Nayax ends the year with a 51% increase in turnover
Cashless payment provider Nayax Ltd. reported revenue of $34.4 million for its fourth quarter, ended December 31, an increase of 40% over the same quarter of 2020. Nayax’s total revenue for the year was $119.1 million, an increase of 51% over 2020.
“2021 has been a standout year for Nayax, and I’m very pleased with our fourth quarter results, showing broad-based strength in our key metrics,” said Nayax Chairman and CEO Yair Nechmad.
“We successfully completed our initial public offering and completed two strategic acquisitions that not only enhance the value of our platform, but extend our technology leadership and accelerate expansion into under-penetrated markets and verticals,” he said. -he adds. “During the year, we focused on customer success, which resulted in the addition of 11,000 new customers, 58% year-over-year growth, and our net retention in dollars remained the best in the industry at 137%”.
Fourth Quarter Highlights
- Total revenue was $34.4 million, an increase of 40% over the fourth quarter of 2020.
- Recurring revenue from monthly SaaS and processing fees increased by 66% compared to the fourth quarter of 2020.
- Recurring revenue represented 60% of total revenue in Q4 2021, compared to 51% of total revenue in Q4 2020.
- Managed and connected devices grew 40% from Q4 2020 to over 517,000.
- The number of transactions increased by 84% compared to the fourth quarter of 2020 to reach 247 million.
- The value of the transaction increased by 89% compared to the same quarter last year to reach $428 million.
- Operating expenses, including research and development, stock-based compensation expense, and depreciation and amortization were $21.3 million, an increase of 89% over in the fourth quarter of 2020. This reflects an increase in continued investment in talent acquisition, customer expansion and product offering. innovation.
- The operating loss was $10 million, compared to an operating loss of $0.35 million in the fourth quarter of 2020.
- Adjusted EBITDA was negative $3.9 million, compared to a profit of $2.4 million in the fourth quarter of 2020, mainly due to higher cost of goods sold due to the global shortage of components and parts. an increase in operating expenses related to investments.
- Net loss for the fourth quarter of 2021 was $10 million, or ($0.0152) per diluted share, compared to net loss of $3.1 million, or ($0.0124) per diluted share for the fourth quarter of 2020.
Highlights of the year 2021
- Nayax completed its TASE IPO in May 2021, raising a net $132.5 million.
- Total revenue was $119.1 million, an increase of 51% over 2020.
- Recurring revenue from monthly SaaS and processing fees grew 64% year over year, representing 60% of total revenue in 2021, compared to 55% in 2020.
- The dollar-based net retention rate remained high at 137%, while the company’s customer churn rate remained as low as 2.6%.
- The value of transactions increased by 85% compared to 2020 to reach $1.4 billion.
- Transaction volume increased 69% year-over-year to 795 million.
- Gross margin was 40%, reflecting continued strong margins from recurring revenue, offset by lower margins from point-of-sale devices due to higher cost of goods sold due to continued global component shortages . Gross profit reached $48 million in 2021, compared to $37 million in 2020.
- Operating expenses, including research and development, stock-based compensation expenses, depreciation and amortization, but excluding one-time expenses related to the IPO, amounted to $68.5 million, an increase of 74% over 2020.
- Operating loss was $22.5 million, compared to an operating loss of $2.2 million in 2020.
- Adjusted EBITDA was negative $4 million, compared to $6.6 in 2020. Excluding a bonus for non-sales employees that was introduced in the third quarter of 2021 and excluding the impact of increased product costs , 2021 Adjusted EBITDA would have been $1 million.
- Net loss was $24.8 million, or $0.082 per diluted share, compared to net loss of $6.1 million, or $0.0252 per diluted share for 2020.
- As of December 31, Nayax had $87.3 million in cash and cash equivalents.