Here are 1-3 brief analogies to describe Nayax:

• Stripe or Square for unattended retail: Nayax provides comprehensive payment processing and business management tools specifically for self-service and automated businesses like vending machines, laundromats, and EV chargers.
• Shopify for automated businesses: Nayax offers an end-to-end platform, including hardware, software, and payments, to enable and manage selling through unattended kiosks and machines, similar to how Shopify powers online stores.

Nayax (symbol: NYAX) primarily sells its payment and management solutions to **other companies** that operate unattended retail businesses. Its customer base is highly diversified, consisting of tens of thousands of operators globally. Due to this fragmentation and the nature of its business, Nayax typically does not disclose specific "major customers" by name that represent a significant concentration of its revenue.

Instead, Nayax serves a wide range of businesses across various unattended retail verticals. Its major customer categories include:

• Vending Machine Operators: Companies that own and operate fleets of vending machines for snacks, beverages, and other goods in various locations (e.g., offices, schools, public spaces).
• Laundromat and Car Wash Operators: Businesses that manage self-service laundromats and automated car wash facilities, requiring cashless payment solutions for their machines.
• Electric Vehicle (EV) Charging Station Operators: Companies that deploy and manage EV charging infrastructure, utilizing Nayax's solutions for payment processing at their unattended charging points.

Other significant customer categories include operators of amusement machines, office coffee service providers, public transportation ticketing systems, and various other self-service kiosks and machines.

• Amazon Web Services (parent company: Amazon.com, Inc.)
  • Symbol: AMZN

Yair Nechmad, CEO & Co-founder

Yair Nechmad co-founded Nayax in 2005 and has served as its Chief Executive Officer and Chairman of the board of directors since then. Prior to establishing Nayax, Mr. Nechmad was the Managing Director at Eden Springs Israel from 2000 to 2004, and before that, he was the Vice President of Marketing at Eden Springs Group from 1998 to 2000, responsible for brand development across Israel and Europe. He also previously served as the advertising manager at the Central Bottling Co. Ltd., a Coca-Cola manufacturer in Israel, from 1997 to 1998. Mr. Nechmad holds a Bachelor of Science degree in political science from Tel Aviv University. He is the largest shareholder of Nayax.

Sagit Manor, Chief Financial Officer

Ms. Manor has served as Nayax's Chief Financial Officer since June 2021. Before joining Nayax, she served for four years as chief executive officer and chief financial officer of Nyotron, an information security company. Preceding her time at Nyotron, Ms. Manor held the position of vice president of finance and chief financial officer of divisions at Verifone, Inc., a financial technology manufacturing company. She is a certified public accountant and holds a Bachelor of Arts degree in Business and Accounting from the College of Management Academic Studies.

David Ben Avi, CTO & Co-Founder

Mr. Ben Avi co-founded Nayax in 2005 and has served as its Chief Technology Officer and a member of its board of directors since then. Before co-founding Nayax, he held various roles in a number of technology start-ups between 1998 and 2006. Mr. Ben Avi holds a bachelor's degree in Business Administration from Derby University and has a certificate in real estate appraisal from The College of Management Academic Studies. He is also a significant shareholder in the company.

Carly Furman, CEO of Nayax North America

Ms. Furman has been the CEO of Nayax North America since 2016. Prior to this role, she served as CFO of Nayax's subsidiary companies, based at the company's R&D Headquarters in Herzliya, Israel. Before joining Nayax, Ms. Furman worked in public accounting and in private industry, focusing on the biotech, fintech, and real estate sectors. She holds a Business Economics degree from the University of California, Santa Barbara (UCSB) and is a CPA. She also assisted in establishing Nayax Germany, Nayax Italy, Nayax Canada, and Nayax Mexico.

Amir Nechmad, Co-founder & Director

Amir Nechmad co-founded Nayax in 2005 with Yair Nechmad and David Ben Avi, and he serves as a shareholder and director of the company. He is an experienced real estate entrepreneur, having received a law degree from Tel Aviv University and been a member of the Israel Bar Association since 1988. Mr. Nechmad practiced law for many years, specializing in communications and real estate, and has invested in various areas of real estate through a family-owned business, Dankron, and the DRK Group in the USA.

Nayax (NYAX) operates in several addressable markets related to cashless payment solutions and management for unattended retail and other self-service environments.

• Global Unattended Payments Market: This market was valued at approximately $40 billion USD in 2021 and is projected to reach $100 billion USD by 2025.
• Global Unattended Terminals Market: The global unattended terminals market size was valued at USD 2.95 billion in 2024 and is expected to reach USD 5.83 billion by 2032, at a compound annual growth rate (CAGR) of 8.9%. North America dominated this market in 2024.
• Global Intelligent Vending Machines Market: This market was estimated to be worth USD 4.91 billion in 2022 and is anticipated to grow to USD 8.21 billion by 2031, with a CAGR of 6.11% from 2023 to 2031.
• Global Unattended Payment Kiosk Market: The unattended payment kiosk market size was valued at USD 3.47 million in 2024 and is expected to reach USD 5.4 million by 2033, growing at a CAGR of 5.69% from 2025 to 2033.
• Global Merchant Services for Unattended Retail: The total addressable market for Nayax's merchant services, which include inventory management and remote device monitoring for unattended retail, is estimated to be over $5 billion globally.
• Global Cashless Payments Market: The broader global cashless payments market was valued at USD 139.61 billion in 2024 and is projected to grow to USD 295.08 billion by 2032, exhibiting a CAGR of 9.92%. North America held the largest share of this market at 35.24% in 2024.
• U.S. Micro Markets: In 2017, the micro-market segment in the United States generated nearly $1 billion in sales, with projections of 39,000 locations by 2022.

