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XBP Europe Holdings Inc. (XBP-4.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting total revenue of $142.8 million, a decrease from $155.2 million in the previous year. This decline is attributed to the completion of one-time projects and lower volumes in the Bills & Payments segment.
The company's cost of revenue decreased to $104.5 million from $115.3 million, resulting in a gross profit of $38.3 million, compared to $39.9 million in the prior year.
Selling, general, and administrative expenses were reduced to $26.5 million from $31.2 million, reflecting cost optimization initiatives.
XBP Europe reported an operating profit of $3.5 million, up from $1.1 million in the previous year. However, net loss from continuing operations was $6.5 million, compared to a net loss of $5.6 million in 2023.
The company recorded a net loss from discontinued operations of $5.8 million, leading to a total net loss of $12.4 million for the year.
XBP Europe ended the year with cash and cash equivalents of $12.1 million, an increase from $6.5 million at the end of 2023.
The company entered into a new Facilities Agreement with HSBC, securing a £15.0 million and €10.5 million Secured Credit Facility to refinance existing debt.
XBP Europe continues to focus on expanding its client base and enhancing its product offerings, including the XBP Omnidirect platform and Reaktr.ai business unit.
The company identified various risks, including dependency on the banking and finance industries, competition, and the impact of economic conditions on demand for its services.
XBP Europe acknowledges its reliance on Exela Technologies Inc. for certain services and intellectual property, and notes the potential impact of Exela's financial instability on its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the XBP Europe Holdings Inc. annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.