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Nayax Q2 2025 Results Show Strong Recurring Revenue Growth, Margin Gains
Nayax Ltd. (Nasdaq: NYAX, TASE: NYAX) reported a 22% year-over-year increase in revenue for the second quarter of 2025, reaching $95.6 million, as recurring sales from SaaS and payment processing climbed 32% to $70.7 million, representing nearly three-quarters of total revenue.
The company posted net income of $11.7 million, aided by a one-time gain from acquiring the remaining 51% of Nayax Capital. Excluding that gain, net income was $6.1 million, compared to a $3 million loss in the prior-year quarter. Adjusted EBITDA rose to $12.6 million from $8.1 million a year earlier.
Gross margin improved to 48.3% from 44.3%, supported by higher payment processing margins and cost efficiencies in hardware production.
Operational Metrics Point to Broad Expansion
Transaction value processed in the quarter rose 34% to $1.59 billion, while the number of transactions increased 24% to 726 million. The customer base expanded 24% to nearly 105,000, with churn at 2.8% and a dollar-based net retention rate of 123%.
The number of managed and connected devices grew 16% to approximately 1.38 million, with more than 48,000 added in the quarter.
Partnerships and Acquisitions
In Q2, Nayax announced a partnership with Autel Energy to integrate its payment technology into around 100,000 EV chargers in North America and Europe by 2026. It also partnered with Lynkwell, a U.S.-based EV infrastructure provider, and completed the acquisition of Inepro Pay in the Benelux region.
The company fully acquired Nayax Capital, bringing its embedded finance offerings under direct control.
Outlook
Nayax reaffirmed its 2025 guidance for revenue between $410 million and $425 million, with organic growth of at least 25% and adjusted EBITDA between $65 million and $70 million. Management continues to target 35% annual revenue growth through 2028, alongside a 50% gross margin and 30% adjusted EBITDA margin.
