Financial Outlook
For the full year 2024, management reiterates full year revenue, hardware gross margin, adjusted EBITDA, and cash flow guidance.
Full year 2024 revenue expectations continue to be in the range of $325 million to $335 million, on a constant currency basis, representing year-over-year growth of over 38%.
Hardware gross margins are expected to be in the range of 25% to 27%. Due to improvements in Nayax's supply chain, gross margins are trending to the top end of the range. Adjusted EBITDA is expected to be in the range of $30 million to $35 million as Nayax continues to scale its business and benefit from its high operating leverage.
Management expects that for the full year 2024, free cash flow, defined as operating cash flow minus capital expenditure, will be positive in aggregate.
Over the long term, management targets an approximate 35% CAGR on revenue, driven by a combination of organic growth and strategic M&A. The long-term adjusted EBITDA margin target is 30%, and the long-term gross margin target is 50%.
Improvements over the coming years are expected to be driven by leasing options for IoT POS, continuing to grow SaaS revenue and payment processing fees, and services offered through Nayax's various growth engine initiatives.