Nayax Ltd 6-K, filed May 10, 2023

Nayax Ltd. (NYAX)

6-K 2023-05-10 For: 2023-05-10

Added on July 04, 2026

About this 6-K

Nayax Ltd filed this 6-K on May 10, 2023.

Key Performance Indicators	Q1 2023	Q1 2022	Change (%)
Total Transaction Value ($m)	796	489	63%
Number of Processed Transactions (millions)	410	269	52%
Take Rate % (Payments) (*)	2.40%	2.49%	-3%
Managed and Connected devices	769,000	553,000	39%

Replay	TOLL-FREE:	1-844-512-2921
Replay	TOLL/INTERNATIONAL:	1-412-317-6671

	As of March 31,		As of December 31,
	2023		2022
	U.S. dollars in thousands
ASSETS

CURRENT ASSETS:
Cash and cash equivalents		33,212		33,880
Short-term bank deposits		77		83
Restricted cash transferable to customers for processing activity		44,082		34,119
Receivables in respect of processing activity		27,742		25,382
Trade receivable, net		29,859		27,412
Inventory		27,378		23,807
Other current assets		4,990		5,777
Total current assets		167,340		150,460

NON-CURRENT ASSETS:
Long-term bank deposits		1,318		1,336
Other long-term assets		3,061		2,948
Investment in associate		6,221		6,579
Right-of-use assets, net		6,985		7,381
Property and equipment, net		6,271		6,668
Goodwill and intangible assets, net		57,080		55,116
Total non-current assets		80,936		80,028
TOTAL ASSETS		248,276		230,488

	Three months ended March 31,
	2023			2022
	U.S. dollars in thousands
	(Excluding loss per share data)

Revenues		52,410			34,132
Cost of revenues		(34,535	)		(21,039	)
Gross Profit		17,875			13,093

Research and development expenses		(5,136	)		(5,594	)
Selling, general and administrative expenses		(16,431	)		(14,825	)
Depreciation and amortization in respect of technology and capitalized development costs		(1,140	)		(1,045	)
Share of loss of equity method investee		(358	)		(501	)
Operating loss		(5,190	)		(8,872	)
Finance expenses, net		(78	)		(858	)
Loss before taxes on income		(5,268	)		(9,730	)
Income tax expense		(259	)		(50	)
Loss for the period		(5,527	)		(9,780	)

Attribution of loss for the period:
To shareholders of the Company		(5,527	)		(9,780	)
Total		(5,527	)		(9,780	)

Loss per share attributed to shareholders of the Company:
Basic and diluted loss per share		(0.1682	)		(0.2986	)

	Equity attributed to shareholders of the Company
	Share capital		Additional paid in capital		Remeasurement of post-employment benefit obligations		Other capital reserves		Foreign currency translation reserve			Accumulated deficit			Total equity attributed to shareholders of the Company			Total equity
	U.S. dollars in thousands

Balance at January 1, 2023 (audited)		8		151,406		248		9,503		20			(56,550	)		104,635			104,635
Changes in the three months ended March 31, 2023 (unaudited):
Loss for the period		-		-		-		-		-			(5,527	)		(5,527	)		(5,527	)
Other comprehensive income for the period		-		-		-		-		39			-			39			39
Employee options exercised		*		304		-		-		-			-			304			304
Share-based compensation		-		-		-		-		-			1,791			1,791			1,791
Balance at March 31, 2023 (unaudited):		8		151,710		248		9,503		59			(60,286	)		101,242			101,242

Balance at January 1, 2022 (audited)		8		150,366		102		9,503		394			(28,697	)		131,676			131,676
Changes in the three months ended March 31, 2022 (unaudited):
Loss for the period		-		-		-		-		-			(9,780	)		(9,780	)		(9,780	)
Other comprehensive loss for the period		-		-		-		-		(150	)		-			(150	)		(150	)
Employee options exercised		*		94		-		-		-			-			94			94
Share-based compensation		-		-		-		-		-			3,260			3,260			3,260
Balance at March 31, 2022 (unaudited)		8		150,460		102		9,503		244			(35,217	)		125,100			125,100

