IRVING, Texas, March 30, 2026 (GLOBE NEWSWIRE) -- XBP Global Holdings, Inc. (“XBP Global” or “the Company”) (NASDAQ: XBP), a multinational technology and services company orchestrating mission-critical systems that enable hyper-automation and digital transformation, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2025.
Following the transformative acquisition of Exela Technologies BPA, LLC (“BPA”) in July 2025, the Company is reporting results that reflect a significant transition period. To provide a clearer view of the combined business’ performance, the Company has included pro forma metrics alongside reported GAAP results, with reconciliations to the most comparable GAAP metrics in this release, where applicable. Reported results exclude the results of our European operations (“XBP Europe”) until July 31, 2025 and treat BPA as the accounting acquirer. Thus, reported results for the full year 2025 include the historical results of BPA and are not comparable to previous annual earnings results presented by the Company.
Full Year 2025 Highlights
- Reported revenue1totaled $791.0 million, a decline of 9.4% year-over-year
- Combined Pro Forma Revenue2totaled $879.6 million, a decline of 13.6% year-over-year
- Gross margin on a reported basis was 21.7%, a 10 basis point increase year-over-year
- Pro Forma Gross Margin2was 21.9%, a 30 basis point increase year-over-year
- GAAP net income of $1.1 billion, compared to a Net Loss of $215.2 million the prior year
- Pro Forma Adjusted EBITDA2,3of $90.7 million, a decrease of 13.1% year-over-year
- Closed $297.8 million of Total Contract Value (“TCV”5), including $163.8 million of new TCV
Fourth Quarter 2025 Highlights
- Revenue totaled $207.0 million, a decline of 15.1% year-over-year on a pro forma basis4
- Gross margin was 22.7%, a 110 basis point increase year-over-year on a pro forma basis4
- Pro Forma Adjusted EBITDA3of $19.8 million, a decrease of 33.0% year-over-year4
- Closed $60.2 million of new TCV, a 53.2% increase year-over-year and 68.4% above the previous four quarter average4,5
- Closed $34.8 million of new ACV, a 37.7% increase year-over-year and 46.7% above the previous four quarter average4,5
“2025 was a defining year of transition for XBP Global, as we successfully acquired Exela Technologies BPA and repositioned the new company as XBP Global,” said Andrej Jonovic, Chief Executive Officer of XBP Global. “While our financial results reflect expected revenue adjustments as we addressed legacy performance trends in the acquired business, we have been laser-focused on stabilizing the portfolio and laying the groundwork for a return to growth.
“We have strategically invested in our sales leadership and ramped up our client outreach initiatives to win back business and new client relationships. Additionally, through our focused rollout of AI across functions, we are unlocking significant operating leverage and driving gross margin expansion throughout the business. We enter 2026 with an enhanced suite of agentic AI-driven solutions which will enable more clients to transition from labor-intensive, reactive workflows to orchestrated, exception-driven workflows.”
Full Year 2025 Segment Results:
As Reported
As Reported Revenue (in $'000)As Reported Gross Margin FY 2025FY 2024Y/Y (%)FY 2025FY 2024Y/Y (bps)Applied Workflow Automation$723,211$816,447-11.4%17.9%18.5%-60 bpsTechnology67,83156,24320.6%62.5%67.1%-460 bpsTotal As Reported $791,042 $872,690 -9.4%21.7%21.6%+10 bpsPro Forma
Pro Forma Revenue (in $'000)Pro Forma Gross Margin FY 2025FY 2024Y/Y (%)FY 2025FY 2024Y/Y (bps)Applied Workflow Automation$788,563$920,464-14.3%17.4%17.5%-10 bpsTechnology91,03897,154-6.3%60.6%61.3%-70 bpsTotal Pro Forma$879,600 $1,017,618 -13.6%21.9%21.6%+30 bpsFourth Quarter 2025 Segment Results6:
Revenue (in $'000)Gross Margin Q4 2025Q4 20244Y/Y (%)Q4 2025Q4 20244Y/Y (bps)Applied Workflow Automation$185,234$218,286-15.1%18.4%17.0%+140 bpsTechnology21,74025,464-14.6%59.1%60.6%-150 bpsTotal$206,974$243,750-15.1%22.7%21.6%+110 bpsBelow are the notes referenced above:
(1) Reported results exclude XBP Europe until July 31, 2025 and treat BPA as the accounting acquirer. Thus, reported results are not comparable to previous annual earnings results presented by the Company.