Nayax (symbol: NYAX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Customer Base Expansion and Increased Connected Devices: Nayax consistently highlights the expansion of its customer base and the growing number of managed and connected devices as a primary revenue driver. For example, in Q2 2025, the customer base increased by 24% to nearly 105,000, and the total number of managed and connected devices grew by 16.1% to approximately 1.38 million. This growth signifies broader adoption of Nayax's payment services and technology, with strong net revenue retention suggesting existing customers are also increasing their spending.
2. Growth in High-Margin Recurring Revenue: A significant portion of Nayax's revenue comes from recurring sources like Software-as-a-Service (SaaS) and payment processing fees, which are experiencing robust growth. Recurring revenue constituted 74% of total revenue in Q2 2025, growing by 32% year-over-year, and 72% in Q3 2024, growing by 49% year-over-year. This trend is driven by the global shift from cash to digital payments, geographic expansion, growth in average transaction value, and higher take rates.
3. Market Expansion into New Verticals and Geographies: Nayax is actively expanding its geographic footprint and penetrating new and emerging market segments. The company expects acceleration in enterprise hardware sales within new verticals such as EV chargers, smart coolers, and family entertainment centers. Other growing industries include Retail, Laundry, Car Wash, and Amusement. This strategic expansion helps Nayax capture a larger total addressable market.
4. Strategic Mergers and Acquisitions (M&A) and Integration: Future revenue growth is also expected from strategic M&A activities and the full integration of recent acquisitions. An example is the consolidation of Nayax Capital, an embedded financing solution, which is anticipated to enhance value for customers and increase recurring revenue per customer. Nayax's 2028 targets project annual revenue growth of approximately 35%, driven by a combination of organic growth and strategic M&A.
5. New Product Development and Enhanced Hardware Sales: While specific new product launches are not detailed as standalone events, Nayax's strategy involves continuous innovation and development of new solutions. The company anticipates stronger enterprise hardware sales in emerging segments, which implicitly includes new or enhanced hardware offerings. Delays in new product certifications, expected to be completed by the end of 2024 and early 2025, suggest that these new products will contribute to revenue growth once fully rolled out.

Share Repurchases

No information available regarding the dollar amount of share repurchases made or authorized to be made by Nayax over the last 3-5 years.

Share Issuance

• Nayax announced the pricing of an underwritten public offering in March 2024, offering 2,130,435 ordinary shares at a public offering price of $26.00 per share. This offering raised approximately $55 million for the company.
• In addition to the company's offering, selling shareholders, including Nayax's CEO and Chairman, CTO, and a board member, offered a total of 1,000,000 ordinary shares in the same public offering.
• In March 2025, Nayax completed a notes and warrants offering to classified investors in Israel, generating gross proceeds of approximately $137.5 million. The warrants are exercisable into ordinary shares at NIS 177.80 until March 31, 2027.

Outbound Investments

• In the second quarter of 2025, Nayax acquired the remaining 51% stake in Nayax Capital, which was previously a joint venture, resulting in a one-time gain of $5.6 million.
• Nayax acquired Inepro Pay in April 2025, a distributor in the Benelux region, to expand its reach and improve customer service in Europe.
• Nayax acquired Brazilian company VMtecnologia for approximately $22.3 million (110 million reals) in March 2024, with the potential for an additional earnout of up to $5.6 million (27.5 million reals) based on growth objectives. The purchase price was paid partially upfront in cash ($13.4 million), with the remainder in cash or equity over three years.
• Nayax acquired Retail Pro, a retail Point of Sale (POS) software company, for up to $36.5 million at the end of October 2023.
• In January 2022, Nayax announced its acquisition of On Track Innovations (OTI) for approximately $4.5 million in cash.
• Nayax also acquired Roseman Engineering, a fuel and electric vehicle (EV) management software solution provider, in Q1 2024.
• Nayax has an investment in IoT Technology shares and holds call options to potentially achieve 100% ownership.

Capital Expenditures

• Nayax's capital expenditures were $8.7 million in 2021, $18.71 million in 2022, and $24.97 million in 2023.
• Capital expenditures for the last twelve months were -$3.98 million.
• Projected capital expenditures are $12 million for 2025, $15 million for 2026, $18 million for 2027, $22 million for 2028, and $27 million for 2029, consistently representing 3% of revenue.
• The primary focus of capital expenditures includes investments in technology, infrastructure, and expanding into new and emerging segments such as electric vehicle (EV) charging.