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NYAX customer relationships

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Nayax Ltd (NYAX) — Payment rails for the EV era, monetized through platform fees and hardware partnerships

Nayax operates a payments-and-management platform for unattended retail and increasingly for electric vehicle (EV) charging, monetizing through transaction processing fees, telemetry and subscription services, hardware sales (card readers), and software integrations with OEMs and operators. The company converts device deployments into recurring revenue streams while pursuing scale via OEM embedding and exclusive distribution deals. For an investor evaluating counterparties and customer concentration, this profile explains where revenue growth and operational risk originate. Learn more at https://nullexposure.com/.

How Nayax’s commercial strategy turns devices into recurring revenue

Nayax is shifting from pure vending and kiosk payments into EV charging by embedding payment technology into charger hardware and securing preferred-provider mandates from operators. Monetization happens across three vectors: per-transaction payment fees, recurring software/telemetry subscriptions that deliver remote-management insights, and one-time hardware or integration fees tied to large OEM rollouts. This hybrid model boosts lifetime revenue per unit and raises switching costs for operators that integrate Nayax for payments, telemetry, and customer engagement.

Relationships that define the EV push — who’s on Nayax’s roster

Below I cover every named customer relationship from the records, with a concise take and the original citation.

ChartSmart

Nayax highlighted ChartSmart as a rapidly growing U.S. DC fast-charger operator that has committed to Nayax as its preferred payment solution, signaling direct operator adoption in the charging-port market; this was disclosed on the Q3 2025 earnings call. According to the company’s Q3 2025 earnings remarks, ChartSmart manages thousands of ports and selected Nayax for payments.

Tritium

Nayax announced a global OEM partnership with Tritium to simplify payment enablement across Tritium’s DC fast-charger portfolio, enabling card-present payments in Tritium’s global network; the deal was publicized in a GlobeNewswire release on February 18, 2026 and referenced in industry coverage in early 2026.

ChargeSmart EV (also described as ChargeSmart / ChargeSmart EV)

ChargeSmart named Nayax as its preferred cashless payments provider for the rollout of thousands of U.S. DC fast chargers, committing to Nayax’s VPOS Touch readers and Commerce SDK; this long-term partnership was reported in October 2025 and reiterated in Nayax’s third-quarter 2025 results released on November 19, 2025.

Integral Vending

Nayax signed a non-binding letter of intent and exclusivity to acquire Integral Vending, which serves as Nayax’s exclusive distribution partner in Mexico — a distribution-play that accelerates local reach and control in a Latin American market, disclosed in Nayax’s Q3 2025 results (GlobeNewswire, November 19, 2025).

Autel Energy

Nayax committed to embed payment technology into an estimated 100,000 Autel EV chargers slated for deployment across North America and Europe, creating a very large OEM pipeline of embedded devices; this strategic partnership was announced across industry outlets and cited by Nayax in its FY2025 and FY2026 commentary (industry coverage in late 2025 and early 2026).

(Each relationship above is taken from Nayax public filings and press coverage cited in company releases and industry reporting in late 2025 through early 2026.)

What these relationships reveal about the operating model

  • Contracting posture: Nayax is pursuing OEM embedding and preferred-provider contracts with charger operators. That mix implies a combination of integration-heavy contracts with longer sales cycles but higher lifetime value per unit.
  • Concentration and control: Insider ownership sits high relative to institutions (approximately 61% insiders, 22% institutions), which signals concentrated decision control and potential sensitivity of strategic pivots to insider-led decisions.
  • Criticality: Embedding payments into EV chargers converts Nayax into a critical piece of the charging user experience — not optional add-on hardware but a function that directly affects revenue capture for network operators.
  • Maturity and financial posture: Nayax reports Revenue of roughly $400 million TTM and EBITDA around $52.5 million, with profitability metrics that show positive margins but a premium valuation (trailing P/E near 96, forward P/E ~51). These numbers reflect a company in growth mode that is already profitable on an operating level but priced for future expansion.

Note: the relationship-level records included no extracted contractual constraint excerpts; the statements above are company-level signals based on ownership and reported financials.

Near-term commercial catalysts and risks for investors

The next 12–24 months will hinge on three dynamics. First, execution on OEM embeds (Autel, Tritium) will determine whether the EV pipeline converts to recurring transaction revenue and telemetry subscriptions at scale. Second, operator-level deals (ChargeSmart, ChartSmart) will test deployment speed and integration quality, which influence time-to-money and churn. Third, distribution consolidation (the proposed Integral Vending acquisition) will accelerate regional penetration but introduces integration and margin risks.

Key risk factors:

  • Integration and deployment risk: Embedded OEM deals carry engineering integration timelines and certification requirements that can delay revenue recognition.
  • Margin pressure: OEM and operator negotiations, plus potential commoditization of payment acceptance in EV charging, can compress pricing if Nayax cannot sustain value-add differentiation.
  • Concentration of strategic control: High insider ownership can speed decisions but concentrates governance risk and may limit external oversight.

If you want a concise vendor-and-customer map that tracks these contract flows, see more commercial intelligence at https://nullexposure.com/.

Valuation context and how to think about upside

Analyst coverage is modest but constructive: consensus target price sits around $60.6, with buy ratings outnumbering holds. The valuation embeds growth: EV and OEM wins are already factored into a high EV/Revenue multiple (~5.9x) and elevated EV/EBITDA (~37x). The investment case is straightforward — capture share of a fast-growing EV charging install base and convert hardware installs into recurring revenue — but execution must align with the bold revenue conversion implicit in today’s multiples.

Bottom line and actionable next steps

Nayax is executing a deliberate pivot from vending-focused payments to becoming a key payments and telemetry provider for EV charging, leveraging OEM embeds, preferred-operator designations, and selective distribution consolidation to scale. Investors should monitor quarterly activation rates on Autel and Tritium units, integration milestones for ChargeSmart and ChartSmart, and progress on the Integral Vending acquisition as primary signals of revenue conversion.

For deeper diligence or to map these partner exposures against counterparty risk, visit our landing page at https://nullexposure.com/. For tailored intelligence and continuous monitoring of Nayax customer relationships, start here: https://nullexposure.com/.

Major takeaway: Nayax’s customer roster shows a coherent strategy to entrench payments in the EV charging stack; success hinges on execution and the company’s ability to maintain pricing power as deployments scale.