Nayax Ltd., an Israel-based provider of cashless solutions for the unattended retail industry which went public last year, improved its revenues but suffered bigger losses for the 3- and 9-month periods ending Sept. 30, 2021, according to an earnings report. The company also increased its connections despite negative factors caused by the coronavirus pandemic.

Revenues increased from $22.08 million in Q3 2020 to $30.9 million in Q3 2021, driven from a significant increase in the scope of sold units, from service revenues in light of an increase in the scope of active paying units and from an increase in processing activity.

Revenues rose from $54.17 million for the nine months ending Sept. 30, 2020 to $84.7 million for the same period in 2021.

The company's loss rose from $225,000 in Q3 2020 to $6.7 million in Q3 2021.

The company's loss for the nine-month period ending Sept. 30, 2020 jumped from $2.99 million to $14.77 million for the comparable period in 2021.

Basic and diluted loss per share increased from $0.0011 to $0.0207 in the comparative three-month periods and from $0.0127 to $0.0504 in the comparative nine-month periods.

The impact of the coronavirus resulted in a decrease in the number of consumer transactions performed with the company's customers at attended and unattended points of sale, in particular during periods when it was prohibited to go to non-essential workplaces, or when tourism and leisure sites and other businesses were closed. Nevertheless, the number of points of sale of the company's customers was "significantly higher" than what it was before the coronavirus outbreak, according to the press release.

The global shortage in the availability of components started to adversely affect the gross profit rate from selling the hardware during Q3 2021 due to an increase in the price of many components used for manufacturing its hardware products.

Nevertheless, the number of connected points of sales rose from 248,000 to 371,000 in the comparative quarters, while the managed points of sale rose from 87,000 to 90,000 and the total points of sale rose from 335,000 to 461,000.

The number of customers increased from about 17,000 to 27,000.

Transaction volume swelled from 336 million to 548 million, and the financial value of the transactions jumped from $544 million to $997 million.

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