Nayax (NYAX) 46th Annual William Blair Growth Stock Conference summary

Business overview and market position

• Operates in over 44 unattended retail verticals, serving 120,000 customers across 120+ countries.

• Achieved $400M+ revenue in 2025 with 30%+ annual growth since IPO, and nearly 49% gross margins in Q1 2026.

• 75% of revenue is recurring, driven by 1.5 million deployed devices and high customer retention (120% net retention, <3% churn).

• Focuses on small businesses, providing end-to-end solutions including hardware, software, and payment processing.

• Revenue is geographically diversified: 40% U.S., 30% Europe/UK, 7% Brazil, 10% Australia/NZ, rest global.

Growth strategy and market opportunity

• Total addressable market remains large, with only 10-12M of 45M+ machines globally connected, leaving significant white space.

• Vertically integrated model covers hardware, software, payment gateway, and compliance, enabling single-source solutions.

• Barriers to entry include hardware integration, regulatory compliance, and long device lifecycles (7-10 years).

• Compliance infrastructure and EMI licenses in multiple jurisdictions support global operations and efficiency.

• Product supports 80+ payment methods and 50+ languages, tailored for diverse verticals and geographies.

Product innovation and vertical expansion

• Offers a range of hardware, including low-cost and advanced devices (e.g., PIN-on-Glass for Europe).

• Expanding into higher-ticket verticals like EV charging, car washes, and arcade gaming, raising average transaction value.

• Early investments in EV charging integrations and acquisitions have positioned the company for growth in this segment.

• Provides operational tools (route management, supply chain, instant alerts) that reduce costs and increase customer revenue.

• Embedded finance initiatives aim to offer additional financial products to existing customers, leveraging payment data.