Nayax has reported its financial results for the first quarter of 2021 and the make for interesting reading for the vending industry.
‘Today marks the first quarter we report as a publicly traded company’, said Yair Nechmad, Chief Executive Officer and Chairman of the Board. ‘Our recent public offering of 44 million ordinary shares successfully generated approximately $130 million. These funds will fuel our growth strategy through sales and marketing initiatives aimed at supporting customers’ cashless payment options in the post pandemic environment.
‘We look forward to enhancing relationships with each group in our stakeholder community and upholding the highest standard of customer relations. Revenues for the quarter increased substantially year over year despite one of our main markets, Europe, remaining under strict lockdown measures and Q1 2020 being mostly unaffected by Covid-19. This growth demonstrates the resilience of our business and the growing demand for our solutions’, Yair added.
First Quarter Financial Highlights
- Total revenue was $22.8 million, an increase of 26% over Q1 2020.
- Recurring revenue of monthly software and processing fees increased by more than 30% over Q1 2020, increasing their share of total revenue from 57% in Q1 2020 to 59% in the current quarter.
- Operational expenses (including R&D, share based expenses and depreciation and amortization) amounted to $12.7, an increase of 30%. This is due to our growth strategy of expanding our sales, marketing and R&D staff and improving overall infrastructure.
- Capital expenditure (in cash) was $2.3 million, an increase of 28% over Q1 2020.
- Gross margin for the quarter was 46%, in line with historical results, resulting in a gross profit of $10.5 million, an increase of 21% over Q1 2020.
- Operating loss was $2.2 million, compared to a loss of $1.1 million in Q1 2020.
- Adjusted EBITDA (excluding one-time costs related to the IPO and share based expenses) was break even. Net loss was $2.2 million, compared to a net loss of $1.3 million in Q1 2020.
- First Quarter Revenue Grew 26% YoY to $22.8M
- Connections grew to more than 400K
- Gross Transaction Value totaled $246M
- As of March 31st, 2021, Nayax had $13.3 million in cash and cash equivalents. The IPO generated approximately $130 million, net.
More about Nayax is HERE on Planet Vending