(2) Financial results are presented on an unaudited pro forma basis, as if the acquisition of BPA had been consummated on January 1, 2024.
(3) Adjusted EBITDA is a non-GAAP measure. A reconciliation of non-GAAP measures is attached to this release.
(4) Pro forma results reflect the combined company as if the BPA acquisition had occurred on January 1, 2024, and include adjustments to provide period-to-period comparability where the reported results exclude XBP Europe until July 31, 2025.
(5) Total Contract Value (“TCV”) represents the initial estimated revenue related to contracts signed in the period without regard for early termination or revenue recognition rules. Changes to contracts and scope are treated as TCV only to the extent of the incremental new value. New TCV represents TCV attributable to expansion and new scope for existing clients, as well as TCV attributable to new clients. Annual contract value (“ACV”) represents the annualized value of the TCV, calculated by dividing the TCV of each individual contract by its respective duration in years.
(6) Presented on a pro forma basis for the combined company, as if the acquisition of BPA had been consummated on January 1, 2024
Earnings Call and Supplemental Investor Presentation
The Company will host a live conference call at 5:00 pm Eastern Time on March 31, 2026, accompanied by a live webcast. Hosting the call will be Andrej Jonovic, Chief Executive Officer, and Dejan Avramovic, Chief Financial Officer.
Participant Call-In Registration: Participants who wish to join the conference by telephone must register using the following dial-in registration link to receive the dial-in number and a personalized PIN code that will be required to access the call: https://register-conf.media-server.com/register/BI8754ccb3a592449193b50ac393727563.
Participant Live Webcast Registration: To access the live webcast, please visit https://edge.media-server.com/mmc/p/p2mcrcec or XBP Global’s Investor Relations website at https://investors.xbpglobal.com/.
Rebroadcast: Following the live webcast, a replay will be available on XBP Global’s Investor Relations website.
An investor presentation relating to our fourth quarter and full year 2025 performance will be available at https://investors.xbpglobal.com.
About Pro Forma Financial Information
This press release includes certain pro forma financial information, which is presented for informational purposes only and is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pro forma results are presented on an unaudited basis as if the acquisition of BPA had been consummated on January 1, 2024, regardless of the actual closing date.
For financial reporting purposes, BPA is treated as the accounting acquirer, and results exclude XBP Europe until July 31, 2025. As a result, reported results for periods prior to July 31, 2025 are not comparable to previous annual earnings results presented by the Company.
Pro forma financial information is intended to provide investors with a clearer understanding of the underlying performance and trends of the combined business by illustrating the impact of the acquisition on historical results. These results are designed to facilitate period-to-period comparisons and enhance transparency into ongoing operations.
Pro forma information is based on certain assumptions and adjustments, including the elimination of intercompany transactions, acquisition-related costs, and the alignment of accounting policies, as described in the accompanying tables and footnotes. This information is unaudited and does not purport to represent what actual results would have been had the acquisition occurred at the dates indicated, nor does it project future results.
Pro forma financial information should be read in conjunction with historical financial statements, related notes, and the pro forma adjustments and explanatory notes included in this release.
About Non-GAAP Financial Measures
This press release also includes certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA, which are not prepared in accordance with GAAP.
These measures provide investors with additional insight into financial performance, results of operations, and liquidity, and help facilitate comparisons of underlying business trends across periods. Management uses these measures to evaluate performance consistently by excluding the effects of capital structure (such as varying debt levels, interest expense, and transaction costs from acquisitions).
We define EBITDA as net income (loss), plus taxes, interest expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA plus non-recurring transaction costs, non-cash equity compensation, restructuring and related expenses, loss/(gain) on sale of assets, impairment of goodwill and other non-recurring items such as reorganization items. We define Pro Forma Adjusted EBITDA as Adjusted EBITDA plus management’s estimates of the impact of the accounting acquisition of XBP Europe and reorganization of BPA, had such transactions occurred at the beginning of the earliest period presented. Non-GAAP financial measures should not be considered in isolation or as alternatives to liquidity or financial measures determined in accordance with GAAP. A limitation of these measures is that they exclude significant expenses and income required by GAAP to be recorded in the financial statements. In addition, the determination of which items to exclude or include involves management judgment, and these measures may not be comparable to similarly titled measures reported by other companies.
