Nayax Q2 Revenue Jumps 28% to $123M, Reaffirms 2026 Outlook, Slashes FCF Guidance
NYAX sits 70% above its 52-week low of $39.17 on light trading volume (0.2× avg).
Summary
Nayax reported Q2 revenue of $122.6M (+28% YoY) and adjusted EBITDA of $14.1M, reaffirmed 2026 revenue and EBITDA guidance, but slashed free cash flow conversion guidance to 5-10% from ~40% due to accelerated growth investments.
Key Events · Earnings and Guidance · NYAX
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Q2 Revenue +28% to $122.6M
Revenue grew 28% YoY to $122.6 million, with organic growth of 21%. Recurring revenue rose 24% to $87.7 million, representing 72% of total revenue.
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Adjusted EBITDA $14.1M, Net Loss $10.1M
Adjusted EBITDA increased 12% to $14.1 million (12% margin). Net loss of $10.1 million driven by $12.4 million in stock-based compensation, up from $2.5 million a year ago.
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2026 Guidance Reaffirmed, FCF Slashed
Reaffirmed revenue guidance of $510M-$520M and adjusted EBITDA of $85M-$90M. Free cash flow conversion guidance cut to 5-10% from ~40%, reflecting accelerated investments in EV charging, banking, and supply chain.
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New Stock-Based Incentive Plans
Initiated Diamond Plan for senior leadership (~$48M over 5 years) and long-term incentive plan for CEO/CTO tied to $240 share price (~$10M over 3 years), adding significant non-cash expenses.
Analysis · NYAX · Technology
Nayax delivered strong Q2 results with revenue up 28% to $122.6 million and adjusted EBITDA of $14.1 million, but the real story is the sharp cut to free cash flow guidance — from ~40% conversion to just 5-10% — as the company accelerates investment in EV charging, banking infrastructure, and supply chain. The reaffirmed revenue and EBITDA outlook signals confidence in the core business, but the cash flow revision raises questions about near-term capital intensity. The new stock-based incentive plans for leadership, including a plan tied to a $240 share price, align management with long-term value creation but add significant non-cash expenses. The filing also details strategic moves like the Connecticut bank charter application and embedded banking launch, which could transform Nayax into a full-service financial platform but carry execution risk.
At the time of this filing, NYAX was trading at $66.66 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $39.17 to $76.86. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.