Nayax reports second-quarter revenue growth of 121% to $31 million
Source Nayax Ltd.
Payments company Nayax Ltd. (TASE: NYAX) reported 121% revenue improvement in its recent second quarter over revenue for the same quarter in 2020.
"As governments around the world eased restrictions related to the COVID-19 pandemic, we saw a surge in consumers' preference to pay with cashless payments and continued to scale our marketing and sales efforts to help merchants grow their business with our complete merchant platform," said Nayax chairman and chief executive Yair Nechmad.
KEY POINTS
- Nayax's total 2021 second-quarter revenue was $31 million, an increase of 121% over Q2 2020.
- Managed and connected devices grew 40% year over year for the quarter to more than 432,000.
- Quarterly gross transaction value grew 160% from the same quarter last year to $344 million
- Recurring revenue from monthly SAAS and processing fees grew more than 100% over Q2 2020, reflecting a share of total revenue of 56% in the current quarter.
- Gross margin was 43%, representing strong sales this quarter of new POS devices, the enablers of future service and processing revenues. Gross profit reached $13.3 million, an increase of 85% over Q2 2020.
- Nayax's operational expenses, including research and development, share-based compensation expenses, depreciation, amortization and excluding IPO-related expenses, amounted to $15.8 million, an increase of 95% over Q2 2020. This is the result of our growth strategy to increase sales, marketing, R&D staff and enhance overall global infrastructure.
- Operating loss was $4.1 million, compared to an operating loss of $1 million in Q2 2020.
- Adjusted EBITDA was $1.4 million, an increase of 75% over Q2 2020.
- Net loss for the second quarter of 2021 was $5.9 million, or $0.019 per diluted share, compared with a net loss of $1.5 million, or $0.006 per diluted shares for the second quarter of 2020.
- As of Jun. 30, Nayax had $113 million in cash and cash equivalents.
"Following the successful public offering and debut on the TASE in May 2021, Nayax's second quarter performance reflects our ability to maintain a healthy growth rate as the economy rebounds to the 'new normal.' We finalized the acquisition of Weezmo, a startup company in the field of interactive, customizable receipts, which is another step for extending and enhancing our consumer engagement and omni-channel platform," Nechmad concluded.