	Quarter ended as of (U.S. dollars in thousands)
	Q1 2023	Q1 2022
Loss for the period	(5,527)	(9,780)
Finance expense, net	78	858
Tax expense	259	50
Depreciation and amortization	2,627	2,004
EBITDA	(2,563)	(6,868)
Expenses in respect of share-based compensation	1,560	3,102
Share of loss of equity method investee ⁽¹⁾	358	501
ADJUSTED EBITDA ⁽²⁾	(645)	(3,265)

	As of March 31,			As of December 31,
	2023			2022
	U.S. dollars in thousands
LIABILITIES AND EQUITY

CURRENT LIABILITIES:
Short-term bank credit		11,755			7,684
Current maturities of long-term bank loans		1,046			1,052
Current maturities of loans from others and other long-term liabilities		4,935			4,126
Current maturities of leases liabilities		2,326			2,206
Payables in respect of processing activity		79,751			63,336
Trade payables		16,930			14,574
Other payables		17,829			17,229
Total current liabilities		134,572			110,207

NON-CURRENT LIABILITIES:
Long-term bank loans		1,155			1,444
Long-term loans from others and other long-term liabilities		4,918			7,062
Post-employment benefit obligations, net		407			403
Lease liabilities		5,238			5,944
Deferred income taxes		744			793
Total non-current liabilities		12,462			15,646
TOTAL LIABILITIES		147,034			125,853

EQUITY:
Share capital		8			8
Additional paid in capital		151,710			151,406
Capital reserves		9,810			9,771
Accumulated deficit		(60,286	)		(56,550	)
TOTAL EQUITY		101,242			104,635
TOTAL LIABILITIES AND EQUITY		248,276			230,488

	Three months ended March 31,
	2023			2022
	U.S. dollars in thousands
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period		(5,527	)		(9,780	)
Adjustments to reconcile net loss to net cash provided by operations (see Appendix A)		6,412			6,834
Net cash provided by (used in) operating activities		885			(2,946	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Capitalized development costs		(3,535	)		(2,862	)
Acquisition of property and equipment		(96	)		(189	)
Increase in bank deposits		(59	)		(6,678	)
Interest received		24			-
Investments in financial assets		-			(5,672	)
Net cash used in investing activities		(3,666	)		(15,401	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Interest paid		(275	)		(141	)
Changes in short-term bank credit		4,231			-
Transactions with non-controlling interests		-			(186	)
Repayment of long-term bank loans		(254	)		(1,463	)
Repayment of long-term loans from others		(1,206	)		(942	)
Repayment of other long-term liabilities		(69	)		(75	)
Employee options exercised		96			91
Principal lease payments		(574	)		(451	)
Net cash provided by (used in) financing activities		1,949			(3,167	)

Decrease in cash and cash equivalents		(832	)		(21,514	)
Balance of cash and cash equivalents at beginning of period		33,880			87,332
Gain (losses) from exchange differences on cash and cash equivalents		113			(1,279	)
Gains from translation differences on cash and cash equivalents of foreign activity operations		51			213
Balance of cash and cash equivalents at end of period		33,212			64,752

	Three months ended March 31,
	2023			2022
	U.S. dollars in thousands
Appendix A – adjustments to reconcile net loss to net cash provided by operations:

Adjustments in respect of:
Depreciation and amortization		2,627			2,004
Post-employment benefit obligations, net		4			(23	)
Deferred taxes		(36	)		(54	)
Finance expenses (income), net		(211	)		954
Expenses in respect of long-term employee benefits		60			50
Share of loss of equity method investee		358			501
Long-term deferred income		(26	)		(26	)
Expenses in respect of share-based compensation		1,560			3,102
Total adjustments		4,336			6,508

Changes in operating asset and liability items:
Increase in restricted cash transferable to customers for processing activity		(9,963	)		(9,359	)
Increase in receivables from processing activity		(2,361	)		(5,188	)
Increase in trade receivables		(2,432	)		(1,067	)
Decrease in other current assets		999			263
Increase in inventory		(3,582	)		(2,248	)
Increase in payables in respect of processing activity		16,415			15,036
Increase in trade payables		2,484			946
Increase in other payables		516			1,943
Total changes in operating asset and liability items		2,076			326
Total adjustments to reconcile net loss to net cash provided by (used in) operations		6,412			6,834

Appendix B – Information regarding investing and financing activities not involving cash flows:

Purchase of property and equipment in credit		35			178
Acquisition of right-of-use assets through lease liabilities		96			380
Share based payments costs attributed to development activities, capitalized as intangible assets		231			158