Revenue Performance - Reported revenue for Q3 2025 was $209.1 million, a decrease of 10.4% year-over-year[6] - Combined pro forma revenue for Q3 2025 was $220.4 million, a decline of 18.1% year-over-year[6] - Applied Workflow Automation segment reported revenue of $189.4 million, down 14.0% year-over-year[4] - Technology segment revenue increased by 50.3% year-over-year to $19.7 million[4] - For the three months ended September 30, 2025, reported revenue was $209,085,000, down from $233,426,000 in the same period last year, reflecting a decrease of approximately 10.4%[39] - Pro forma revenue for the same period was $220,433,000, compared to $269,167,000 in the prior year, indicating a decline of about 18.1%[39] Profitability and Margins - Gross margin on a reported basis was 22.0%, an increase of 310 basis points year-over-year[7] - Pro forma gross margin was 21.9%, a 190 basis point increase year-over-year[7] - Pro forma adjusted EBITDA for Q3 2025 was $24.7 million, an increase of 7.4% year-over-year[6] - The net loss for the three months ended September 30, 2025, was $1,174,255,000, a significant improvement from a loss of $28,317,000 in the same period last year[41] - Pro forma adjusted EBITDA for the nine months ended September 30, 2025, was $70,928,000, slightly down from $71,711,000 in the previous year[41] Financial Position - Total assets as of September 30, 2025, amounted to $947,932,000, significantly higher than the predecessor's total assets of $390,421,000[31] - Current liabilities for the successor were $330,363,000, compared to $1,790,206,000 for the predecessor[31] - The total stockholder's equity for the successor was $130,503,000, contrasting with a deficit of $1,456,788,000 for the predecessor[31] - Cash and cash equivalents increased to $34,534,000 from $11,635,000 in the predecessor[31] - The ending cash balance as of September 30, 2025, was $64,239,000, an increase from $43,895,000 at the beginning of the period[37] Expenses and Cash Flow - Selling, general, and administrative expenses for the successor were $17,980,000, compared to $10,966,000 for the predecessor[34] - The company incurred interest expenses of $9,709,000 during the successor period, compared to $4,551,000 in the predecessor[34] - The company incurred interest expenses of $15,051,000 for the three months ended September 30, 2025, compared to $28,233,000 in the same period last year[41] - Cash provided by operating activities for the period was $13,866,000, a recovery from a cash used of $159,942,000 in the prior period[37] - The company reported a net cash used in investing activities of $3,266,000 for the three months ended September 30, 2025, compared to $2,690,000 in the previous year[37] Acquisition and Strategic Focus - The acquisition of Exela BPA was finalized on July 29, 2025, with an equity valuation of $585.7 million[6] - The company is focusing on growth through client outreach and investment in new talent[3] - XBP Global operates in 20 countries with approximately 11,000 employees and partners with over 2,500 clients[26] Impairment and Challenges - The impairment of goodwill for the successor was recorded at $295,800,000, indicating significant challenges in asset valuation[34] - The company reported an impairment of goodwill amounting to $295,800,000 during the three months ended September 30, 2025[41]
CF ACQUISITION(CFFE) - 2025 Q3 - Quarterly Results