Revenue growth remains strong at 30.6% year-over-year, though structural margin pressure persists with gross margins fluctuating to 45.3% in 2026Q1.
| Sales/Revenue | 429.22M | 433.46M | 314.01M | 235.49M | 173.51M | 119.13M | 78.78M | 63.63M |
| Revenue Growth % | 29.61% | 38.04% | 33.34% | 35.72% | 45.65% | 51.22% | 23.82% | - |
| Cost of Goods Sold | 234.04M | 239.92M | 172.48M | 147.2M | 113.48M | 70.97M | 41.6M | 37.07M |
| COGS % of Revenue | - | 55.35% | 54.93% | 62.51% | 65.4% | 59.57% | 52.81% | 58.27% |
| Gross Profit | 195.18M | 193.54M | 141.53M | 88.29M | 60.04M | 48.16M | 37.18M | 26.55M |
| Gross Margin % | 45.47% | 44.65% | 45.07% | 37.49% | 34.6% | 40.43% | 47.19% | 41.73% |
| Gross Profit Growth % | - | 36.74% | 60.3% | 47.06% | 24.65% | 29.54% | 40.02% | - |
| Operating Expenses | 159.57M | 163.74M | 138.43M | 100.68M | 94.08M | 70.65M | 39.4M | 29.64M |
| OpEx % of Revenue | - | 37.78% | 44.08% | 42.75% | 54.22% | 59.3% | 50.02% | 46.59% |
| Selling, General & Admin | 130.87M | 131.31M | 78.03M | 70.32M | 64.09M | 37.95M | 21.79M | 16.36M |
| SG&A % of Revenue | - | 30.29% | 24.85% | 29.86% | 36.94% | 31.86% | 27.65% | 25.71% |
| Research & Development | 30.99M | 32.43M | 25.37M | 28.36M | 22.13M | 19.04M | 9.3M | 7.33M |
| R&D % of Revenue | - | 7.48% | 8.08% | 12.04% | 12.76% | 15.98% | 11.8% | 11.51% |
| Other Operating Expenses | -1000K | 0 | 35.02M | 2M | 7.85M | 13.65M | 8.32M | 5.96M |
| Operating Income | 35.61M | 29.8M | 3.1M | -12.38M | -34.04M | -22.48M | -2.22M | -3.09M |
| Operating Margin % | 8.3% | 6.87% | 0.99% | -5.26% | -19.62% | -18.87% | -2.82% | -4.85% |
| Operating Income Growth % | - | 859.72% | 125.07% | 63.62% | -51.4% | -910.88% | 28% | - |
| EBITDA | 62.73M | 57.39M | 24.48M | 317.52K | -30.45M | -15M | 3.68M | 1.73M |
| EBITDA Margin % | 14.62% | 13.24% | 7.79% | 0.13% | -17.55% | -12.59% | 4.68% | 2.72% |
| EBITDA Growth % | 74.1% | 134.48% | 7608.05% | 101.04% | -103% | -507.15% | 113.19% | - |
| D&A (Non-Cash Add-back) | 27.12M | 27.59M | 21.37M | 12.7M | 3.59M | 7.48M | 5.91M | 4.82M |
| EBIT | 42.64M | 29.8M | 2.33M | -10.36M | -32.25M | -22.74M | -4.65M | -4.53M |
| Net Interest Income | -5.96M | -3.24M | -5.24M | -2.75M | -1.42M | -1.8M | -1.89M | -1.28M |
| Interest Income | 12.99M | 11.55M | 3.16M | 84.78K | 0 | 2.08K | 14.99K | 9.28K |
| Interest Expense | 18.96M | 14.79M | 8.39M | 2.83M | 1.42M | 1.8M | 1.9M | 1.29M |
| Other Income/Expense | -7.44M | 7.62M | -7.49M | -2.29M | -3.02M | -1.66M | -3.87M | -2.54M |
| Pretax Income | 28.17M | 37.42M | -4.38M | -14.67M | -37.06M | -24.14M | -6.1M | -5.63M |
| Pretax Margin % | 6.56% | 8.63% | -1.4% | -6.23% | -21.36% | -20.26% | -7.74% | -8.85% |
| Income Tax | -1.78M | -1.03M | 1.25M | 1.22M | 451K | 632K | -15K | -143K |
| Effective Tax Rate % | -6.33% | -2.75% | -28.44% | -8.28% | -1.22% | -2.62% | 0.25% | 2.54% |
| Net Income | 29.95M | 38.45M | -5.63M | -15.89M | -37.51M | -24.77M | -6.25M | -5.25M |
| Net Margin % | 6.98% | 8.87% | -1.79% | -6.75% | -21.62% | -20.79% | -7.94% | -8.26% |
| Net Income Growth % | 362.15% | 782.74% | 64.56% | 57.64% | -51.44% | -296.05% | -19.03% | - |
| Net Income (Continuing) | 29.95M | 38.45M | -5.63M | -15.89M | -37.51M | -24.77M | -6.08M | -5.49M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.01M |
| EPS (Diluted) | 0.72 | 1.02 | -0.16 | -0.48 | -1.14 | -0.82 | -0.19 | -0.16 |
| EPS Growth % | 338.33% | 737.5% | 66.67% | 57.89% | -39.02% | -331.58% | -18.75% | - |
