Nayax (NYAX) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $315.2 million (constant currency), up 34% year-over-year, with recurring revenue up 47% to 71% of total revenue and significant margin expansion.

• Adjusted EBITDA rose over fourfold to $35.5 million, exceeding guidance, with margin improving to 11.3% of revenue and positive free cash flow of $18 million.

• Customer base expanded 32% to over 95,000, and managed/connected devices grew 21% to 1.26 million.

• Major acquisitions (BM Technologia, Rosemont Engineering, VMtecnologia, UpPay, Retail Pro) and exclusive partnerships expanded global presence and technology capabilities.

• Net income for Q4 was $1.6 million, a $4.9 million improvement year-over-year; net loss for the year narrowed to $5.6 million from $15.9 million.

Financial highlights

• 2024 revenue grew 34% year-over-year to $315.2 million (constant currency); recurring revenue up 47% to $222.3 million, 71% of total revenue.

• Adjusted EBITDA reached $35.5 million, margin 11.3%; free cash flow was $18 million, converting over 50% of Adjusted EBITDA.

• Q4 revenue was $89 million, up 34% year-over-year; recurring revenue in Q4 increased 49% to $63 million.

• Gross margin improved to 45.1% for the year and 46.1% in Q4; recurring margin reached 53% in Q4.

• Transaction value processed increased 36% to $4.9 billion; payment processing fees up 45% to $133.8 million, take rate 2.73%.

Outlook and guidance

• 2025 revenue guidance: $410–$425 million (30–35% growth), with at least $25 million organic growth.

• Adjusted EBITDA expected at $65–$70 million, with at least 50% free cash flow conversion.

• Targeting 50% gross margin and 30% Adjusted EBITDA margin by 2028.

• Seasonality in 2025 expected to mirror 2024, with Q1 slightly lower than Q4 2024 and growth accelerating through the year.

• 2028 outlook reaffirms 35% annual revenue growth.