Nayax (NYAX) Q2 2025 earnings summary

Executive summary

• Revenue grew 22% year-over-year in Q2 2025 to $95.6 million, with recurring revenue up 32% to $70.7 million, now 74% of total revenue.

• Gross margin improved to 48.3% from 44.3% in Q2 2024, and recurring margin rose to 52.8%.

• Adjusted EBITDA reached $12.6 million (13% of revenue), up 56% year-over-year; net income was $11.7 million, or $6.1 million excluding a one-time gain.

• Customer base expanded 24% to 105,000, with managed and connected devices up 16% to 1.38 million.

• Total transaction value processed increased 34% to $1.6 billion, with 726 million transactions in the quarter.

Financial highlights

• Payment processing fees rose 35% to $43.1 million, with a stable take rate of 2.7%.

• SaaS revenue increased 29% to $27.6 million; hardware revenue was $24.9 million, flat year-over-year.

• Free cash flow for Q2 2025 was $5.6 million, up from $2.9 million in Q2 2024; cash and equivalents totaled $172.3 million, with $155.7 million in debt.

• Adjusted OPEX as a percentage of revenue was 35.6%, reflecting disciplined cost management.

• Basic EPS was $0.316, up from a loss of $(0.083) per share in Q2 2024.

Outlook and guidance

• Full-year 2025 revenue guidance reaffirmed at $410–$425 million (30–35% growth), with at least 25% organic growth.

• Adjusted EBITDA guidance unchanged at $65–$70 million, targeting at least 50% free cash flow conversion.

• Projecting annual revenue growth of 35% through 2028, with a gross margin target of 50% and adjusted EBITDA margin of 30%.

• Expecting stronger performance in the second half of 2025, driven by enterprise sales and new product adoption.