Nayax (NYAX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $104.3 million, up 26% year-over-year, with organic revenue growth of 24.7%.

• Recurring revenue rose 29% to $77.1 million, representing 74% of total revenue.

• Net income increased to $3.5 million from $0.7 million in Q3 2024.

• Customer base expanded 21% to nearly 110,000, and device install base grew 17% to over 1.4 million.

• Transaction value processed increased 35% to $1.8 billion, with total transactions up 21% to 736 million.

Financial highlights

• Gross margin improved to 49.3% from 45.7% year-over-year; recurring margin reached 53.6%.

• Adjusted EBITDA was $18.2 million (17.5% of revenue), up 64% year-over-year.

• Operating profit for the quarter was $7.8 million, up from $1.5 million in Q3 2024.

• Adjusted OPEX was 32.2% of revenue, reflecting disciplined cost management.

• Free cash flow for the quarter was $3.9 million.

Outlook and guidance

• 2025 revenue guidance updated to $400–$405 million (27–29% growth), reflecting delayed M&A, with at least 25% organic revenue growth.

• Adjusted EBITDA guidance for 2025 revised to $60–$65 million, with at least 15% margin and at least 50% free cash flow conversion.

• 2028 targets reaffirmed: 35% annual revenue growth, 50% gross margin, and 30% adjusted EBITDA margin.