing ~74% of total. Key operational milestones: installed base surpassed 1.5 million managed/connected devices and customer count reached ~120,000. Total dollar transaction value rose ~33% to ~$1.8B, ATV increased to $2.36 and ARPU to $247 (up 14% YoY), driven by mix shift into higher-value verticals (EV charging, amusement, car wash) and conversion from cash to cashless. Hardware revenue grew 46% (~$28M) largely driven by demand for PIN-on-glass VPOS Media in Europe and other markets; hardware gross margin was lower in Q1 due to promotional activity. Processing margin improved to nearly 40% (benefitting from renegotiated acquirer contracts and smart routing), SaaS margin also improved, and overall gross margin remained ~49%. Adjusted OpEx was $39M (36% of revenue) and free cash flow was negative $6M in Q1 due to infrastructure investment and settlement timing; cash and short-term deposits were $306M vs. total debt $325M. Management reaffirmed full-year 2026 guidance: revenue $510M–$520M (organic growth 22%–25%) and adjusted EBITDA margin ~17% (adj. EBITDA $85M–$90M), with expected free cash flow conversion from adjusted EBITDA of ~40% for the year. Strategic priorities include scaling EV (Lynkwell) and Brazil operations, rolling out embedded banking (Yellow) pilot in the U.S. with Adyen, embedding AI across product and R&D (MoMa AI layer), and disciplined M&A execution backed by a strong balance sheet.