|
Page
|
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Consolidated financial statements – in thousands of US Dollars:
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F-3 - F-4
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F-5
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F-6
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F-7 - F-8
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F-9 - F-10
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F-11 - F-17
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June 30
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December 31
|
|||||||
|
2026
|
2025
|
|||||||
|
U.S. dollars in thousands
|
||||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
|
|
||||||
|
Restricted cash transferable to customers for processing activity
|
|
|
||||||
|
Short-term bank deposits
|
|
|
||||||
|
Receivables in respect of processing activity
|
|
|
||||||
|
Trade receivable, net
|
|
|
||||||
|
Inventory
|
|
|
||||||
|
Other current assets
|
|
|
||||||
|
Total current assets
|
|
|
||||||
|
NON-CURRENT ASSETS:
|
||||||||
|
Long-term bank deposits
|
|
|
||||||
|
Other long-term assets
|
|
|
||||||
|
Right-of-use assets, net
|
|
|
||||||
|
Property and equipment, net
|
|
|
||||||
|
Goodwill and intangible assets, net
|
|
|
||||||
|
Deferred income tax assets
|
|
|
||||||
|
Total non-current assets
|
|
|
||||||
|
TOTAL ASSETS
|
|
|
||||||
|
June 30
|
December 31
|
|||||||
|
2026
|
2025
|
|||||||
|
U.S. dollars in thousands
|
||||||||
|
LIABILITIES AND EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Current maturities of long-term bank loans
|
|
|
||||||
|
Current maturities of other long-term liabilities
|
|
|
||||||
|
Current maturities of leases liabilities
|
|
|
||||||
|
Payables in respect of processing activity
|
|
|
||||||
|
Trade payables
|
|
|
||||||
|
Other payables
|
|
|
||||||
|
Total current liabilities
|
|
|
||||||
|
NON-CURRENT LIABILITIES:
|
||||||||
|
Long-term bank loans
|
|
|
||||||
|
Other long-term liabilities
|
|
|
||||||
|
Debentures
|
|
|
||||||
|
Lease liabilities
|
|
|
||||||
|
Deferred income taxes
|
|
|
||||||
|
Total non-current liabilities
|
|
|
||||||
|
TOTAL LIABILITIES
|
|
|
||||||
|
EQUITY:
|
||||||||
|
Shareholders Equity:
|
||||||||
|
Share capital
|
|
|
||||||
|
Additional paid in capital
|
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|
||||||
|
Capital reserves
|
|
|
||||||
|
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||
|
TOTAL EQUITY
|
|
|
||||||
|
TOTAL LIABILITIES AND EQUITY
|
|
|
||||||
|
Six months ended
June 30 |
Three months ended
June 30 |
||||||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
||||||||||||||||
|
U.S. dollars in thousands
|
|||||||||||||||||||
|
Note
|
(Excluding Profit per share data)
|
||||||||||||||||||
|
Revenues
|
4
|
|
|
|
|
||||||||||||||
|
Cost of revenues
|
5
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
|
Gross Profit
|
|
|
|
|
|||||||||||||||
|
Research and development expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
|
Selling, general and administrative expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
|
Depreciation and amortization in respect of technology and capitalized development costs
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
|
Other income (expenses)
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Share of losses of equity method investees
|
|
(
|
)
|
|
|
||||||||||||||
|
Operating Income (loss)
|
(
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)
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|
(
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)
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|
|||||||||||||
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Financial Income
|
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|||||||||||||||
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Financial Expense
|
(
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)
|
(
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)
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(
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)
|
(
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)
|
|||||||||||
|
Profit (loss) before taxes on income
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Tax expenses
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||
|
Profit (loss) for the period
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Earnings (Loss) per share attributed to shareholders of the Company:
|
|||||||||||||||||||
|
Basic earnings (loss) per share
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Diluted earnings (loss) per share
|
(
|
)
|
|
(
|
)
|
|
|||||||||||||
|
Six months ended
June 30 |
Three months ended
June 30 |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||
|
Profit (loss) for the period
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Other comprehensive income (loss) for the period:
|
||||||||||||||||
|
Items that may be reclassified to profit or loss:
|
||||||||||||||||
|
Gain (loss) from translation of financial statements of foreign operations
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
|
Gain on cash flow hedges
|
|
|
|
|
||||||||||||
|
Total other comprehensive income (loss) for the period
|
|
|
|
|
||||||||||||
|
Total comprehensive income for the period
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Share
capital |
Additional paid in capital
|
Remeasurement of post-employment benefit obligations
