NCR Voyix Reports $2.83 Billion Revenue for Fiscal Year 2024, 11% Decrease from 2023

NCR Voyix Corporation reported a total revenue of $2.83 billion for the fiscal year ending December 31, 2024, marking an 11% decrease from $3.18 billion in 2023. The decline was primarily attributed to a 26% drop in product revenue, which fell to $870 million, driven by reduced sales in self-checkout (SCO) and point-of-sale (POS) hardware. Service revenue also decreased by 3%, totaling $1.96 billion, largely due to a decline in payment processing services following the divestiture of the Digital Banking segment. Despite the overall revenue decline, recurring revenue increased by 1%, accounting for 58% of total revenue, indicating a shift towards more stable revenue streams.

The company underwent significant strategic changes during the fiscal year, including the completion of the spin-off of its ATM-focused business into NCR Atleos on October 16, 2023, and the sale of its Digital Banking segment for $2.45 billion in cash on September 30, 2024. These transactions have been classified as discontinued operations in the financial statements. Following the spin-off, NCR Voyix restructured its operations to focus on two reportable segments: Retail and Restaurants, after previously managing five segments. The company also announced a transition of its hardware business to an outsourced design and manufacturing model with Ennoconn Corporation, expected to be fully implemented by 2025.

Operationally, NCR Voyix reported a decrease in its employee headcount, which was approximately 14,000 as of December 31, 2024. The company emphasized its commitment to enhancing customer engagement and expanding its cloud-based solutions, which are increasingly being adopted by retail and restaurant clients. The company’s Adjusted EBITDA for the year was $347 million, reflecting a 3% increase compared to the previous year, indicating improved operational efficiency despite the revenue decline.

Looking ahead, NCR Voyix aims to drive growth through its strategic focus on subscription-based revenue and enhancing its software platform capabilities. The company anticipates that the transition to a more recurring revenue model will lead to more predictable cash flows and improved financial performance in the coming years. However, the company also acknowledged potential risks related to macroeconomic conditions, including inflation and geopolitical tensions, which could impact its operations and financial results.

In summary, NCR Voyix's financial performance in 2024 reflects a challenging year marked by significant strategic transitions, including divestitures and a shift in operational focus. The company is positioning itself for future growth through enhanced service offerings and a commitment to customer-centric solutions, while navigating the complexities of a rapidly evolving market landscape.