Nayax Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Nayax Q3 2026 earnings review
Q3 revenue rose 23% to $128.0M, and full-year 2026 revenue guidance, including IPS, is $530M–$540M.
Nayax · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources
1 · Nayax (NYAX) Q3 2026 earnings review
Q3 revenue rose 23% to $128.0M, and full-year 2026 revenue guidance, including IPS, is $530M–$540M
- 1.Revenue of $128.0M compared with the $134.1M Zacks consensus
- 2.Gross margin was a record 49.6%, and Adjusted EBITDA rose 32.9% to $24.2M
- 3.Free cash flow was $10M, a 41% conversion of Adjusted EBITDA
- 4.Full-year guidance was reaffirmed and raised to include about $20M of IPS revenue in Q4
- 5.Shares were +8.5% at the Nov 11 regular-session close of $53.00
Note: IPS is IPS Group. Company-reported rates are used in the title and bullets (revenue 23%, Adjusted EBITDA 32.9%, free-cash-flow conversion 41%, gross margin 49.6%). The IPS contribution of approximately $20 million is as stated. Zacks consensus is dated Nov 11, 2026.Source: Nayax official Q3 2026 press release, Nov 11, 2026; Zacks, Nov 11, 2026; CNBC, Nov 11, 2026 close
2 · Executive summary
Q3 revenue was $128.0M, below the Zacks consensus, and diluted EPS was ($0.028)
Q3 2026 results vs. Zacks consensus (Nov 11, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenue | $128.0M | $134.1M | -6.1M / -4.5% | Miss |
| Q3 diluted EPS (IFRS) | ($0.028) | $0.15 | -0.178 / -118.7% | Miss |
Share price, Nov 10 regular close to Nov 11 regular-session close
| Nayax Ltd. (Nasdaq) | Nov 10 close | Nov 11 close, 4:00 PM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| NYAX | $48.84 | $53.00 | +$4.16 | +8.5% |
Both prices are from the CNBC quote page. The Nov 11 figure is the regular-session close. CNBC does not state a reason for the move.
Note: The Zacks EPS estimate of $0.15 is compared with official diluted EPS of $(0.028), because the Zacks year-ago EPS of $0.09 matches official diluted EPS of $0.092 for Q3 2025. Official adjusted diluted EPS was $0.341, which is a different measure. Yahoo Finance had no NYAX estimates when the page was fetched.Source: Nayax official Q3 2026 press release, Nov 11, 2026; Zacks, Nov 11, 2026; CNBC, Nov 11, 2026 close
3 · Q3 results vs. consensus
The company reaffirmed its original full-year outlook and now expects revenue of $530M–$540M including IPS
Note: IPS is IPS Group. IPS is expected to contribute approximately $20 million of revenue and approximately $5 million of Adjusted EBITDA in the fourth quarter. Organic revenue growth of 22% to 25% is part of the original, reaffirmed range. Midpoints are not stated in the release and are not shown.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
4 · Guidance, including IPS
Revenue rose 23% to $128.0M, and gross margin was a record 49.6%
- Both recurring and hardware grewRecurring revenue rose 21% to $93.5M, or 73% of the total, and POS devices revenue rose 27% to $34.5M.
- Operating income declinedOperating income was $3.7M, down from $7.8M, after share-based payment costs of $6.2M and other expenses of $5.1M.
- The company reported a net lossThe company reported a net loss of -$1.1M, compared with net income of $3.5M, while Adjusted EBITDA rose 32.9% to $24.2M.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $104.3M | $128.0M | 22.7% |
| Gross profit | $51.4M | $63.5M | 23.5% |
| Gross margin | 49.3% | 49.6% | +30 bp |
| Operating income | $7.8M | $3.7M | (52.9%) |
| Adjusted EBITDA | $18.2M | $24.2M | 32.9% |
| Diluted EPS ($) | $0.092 | ($0.028) | (130.4%) |
Note: POS is point of sale. The revenue YoY rate in the table is the official 22.7% table rate. The title uses the company headline rate of 23%. Gross margin of 49.6% is as reported, and the +30 bp change is the company’s +0.3% (49.6% vs 49.3%). “Record” is the company’s description.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
5 · Q3 key financials
Recurring revenue rose 21% to $93.5M, and POS devices revenue rose 27%
Revenue by type
$M, Q3 2025 vs Q3 2026
“Revenue grew 23%, gross margin hit a record 49.6%, and Adjusted EBITDA increased by more than 70% sequentially.” Yair Nechmad, CEO and chairman
Note: POS is point of sale. Recurring revenue is SaaS plus payment processing fees. Year-to-date organic growth was 21%. Q3 includes $6.6 million from recent acquisitions.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
6 · Revenue mix
Adjusted EBITDA rose 32.9% to $24.2M, and free cash flow was $10M
Adjusted EBITDA
$M, Q3 2025 vs Q3 2026
Operating cash flow was $18.1M. The company says Adjusted EBITDA rose by more than 70% from the second quarter.
