Payments

Nayax boosts Q3 2023 revenue, cuts earnings loss

Logo: Nayax

November 8, 2023

Nayax Ltd., a commerce enablement, payments and loyalty platform designed to enable retailers to provide consumers with digital, cashless, connected commerce experiences, boosted its Q3 2023 revenue and improved its loss over the prior year period, according to an earnings report. Highlights include:

• Revenue rose 27.8% from $47.2 million in Q3 2022 to $60.3 million for the quarter ending Sept. 30, 2023.
• Loss improved from $9.8 million to $3.09 million in the comparative quarters.
• Loss per share improved from $3 to 93 cents on both a basic and diluted basis.
• SaaS revenue rose 34.5% from $11.3 million to $15.2 million.
• Payment processing fees rose 57.2% from $15.9 million to $25 million.
• POS device revenue rose 0.5% from $20 million to $20.1 million.
• Total transaction revenue rose 60.6% from $616 million to $989 million.
• The number of processed transactions rose 38.7% from 341 million to 473 million.
• The number of managed connected devices rose 27.6% from 685,00 to 874,000.

Shares traded Tuesday at $19 against a 52-week range of $16.38 to $25.90.

The $60.3 million in quarterly revenue missed analyst estimates of $62.09 million while the 9-cent EPS loss was in line with expectations, according to Investing.com.

"Based on the strength of our operating leverage from high recurring revenue growth coupled with ongoing cost discipline, we saw marked improvement in our net income (loss) and adjusted EBITDA," Yair Nachmad, CEO and board chairman, said in the press release.

The company reaffirmed revenue on a constant currency basis to be in the range of $235 million to $240 million, representing year-over-year growth of at least 35%.