| EPS (Basic) | - | 1.04 | -0.16 | -0.48 | -1.14 | -0.82 | -0.19 | -0.17 |
| Diluted Shares Outstanding | 41.55M | 37.65M | 35.76M | 33.15M | 32.82M | 30.19M | 32.52M | 32.52M |
| Basic Shares Outstanding | 37.36M | 36.98M | 35.76M | 33.15M | 32.82M | 30.19M | 31.67M | 31.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Geopolitical and Margin Volatility
According to reported financial data, Nayax achieved a 30.6% year-over-year revenue growth in 2026Q1, maintaining a consistent upward trajectory that suggests successful market penetration across its global unattended retail footprint despite the inherent lumpiness associated with hardware-heavy deployments in the competitive fintech services sector.
The company's ability to maintain double-digit top-line growth indicates that its strategy of bundling hardware with recurring SaaS fees is gaining traction. Investors should monitor whether this growth remains organic or becomes increasingly dependent on inorganic acquisitions, as the latter could complicate long-term integration and profitability targets.
As reported in recent income statements, Nayax's gross margin fluctuated to 45.3% in 2026Q1, reflecting the ongoing challenge of balancing lower-margin hardware sales with higher-margin recurring software revenue, a dynamic that appears to limit the company's ability to achieve consistent, high-level profitability in the near term.
The variability in gross margins suggests that the company's product mix is highly sensitive to the timing of hardware cycles. Without a more pronounced shift toward software-only revenue, the company may continue to face difficulty in expanding its operating margins beyond current thin levels.
Based on the provided quarterly figures, operating income reached $4.1M in 2026Q1, yet the lack of consistent scaling relative to gross profit suggests that the company has not yet achieved the operating leverage necessary to demonstrate a clear path toward sustainable, long-term bottom-line profitability.
High SG&A and R&D expenditures appear to be consuming the majority of gross profit gains, which may indicate that the company is still in a heavy investment phase. Analysts should watch for a decoupling of revenue growth from operating expense growth as a key indicator of future maturity.
As indicated by the 2026Q1 net income of $1.3M, Nayax's bottom-line results remain highly volatile, with quarterly EPS swings that appear driven by non-operating items and fluctuating stock-based compensation, warranting further investigation into the underlying quality of the company's reported GAAP earnings for institutional investors.
The inconsistency in net income, ranging from losses to modest profits, suggests that the company's earnings are not yet stabilized. Investors should focus on normalized operating metrics rather than headline net income to better understand the true cash-generating capability of the core business model.
Quick answers to the most common questions about buying NYAX stock.
For fiscal year 2025, Nayax Ltd. (NYAX) reported total revenue of $433.5M. This represents a 581.3% increase compared to $63.6M in 2019.
Nayax Ltd. (NYAX) is profitable, generating $38.4M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
Nayax Ltd. (NYAX) reported an operating income of $29.8M, resulting in an operating profit margin of 6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Nayax Ltd. (NYAX) generated $193.5M in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.