Nayax Ltd. announced its financial results for the fourth quarter and full year ended December 31, 2024, reporting record full-year revenue of $314.0 million. On a constant currency basis, revenue increased 34% year-over-year to $315.2 million, with recurring revenue growing 47% year-over-year.
The company achieved Adjusted EBITDA of $35.5 million for the full year 2024 and generated $18 million in positive free cash flow. For the fourth quarter of 2024, total revenue was $80.9 million, with recurring revenue reaching $60.1 million, a 39% increase year-over-year.
Nayax provided a strong outlook for 2025, projecting revenue growth of 30% to 35%, equating to a range of $410 million to $425 million on a constant currency basis, including at least 25% organic growth. Adjusted EBITDA for 2025 is expected to be between $65 million and $70 million, with at least 50% free cash flow conversion.
The company also reaffirmed its ambitious 2028 targets, including annual revenue growth of approximately 35%, a gross margin of 50%, and an Adjusted EBITDA margin of 30%. These targets are supported by the continued scaling of high-margin SaaS revenues and operational efficiency.
Operational highlights for 2024 included an Average Revenue Per Unit (ARPU) of $215, up 12% from $192 in 2023. The company's installed base of managed and connected devices grew, and its customer base expanded, reflecting the ongoing cash-to-cashless conversion trend.
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