Revenue growth accelerated to 38% YoY in 2025Q4, but 2026Q1 net margin fell to 1.2% and EPS dropped 84.8% YoY, indicating margin volatility despite gross margin expansion to 45.3%.
Nayax Ltd. (NYAX) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 456.22M | 433.46M | 314.01M | 235.49M | 173.51M | 119.13M | 78.78M | 63.63M |
| Revenue Growth % | 30.85% | 38.04% | 33.34% | 35.72% | 45.65% | 51.22% | 23.82% | - |
| Cost of Goods Sold | 249.77M | 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 | 206.45M | 193.54M | 141.53M | 88.29M | 60.04M | 48.16M | 37.18M | 26.55M |
| Gross Margin % | 45.25% | 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 | 187.01M | 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 | 148.59M | 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 | 37.93M | 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 | 493K | 0 | 35.02M | 2M | 7.85M | 13.65M | 8.32M | 5.96M |
| Operating Income | 19.44M | 29.8M | 3.1M | -12.38M | -34.04M | -22.48M | -2.22M | -3.09M |
| Operating Margin % | 4.26% | 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 | 44.07M | 57.39M | 24.48M | 317.52K | -30.45M | -15M | 3.68M | 1.73M |
| EBITDA Margin % | 9.66% | 13.24% | 7.79% | 0.13% | -17.55% | -12.59% | 4.68% | 2.72% |
| EBITDA Growth % | -3.53% | 134.48% | 7608.05% | 101.04% | -103% | -507.15% | 113.19% | - |
| D&A (Non-Cash Add-back) | 24.63M | 27.59M | 21.37M | 12.7M | 3.59M | 7.48M | 5.91M | 4.82M |
| EBIT | 24.86M | 52.21M | 2.33M | -10.36M | -32.25M | -22.74M | -4.65M | -4.53M |
| Net Interest Income | -10.23M | -3.24M | -5.24M | -2.75M | -1.42M | -1.8M | -1.89M | -1.28M |
| Interest Income | 6.9M | 11.55M | 3.16M | 84.78K | 0 | 2.08K | 14.99K | 9.28K |
| Interest Expense | 17.12M | 14.79M | 8.39M | 2.83M | 1.42M | 1.8M | 1.9M | 1.29M |
| Other Income/Expense | -11.71M | 7.62M | -7.49M | -2.29M | -3.02M | -1.66M | -3.87M | -2.54M |
| Pretax Income | 7.74M | 37.42M | -4.38M | -14.67M | -37.06M | -24.14M | -6.1M | -5.63M |
| Pretax Margin % | 1.7% | 8.63% | -1.4% | -6.23% | -21.36% | -20.26% | -7.74% | -8.85% |
| Income Tax | -446.9K | -1.03M | 1.25M | 1.22M | 451K | 632K | -15K | -143K |
| Effective Tax Rate % | -5.78% | -2.75% | -28.44% | -8.28% | -1.22% | -2.62% | 0.25% | 2.54% |
| Net Income | 8.18M | 38.45M | -5.63M | -15.89M | -37.51M | -24.77M | -6.25M | -5.25M |
| Net Margin % | 1.79% | 8.87% | -1.79% | -6.75% | -21.62% | -20.79% | -7.94% | -8.26% |
| Net Income Growth % | -61.3% | 782.74% | 64.56% | 57.64% | -51.44% | -296.05% | -19.03% | - |
| Net Income (Continuing) | 8.18M | 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) | 0.22 | 1.02 | -0.16 | -0.48 | -1.14 | -0.82 | -0.19 | -0.16 |
| EPS Growth % | -62.98% | 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 | 37.58M | 37.65M | 35.76M | 33.15M | 32.82M | 30.19M | 32.52M | 32.52M |
| Basic Shares Outstanding | 37.58M | 36.98M | 35.76M | 33.15M | 32.82M | 30.19M | 31.67M | 31.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Geopolitical and hardware margin risks
Accelerating Growth with Recurring Mix
Revenue grew 38.0% YoY in 2025Q4, reaching $121.9M, driven by hardware placements and recurring fees. According to the latest quarterly report, growth remains robust despite a slight deceleration in 2026Q1.
