XBP Global (XBP) Q3 2025 earnings summary

Executive summary

• Completed the acquisition of Exela Technologies BPA, rebranding as XBP Global Holdings, Inc. on July 29, 2025, issuing 81.8 million shares at a $585.7 million equity valuation, expanding global reach and capabilities.

• Pro forma trailing 12-month revenue as of Q3 was $916.4 million, with adjusted EBITDA of $103.6 million and an 11.3% margin.

• The company serves over 2,500 clients in 20 countries, including many Fortune 100 and public sector clients.

• AI-driven automation, hyper-automation, and operational efficiencies are central to the growth strategy.

Financial highlights

• Q3 2025 pro forma revenue was $220.4 million, down 18.1% year-over-year, largely due to a one-time project in the prior year.

• Gross margin expanded to 21.9% pro forma (up 190 bps YoY) and 22.0% reported (up 310 bps YoY).

• Pro forma adjusted EBITDA was $24.7 million, up 7.4% year-over-year; adjusted EBITDA margin rose 260 bps to 11.2%.

• Net loss for Q3 2025 was $305.8 million, primarily due to a $295.8 million goodwill impairment.

Segment performance

• Applied workflow automation segment accounts for 90% of revenue; pro forma revenue declined 18.9% year-over-year, or 8% excluding the one-time project; gross margin grew by 160 bps to 17.3%.

• Technology segment represents 10% of revenue but 30% of gross profit, with gross margins of 55%-65%; revenue declined 10.2% year-over-year.