Payments technology provider Nayax Ltd. (TASE: NYAX) today reported a strong revenue increase for the first quarter of 2021, which marks its first period as a publicly traded company
"Our recent public offering of 44 million ordinary shares successfully generated approximately $130 million," commented Nayax chairman and chief executive Yair Nechmad. "These funds will fuel our growth strategy through sales and marketing initiatives aimed at supporting customers' cashless payment options in the post pandemic environment."
- 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 million, 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 with 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 with a net loss of $1.3 million in Q1 2020.
- As of March 31st, 2021, Nayax had $13.3 million in cash and cash equivalents.
- The IPO generated approximately $130 million net.
- Connections grew to more than 400,000
- Gross transaction value totaled $246 million
"We look forward to enhancing relationships with each group in our stakeholder community and upholding the highest standard of customer relations," Nechmad said.
Nayax's total number of connections for the quarter reached 402,000. The company said it connected 21,000 new devices in during the period, a volume equal to 50% of the entire growth of connected and managed devices in 2020.
Operational expenses amounted to $8.1 million, excluding IPO expense and share based expenses, the company said.
See Nayax's full news release at PR Newswire.