Nayax (NYAX) The 44th Annual William Blair Growth Stock Conference summary

Company overview and market position

• Provides global software and payment solutions for unattended retail, with over 1 million devices and 76,000 customers in 120+ countries.

• 70% of customers are small businesses; 40% of revenue from the US, 40% from Europe, 13% from Australia.

• Accepts 80+ payment methods and 50+ currencies, with a 134% net retention rate and low churn.

• Focuses on increasing customer revenue, reducing costs, and building loyalty through integrated IoT and payment platforms.

• Operates in 44 verticals, including vending, EV charging, parking, and mass transit.

Business model and growth strategy

• Three-pillar model: hardware sales, recurring service subscriptions, and transaction processing fees.

• 65%-70% of revenue is recurring, with a 2.6% take rate; revenue doubled every two years, reaching $235M in 2023.

• Achieved profitability at adjusted EBITDA level, targeting $325M-$335M revenue and $30M-$35M adjusted EBITDA in 2024.

• Organic growth driven by 4,000+ new customers per quarter, international expansion, and innovation in high-growth segments.

• Inorganic growth through strategic acquisitions, focusing on expanding distribution, entering new markets, and technology upgrades.

Technology and competitive advantages

• Owns end-to-end infrastructure: hardware, software, payment gateway, and server infrastructure.

• Integrates with hundreds of OEMs and protocols, including proprietary solutions for non-standard machines.

• Partners with 48 global acquiring banks, acting as a PayFac and gateway for acquirers.

• High operational efficiency and ability to adapt to new verticals and regions using business intelligence.

• Barriers to entry include complex integrations and established global partnerships.