The 38.0% YoY growth in 2025Q4 marks an acceleration from the 22.4% in 2025Q2, suggesting successful market share capture and expansion into new verticals like EV charging. However, 2026Q1 growth slowed to 30.6%, possibly reflecting seasonal or lumpy hardware sales. The recurring revenue base, including SaaS and transaction fees, likely provides a stable foundation, but the hardware component introduces volatility.
Gross Margin Expansion Potential
Gross margin improved from 37.2% in 2023Q4 to 45.3% in 2026Q1, indicating a favorable mix shift. As reported in financial statements, this suggests increasing contribution from higher-margin recurring services.
The gross margin trend shows a clear upward trajectory, with 2025Q1 reaching 49.2%, the highest in the period. This likely reflects a growing attach rate of software and payment processing to hardware sales. However, the 2026Q1 dip to 45.3% may indicate temporary hardware cost pressures or a higher proportion of lower-margin hardware revenue. Investors should monitor whether the mix shift continues to drive structural margin expansion.
Operating Leverage Emerging
Operating margin swung from -4.4% in 2024Q1 to 10.9% in 2025Q4, demonstrating significant operating leverage. Based on reported figures, revenue scaling has outpaced SG&A growth, driving profitability.
The operating income improvement is notable: from a loss of $2.8M in 2024Q1 to a profit of $13.3M in 2025Q4. This suggests that the company's cost structure is becoming more efficient as revenue grows, with SG&A not increasing proportionally. However, 2026Q1 operating margin fell to 3.9%, possibly due to seasonal factors or increased investment. The sustainability of this leverage depends on continued revenue growth and disciplined expense management.
Earnings Quality and SBC Impact
Net income turned positive in 2025Q2, but EPS volatility is high, with 2026Q1 EPS down 84.8% YoY. Stock-based compensation was $2.5M in 2025Q2, suggesting potential dilution.
The company reported net income of $13.4M in 2025Q4, a significant improvement from losses in 2024. However, 2026Q1 net income dropped to $1.3M, and EPS fell sharply, indicating earnings are not yet stable. SBC appears in some quarters, which may understate true economic earnings. The lack of consistent GAAP profitability despite high revenue growth suggests that the company is still in an investment phase, and investors should adjust for SBC to assess clean earnings.
Cost Structure and Investment Discipline
COGS and SG&A are the primary cost drivers, with SG&A averaging around 30% of revenue. R&D spending has been variable, peaking at $9.2M in 2024Q2, indicating ongoing product investment.
The cost structure reflects a hardware-heavy business with significant variable costs. SG&A has grown in absolute terms but as a percentage of revenue, it has declined from 29.3% in 2024Q1 to 27.2% in 2025Q4, suggesting improving efficiency. R&D spending has been inconsistent, possibly due to project timing, but remains a key investment area for new verticals like EV charging. Management appears to be balancing growth investments with cost control, though the thin operating margins highlight the need for continued discipline.
2025Q4 Profitability Inflection
2025Q4 marked a clear inflection point, with operating income of $13.3M and net income of $13.4M, the highest in the period. This suggests the company has crossed a threshold to sustained profitability.
The transition from losses in 2024 to consistent profits in 2025 indicates that the business model is maturing. The 2025Q4 results, with an 11.0% net margin, demonstrate that the recurring revenue streams are now sufficient to cover fixed costs. However, the subsequent 2026Q1 dip to a 1.2% net margin raises questions about the durability of this inflection. It may be that 2025Q4 benefited from one-time items or seasonality, and investors should watch for confirmation in upcoming quarters.
Sustainability of Growth and Margins
Despite strong growth, the 2026Q1 slowdown and margin compression suggest risks. Hardware revenue lumpiness and competitive pressures could challenge the current trajectory.
The 30.6% YoY growth in 2026Q1, while still high, is a deceleration from 37.0% in 2025Q4, and gross margin fell to 45.3% from 49.2% in 2025Q1. This could indicate that the company is facing increased competition or cost pressures. Additionally, the reliance on hardware sales makes revenue lumpy, and the thin operating margins leave little room for error. If growth continues to decelerate or margins compress further, the stock's premium valuation could be at risk. Investors should monitor the take rate and attach rate metrics closely.