Revenue growth remains robust at 28%, and reaffirmed FY guidance provides base-case support, but the massive SBC-driven GAAP loss and steep FCF guidance cut introduce significant headline risk. Traders should watch for conference-call color on the FCF downgrade and the pace of new EV/financial-services investment; the stock may trade sideways near-term until the market absorbs the cash-flow profile shift.
Price Chart
Executive Summary
Nayax reported Q2 2026 results with revenue of $122.6 million (+28% YoY) and Adjusted EBITDA of $14.1 million (+12% YoY), while reaffirming full-year revenue and Adjusted EBITDA guidance. However, GAAP net loss was $10.1 million due to $12.4 million in stock-based compensation, and free cash flow guidance was slashed from ~40% to 5-10% conversion on accelerated investment spending. Revenue growth remains strong, but the massive SBC, GAAP loss swing, and drastic FCF guidance cut introduce notable near-term risk.
Key Facts
- Revenue grew 28.2% to $122.6 million (Q2 2025: $95.6 million).
- GAAP net loss of $10.1 million vs. net income of $11.7 million in Q2 2025, driven by $12.4 million in stock-based compensation.
- Adjusted EBITDA was $14.1 million, up 12% from $12.6 million; margin was 12% vs. 13% a year ago.
- Free cash flow was negative $13.1 million in Q2 2026 vs. positive $5.6 million in Q2 2025.
- FY 2026 FCF conversion guidance slashed to ~5-10% from ~40% previously, due to accelerated investments in financial services, EV charging, and supply chain.
- Full-year revenue guidance reaffirmed at $510M-$520M; Adjusted EBITDA guidance reaffirmed at $85M-$90M.
- Total transaction value grew 29.1% to $2.06 billion; managed and connected devices reached 1.55 million.
- Cash and cash equivalents $304 million; total debt $349 million as of June 30, 2026.
- Company filed for a U.S. bank charter (Connecticut Innovation Bank) and launched Yellow Account embedded banking product.
- Revenue guidance includes organic growth of 22%-25%; mid-term 2028 outlook targets $1B revenue, 50% gross margin, 30% Adjusted EBITDA margin.
Financial Impact
Revenue growth of 28% to $122.6M; GAAP net loss of -$10.1M vs. prior-year income of $11.7M; FCF guidance slashed from ~40% to 5-10% of Adjusted EBITDA
Risk Factors
- Free cash flow guidance cut from ~40% to 5-10% conversion signals materially higher cash burn; investors may reprice growth-at-any-cost premium.
- GAAP net loss of $10.1M vs. prior-year income of $11.7M due to $12.4M SBC; non-GAAP metrics mask the cash cost of equity compensation.
- Hardware margins compressed 730 bps YoY (28.1% vs. 35.4%) on Lynkwell product mix; further deterioration could pressure gross margin.
- Total debt of $349M and financial expenses rising from two TASE bond offerings (nearly 1 billion shekels total) increase interest cost burden.
- Bank charter application is subject to regulatory approval and not guaranteed; embedded-finance investments may take years to pay off.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-003978 |
| Exhibit: exhibit_99-2.htm | 0001178913-26-003978 |
| Document: zk2635898.htm | 0001178913-26-003978 |
| Document: 0001178913-26-003978-index-headers.html | 0001178913-26-003978 |
| Document: 0001178913-26-003978-index.html | 0001178913-26-003978 |
| Document: 0001178913-26-003978.txt | 0001178913-26-003978 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | Press Release | $48.30 $46.61 | ▼ −3.49% | ▼ −3.25% | $50.41 (+4.38%) |
Oct 2, 2026 24d ago | Insider Cluster | $49.00 $49.77 | ▲ +1.57% | ▲ +0.90% | $50.41 (+2.88%) |
Oct 1, 2026 25d ago | 6-K | $49.00 $49.77 | ▲ +1.57% | ▲ +0.90% | $50.41 (+2.88%) |
Oct 1, 2026 25d ago | Press Release | $49.00 $49.77 | ▲ +1.57% | ▲ +0.90% | $50.41 (+2.88%) |
Sep 30, 2026 26d ago | Insider Cluster | $47.71 $48.25 | ▲ +1.13% | ▲ +0.95% | $50.41 (+5.66%) |
Sep 29, 2026 27d ago | Insider Cluster | $44.57 $47.71 | ▲ +7.05% | ▲ +7.25% | $50.41 (+13.10%) |
Sep 29, 2026 27d ago | Insider Cluster | $44.57 $47.71 | ▲ +7.05% | ▲ +7.25% | $50.41 (+13.10%) |
Sep 24, 2026 4w ago | Insider Cluster | $44.75 $45.03 | ▲ +0.63% | ▲ +0.08% | $50.41 (+12.65%) |
Sep 24, 2026 4w ago | Insider Cluster | $44.75 $45.03 | ▲ +0.63% | ▲ +0.08% | $50.41 (+12.65%) |
Sep 22, 2026 4w ago | Insider Cluster | $43.33 $42.63 | ▼ −1.62% | ▼ −0.90% | $50.41 (+16.34%) |
US Market Status
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