Nayax Hits $400M in Revenue as Cashless Transactions Surge

Cashless Momentum Continues: Nayax Processes $6.4B in Transactions

Nayax Ltd., a global commerce payments and loyalty platform designed to help merchants scale their business, today announced its financial results for the fourth quarter and year ended December 31, 2025.

Image Source: Nayax Ltd.

“Nayax delivered strong 2025 results and a very solid fourth quarter. We generated net income of $35.5 million compared to a loss just one year ago, a milestone that reflects the true earnings power of our business model. The company continued to scale profitability to record margins, advanced its strategic priorities, and executed well across the entire organization. We are at an important stage in Nayax’s evolution and the foundation we’ve built over the past twenty years is now translating into consistent, profitable growth. Furthermore, the market opportunity remains significant as cashless penetration in automated self-service environments is still relatively low. We’re building a platform that gets stronger and more valuable with scale, creating a compounding network effect. Every merchant we add increases the value of our platform. Every transaction we process improves our routing algorithms. Every device we connect strengthens our proprietary data moat. As we continue to scale, our recurring revenue model drives profitable growth and progress towards our margin goals,” commented Yair Nechmad, Nayax Chief Executive Officer and Chairman of the Board in today’s press release.

Full Year 2025 Financial and Operational Highlights

Revenue increased 27.5% to $400.4 million from $314.0 million in the prior year, driven by both new and existing customer expansion.
Organic Revenue growth for the year was 24%.
Processing revenue growth of 30% continues to demonstrate our success as a scalable and valued payment partner to our diverse customer base as the market continues its cash-to-cashless conversion.
Hardware revenue increased by 23.5% to $113.2 million with strong demand for our products, solutions, and technology across all market segments.
Gross margin improved to 48.2% from 45.1%, primarily due to:
- Recurring margin improved to 53.3% from 51.3%, driven mainly by processing margins that improved to 38.3% from 34.0% reflecting the ongoing benefits of renegotiated contracts with several bank acquirers and the Company’s improved smart-routing capabilities. SaaS margin stayed stable at 76%.
- Hardware margin improved meaningfully to 35.3% from 30.1% driven by continuing optimization of our supply chain infrastructure, and better component sourcing and cost.
Cash flow provided from operating activities was $40.3 million and Free Cash Flow was $12.2 million mainly due to the ramp-up of our VPOS Media devices which required full advance payment to our new contract manufacturer and the timing of cash settlement from processing activities.
In 2025, Nayax completed two bonds and warrants offerings and raised a total of $307 million.
As of December 31, 2025, the Company had $320.7 million in cash and cash equivalents and short-term deposits. Short-term and long-term debt balances were at $327.7 million.
Total transaction value grew by 32.3% to $6.449 billion.
Number of processed transactions increased by 20.8% to 2.873 billion.
Take rate was 2.70% as the Company continues to expand into additional verticals and new geographies.
Total number of managed and connected devices was approximately 1.463 million devices representing an increase of 16.1%. Nayax added more than 203,000 devices for the full year 2025.
Growth in the customer base continued at a healthy pace with the Company adding more than 19,400 new customers for the full year 2025, bringing the total customer base to almost 115,000, an increase of 20.5% over the prior year.
ARPU increased to approximately $239 dollars, up 11% year over year. This increase is driven by two factors: continued conversion of existing machines from cash to cashless transactions, and our expansion into higher-value verticals.
The dollar-based net retention rate remained high at 120%, reflecting strong customer satisfaction, alongside a low customer churn rate of 2.8%.

Fourth Quarter 2025 Highlights

Revenue increased 34.3% to $119.5 million from $89.0 million driven by both new and existing customer expansion.
Organic Revenue growth for the quarter was 30%.
Recurring revenue from SaaS and payment processing fees grew 22.7%, to $77.3 million and represented 65% of total revenue.
Hardware revenue increased by 62.2% to $42.2 million with strong demand for our products across all market segments, in particular hardware in EV charging.
Operating profit was $12.3 million compared to $3.6 million in last year’s fourth quarter.
Net income was $13.2 million compared to $1.6 million in last year’s fourth quarter.
In December, Nayax completed an additional note and warrant offering and raised $173.9 million.
Cash flow provided from operating activities was $15.6 million and Free Cash Flow was $8.5 million.
Total transaction value grew by 33.9% to $1.752 billion.
Number of processed transactions increased 17.6% to 760 million.
Take rate was 2.65% as the Company continues to expand into additional high-value verticals.
Growth in the customer base continued at a healthy pace, adding nearly 5,000 new customers in the fourth quarter of 2025. an increase of 20.5%.

About Nayax

Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across multiple channels. As of December 31, 2025, Nayax has 13 global offices, approximately 1,200 employees, connections to more than 80 merchant acquirers and payment method integrations and is globally recognized as a payment facilitator. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency — effectively and simply. For more information, please visit nayax.com.