Nayax Ltd.

Hello, everyone, and welcome to NIACS' first quarter 2025 earnings conference call. All participants are at present in listen-only mode. Following management's formal presentation, instructions will be given for the question and answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Aaron Greenberg. Please go ahead, Aaron.

Thank you, Operator, and everyone for joining us today on this conference call. With me on the call today are Dayir Nekhmad, NIACS co-founder and chief executive officer, and Sigeet Manohar, chief financial officer. Following management's prepared remarks, we will open the call for the question and answer session. Our press release and supplementary investor presentation are available on our investor relations website at ir.niacs.com. As a reminder, during this call, we'll be making forward-looking statements. All forward-looking statements on our call today are based on assumptions and therefore subject to risks and uncertainties that may cause results to differ materially from those projected. We have no obligation to update these statements except as required by law. You can read about these risks and uncertainties in our supplementary investor presentation released earlier today and our regulatory filings. In addition, today's call will include a discussion of non-ISRS measures. Management believes non-IFRS results are useful in order to enhance our understanding of our ongoing performance. However, these measures should be considered as a supplement to and not as a substitute for IFRS financial measures. A reconciliation between NIACS's non-IFRS to IFRS measures can be found in our earnings press release issued earlier today. All key performance indicators are intended to evaluate our business, and properly measure factors in a macroeconomic environment to guide and support our decision making. These key performance indicators may be calculated in a matter different from the industry standards. And finally, please note that all figures in today's call will be reported in U.S. dollars unless stated otherwise. Yair will start the call with key financial and operational highlights. Following that, Tageet will go through the details of financial results and discuss the outlook. And with that, I would like to turn the call over to NIAX's CEO, Yair Nechmad.

Yair? Thank you, Aaron, and thank you, everyone, for joining the call this morning as we share our results for the first quarter and highlight the progress we are making across the business. NIAX is off to an excellent start in 2025 as we continue to execute on driving profitable top-line growth, improving our recurring revenue mix, increasing our market share, and expanding our geographic footprint. As a key milestone, we ended the quarter with more than 100,000 customers globally, which is a testament to both Knives being a trusted partner and leading payment company. I couldn't be more pleased with where we are today as an organization as we continue to scale the business for the long term. Revenue for the quarter saw a strong increase of 27% over Q1 2024, reaching $81 million and grew by 28% over Q1 2024 on a constant currency basis to $82 million, driven by continuing momentum from both new and existing customers. Most notably, the current revenue grew by an impressive 35% over Q1 2024, representing 77% of total revenue in Q1 compared to 72% in the same quarter last year. This growing share of high-margin recurring revenue continues to demonstrate the strength and resilience of our business model, a critical driver to our long-term growth and profitability targets. Turning to profitability, adjusted EBITDA came in at $9.7 million for the quarter, representing approximately 12% of total revenue. This underscores our discipline focused on delivering profitable growth while expanding our top line. I would now like to highlight three key performance indicators for the quarter that we consider primarily measure of growth. First, total transaction value increased by more than 18% over Q1 2024, reaching more than $1.3 billion, which combined with higher take rate of 2.75% drove strong processing revenue growth for the quarter. Second, our customer base expanded by more than 30% since Q1 2024, reaching more than 100,000 customers at the end of Q1, up from 95,000 at the end of 2024. And third, Our installed base of managing connected devices grew by 20% since Q1 2024 to more than 1.3 million devices at the end of the quarter. These KPIs reflect not only the momentum in our business and the underlying strength of our platform, but also demonstrate the flywheel effect and the success of our go-to-market strategies. I'd like now to share some customer success stories and key development from the quarter that highlights our continuing expansion in the automated self-service space. In Q1, we launched our cloud-based food service kiosk solution in the Brazilian market, a key step in our retail strategy. This rollout brings our modern cloud-based POS software to a market that is still dominated by legacy providers with limited automation and population of over 200 million people. We are already seeing our solution deliver strong customer value, and we believe Brazil represents significant potential in this vertical. Looking ahead, Latin America remains a strategic growth region and one of our fastest-growing markets. We also announced a strategic partnership with Enel Group to launch next-generation smart screens for OEMs' features, nice embedded payment capabilities. This collaboration is a strong testament to our commitment to delivering seamless embedded payment to our OEM partners, who typically bring high-volume deployment and enhanced customer stickiness. In addition, we are seeing strong momentum in two high-potential self-service verticals, micro-markets and smart coolers. Our end-to-end control of hardware, software, and payment processing sets us apart from competitors that rely on third-party system or lack of infrastructure to operate as payment facilitators. This integrated approach delivers higher reliability, greater uptime, and fewer operational issues for merchants. By managing the full payment flow, we eliminate the need for third-party onboarding, and enable faster, more transparent transactions. We view these verticals as important drivers of our future growth. Finally, as part of our continued investment in the EV charging space, we deepen our presence in these key verticals by expanding our customer base and securing more strategic partnerships with leading OEMs, charge point operators, and charging software platforms. For example, we expanded our partnership with BTC Power, one of the largest OEM providers of EV chargers in the U.S., who selected NIAX as their preferred cashless payment provider. Our partnership will provide BTC Power with the leading payment technology in the EV industry, giving their customers a best-in-class combined platform. We also introduced a new feature for our EV kiosk product that enhance user experience by clearly separating car presence payments from mobile access to charging station details, simplifying the customer experience and reinforcing our role as leading provider of integrated payment solutions for the EV ecosystem. With each of these customer success stories and key developments, we continue to establish NIAX as leading provider of cashless payment and management solution driving innovation and growth across multiple industries and markets. Let me now turn to recent acquisitions. In February, we acquired AppPay, a leading digital payment and telemetry provider for automated self-service coffee machines in Brazil. This acquisition, combined with our 2024 purchase VM technology, expanded our reach to more than 50,000 managed and connected devices across Brazil, shrinking our position in the Latin America market. During the quarter, we also completed the purchase of the majority of shares of Tigapo Ltd., an associate company focused on family entertainment centers. We acquired an additional 30% of Tigapo's shares, increasing our ownership from 54% to 84%. In April, we acquired Innopropay, our long-standing distributor in the Benelux region. This move continues a strategy of consolidating distribution channel, improving operational efficiency, and bringing us closer to our European customers through the establishment of full-service knife office in the Netherlands. Europe remained a core market accounting for approximately 36% of our global revenue in 2024, and this acquisition reinforced our commitment to growing in the region. Looking forward, we are excited about our near-term growth opportunities and our business fundamentals remain solid with a relatively low penetration of cashless solutions in both unattended and attended markets. Our TEM is large and growing, driven by the shift from cash to digital payment. While we continue to pursue strategic M&A, organic growth remains our primary building block and will continue to be the main driver of our growth. With our expanding pipeline, we are well positioned to continue outpacing the broader payment industry in delivering exceptional value to our customers. With that, we are reaffirming our full year 2025 guidance. Furthermore, we are confident that we can consistently expand our revenue and margin over the coming years to achieve our 2028 annual target. With that, I'll turn it over to our CFO, Sagit Manor, who will review our financial results in greater detail. Sagit?