Core Insights - XBP Global Holdings, Inc. reported strong financial results for Q2 2025, showcasing growth in revenue, gross margin, and Adjusted EBITDA, following the acquisition of BPA [2][3][5] Financial Performance - Total revenue for Q2 2025 was $39.6 million, reflecting a year-over-year increase of 17.8% and a sequential increase of 5.2% [7][8] - The Bills & Payments segment generated revenue of $28.8 million, up 15.9% year-over-year and 9.3% sequentially, while the Technology segment revenue was $10.9 million, a 23.2% year-over-year increase but a 4.5% sequential decrease [8] - Gross margin improved to 29.8%, a 1,020 basis points increase year-over-year, although it decreased by 30 basis points sequentially [7][8] - Adjusted EBITDA reached $3.3 million, marking a significant year-over-year increase of 173.8%, despite an 11.2% sequential decline [7][8] Acquisition Impact - The acquisition of BPA was completed on July 30, 2025, with XBP Global expected to achieve annual revenue nearing $900 million and a workforce of approximately 11,000 employees across 20 countries [5][16] - The acquisition resulted in the issuance of approximately 81.8 million new shares, eliminating $1.1 billion of BPA's secured debt, and diversifying the ownership structure with a broader base of institutional shareholders [5][16] Governance and Strategy - XBP Global appointed four new independent board members to enhance governance, emphasizing transparency and long-term value creation for stakeholders [5] - The company aims to integrate the teams from XBP Europe and BPA to improve overall performance and leverage its global scale [3][5] Market Position - XBP Global serves over 2,500 clients, including many Fortune 100 companies, positioning itself as a leader in business process automation and digital transformation [16]