NYAX Nayax Ltd.
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Executive Summary
Nayax reported Q1 2026 revenue of $106.9 million, up 32% YoY, with organic growth of 26%. Net income was $1.3 million (down from $7.2 million in Q1 2025, which included a $6.1 million one-time gain), while Adjusted EBITDA rose 43% to $13.9 million. The company reaffirmed its full-year 2026 guidance of $510-$520 million in revenue and $85-$90 million in Adjusted EBITDA.
Actionable Insight
Strong Q1 beat on revenue and EBITDA with reaffirmed guidance suggests upside potential. Monitor Q2 for continued organic growth trajectory and margin expansion toward the 17% EBITDA margin target. The 20% customer growth and 14% ARPU increase support the long-term $1B revenue target by 2028.
Key Facts
- Revenue of $106.9 million in Q1 2026, up 32% from $81.1 million in Q1 2025
- Organic revenue growth of 26% in Q1 2026
- Net income of $1.3 million in Q1 2026 vs $7.2 million in Q1 2025 (prior year included $6.1M one-time gain)
- Adjusted EBITDA of $13.9 million in Q1 2026, up 43% from $9.7 million in Q1 2025
- Recurring revenue (SaaS + payment processing) grew 27% to $79.3 million, representing 74% of total revenue
- Total transaction value increased 33% to $1.79 billion
- Managed and connected devices surpassed 1.5 million, up 13% YoY
- Customer base grew 20% to 120,035
- Full-year 2026 guidance reaffirmed: revenue $510-$520 million, Adjusted EBITDA $85-$90 million
- Cash and cash equivalents of $304.7 million; total debt of $325.3 million as of March 31, 2026
Financial Impact
Revenue growth of $25.8M YoY (32%), Adjusted EBITDA growth of $4.2M (43%), net income decline of $5.9M due to prior-year one-time gain
Risk Factors
- Operating profit declined to $4.1M from $7.9M due to absence of prior-year one-time gain and higher interest expenses from bond offerings
- Free cash flow negative at -$6.0M due to increased infrastructure investment and timing of processing settlements
- Hardware margin declined to 33.1% from 39.5% due to promotional pricing on new devices in Europe
- Debt of $325.3M vs cash of $304.7M, with higher interest expenses from 2025 bond offerings
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002574 |
| Exhibit: exhibit_99-2.htm | 0001178913-26-002574 |
| Document: zk2635268.htm | 0001178913-26-002574 |
| Document: 0001178913-26-002574-index-headers.html | 0001178913-26-002574 |
| Document: 0001178913-26-002574-index.html | 0001178913-26-002574 |
| Document: 0001178913-26-002574.txt | 0001178913-26-002574 |
Track record builds as more directional reports settle.
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Jun 8, 2026
1d ago
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Insider Cluster
| $65.43 awaiting T+1 | awaiting T+1 | — | $65.64 (+0.32%) |
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Jun 8, 2026
1d ago
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Insider Cluster
| $65.43 awaiting T+1 | awaiting T+1 | — | $65.64 (+0.32%) |
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Jun 8, 2026
1d ago
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Insider Cluster
| $65.43 awaiting T+1 | awaiting T+1 | — | $65.64 (+0.32%) |
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Jun 2, 2026
7d ago
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Insider Cluster
| $68.80 $68.26 | ▼ −0.78% | ▼ −0.09% | $65.64 (−4.59%) |
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May 20, 2026
20d ago
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Insider Cluster
| $66.81 $67.03 | ▲ +0.33% | ▲ +0.14% | $65.64 (−1.75%) |
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May 19, 2026
21d ago
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6-K
| $66.81 $67.03 | ▲ +0.33% | ▲ +0.14% | $65.64 (−1.75%) |
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May 19, 2026
21d ago
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Insider Cluster
| $67.00 $66.81 | ▼ −0.28% | ▼ −1.32% | $65.64 (−2.03%) |
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May 18, 2026
22d ago
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Insider Cluster
| $63.78 $67.00 | ▲ +5.05% | ▲ +5.70% | $65.64 (+2.92%) |
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May 12, 2026
28d ago
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6-K
| $71.39 $68.51 | ▼ −4.03% | ▼ −4.60% | $65.64 (−8.05%) |
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May 12, 2026
28d ago
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Press Release
| $71.39 $68.51 | ▼ −4.03% | ▼ −4.60% | $65.64 (−8.05%) |
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