These measures are not required to be uniformly applied, are unaudited, and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP, and their presentation may not be comparable to similar measures used by other companies. Net loss is the GAAP measure most directly comparable to the non-GAAP measures presented here. For a reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules attached to this release.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements include financial forecasts, projections, and other statements about future operations, financial position, business strategy, market opportunities, and trends. Forward-looking statements can often be identified by terms such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast,” or similar expressions. All forward-looking statements are based on estimates, forecasts, and assumptions that are inherently uncertain and subject to risks and factors that could cause actual results to differ materially. These include, but are not limited to: (1) risks related to the acquisition and related restructuring, including the inability to realize anticipated benefits, disruptions to operations, and costs associated with the acquisition; (2) legal proceedings; (3) failure to maintain compliance with Nasdaq listing standards; (4) competition and market conditions; (5) economic, geopolitical, and regulatory changes; (6) challenges in retaining clients, employees, and suppliers; and (7) other risks detailed in the Company’s filings with the SEC, including the “Risk Factors” section of its Annual Report on Form 10-K for 2025. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. XBP Global undertakes no obligation to update these statements, except as required by law. There is no assurance that XBP Global or its subsidiaries will achieve the results projected in these statements.
About XBP Global
XBP Global is a multinational technology and services company powering intelligent workflows for organizations worldwide. With a presence in 20 countries and approximately 10,600 employees, XBP Global partners with over 2,000 clients, including many of the Fortune 100, to orchestrate mission-critical systems that enable hyper-automation.
Our proprietary platforms, agentic AI-driven automation, and deep domain expertise across industries and the public and private sectors enable our clients to entrust us with their most impactful digital transformations and workflows. By combining innovation with execution excellence, XBP Global helps businesses reimagine how they work, transact, and unlock value.
For more news, commentary, and industry perspectives, visit: https://www.xbpglobal.com/
And please follow us on social:
X: https://X.com/XBPglobal
LinkedIn: https://www.linkedin.com/company/xbpglobal/
The information posted on XBP Global’s website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in XBP Global should monitor XBP Global’s website and its social media accounts in addition to XBP Global’s press releases, SEC filings and public conference calls and webcasts.
Consolidated and Combined Balance Sheets
As of December 31, 2025 (Successor) and December 31, 2024 (Predecessor)
(in thousands of United States dollars except share and per share amounts) Successor Predecessor Consolidated Combined and
Consolidated December 31, December 31, 2025
2024
Assets Current assets Cash and cash equivalents$37,113 $11,635 Restricted cash 31,553 52,432 Accounts receivable, net of allowance for credit losses of $5,660 and $3,279, respectively 130,281 18,663 Related party receivables and prepaid expenses 736 12,105 Inventories, net 11,365 7,204 Prepaid expenses and other current assets 28,699 22,358 Total current assets 239,747 124,397 Property, plant and equipment, net of accumulated depreciation of $11,094 and $193,946, respectively 82,956 45,106 Operating lease right-of-use assets, net 30,339 30,543 Goodwill 189,881 39,718 Intangible assets, net 344,080 132,842 Other noncurrent assets 15,094 17,815 Total assets$902,097 $390,421 Liabilities and Stockholders' Equity (Deficit) Liabilities Current liabilities Current portion of long-term debt$34,334 $1,433,484 Accounts payable 55,700 42,602 Related party payables 5,343 3,383 Income tax payable 6,158 5,682 Accrued liabilities 47,101 44,898 Accrued compensation and benefits 56,314 68,179 Accrued interest 13,685 80,039 Customer deposits 21,691 19,900 Deferred revenue 11,881 6,583 Obligation for claim payment 55,632 70,805 Current portion of finance lease liabilities 4,390 5,441 Current portion of operating lease liabilities 9,814 9,210 Total current liabilities 322,043 1,790,206 Long-term debt, net of current maturities 353,267 1,468 Finance lease liabilities, net