Note: Adjusted EBITDA excludes finance expense, tax, depreciation and amortization, share-based payments, employment-benefit costs and other expenses, as reconciled in the release. The 32.9% year-on-year rate and the “more than 70%” sequential comparison are as reported. Free cash flow of $10 million is the company’s rounded figure; the reconciliation shows $10.048 million.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
7 · Adjusted EBITDA and cash flow
Gross margin was a record 49.6%, and recurring margin improved to 54.8%
Gross margin
Q3 2025 vs Q3 2026
Payment processing margin improved to 41.6% from 39.6%. POS devices margin was 35.2%, up from 28.1% in the second quarter and down from 37.0% a year earlier (down 1.8%, as stated).
Note: POS is point of sale. Callout and title margin rates are as reported. The 35.2% vs 37.0% year-on-year POS margin comparison, and the −1.8% variance, are from the official margin summary. The 28.1% second-quarter hardware margin is from the narrative, not the comparative table.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
8 · Margin analysis
Total transaction value rose 25.5% to $2,213M
- Volume and customers increasedTotal transaction value was $2,213M, processed transactions were 839 million, and the customer base grew to about 131,000.
- Take rate was 2.66%The payments take rate was 2.66%, compared with 2.71% a year earlier.
- ARPU roseAverage revenue per unit rose to $255 from $230, and managed and connected devices were 1,598 thousand.
Operating metrics
| Metric | Q3 2025 | Q3 2026 |
|---|---|---|
| Total transaction value ($M) | $1,763M | $2,213M |
| Processed transactions (millions) | 736 | 839 |
| Take rate (payments) | 2.71% | 2.66% |
| Managed and connected devices (thousands) | 1,433 | 1,598 |
| Customers | 109,600 | 130,800 |
| Average revenue per unit ($) | $230 | $255 |
Note: Take rate is processing revenue divided by total transaction value in the same quarter, as defined by the company. ARPU is recurring revenue divided by connected devices over a trailing 12-month period. The “about 131,000” customer figure is the company’s rounding of 130,800.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
9 · Payments volume and customers
Cash, cash equivalents and short-term deposits were $453M, and total debt was $491M
- Cash includes IPS financingBoth the cash and debt totals include $150M of bank loans to finance the IPS acquisition, which closed on October 1, 2026 for $350M in cash.
- Equity increasedTotal equity was $256.6M, up from $231.0M at year-end 2025.
- IPS expands the platform into parkingIPS brings a smart parking platform and more than 250,000 parking spaces across the United States, Canada, the United Kingdom and Ireland, as stated in the release.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $319.5M | $452.1M |
| Cash and short-term deposits | $320.7M | $453.3M |
| Total bank debt and debentures | $327.7M | $491.0M |
| Total equity | $231.0M | $256.6M |
Note: IPS is IPS Group. The stated cash and debt figures of $453 million and $491 million are as reported. The sums of the relevant balance-sheet lines are $453.317 million and $491.035 million (DeepCell calculations).Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
10 · Balance sheet and IPS financing
The IPS integration, a top-line miss versus Zacks, and higher share-based costs are the main watch items
Indicator
What to watch
Implication
Latest reading
IPS contribution in the fourth quarter
The raised ranges depend on about $20 million of IPS revenue and about $5 million of Adjusted EBITDA in Q4
A slower IPS contribution would leave the raised ranges out of reach
Revenue versus the Zacks consensus
Q3 revenue of $128.0 million was below the $134.10 million Zacks consensus (Nov 11, 2026)
The original organic range still has to be delivered in the fourth quarter
Q3 revenue $128.0M
Share-based payment costs
Share-based payment costs were $6.2 million, up from $2.6 million, after a new senior-leadership plan
Higher share-based costs widened the gap between IFRS earnings and Adjusted EBITDA
The IFRS net result was a loss of -$1.1M
IPS is IPS Group. Source: Nayax official Q3 2026 press release, Nov 11, 2026; Zacks, Nov 11, 2026
11 · Key risks to guidance
Appendix: income statement items
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue | $104.3M to $128.0M | 22.7% year on year, official table rate |
| Gross profit | $51.4M to $63.5M | Gross margin 49.6%, as reported |
| Operating income | $7.8M to $3.7M | Down year on year |
| Profit (loss) for the period | $3.5M to -$1.1M | Diluted EPS $(0.028) |
Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
12 · Appendix: Income detail
Appendix: IFRS to non-IFRS items
| Claim | Evidence | Calculation |
|---|---|---|
| Profit (loss) for the period | -$1.1M | Income statement |
| Share-based payment costs | $6.2M | Added back in the Adjusted EBITDA table |
| Adjusted EBITDA | $24.2M | 32.9% year on year, as reported |
| Adjusted net income | $14.1M | Adjusted diluted EPS $0.341 |
Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
13 · Appendix: Non-IFRS items
Appendix: full-year 2026 guidance
| Claim | Evidence | Calculation |
|---|---|---|
| FY revenue, excluding IPS | $510M–$520M | Reaffirmed original range |
| FY revenue, including IPS | $530M–$540M | Includes about $20 million of IPS revenue in Q4 |
| FY Adjusted EBITDA, including IPS | $90M–$95M | Original $85–90 million plus about $5 million from IPS |
| 2028 revenue outlook | $1.0B | Company mid-term framework, with 50% gross margin and 30% Adjusted EBITDA margin |
IPS is IPS Group. Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
14 · Appendix: Outlook ranges
Appendix: cash and debt
| Claim | Evidence | Calculation |
|---|---|---|
| Cash and cash equivalents | $452.1M | Sep 30, 2026 |
| Cash and short-term deposits, stated | $453M | Includes $150 million of IPS financing loans |
| Total short- and long-term debt, stated | $491M | As reported |
| IPS cash consideration | $350M | Acquisition completed October 1, 2026 |
IPS is IPS Group. Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
15 · Appendix: Liquidity
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $104.3M | $128.0M | 22.7% |
| Payment processing fees | $47.7M | $58.9M | 23.5% |
| SaaS revenue | $29.4M | $34.6M | 17.7% |
| POS devices revenue | $27.2M | $34.5M | 26.8% |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Gross profit | $51.4M | $63.5M | 23.5% |
| Operating income | $7.8M | $3.7M | (52.9%) |
| Profit (loss) for the period | $3.5M | -$1.1M | (130.4%) |
| Adjusted EBITDA | $18.2M | $24.2M | 32.9% |
Note: POS is point of sale. The YoY column in this appendix uses unrounded statement comparisons (DeepCell calculations), except where a company-reported rate is shown on earlier slides.Source: Nayax official Q3 2026 press release, Nov 11, 2026; analysis of company data
16 · Appendix: Income statement
Appendix: sources
- Results release, Q3 2026 (official company press release, Nov 11, 2026) — https://www.globenewswire.com/news-release/2026/11/11/3400609/0/en/nayax-reports-third-quarter-2026-results.html
- Investor relations — https://ir.nayax.com/
- Quarterly results — https://ir.nayax.com/financials/quarterly-results/default.aspx
- Consensus: Zacks detailed estimates, Nov 11, 2026 — https://www.zacks.com/stock/quote/NYAX/detailed-estimates
- Share price: CNBC NYAX quote, Nov 10, 2026 regular close $48.84 and Nov 11, 2026 regular-session close $53.00 at 4:00 PM EST — https://www.cnbc.com/quotes/NYAX
- A Form 6-K for these results had not appeared on EDGAR when the page was built. Company figures are in U.S. dollars, on an IFRS basis. Statement amounts originally in thousands were converted to millions. Non-IFRS figures follow the company’s reconciliation tables.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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17 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from Nayax Ltd.’s official Q3 2026 press release dated November 11, 2026, issued over GlobeNewswire and listed on the company’s investor-relations site. A Form 6-K had not appeared on EDGAR at the time of writing. Consensus estimates (Zacks) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are IFRS unless labelled non-IFRS, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.
Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.
Date of analysis. Share prices are the CNBC regular-session closes on November 10, 2026 and November 11, 2026.
Built with DeepCell / deepcell.net
18 · Disclosures
Sources
- Nayax Ltd. Q3 2026 press release, Nov 11, 2026 — https://www.globenewswire.com/news-release/2026/11/11/3400609/0/en/nayax-reports-third-quarter-2026-results.html Filing
- Nayax investor relations — https://ir.nayax.com/ Filing
- Zacks NYAX detailed estimates, Nov 11, 2026 — https://www.zacks.com/stock/quote/NYAX/detailed-estimates Filing
- CNBC NYAX quote: Nov 10, 2026 regular close $48.84; Nov 11, 2026 regular-session close $53.00 at 4:00 PM EST — https://www.cnbc.com/quotes/NYAX Filing
Not investment advice; no rating or price target.
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