0001178913-26-000779
SEC filingNayax Ltd. (NYAX) reported strong FY 2025 results with revenues of $400.4M, up 28% YoY from $314.0M in 2024, driven by 29% growth in recurring revenue to $287.2M (71.7% of total) and 24% increase in POS device sales to $113.2M. Gross profit rose 36% to $193.0M, achieving a 48.2% margin (up from 45.1%), reflecting optimized processing costs and favorable product mix. Operating income improved to $37.6M from $3.1M, fueled by revenue expansion outpacing 24% rise in SG&A to $121.3M and 18% increase in R&D to $30.0M. Net profit swung to $35.5M from a $5.6M loss, with EPS of $1.00 basic and diluted. Balance sheet strengthened with cash at $319.5M (up from $83.1M), total assets $852.6M, and equity $231.0M. Strategic acquisitions (Lynkwell, Uppay, Inepro, IoT, Tigapo) and $306.8M debenture proceeds bolstered growth in unattended retail, EV charging, and attended POS. Operating cash flow was $40.3M, supporting investments amid robust 120% net retention.
Nayax delivered robust FY 2025 performance with revenues reaching $400.4M, a 28% YoY increase from $314.0M in 2024. Recurring revenue, comprising SaaS ($113.1M, +28%) and payment processing fees ($174.1M, +30%), drove 71.7% of total revenue. Gross profit expanded 36% to $193.0M (48.2% margin vs. 45.1% prior year), supported by optimized acquirer contracts and product mix shifts. Operating income surged to $37.6M from $3.1M, despite 24% SG&A growth to $121.3M and 18% R&D increase to $30.0M. Net profit flipped to $35.5M from a $5.6M loss, yielding $1.00 EPS. Acquisitions (Lynkwell $25.9M, Uppay, Inepro, IoT, Tigapo) and $306.8M debenture proceeds enhanced scale, with managed devices at 1.463M (+16% YoY) and 120% net retention.
Recurring revenue grew 29% YoY to $287.2M (71.7% mix), with SaaS up 28% to $113.1M from device expansion and payment fees +30% to $174.1M on 21% transaction growth (2.873B). POS sales rose 24% to $113.2M despite unit decline, via higher ASP. Geographically, USA led at $164.6M (41%, +34% YoY), Europe ex-UK $91.8M (23%, +21%), UK $47.0M (12%, +21%). Acquisitions contributed ~$16M post-close revenue. 2.873B transactions (+21%) and $6.4B GPV reflect unattended retail strength, EV charging entry via Lynkwell.
Gross margin improved to 48.2% (+310bps YoY) from processing efficiencies (smart-routing, acquirer optimizations) and POS mix. Recurring margin 53.2% (+2%). Operating margin 9.4% vs. 1.0%, with revenue growth outpacing opex (R&D 7.5% of rev, SG&A 30.3%). Finance net $3.0M expense (vs. $7.5M) aided by $10.7M income, $13.7M expense. Tax benefit $0.95M. Acquisitions added amortization ($14.2M, +23%) but synergies emerging.
Operating cash $40.3M (down from $42.9M) amid inventory build ($28.6M) and payment terms extension. Investing -$78.7M (acquisitions $39.9M, dev $22.8M). Financing $265.8M from debentures. Cash surged to $319.5M (+285%). Total assets $852.6M (+97%), liabilities $621.6M (debentures $314.1M). Equity $231.0M. Debt $327.7M (net debt/EBITDA ~2.5x). Current ratio 2.26x.
Management highlights unattended retail, EV/fuel expansion, attended POS via Retail Pro. $306.8M debentures fund M&A, growth. Risks: forex (NIS/EUR exposure), competition, regulation. 120% retention, 1.463M devices signal scalability. No quantitative guidance; focus on recurring mix, international penetration.