Key points for investors:
- Q1 2026 financials: Total revenue $606M (down ~1% YoY); adjusted EBITDA $78M (+5% YoY; margin 12.9%, +80 bps); non-GAAP EPS $0.10 (+25% YoY); GAAP EPS loss $0.04 (impacted by hardware ODM implementation). Recurring software and services revenue each rose ~4%.
- Platform & payments traction: Voyix Commerce Platform (VCP) momentum — 21 new platform contracts signed through Q1 with $293M of remaining contract value (RCV); VCP contract value up 75% YoY and 15% sequentially. Platform sites grew 7% to ~83,000; payment sites up 3% to ~8,500.
- Product/AI progress: Company emphasized AI-led modernization and embedded intelligence (examples: Picklist Assist now live in ~60,000 lanes; large-scale Picklist Assist deployment across 35,000 lanes). Aloha Next (restaurant product) demos and labs ramping; SMB-focused Aloha Next 'restaurant-in-a-box' expected later this year.
- Strategic changes: Hardware model shifted via ODM agreement effective April 1 (company now recognizes net commission revenue on hardware). Sale of Japan banking technology business announced for $32M (to be reflected in discontinued operations). Since the ATM spin, nearly $2.5B in proceeds from divestitures; proceeds have funded share repurchases and debt reduction (repurchased ~9M common shares in Q1).
- Cash and capital: Adjusted free cash flow before restructuring $71M in Q1; capex $36M in Q1 (full-year capex expected similar to 2025). Net leverage ~2.1x (net debt / LTM adj. EBITDA).
- Costs and restructuring: Adjusted EBITDA benefit from cost actions; $41M of restructuring expense in Q1. Company cites a ~ $90M cost program for the year with much of the actions already completed.
- Updated 2026 outlook (pro forma excluding Japan banking business): Revenue $2.188B–$2.303B (pro forma change ~ -2% to +3%); adjusted EBITDA $432M–$447M (pro forma adj. EBITDA growth ~ +3% to +7%). Management expects adj. EBITDA growth to be more weighted to Q4 as sales momentum and cost initiatives progress.
- Segment trends: Retail showing strong software and payments momentum (Retail adj. EBITDA +20% YoY). Restaurants down on hardware/SMB softness, but enterprise and mid-market recurring revenue improving; SMB expected to inflect with Aloha Next.
Overall takeaway: NCR Voyix is transitioning further toward a software- and services-led, AI-enabled commerce platform with early commercial traction (21 VCP contracts / $293M RCV). Financial performance in Q1 showed margin improvement and cash generation, while the company updated 2026 guidance on a pro forma basis and flagged a structural shift in hardware accounting after the ODM deal.
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