Financial Performance - Total revenue for Q1 2024 was $64 million, representing a 22% increase year-over-year[4] - Recurring revenue grew by 43% year-over-year, accounting for 72% of total revenue[6] - Adjusted EBITDA for the quarter was $3.6 million, a significant improvement from an adjusted EBITDA loss of $0.6 million in the previous year[6] - Gross margins improved to 43.8%, up from 34.1% in Q1 2023, driven by better hardware margins[6] - For the three months ended March 31, 2024, revenues increased to $63,962 thousand, up from $52,410 thousand in the same period of 2023, representing a growth of approximately 22.5%[36] - Gross profit for the same period was $27,987 thousand, compared to $17,875 thousand in 2023, indicating a significant increase of approximately 56.5%[36] - The net loss for the period was $4,956 thousand, a decrease from a loss of $5,527 thousand in the prior year, reflecting an improvement of about 10.3%[36] - For Q1 2024, the company reported a loss of $4,956,000, an improvement from a loss of $5,527,000 in Q1 2023, representing a 10.3% reduction in losses[48] - Adjusted EBITDA for Q1 2024 was $3,582,000, compared to a negative $641,000 in Q1 2023, indicating a significant turnaround[48] Customer Growth - The number of managed and connected devices increased by 44% year-over-year, reaching 1,108,000[9] - The company added 4,000 new customers in the quarter, bringing the total customer base to over 76,000, a 46% increase year-over-year[9] - The dollar-based net retention rate remained high at 134%, reflecting strong customer satisfaction[3] Guidance and Future Outlook - Management reiterated full year 2024 revenue guidance of $325 million to $335 million, indicating over 38% year-over-year growth[10] - The company cannot provide expected 2024 net income due to uncertainties beyond its control, which could significantly impact IFRS financial results[28] Assets and Liabilities - Total assets as of March 31, 2024, were $403,878 thousand, an increase from $323,859 thousand as of December 31, 2023, showing a growth of approximately 24.8%[34] - Cash and cash equivalents rose to $68,569 thousand from $38,386 thousand, marking an increase of approximately 78.7%[33] - The company reported a total current liabilities of $207,709 thousand, slightly up from $203,782 thousand in the previous year[34] - The total equity attributed to the parent company's shareholders increased to $158,187 thousand from $97,590 thousand, reflecting a growth of approximately 62%[34] Expenses and Costs - Operating loss was reduced to $2.8 million, compared to an operating loss of $5.2 million in the previous year[6] - Total adjustments to reconcile net loss to net cash provided by operations were $5,096,000 for Q1 2024, down from $6,412,000 in Q1 2023[45] - Depreciation and amortization expenses increased to $4,518,000 in Q1 2024 from $2,631,000 in Q1 2023, reflecting a 71.7% increase[48] - Finance expenses, net, increased to $2,388,000 in Q1 2024 from $78,000 in Q1 2023, indicating a substantial rise in financing costs[48] - The company incurred non-recurring issuance costs of $128,000 related to its March 2024 underwritten U.S. public offering[48] Processing Activity - The company experienced a significant increase in payables related to processing activity, which rose by $25,953,000 in Q1 2024 compared to $16,415,000 in Q1 2023[45] - The increase in receivables from processing activity was $22,391,000 in Q1 2024, a significant rise compared to $2,361,000 in Q1 2023[45] Shareholder Information - The company issued ordinary shares worth $62,686 thousand during the three months ended March 31, 2024[41] - Adjusted EBITDA is utilized by the management and board of directors to evaluate operating performance, providing useful information for understanding operating results[23] - The company reported a tax benefit of $239,000 in Q1 2024, contrasting with an income tax expense of $259,000 in Q1 2023[48] Acquisitions - Nayax successfully closed the acquisition of Roseman Engineering and VMtecnologia, expanding its market presence and product offerings[11]
Nayax .(NYAX) - 2024 Q2 - Quarterly Report