Nayax (NYAX) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 grew 32% year-over-year to $106.9M, with organic revenue up 26%.

• Recurring revenue increased 27% to $79.3M, representing 74% of total revenue.

• Adjusted EBITDA rose 43% to $13.9M, with margin improving to 13% of revenue.

• Net income reached $1.3M, up from $1.1M in Q1 2025, excluding a $6.1M one-time gain from Tigapo.

• Customer base expanded 20% to 120K, and managed/connected devices grew 13% to 1.5M.

Financial highlights

• Total transaction value increased 33% to $1.79B; number of transactions rose 16% to 759M.

• Payment processing fees grew 29% year-over-year; processing take rate remained stable at 2.66%.

• Gross margin was 48.9%, in line with Q1 2025, supported by higher recurring margins.

• Annual ARPU increased 14% to $247.

• Dollar-based net retention rate was 122%; revenue churn held at 2.8%.

Outlook and guidance

• FY 2026 revenue guidance: $510M–$520M, with organic growth of 22%–25%.

• Adjusted EBITDA expected at $85M–$90M, with margin around 17%.

• Free cash flow conversion targeted at 40% of adjusted EBITDA.

• Mid-term (2028) targets: $1B revenue, 50% gross margin, 30% adjusted EBITDA margin.