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01/11 16:22
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call highlights strong financial performance, with a 27% revenue increase and improved EBITDA. The Q&A section reveals confidence in growth, especially in OEM and EV markets. Management's focus on cost optimization and M&A suggests strategic growth. Despite concerns about flat transaction volumes and vague responses on tariffs, strong recurring revenue and gross margin improvements are positive indicators. The guidance remains optimistic, and no significant macroeconomic impacts are noted. Overall, the company's strategic focus and financial health suggest a positive stock price movement in the short term.
Revenue $81 million, an increase of 27% over Q1 2024, driven by momentum from both new and existing customers.
Recurring Revenue Approximately $62 million, a 35% increase compared to Q1 2024, representing 77% of total revenue, driven by strong expansion in the U.S., European, and Brazilian markets.
Adjusted EBITDA $9.7 million, representing 12% of total revenue, an improvement of more than $6 million compared to last year's first quarter.
Total Transaction Value Increased by more than 18% over Q1 2024, reaching more than $1.3 billion, driven by a higher take rate of 2.75%.
Customer Base Expanded by more than 30% since Q1 2024, reaching more than 100,000 customers, up from 95,000 at the end of 2024.
Installed Base of Managed and Connected Devices Grew by 20% since Q1 2024 to more than 1.3 million devices, reflecting the momentum in the business.
Gross Margin 49%, compared to 44% in Q1 2024, with recurring margin increasing to 52% from 50% in the prior year.
Hardware Revenue $19 million, a 6% increase over Q1 2024, driven by strong demand for products and solutions.
Operating Profit $7.9 million for Q1, excluding a one-time gain associated with Tigapo, operating profit would have been $1.8 million, a significant improvement from an operating loss of $2.8 million in the prior year.
Net Income $7.2 million or an EPS of $0.195, excluding the one-time gain related to Tigapo, net income would have been $1.1 million, a significant improvement of $6.1 million compared to a net loss of $5 million in the prior year.
Cash and Cash Equivalents $176.8 million as of March 31, 2025.
Short- and Long-term Debt $142.2 million, maintaining a solid balance sheet and net cash position.
Free Cash Flow Negative $5.7 million for the quarter, mainly due to the timing of cash settlements from processing activities.
Cloud-based food service kiosk solution: Launched in the Brazilian market, enhancing retail strategy and targeting a population of over 200 million.
Easy kiosk product feature: Introduced a new feature that enhances user experience by separating card present payments from mobile access to charging station details.
Customer base expansion: Expanded customer base by more than 30% since Q1 2024, reaching over 100,000 customers.
Geographic footprint: Continued expansion in Latin America, particularly Brazil, and Europe, with strategic acquisitions and partnerships.
Recurring revenue growth: Recurring revenue grew by 35% over Q1 2024, representing 77% of total revenue.
Installed base of devices: Grew by 20% since Q1 2024, reaching over 1.3 million devices.
Acquisitions: Acquired UPPay and increased ownership in Tigapo LTD, enhancing market presence in Brazil and Europe.
Partnerships: Formed a strategic partnership with N-and Group for next-generation smart screens and expanded partnership with BTC Power for EV charging solutions.
Regulatory Issues: Nayax is monitoring the impact of new tariffs imposed on imports to the United States, which could affect hardware pricing and operational costs.
Supply Chain Challenges: The company is actively optimizing its supply chain infrastructure and component sourcing to maintain hardware margins despite external pressures.
Economic Factors: Foreign currency volatility impacted revenue by approximately $700,000 in the quarter, indicating exposure to economic fluctuations.
Competitive Pressures: Nayax faces competition from legacy providers in the Brazilian market, which may affect its market share and growth potential.
Market Penetration: Despite strong growth, Nayax acknowledges a relatively low penetration of cashless solutions in both unattended and attended markets, indicating potential risks in achieving growth targets.
Customer Growth: Nayax ended Q1 2025 with over 100,000 customers globally, a 30% increase since Q1 2024.
Recurring Revenue Growth: Recurring revenue grew by 35% over Q1 2024, representing 77% of total revenue.
Market Expansion: Nayax launched a cloud-based food service kiosk solution in Brazil and expanded partnerships in the EV charging space.
Acquisitions: Acquired UPPay and increased ownership in Tigapo LTD to strengthen market position in Brazil and Europe.
Strategic Partnerships: Formed a partnership with N-and Group for next-generation smart screens and expanded partnership with BTC Power for EV charging.
Revenue Guidance: Reaffirming full year 2025 revenue growth of 30% to 35%, targeting $410 million to $425 million.
Organic Revenue Growth: Expecting at least 25% organic revenue growth for the full year.
Adjusted EBITDA Guidance: Guidance remains unchanged at $65 million to $70 million for adjusted EBITDA.
Long-term Targets: Projecting annual revenue growth of approximately 35% by 2028, targeting a gross margin of 50% and adjusted EBITDA margin of 30%.
Free Cash Flow Conversion: Expecting at least 50% free cash flow conversion from adjusted EBITDA for the full year 2025.
Note and Warrant Offering: In March, Nayax completed a note and warrant offering, raising net proceeds of approximately $133 million.
Debt Repayment: Some proceeds from the note and warrant offering were used to repay higher cost of short-term and long-term debt.
The earnings call reveals strong financial performance, with significant net income growth and improved cash flow. Market expansion, particularly in EV charging and smart coolers, and strategic partnerships contribute positively. Although there are some concerns about M&A delays, guidance remains optimistic. Analysts' questions reflect confidence in management's strategy. Overall, the sentiment is positive, with potential for stock price appreciation.
The earnings call reflects strong financial performance, with significant growth in revenue, customer base, and gross margin. The company is successfully expanding its market presence through strategic partnerships and acquisitions. Management's emphasis on the EV market and new business models like rental-based services in Brazil indicate promising future growth. Although there are some uncertainties in the EV market's timeline, the overall sentiment is positive, supported by optimistic guidance and strategic initiatives. The lack of clear guidance on some aspects is a minor concern, but it doesn't outweigh the positive outlook.
The earnings call highlights strong financial performance, with a 27% revenue increase and improved EBITDA. The Q&A section reveals confidence in growth, especially in OEM and EV markets. Management's focus on cost optimization and M&A suggests strategic growth. Despite concerns about flat transaction volumes and vague responses on tariffs, strong recurring revenue and gross margin improvements are positive indicators. The guidance remains optimistic, and no significant macroeconomic impacts are noted. Overall, the company's strategic focus and financial health suggest a positive stock price movement in the short term.
The company reported record revenue, strong recurring revenue growth, and a successful strategic partnership. Adjusted EBITDA and free cash flow exceeded expectations, and guidance for 2025 remains robust. Despite no specific shareholder return plan, positive Q&A sentiment and strong financial metrics suggest a positive stock price movement.
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