Financial Performance - Total revenue for 2024 was $142.8 million, a decline of 8.0% year-over-year, primarily due to project completions and lower volumes [4]. - Gross margin for 2024 was 26.8%, reflecting a 110 basis points increase year-over-year [4]. - Operating profit for 2024 was $3.5 million, an increase of $2.4 million compared to 2023 [5]. - Adjusted EBITDA from continuing operations was $13.4 million, a decrease of 15.1% compared to 2023, with an adjusted EBITDA margin of 9.4% [5]. - The company reported a net loss from continuing operations of $6.5 million, compared to a net loss of $5.6 million in 2023 [5]. - Net loss for 2024 was $12,366,000, compared to a net loss of $11,047,000 in 2023, indicating a worsening financial position [16]. - Adjusted EBITDA from continuing operations for 2024 was $13,390,000, down from $15,774,000 in 2023 [20]. Revenue Breakdown - Bills & Payments segment revenue was $101.9 million, a decline of 7.8% year-over-year, while Technology segment revenue was $40.9 million, a decrease of 8.5% year-over-year [5]. - Total revenue for 2024 was $142,408,000, a decrease of 8.0% from $154,943,000 in 2023 [16]. - The company reported a foreign currency exchange impact of $1,055,000 on revenues, affecting the overall revenue performance [19]. Liquidity and Cash Flow - Cash and cash equivalents totaled $12.1 million as of December 31, 2024, indicating adequate liquidity [6]. - Cash and cash equivalents increased to $12,099,000 in 2024 from $6,537,000 in 2023, showing improved liquidity [15]. - Cash flows used in operating activities were $5,227,000 in 2024, compared to $1,535,000 in 2023, indicating increased cash outflow [18]. Assets and Liabilities - Total assets decreased to $88,045,000 in 2024 from $102,739,000 in 2023, a decline of 14.3% [15]. - Total liabilities decreased to $109,391,000 in 2024 from $115,307,000 in 2023, a reduction of 5.5% [15]. Strategic Initiatives - The company signed a non-binding letter of intent to acquire Exela Technologies BPA, LLC, which could potentially expand revenue to approximately $1 billion annually [4][7]. - Approximately $25 million of annual contract value (ACV) is in active ramp, expected to contribute to margin improvement in the second half of 2024 [4]. - The company is optimistic about its organic growth trajectory in 2025 and is working towards the acquisition of Exela Technologies BPA, LLC [2]. Employee Compensation - The company incurred $1,611,000 in stock-based compensation expenses in 2024, reflecting ongoing investment in employee incentives [18].
CF ACQUISITION(CFFE) - 2024 Q4 - Annual Results