Full Year 2024 Highlights - Total revenue for 2024 was $142.8 million, a decline of 8.0% year-over-year, primarily due to project completions and lower volumes [6][7] - Gross margin improved to 26.8%, an increase of 110 basis points year-over-year [6] - Operating profit increased to $3.5 million, up $2.4 million from 2023, driven by higher gross margins and cost optimizations [6][7] - Net loss from continuing operations was $6.5 million, compared to a net loss of $5.6 million in 2023 [7][19] - Adjusted EBITDA from continuing operations was $13.4 million, a decrease of 15.1% compared to 2023 [7][25] Fourth Quarter 2024 Highlights - Revenue for Q4 2024 was $35.6 million, a decrease of 7.5% year-over-year but an increase of 0.7% sequentially [6][7] - Gross margin for Q4 was 28.3%, a 480 basis point increase year-over-year [6] - Operating profit for Q4 was $1.0 million, an increase of $3.4 million year-over-year [6][7] - Net loss for Q4 was $2.7 million, which included $0.5 million of foreign exchange losses [6] Segment Revenue and Profitability - Bills & Payments segment revenue was $101.9 million, a decline of 7.8% year-over-year [7][9] - Technology segment revenue was $40.9 million, a decrease of 8.5% year-over-year [7][9] - Segment gross profit for Bills & Payments was $16.4 million, while for Technology it was $21.9 million for the full year [9] Pending Acquisition - XBP Europe has signed a non-binding letter of intent to acquire Exela Technologies BPA, LLC, which could potentially increase annual revenue to approximately $1 billion [4][8] - The acquisition is contingent upon Exela completing a corporate reorganization to create a sustainable capital structure [8] Liquidity and Capital Expenditures - Cash and cash equivalents totaled $12.1 million as of December 31, 2024, compared to $6.5 million in 2023 [7][17] - Capital expenditures were 1.2% of revenue, down from 1.7% in 2023 [7]
XBP Europe Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results