of current portion 6,857 6,381 Net defined benefit liability 6,241 1,041 Deferred income tax liabilities 52,595 13,118 Long-term income tax liabilities 10,554 8,285 Operating lease liabilities, net of current portion 22,530 23,907 Other long-term liabilities 40,671 2,803 Total liabilities 814,758 1,847,209 Commitments and Contingencies (Note 16) Stockholders' Equity (Deficit) Successor's common stock, par value of $0.0001 per share; 400,000,000 shares authorized; 11,755,434 shares issued and outstanding as of December 31, 2025 12 — Successor's preferred stock, par value of $0.0001 per share; 20,000,000 shares authorized; none issued and outstanding as of December 31, 2025 — — Additional paid in capital 437,995 — Accumulated deficit (351,123) — Predecessor’s net parent investment — (1,449,634)Accumulated other comprehensive loss: Foreign currency translation adjustment (1,263) (7,154)Unrealized pension actuarial gains, net of tax 1,718 — Total accumulated other comprehensive profit (loss) 455 (7,154)Total stockholder's equity (deficit) 87,339 (1,456,788)Total liabilities and stockholder's equity (deficit)$902,097 $390,421
Consolidated and Combined Statements of Operations
For the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and the year ended December 31, 2024 (Predecessor)
(in thousands of United States dollars except share and per share amounts) Successor Predecessor Consolidated Combined and Consolidated Period from August
1, 2025 through
December 31, Period from January
1, 2025 through
July 31, Year Ended
December 31, 2025
2025
2024
Revenue$358,821 $429,187 $867,109 Related party revenue 560 2,474 5,581 Cost of revenue (exclusive of depreciation and amortization) 279,391 339,981 683,924 Selling, general and administrative expenses (exclusive of depreciation and amortization) 49,669 53,946 124,440 Depreciation and amortization 26,225 22,313 50,307 Impairment of goodwill 320,292 — 108,489 Related party expense, net 5,386 5,750 10,971 Operating profit (loss) (321,582) 9,671 (105,441)Other expense (income), net: Interest expense, net 24,237 75,226 101,939 Debt modification and extinguishment costs, net — 121 363 Sundry expense (income), net 274 1,644 (2,087)Other income, net (1,596) (28) (515)Loss before reorganization items and income taxes (344,497) (67,292) (205,141)Reorganization items 1,615 (1,557,825) — Profit (loss) before income taxes (346,112) 1,490,533 (205,141)Income tax expense 5,011 35,875 10,009 Net profit (loss)$(351,123) $1,454,658 $(215,150)Net loss per common share Basic and diluted (29.88)
Condensed Consolidated and Combined Statements of Cash Flows
For the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and the year ended December 31, 2024 (Predecessor)
(in thousands of United States dollars except share and per share amounts) Successor Predecessor Consolidated Combined and Consolidated Period from August 1, 2025 through
December 31, Period from January
1, 2025 through
July 31, Year Ended December 31, 2025 2025 2024 Cash flows from operating activities Net profit (loss) $(351,123) $1,454,658 $(215,150)Adjustments to reconcile net profit (loss) to cash provided by (used in) operating activities Depreciation and amortization 26,225 22,313 50,307 Original issue discount, debt premium and debt issuance cost amortization 3,336 (14,595) (65,910)Reorganization items — (1,626,790) — Interest on BR Exar AR Facility — (2,399) (5,226)Debt modification and extinguishment loss (gain), net — 121 363 Impairment of goodwill 320,292 — 108,489 Provision for credit losses 2,007 (278) 18,094 Deferred income tax provision 389 36,396 939 Equity-based compensation expense 886 204 1,599 Unrealized foreign currency (gain) loss 849 (659) (364)Loss (gain) on sale of assets 2,395 1,967 (96)Fair value adjustment for private warrants liability 6 — — Paid-in-kind interest — 28,848 86,688 Change in operating assets and liabilities, net of effect from acquisitions Accounts receivable 12,053 (93,713) 6,076 Prepaid expenses and other current assets 5,975 (2,203) 2,397 Accounts payable and accrued liabilities (9,017) 30,172 33,097 Related party receivables (payables) 4,002 6,134 2,354 Additions to outsourced contract costs (43) (118) (390)Net cash provided by (used in) operating activities 18,232 (159,942) 23,267 Cash flows from investing activities Net cash received from acquisition (Refer Note 5) — 1,485 — Purchase of property, plant and equipment (5,802) (3,081) (6,294)Additions to internally developed software (1,451) (1,067) (3,160)Proceeds from sale of assets 917 (27) 2,966 Net cash used in investing activities (6,336) (2,690) (6,488) Cash flows from financing activities Cash paid for debt issuance costs (1,770) (3,719) (533)Principal payments on finance lease obligations (1,670) (3,360) (6,573)Borrowings from other loans 10,951 3,785 14,751 Proceeds from Issuance of July 2030 Notes 3,520 — — Proceeds from Revolving Credit Facility — 18,000 — Proceeds from Super Senior Term Loan — 40,000 — Proceeds from ABL Facility 46,900 58,903 — Repayments on ABL Facility (28,800) — — Repayment of Second Lien Note (3,750) (5,975) (6,000)Proceeds from DIP New Money Loans — 80,000 — Borrowing under BR Exar AR Facility 17,000 23,775 59,349 Repayments under BR Exar AR Facility (23,025) (23,397) (52,262)Principal repayments on senior secured term loans and other loans (6,247) (42,748) (11,488)Net cash provided by (used in) financing activities 13,109 145,264 (2,756)Effect of exchange rates on cash, restricted cash and cash equivalents (234) (2,804) (3,451)Net increase (decrease) in cash, restricted cash and cash equivalents 24,771 (20,172) 10,572 Cash, restricted cash and cash equivalents Beginning of period 43,895 64,067 53,495 End of period $68,666 $43,895 $64,067 Supplemental cash flow data: Income tax payments, net of refunds received $2,949 $2,897 $3,590 Interest paid 7,652 10,077 74,820 Cash paid for reorganization items — 68,965 — Noncash investing and financing activities: Assets acquired through right-of-use arrangements 3,373 11,444 22,768 Waiver and consent fee payable added to outstanding balance of Senior Secured Term Loan — — 1,000 Promissory note issued for assets acquisition — — 2,371 Common stock issued for the Business Combination — 32,328 — Common stock issued to settle liabilities subject to compromise — 407,363 — Issuance of July 2030 Notes for settlement of the DIP Facility — 175,000 — Conversion of DIP Facility into Super Senior Term Loan — 6,000 — Accrued capital expenditures 105 180 1,310
(in thousands of United States dollars)
FY 2025FY 2024As Reported Revenue$791,042 $872,690 Intercompany Eliminations(2,596) (5,908) Revenue Adjustment for XBP Europe91,154 150,836 Pro Forma Revenue$879,600 $1,017,618 As Reported Cost of Revenue619,372 683,924 Intercompany Eliminations(186) Cost of Revenue Adjustment for XBP Europe68,079 113,396 Pro Forma Cost of Revenue$687,265 $797,320 As Reported Gross Profit$171,670 $188,766 Intercompany Eliminations(2,410) (5,908) Gross Profit Adjustment for XBP Europe23,075 37,440 Pro Forma Gross Profit$192,335 $220,298
(in thousands of United States dollars)
Three Months Ended Twelve Months Ended December 31,
2025December 31,
2024 December 31,
2025December 31,
2024Net income (loss) $(45,286)$(134,987) $1,103,535 $(227,294)XBP Europe Net Loss (13,360) Pro Forma Net Income (Loss) $(45,286)$(134,987) $1,090,175 $(227,294)Income tax expense 1,641 773 42,191 12,920 Interest expense (income), net 14,529 28,287 104,034 108,406 Depreciation and amortization 17,084 12,493 50,134 54,022 Pro Forma EBITDA $(12,032)$(93,434) $1,286,534 $(51,946)Impairment of goodwill 24,492 108,144 320,292 108,574 Network outage related insurance claim (5,300) (3,535) (5,300) (7,085)Transaction and integration costs (1) 3,302 685 10,820 5,999 Office closure cost 2,980 - 2,980 - Loss (gain) on sale of assets (2) 2,205 462 4,362 (97)Optimization and restructuring expenses (3) 1,093 6,894 7,067 10,645 Severance 1,077 1,656 6,075 3,431 Foreign exchange losses, net (1,004) 504 33 2,520 Reorganization items 784 - (1,556,210) - Non-cash equity compensation (4) 628 834 5,395 3,211 Adjustments to reserve for general unsecured claims 599 - 599 - Network outage related customer settlement 567 - 567 - Restructuring and related expenses 399 - 399 - EBITDA from Previously Discontinued Operations (5) 18 1,533 3,007 4,796 Changes in fair value of warrant liability (3) 2 (5) (43)DMR Related write-off - - 1,209 - Payroll tax penalties - 1,673 2,789 4,293 Debt modification and extinguishment costs (gain), net - 106 121 363 Employee litigation matter - 205 - 1,129 Other charges including non-cash - - - Bad Debt - 1,411 - 16,117 China Dissolution - 1,258 - 1,742 Out-of-Period adjustments - 1,183 - 793 Pro Forma Adjusted EBITDA $19,805 $29,582 $90,734 $104,442
(1) Represents one-time costs associated with restructuring, including professional and legal fees
(2) Represents a loss/(gain) recognized on the disposal of property, plant, and equipment and other assets
(3) Represents the annualized run-rate cost savings from optimization and restructuring initiatives implemented during the period. These adjustments reflect the impact as if such cost savings had been realized for the entire period presented.
(4) Represents non-cash charges related to stock-based compensation
(5) Represents loss related to discontinued operations
Source: XBP Global Holdings, Inc.