NYAX · Nayax Ltd.

Nayax delivered a robust first quarter 2026, with revenue growing 32% to $106.9 million, driven by both new customer acquisition and expansion within the existing base. Recurring revenue — comprising SaaS subscriptions and payment processing fees — grew 27% to $79.3 million and accounted for 74% of total revenue, underscoring the scalability and predictability of its platform model. Organic growth of 26% (excluding $4.5 million from recent acquisitions) confirms strong underlying demand independent of M&A. Gross margin held steady at 48.9%, supported by improved recurring margins — payment processing margin rose to 39.8% (+4.0 pts) and SaaS margin to 76.5% (+0.6 pts) — offsetting a decline in POS device margin to 33.1% due to promotional pricing on new VPOS Media devices. Adjusted EBITDA surged 43% to $13.9 million (13% of revenue), reflecting operating leverage as Adjusted OPEX remained disciplined at 36% of revenue. Net income was $1.3 million, down from $7.2 million in Q1 2025 primarily due to a $6.1 million one-time gain related to Tigapo in the prior year and higher interest expenses from 2025 TASE bond issuances. Operationally, key metrics accelerated: total transaction value rose 33% to $1.79 billion, managed devices crossed 1.5 million (+13%), and customers reached 120,000 (+20%). The company reaffirmed its full-year 2026 guidance — $510–$520 million in revenue and $85–$90 million in Adjusted EBITDA — citing continued progress against its mid-term 2028 framework targeting $1.0 billion in revenue and 30% Adjusted EBITDA margin. Management attributed results to platform scaling, increased transaction volume, renegotiated bank acquirer contracts, and smart-routing enhancements — all reinforcing the 'growth algorithm' where more customers, devices, and transactions compound recurring revenue.