Nayax (NYAX) 45th Annual William Blair Growth Stock Conference summary

Business performance and financial highlights

• Achieved 30%-35% annual revenue growth over the past four years, reaching $314 million in 2024.

• Recurring revenue accounts for about 70% of total revenue, with high margins of 45%-49%.

• Net retention rate remains strong at 128%-129%, with low churn and over 100,000 customers.

• Managed and connected devices tripled in recent years, now totaling 1.33 million.

• Q1 2024 revenue was $81 million, with significant margin expansion.

Business model and customer base

• Operates in 44 unattended retail verticals, including vending, EV charging, parking, and laundromats.

• Revenue streams include hardware sales, SaaS subscriptions, and transaction processing fees.

• Most customers are small businesses with 1-15 devices, ensuring low customer concentration.

• 40% of revenue comes from North America, 40% from Europe, with ongoing expansion in Latin America and Asia.

Go-to-market and growth strategy

• Multi-channel approach: OEM partners, resellers, distributors, e-shops, and direct sales offices in 11 countries.

• Focus on SMBs and nano merchants, with 75% of revenue from these segments.

• Recurring revenue per device (ARPU) exceeded $215 in 2024, with gross margins over 50%.

• Organic growth targeted at 25%+ for 2024, with 5-10% from acquisitions.

• Acquisitions in Brazil and other regions support geographic and vertical expansion.