Nayax reports second quarter financial results

Global commerce payments platform-maker Nayax announced its financial results for the second quarter, which ended June 30.

Second quarter highlights include:

• Revenue of $78.1 million up 39%. Recurring revenue from SaaS and processing fees comprised 68% of total revenue and grew 47%.
• Gross margin improved strongly to 44.3% from 37.1%. This was primarily due to significantly improved hardware margins rising to 29% from 19%, as a result of various steps taken to increase efficiencies within Nayax’s business and supply chain in recent quarters.
• Nayax reported a return to an operating profit of $0.9 million, compared to an operating loss of $3.7 million.
• Net loss for the period was reduced to $3.0 million or ($0.083) per share, compared to a net loss of $4.0 million, or ($0.120) per share.

The company also highlighted several recent business moves:

• Nayax launched Nayax EV CloudPay, a cloud-based payment solution to help facilitate payments at electric vehicle charging stations.
• Nayax’ VPOS Touch card reader won the Best Payment System award from The Vendies, an annual UK-based vending industry award.
• Nayax successfully closed the acquisition of VMtecnologia, a financial technology provider for the automated self-service industry in Brazil. This acquisition provides Nayax with a strong entry point into Latin America and into Brazil in particular and expands Nayax’s total addressable markets.
• Nayax acquired Roseman Engineering, a Tel-Aviv based fuel and electric vehicle (EV) management software solution provider that allows managers of gas stations to track fuel station income, reduce expenses, and increase operational efficiencies.

“Growing synergies from all parts of our business, combined with an ongoing focus on improving margins, will continue to drive our strong growth in revenue and profitability for the foreseeable future," said Yair Nechmad, the CEO of Nayax, in a statement.