Nayax Ltd. reported third‑quarter 2025 results that fell short of consensus expectations. Total revenue reached $104.3 million, a 26% year‑over‑year increase from $83.0 million in Q3 2024, but still $6.0 million below the $110.33 million consensus estimate. Net income climbed to $3.5 million, and Adjusted EBITDA rose to $18.2 million, reflecting a 65% increase from $11.1 million in the same quarter a year earlier. Earnings per share were $0.09, a $0.12 miss against the $0.21 consensus estimate.
Segment analysis shows recurring revenue—primarily SaaS subscriptions and payment‑processing fees—growing 29% to $77.1 million, representing 74% of total revenue. Processing revenue grew 33% to $34.2 million, while hardware revenue remained flat at $3.0 million. Hardware margin improved to 37.0% from 34.4% in Q3 2024, driven by supply‑chain efficiencies and higher‑margin embedded solutions such as the UNO Mini reader.
Compared with the prior quarter, Q3 2025 revenue was $8.7 million higher than Q2 2025’s $95.6 million, and Adjusted EBITDA increased by $7.1 million. The year‑over‑year jump in revenue and earnings is largely attributable to the expansion of recurring revenue streams, even as the company faced headwinds that limited total transaction volume growth.
In light of the earnings miss and the impact of delayed acquisition timing, Nayax revised its full‑year 2025 outlook. Revenue guidance was lowered to $400 million–$405 million on a constant‑currency basis, down from the previous $410 million–$425 million range. Adjusted EBITDA guidance was cut to $60 million–$65 million, versus the earlier $65 million–$70 million range. Management emphasized that the adjustment reflects postponed inorganic contributions rather than a shift in organic growth expectations.
Chief Executive Officer Yair Nechmad highlighted the company’s continued focus on profitable growth, noting that “the quarter was strong, driven by expanding margins and disciplined growth across our segments.” He added that the firm remains confident in at least 25% organic revenue growth for the full year, while acknowledging that the delayed M&A activity has tempered the inorganic upside. The guidance revision signals a cautious stance on near‑term expansion, but the underlying business fundamentals—robust recurring revenue, margin expansion, and a growing customer base—remain solid.
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