|
Other capital reserves
|
Foreign currency translation reserve
|
Accumulated
deficit |
Total
equity |
||||||||||||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||||||||||||||
|
Balance as of January 1, 2025 (audited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Changes in the six months ended June 30, 2025:
|
||||||||||||||||||||||||||||
|
Profit for the period
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Issuance of warrants, net
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Issuance of options due acquisition
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Other comprehensive income for the period
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Employee options exercised and vesting of RSUs
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Balance as of June 30, 2025 (unaudited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Balance as of January 1, 2026 (audited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Changes in the six months ended June 30, 2026:
|
||||||||||||||||||||||||||||
|
Loss for the period
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
|
Other comprehensive income (loss) for the period
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||
|
Employee options exercised and vesting of RSUs
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Balance as of June 30, 2026 (unaudited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Share
capital |
Additional paid in capital
|
Remeasurement of post-employment benefit obligations
|
Other capital reserves
|
Foreign currency translation reserve
|
Accumulated
deficit |
Total
equity |
||||||||||||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||||||||||||||
|
Balance as of March 31, 2025 (unaudited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Changes in the three months ended June 30, 2025:
|
||||||||||||||||||||||||||||
|
Profit for the period
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Issuance of options due acquisition
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Other comprehensive income for the period
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||
|
Employee options exercised and vesting of RSUs
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Balance as of June 30, 2025 (unaudited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Balance as of March 31, 2026 (unaudited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Changes in the three months ended June 30, 2026:
|
||||||||||||||||||||||||||||
|
Loss for the period
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||
|
Other comprehensive income (loss) for the period
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||
|
Employee options exercised and vesting of RSUs
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Share-based payment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Balance as of June 30, 2026 (unaudited)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|||||||||||||||||||
|
Six months ended
June 30 |
Three months ended
June 30 |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||||||||
|
Net profit (loss) for the period
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Adjustments required to reflect the cash flow from operating activities (see Appendix A)
|
|
(
|
)
|
|
|
|||||||||||
|
Net cash provided by (used in) operating activities
|
|
|
(
|
)
|
|
|||||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||||||||
|
Capitalized development costs
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Acquisition of property and equipment
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Loans granted to related companies and others
|
|
(
|
)
|
|
(
|
)
|
||||||||||
|
Decrease (Increase) in bank deposits
|
|
|
|
(
|
)
|
|||||||||||
|
Interest received
|
|
|
|
|
||||||||||||
|
Investments in financial assets and other asset
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
|
Proceeds from sub-lessee
|
|
|
|
|
||||||||||||
|
Payments for acquisitions of subsidiaries, net of cash acquired
|
|
(
|
)
|
|
(
|
)
|
||||||||||
|
Payment of deferred consideration and contingent consideration of subsidiary acquisition
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||||||||
|
Proceeds from issue of debentures and warrants, net
|
|
|
|
|
||||||||||||
|
Interest paid
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Changes in short-term bank credit and short term loan
|
|
(
|
)
|
|
(
|
)
|
||||||||||
|
Repayment of long-term bank loans
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Repayment of other long-term liabilities
|
|
(
|
)
|
|
|
|||||||||||
|
Employee options exercised
|
|
|
|
|
||||||||||||
|
Principal lease payments
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Net cash provided by (used in) financing activities
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
|
Increase (Decrease) in cash and cash equivalents
|
(
|
)
|
|
(
|
)
|
(
|
)
|
|||||||||
|
Balance of cash and cash equivalents at beginning of period
|
|
|
|
|
||||||||||||
|
Gains (losses) from exchange differences on cash and cash equivalents
|
|
|
|
|
||||||||||||
|
Gains (losses) from translation of cash and cash equivalents of foreign operation
|
|
|
(
|
)
|
(
|
)
|
||||||||||
|
Balance of cash and cash equivalents at end of period
|
|
|
|
|
||||||||||||
|
Six months ended
June 30 |
Three months ended
June 30 |
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
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
|
