Nayax (NYAX) Q2 2026 earnings summary

Executive summary

• Revenue grew 28% year-over-year to $123 million in Q2 2026, with adjusted EBITDA of $14.1 million and strong organic growth in line with full-year guidance.

• Installed device base surpassed 1.6 million and customer base reached 125,400, reflecting expansion across all geographies and verticals.

• Recurring revenue represented 72% of total revenue, with ARPU at $251 and ATV at $2.52, both increasing year-over-year.

• Strategic investments accelerated in EV charging, financial services, and banking infrastructure, including a U.S. bank charter application and embedded banking product launches.

• Free cash flow was negative due to front-loaded investments, but long-term growth and leadership position reaffirmed.

Financial highlights

• Q2 revenue: $123 million (+28% YoY); first half revenue: $230 million (+30% YoY).

• Adjusted EBITDA: $14.1 million (+12% YoY); adjusted net income: $6 million (down from $11 million YoY); net loss: $10.1 million due to high stock-based compensation.

• Gross margin: 46.9%; recurring gross margin: 54.3%; processing margin: 41%; SaaS margin: 76.4%; hardware margin: 28.1%.

• Total transaction value: $2.1 billion (+29% YoY); ARPU: $251 (+13% YoY); ATV: $2.52 (+15% YoY).

• Cash and equivalents: $304 million; total debt: $349 million as of June 30, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $510–$520 million, with organic growth of 22–25%.

• Adjusted EBITDA guidance reaffirmed at $85–$90 million (margin ~17%).

• Free cash flow conversion revised to 5–10% of adjusted EBITDA due to accelerated investments.

• Mid-term (2028) targets: $1 billion revenue, 50% gross margin, 30% adjusted EBITDA margin.

• Investments focused on financial services, EV charging, and component sourcing.