Nayax Reports Q4 Record Net Income with 48% Margins and $300M Cash for M&A
Nayax achieved record net income in Q4 2025, leveraging hardware sales in EV charging and other verticals to drive recurring revenue and 48%+ full-year gross margins. The company expects 120% net revenue retention and plans 2-3 acquisitions annually supported by over $300 million in cash, with 75–80% growth from existing customers.
1. Q4 2025 Financial Performance
Nayax posted record net income in Q4 2025, driven by strong hardware deployments across its EV charging, parking and amusement verticals. These initial device sales have laid the foundation for increased processing and service fees, contributing to accelerated recurring revenue growth.
2. Gross Margins and Retention Outlook
Full-year gross margins exceeded 48%, with management projecting sustained high margins in 2026 due to improved processing economics and stable service margins. Net revenue retention is expected to hold near 120%, reflecting low customer churn and strong transaction volumes.
3. Customer Base Growth Dynamics
Approximately 75–80% of Nayax’s revenue growth over the past three years has come from existing customers as device installations and transaction volumes expand. While this underscores customer loyalty, it also highlights the challenge of acquiring new clients in mature markets.
4. M&A Strategy and Cash Position
Nayax plans to execute 2-3 acquisitions annually, focusing on targets that complement its hardware and software offerings. With over $300 million in cash and a solid pipeline, the company’s 2026 guidance includes the Linkwell acquisition but excludes further M&A assumptions.