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Nayax : First Quarter Revenue Grew 26 % YoY to $ 22.8M Connections grew to more than 400 Gross Transaction Value totaled $ 246M HERZLIYA , Israel , May 27 , 2021 / PRNewswire / -- Nayax Ltd. ( TASE : NYAX ) , a global commerce enablement and payments platform designed to help merchants scale their business , today reported financial results for the first quarter of 2021 . " Today marks the first quarter we report as a publicly traded company . Our recent public offering of 44 million ordinary shares successfully generated approximately $ 130 million . These funds will fuel our growth strategy through sales and marketing initiatives aimed at supporting customers ' cashless payment options in the post pandemic environment , " commented Yair Nechmad , Chief Executive Officer and Chairman of the Board . " We look forward to enhancing relationships with each group in our stakeholder community and upholding the highest standard of customer relations . Revenues for the quarter increased substantially year over year despite one of our main markets , Europe , remaining under strict lockdown measures and Q1 2020 being mostly unaffected by Covid - 19 . This growth demonstrates the resilience of our business and the growing demand for our solutions , " concluded Yair Nechmad . First Quarter Financial Highlights Total revenue was $ 22.8 million , an increase of 26 % over Q1 2020 . Recurring revenue of monthly software and processing fees increased by more than 30 % over Q1 2020 , increasing their share of total revenue from 57 % in Q1 2020 to 59 % in the current quarter . Operational expenses ( including R & D , share based expenses and depreciation and amortization ) amounted to $ 12.7 , an increase of 30 % . This is due to our growth strategy of expanding our sales , marketing and R & D staff and improving overall infrastructure . Capital expenditure ( in cash ) was $ 2.3 million , an increase of 28 % over Q1 2020 . Gross margin for the quarter was 46 % , in line with historical results , resulting in a gross profit of $ 10.5 million , an increase of 21 % over Q1 2020 . Operating loss was $ 2.2 million , compared to a loss of $ 1.1 million in Q1 2020 . Adjusted EBITDA ( excluding one - time costs related to the IPO and share based expenses ) was break even . Net loss was $ 2.2 million , compared to a net loss of $ 1.3 million in Q1 2020 . As of March 31st , 2021 , Nayax had $ 13.3 million in cash and cash equivalents . The IPO generated approximately $ 130 million , net . GAAP Results ( $ M )