|
|
|
|
||||||||||||
|
Post-employment benefit obligations, net
|
|
|
|
|
||||||||||||
|
Deferred taxes
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Finance expenses, net
|
|
|
|
|
||||||||||||
|
Income from gaining control in subsidiary
|
|
(
|
)
|
|
(
|
)
|
||||||||||
|
Share of loss of equity method investee
|
|
|
|
|
||||||||||||
|
Long-term deferred income
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Expenses in respect of share-based compensation
|
|
|
|
|
||||||||||||
|
Total adjustments
|
|
|
|
|
||||||||||||
|
Changes in operating asset and liability items:
|
||||||||||||||||
|
Increase in restricted cash transferable to customers for processing activity
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Decrease (Increase) in receivables from processing activity
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
|
Increase in trade receivables
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Increase in other current assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Increase in inventory
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Increase in payables in respect of processing activity
|
|
|
|
|
||||||||||||
|
Increase (Decrease) in trade payables
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||
|
Increase (Decrease) in other payables
|
(
|
)
|
|
|
|
|||||||||||
|
Total changes in operating asset and liability items
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
|
Total adjustments required to reflect the cash flow from operating activities
|
|
(
|
)
|
|
|
|||||||||||
|
Appendix B – Information regarding investing and financing activities not involving cash flows:
|
||||||||||||||||
|
Purchase of property and equipment on credit
|
|
|
|
|
||||||||||||
|
Recognition of right-of-use assets through lease liabilities
|
|
|
|
|
||||||||||||
|
Share based payments costs attributed to development activities, capitalized as intangible assets
|
|
|
|
|
||||||||||||
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| a. |
Nayax Ltd. (hereafter – the “Company”) was incorporated in January 2005. The Company provides processing and software as a service (SaaS) business operations solutions via a global platform. The Company is marketing its POS devices and SaaS solutions it develops in more than 120 countries worldwide through subsidiaries (the Company and the subsidiaries, hereafter – the “Group”) and through local distributors.
|
| b. |
These condensed consolidated interim financial statements were approved by the Board of Directors on August 6, 2026, and should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 (the “2025 Annual Report”) filed with the Securities and Exchange Commission (the “SEC”) on March 9, 2026.
|
| a. |
The unaudited condensed consolidated interim consolidated financial statements of the Company as of June 30, 2026, and for the six-months and three-months interim periods ended on that date (hereinafter: "the Condensed Interim Financial Information") have been prepared in accordance with International Accounting Standard IAS 34, “Interim Financial Reporting”. These Condensed Consolidated Interim Financial Statements, that are unaudited, do not include all the information and disclosures that would otherwise be required in a complete set of annual financial statements and should be read in conjunction with the annual financial statements as of December 31, 2025, and their accompanying notes, which have been prepared in accordance with IFRSR Accounting Standards as published by the International Accounting Standards Board (“IASB”). The results of the Group and in the six -months and three-months periods ended June 30, 2026, do not necessarily provide indication of the results that can be expected in the year ended December 31, 2026.
|
| b. |
Estimates and judgments
|
| F-11 |
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|
Six months ended June 30
|
Three months ended June 30
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||
|
Revenues from the sale of integrated POS devices
|
|
|
|
|
||||||||||||
|
Recurring revenue:
|
||||||||||||||||
|
SaaS revenue
|
|
|
|
|
||||||||||||
|
Payment processing fee
|
|
|
|
|
||||||||||||
|
|
|
|
|
|||||||||||||
|
Total
|
|
|
|
|
||||||||||||
|
Six months ended June 30
|
Three months ended June 30
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
U.S. dollars in thousands
|
||||||||||||||||
|
Cost of integrated POS devices sales
|
|
|
|
|
||||||||||||
|
Cost of recurring revenue:
|
||||||||||||||||
|
Cost of services
|
|
|
|
|
||||||||||||
|
Cost of processing
|
|
|
|
|
||||||||||||
|
|
|
|
|
|||||||||||||
|
Total
|
|
|
|
|
||||||||||||
| F-12 |
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| a. |
Fair Value Measurement:
|
| • |
Level 1: Quoted prices in active markets for identical assets or liabilities.
|
| • |
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
|
| • |
Level 3: Inputs for the asset or liability that are not based on observable market data.
|
|
Assets
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
January 1, 2026
|
|
|
|
|||||||||
|
Changes in fair value
|
|
|
|
|||||||||
|
June 30, 2026
|
|
|
|
|||||||||
|
Liabilities
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
January 1, 2026
|
|
(
|
)
|
(
|
)
|
|||||||
|
Changes in fair value
|
|
(
|
)
|
(
|
)
|
|||||||
|
Settlements
|
|
|
|
|||||||||
|
June 30, 2026
|
|
(
|
)
|
(
|
)
|
|||||||
| • |
As of June 30, 2026, the balance of Level 2 assets includes amounts related to hedging.
