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6-K ·Filed Aug 10, 2026

NYAX

Nayax Ltd.
BEARISH
Impact 6/10
Horizonweeks Processed2mo ago SEC0001178913-26-003979
Notable filing: 6-K
Actionable Insight ▼ Bearish

Monitor for Q3 guidance on cost containment and the cybersecurity investigation outcome. The $4.5M Brazil acquisition expense in Q3 will add to the loss trajectory. Watch for any insider selling given the sharp swing to losses and high stock-based compensation. Revenue growth is sustaining, so a return to profitability could reverse sentiment quickly.

DirectionBearish
Confidencehigh
Horizonweeks
Latest settled — T+20d ⚠ clustered
NYAX ▼ -17.47% at T+20d
SHORT call ✓ call won +17.47% · α vs SPY +16.55% · entry $62.00 → $51.17
Next anchor: T+60d in 8d
Latest observation: T+53 +12.03% FF3 residual α
Entry = T+0 close
Aug 10, 2026
via day close
T+1d
-13.11%
call +13.11% · α +12.79%
$53.87
settled 3mo ago
T+5d
-22.56%
call +22.56% · α +22.52%
$48.01
settled 2mo ago
T+20d
-17.47%
call +17.47% · α +16.55%
$51.17
settled 7w ago
T+60d
Pending
in 8d

Price Chart

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Executive Summary

Nayax Ltd. reported Q2 2026 (unaudited) results: revenue grew 28% YoY to $122.6M (Q2) and $229.4M (H1), driven by a 30% increase in recurring revenue (SaaS + payment processing). However, the company swung to an operating loss of $6.7M (Q2) vs a $9.5M profit a year ago, and a net loss of $10.1M (Q2) vs a $11.7M profit. The loss was driven by a $48.9M SG&A expense (up 57% YoY), including $14.1M in share-based compensation in Q2 alone, and a $493K other expense vs a $5.6M gain last year. A cybersecurity incident (ongoing investigation) and amended Brazil acquisition terms (one-time $4.5M acceleration expense in Q3) add overhangs.

Key Facts

  • Q2 2026 revenue of $122.6M (+28% YoY from $95.6M), H1 2026 revenue of $229.4M (+30% YoY from $176.7M)
  • Q2 2026 operating loss of $6.7M vs operating profit of $9.5M in Q2 2025
  • Q2 2026 net loss of $10.1M vs net income of $11.7M in Q2 2025
  • H1 2026 net loss of $8.8M vs net income of $18.8M in H1 2025
  • SG&A expenses jumped to $48.9M in Q2 2026 (+57% YoY from $31.2M), $85.3M in H1 2026 (+45% YoY)
  • Share-based compensation of $14.1M in Q2 2026 alone, $16.5M in H1 2026, up from $4.9M in H1 2025
  • Cash and equivalents fell to $302.8M at June 30, 2026 from $319.5M at Dec 31, 2025; operating cash flow was only $2.3M in H1 vs $14.2M a year ago
  • Cybersecurity incident investigation ongoing; confirmed exfiltration of 1 driving license, 24 non-PII transaction records, 25 partial card records
  • Post-quarter: amended Brazil acquisition terms to a single BRL 35M (~$6.8M) cash payment, triggering ~$4.5M expected one-time expense in Q3 2026
  • CEO/CTO granted options for 810K shares each, with performance vesting at share prices between $120-$240; fair value of $4.93M each

Financial Impact

Revenue grew 28% YoY, but the company swung from a $11.7M Q2 net profit to a $10.1M net loss, driven by a 57% jump in SG&A. Operating loss of $6.7M vs $9.5M profit. The bearish shift is material, though revenue growth remains strong.

revenueoperating incomenet incomesg&aoperating cash flow

Risk Factors

  • Cybersecurity incident could lead to regulatory fines, litigation, or client churn if PII exposure worsens
  • $4.5M one-time expense in Q3 from Brazil acquisition amendment; potential further amortization charges
  • Sustained profitability is uncertain given SG&A growth outpacing revenue growth by 2:1; stock-based compensation is dilutive and masks true cash cost structure
  • CEO/CTO option grants create potential for future dilution and tie alignment to share price targets ($120-$240) that are far above current levels (~$67); may signal management's confidence in upside but also an overhang

Market Snapshot

Exchange
Nasdaq
Sector
Services-Prepackaged Software
Analyst Consensus
89% bullish (9 analysts)

Investment Themes

Software & IT

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

DocumentAccession Number
6-K Filing (Primary)0001178913-26-003979
Document: zk2635819.htm0001178913-26-003979
Document: 0001178913-26-003979-index-headers.html0001178913-26-003979
Document: 0001178913-26-003979-index.html0001178913-26-003979
Document: 0001178913-26-003979.txt0001178913-26-003979
39 reports for NYAX
Performance horizon
80% Hit rate @ T+1 8 of 10 directional calls Went positive at some point 8 of 10 best @ T+60▲ +22.79%Mar 9, 2026
Filters
Rows
Reports for NYAX — sortable, filterable
TypeNow
Oct 6, 2026
20d ago
Press Release
NEUTRAL ★ 4/10
$48.30 $46.61▼ −3.49%▼ −3.25%$50.41 (+4.38%)
Oct 2, 2026
24d ago
Insider Cluster
BULLISH ★ 5/10
$49.00 $49.77▲ +1.57%▲ +0.90%$50.41 (+2.88%)
Oct 1, 2026
25d ago
6-K
BULLISH ★ 7/10
$49.00 $49.77▲ +1.57%▲ +0.90%$50.41 (+2.88%)
Oct 1, 2026
25d ago
Press Release
NEUTRAL ★ 4/10
$49.00 $49.77▲ +1.57%▲ +0.90%$50.41 (+2.88%)
Sep 30, 2026
26d ago
Insider Cluster
MIXED ★ 5/10
$47.71 $48.25▲ +1.13%▲ +0.95%$50.41 (+5.66%)
Sep 29, 2026
27d ago
Insider Cluster
BULLISH ★ 7/10
$44.57 $47.71▲ +7.05%▲ +7.25%$50.41 (+13.10%)
Sep 29, 2026
27d ago
Insider Cluster
BULLISH ★ 7/10
$44.57 $47.71▲ +7.05%▲ +7.25%$50.41 (+13.10%)
Sep 24, 2026
4w ago
Insider Cluster
BULLISH ★ 7/10
$44.75 $45.03▲ +0.63%▲ +0.08%$50.41 (+12.65%)
Sep 24, 2026
4w ago
Insider Cluster
NEUTRAL ★ 4/10
$44.75 $45.03▲ +0.63%▲ +0.08%$50.41 (+12.65%)
Sep 22, 2026
4w ago
Insider Cluster
NEUTRAL ★ 3/10
$43.33 $42.63▼ −1.62%▼ −0.90%$50.41 (+16.34%)
Showing 10 of 39

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Report published Aug 10, 2026