Financial Performance - Total revenue for Q1 2023 reached $52.4 million, representing a 54% increase year-over-year[4] - Total revenues for Q1 2023 were $52,410,000, representing a 53.7% increase from $34,132,000 in Q1 2022[34] - Gross profit reached $17.9 million, reflecting a 37% increase year-over-year[8] - Gross profit for Q1 2023 was $17,875,000, up from $13,093,000 in Q1 2022, indicating a gross margin improvement[34] - The company reported a loss for the period of $5,527,000 in Q1 2023, a significant reduction from the loss of $9,780,000 in Q1 2022[34] Revenue Composition - Recurring revenue from monthly SaaS and payment processing fees grew 44%, accounting for 62% of total revenue in Q1 2023[4] - Total transaction value increased by 63% to $796 million, with the number of processed transactions growing by 52% to 410 million[11] Customer Metrics - The net retention rate increased to 141%, indicating high customer satisfaction and loyalty[11] - The number of managed and connected devices rose by 39% to 769,000, with 44,000 new devices added in the quarter[11] Operational Efficiency - Adjusted EBITDA improved to a negative $0.6 million, an increase of $2.7 million compared to negative $3.3 million in Q1 2022[8] - Adjusted EBITDA improved to $(645,000) in Q1 2023 from $(3,265,000) in Q1 2022, indicating a positive trend in operational performance[46] - Operating loss for Q1 2023 was $5.2 million, an improvement from an operating loss of $8.9 million in the previous quarter[8] - Operating loss decreased to $5,190,000 in Q1 2023 from $8,872,000 in Q1 2022, reflecting improved operational efficiency[34] Cash Flow and Assets - Net cash provided by operating activities was $885,000 in Q1 2023, compared to a net cash used of $2,946,000 in Q1 2022[39] - Total assets increased to $248,276,000 as of March 31, 2023, from $230,488,000 as of March 31, 2022, showing growth in the company's asset base[32] - Cash and cash equivalents at the end of Q1 2023 were $33,212,000, down from $64,752,000 at the end of Q1 2022[39] Liabilities and Deficits - Current liabilities rose to $134,572,000 in Q1 2023, up from $110,207,000 in Q1 2022, primarily due to increased payables in respect of processing activity[32] - The accumulated deficit increased to $(60,286,000) as of March 31, 2023, compared to $(56,550,000) a year earlier[32] Outlook - The company reaffirmed its FY 2023 revenue outlook and raised its earnings outlook, aiming for profitability instead of breakeven[3] - Operating expenses decreased by 5% from Q4 2022 to $22.7 million, demonstrating effective cost management[8]
Nayax .(NYAX) - 2023 Q2 - Quarterly Report