Financial Performance - Revenue for Q2 2025 was $39.6 million, representing a 17.8% increase year-over-year and a 5.2% increase sequentially[6] - Operating loss for Q2 2025 was $1.6 million, compared to an operating loss of $1.4 million a year ago[7] - Net loss from continuing operations was $3.4 million, slightly improved from a net loss of $3.6 million a year ago[7] - Revenue for the three months ended June 30, 2025, was $39,431 million, a 17.9% increase from $33,534 million in the same period of 2024[21] - Net loss for the six months ended June 30, 2025, was $11,239 million, compared to a net loss of $6,931 million for the same period in 2024[23] - The company reported a basic and diluted loss per share of $0.34 for the six months ended June 30, 2025, compared to $0.23 in 2024[21] Profitability Metrics - Gross margin improved to 29.8%, a 1,020 basis points increase year-over-year, though it decreased by 30 basis points sequentially[6] - Adjusted EBITDA reached $3.3 million, an increase of 173.8% year-over-year, with an adjusted EBITDA margin of 8.3%, up 470 basis points year-over-year[7] - Adjusted EBITDA from continuing operations for the six months ended June 30, 2025, was $6,974 million, up from $4,142 million in 2024[25] Debt and Equity - The acquisition of BPA was completed, resulting in the elimination of $1.1 billion of BPA's secured debt and the issuance of approximately 81.8 million new shares[4] Company Growth and Clientele - XBP Global's annual revenue is projected to approach $900 million, with a workforce of approximately 11,000 employees across 20 countries[4] - The company now serves over 2,500 clients, including many from the Fortune 100[4] Asset and Cash Flow - Total assets increased to $105.2 million as of June 30, 2025, compared to $88.0 million as of December 31, 2024[19] - Cash used in operating activities for the six months ended June 30, 2025, was $4,008 million, an improvement from $5,540 million in 2024[23] - Net cash used in investing activities for the six months ended June 30, 2025, was $2,136 million, compared to $726 million in 2024[23] - Cash and equivalents at the end of the period for June 30, 2025, were $6,205 million, down from $15,562 million in 2024[23] Expenses - The company incurred $10,407 million in selling, general, and administrative expenses for the three months ended June 30, 2025, compared to $5,998 million in 2024[21] Foreign Exchange Impact - Revenues at constant currency for the three months ended June 30, 2025, were $37,388 million, reflecting a foreign currency exchange impact of $(2,227) million[24] - The company reported a foreign exchange loss of $(311) million for the three months ended June 30, 2025[21] Governance - The company has appointed four new independent board members to enhance governance and accountability[4]
CF ACQUISITION(CFFE) - 2025 Q2 - Quarterly Results