The following is a summary of the Nayax Ltd. (NYAX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Nayax Ltd.'s Q1 2024 revenue reached $64 million, reflecting a 22% Year-Over-Year (YoY) increase.
The company's recurring revenue hit $46.2 million, a rise of 43% YoY, now accounting for 72% of the total revenue.
The hardware margin increased to 27%, fuelled by enhancements in automation and operational efficiencies.
Gross margin for this quarter was recorded as 43.8%, a substantial increase from 34.1% in Q1 2023.
Their adjusted EBITDA was at $3.6 million, an improvement from an adjusted EBITDA loss of $0.6 million in the same period last year.
Nayax successfully raised capital in March, generating roughly $63 million net of fees and expenses.
Business Progress:
Nayax's transaction value significantly increased by 34% YoY, surpassing the $1 billion mark.
The company added a record 62,000 new managed and connected devices for the quarter, driving their growth.
Revenue growth was primarily driven by robust demand in the OEM hardware businesses and recurring revenue streams.
Nayax completed the acquisition of Roseman Engineering and VMtecnologia, expanding its geographic reach and product portfolio.
The company expects a considerable surge in enterprise sales and is preparing for increased investments in the Microsoft Cloud and demand for the AI platform.
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