Payments

Nayax boosts Q1 2023 results, beats expectations

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May 11, 2023

Nayax Ltd., a commerce enablement and payments platform designed to help merchants scale their business, lifted its Q1, 2023 revenue and improved its loss over the prior year period, according to a press release, and surpassed analysts' expectations. Highlights include:

• Revenue rose 54% from $34.1 million in Q1 2022 to $52.4 million in the quarter ending March 31, 2023.
• Net loss improved from $9.8 million to $5.5 million in the comparative quarters.
• Net loss per diluted share improved from 30 cents to 17 cents.
• Recurring revenue from monthly SaaS and payment processing fees grew 44% and represented 62% of total revenue in Q1 2023.
• POS device revenue, which includes revenues derived from hardware product sales, rose 73.3% from $11.6 million to $20.1 million.
• The customer base rose 54%, adding 5,000 new customers, bringing the total customer base to 52,000.
• The company added almost 44,000 managed and connected devices, an increase of 39% to 769,000.
• The number of processed transactions grew by 52% to 410 million.
• Total transaction value increased by 63% to $796 million.

Shares traded Wednesday at $17.31 against a 52-week range of $16.38-$37.07.

The $52.4 million in quarterly revenue surpassed analyst estimates of $49.23 million while the 17-cent loss matched analyst estimates, according to investing.com.

"We exceeded our first quarter expectations on both the top and bottom line and continued to realize the efficiencies from our infrastructure investments and cost discipline, while executing our key strategic priorities," Yair Nechmad, CEO and board chairman, said in the press release. "We reported strong revenue growth of 54% year-over-year that again exceeded our 35% annual growth target and saw marked improvement in our net income and adjusted EBITDA.

"With these strong results, we are raising our adjusted EBITDA guidance to reach profitability in 2023 instead of breakeven."