|
| • |
As of June 30, 2026, the balance of Level 3 liabilities includes contingent consideration liability related to VM and RPI earnout.
|
| • |
Level 2: The fair value of Level 2 instruments is derived using observable inputs, including interest rates, yield curves, credit spreads, and foreign exchange rates. Valuation techniques such as discounted cash flow models, Black and Scholes and comparable market transactions are utilized, with inputs obtained from reputable market data sources.
|
| • |
Level 3: Instruments classified under Level 3 are valued using models that incorporate significant unobservable inputs. These may include company's assumptions regarding future cash flows, discount rates, market liquidity, and counterparty credit risk. The valuation process involves management judgment, and sensitivity analyses are conducted to assess the impact of changes in key assumptions.
|
|
| F-13 |
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| b. |
Fair value of financial assets and financial liabilities
|
NOTE 7 - PROFIT (LOSS) PER SHARE
| a. |
Basic
|
|
Six months ended on
June 30
|
Three months ended
June 30
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Profit (Loss) for the period attributed to holders of ordinary shares (US Dollars in thousands)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Weighted average of number of ordinary shares in issue (in thousands)
|
|
|
|
|
||||||||||||
|
Basic profit (Loss) per ordinary share (in dollars)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
| F-14 |
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| b. |
Diluted
|
|
Six months ended on
June 30
|
Three months ended
June 30
|
|||||||||||||||
|
2026
|
2025
|
2026
|
2025
|
|||||||||||||
|
Profit (Loss) for the period attributed to holders of ordinary shares (US Dollars in thousands)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
|
Weighted average number of ordinary shares issued and used for the calculation of basic earnings per share (US Dollars in thoudands)
|
|
|
|
|
||||||||||||
|
Adjustment for weighted average number of additional shares from exercise of options and RSUs (in thousands)
|
|
|
|
|
||||||||||||
|
Weighted average number of shares for calculation of diluted earnings per share (in thousands)
|
|
|
|
|
||||||||||||
|
Diluted profit (Loss) per ordinary share (in dollars)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
| 1. |
Share-based payment
|
| 1. |
On May 10, 2026, the Company granted
|
| 2. |
On May 27, 2026, the Company granted
|
| 3. |
On June 11, 2026, the Company granted equity awards to employees of the Company and its subsidiaries,
|
| F-15 |
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| 1. |
Share-based payment (continued)
|
| 4. |
CEO and CTO Service Agreement
|
|
a. |
Under the Revised Service Agreements, both Mr. Nechmad (CEO, through Yair Nechmad Ltd.) and Mr. Ben Avi (CTO, through David Ben Avi Ltd.) will each provide management services to the Company on identical terms, in exchange for: (a) a grant of
|
|
| b. |
The Options (for both the CEO and CTO) vest based on two cumulative conditions:
|
|
| c. |
The valuation was estimated via Monte Carlo simulation, the standard method when no deterministic approach exists. The fair value of the options was estimated based on the following assumptions: a share price of $
|
|
| d. |
As a result of these grants, an expense of $
|
|
Allotment date
|
Share price
|
Exercise price
|
Expected option life
|
Risk-free interest rate
|
Average standard deviation (**)
|
Grant date fair value
|
||||||||||||||||||
|
May 10, 2026 - RSU
|
$
|
|
|
|
|
|
$
|
|
||||||||||||||||
|
May 19, 2026 - ESOP
|
$
|
|
$
|
|
|
|
|
$
|
|
(***) | ||||||||||||||
|
May 27, 2026 – RSU/PSU
|
$
|
|
|
|
|
|
$
|
|
||||||||||||||||
|
June 11, 2026 - RSU/PSU
|
$
|
|
|
|
|
|
$
|
|
||||||||||||||||
|
June 11, 2026 – ESOP
|
$
|
|
$
|
|
|
|
|
$
|
|
|||||||||||||||
|
June 11, 2026 – ESOP
|
$
|
|
$
|
|
|
|
|
$
|
|
|||||||||||||||
| F-16 |
NAYAX LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
| 2. |
Information Security Incident
|
F-17