XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the first quarter of 2024. The company's net revenue declined by 5.7% to $40.4 million compared to $42.8 million in the same period last year. The Bills & Payments segment experienced a 14.0% drop in revenue, while the Technology segment saw a 24.3% increase. The company's net loss improved slightly, with a reported net loss of $2.2 million in Q1 2024 compared to a net loss of $2.5 million in Q1 2023. The cost of revenue decreased by 8.8%, and selling, general, and administrative expenses also saw a reduction. XBP Europe Holdings continues to focus on digital transformation, offering a suite of products centered around finance and accounting solutions, as well as...Show More

XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the first quarter of 2024. The company's net revenue declined by 5.7% to $40.4 million compared to $42.8 million in the same period last year. The Bills & Payments segment experienced a 14.0% drop in revenue, while the Technology segment saw a 24.3% increase. The company's net loss improved slightly, with a reported net loss of $2.2 million in Q1 2024 compared to a net loss of $2.5 million in Q1 2023. The cost of revenue decreased by 8.8%, and selling, general, and administrative expenses also saw a reduction. XBP Europe Holdings continues to focus on digital transformation, offering a suite of products centered around finance and accounting solutions, as well as industry-specific solutions for banking and financial services. The company has also adapted to the COVID-19 pandemic by introducing Work From Anywhere applications. As of March 31, 2024, XBP Europe Holdings employed approximately 1,500 people across 16 countries. Looking ahead, the company expects to spend $1.5 to $2.5 million on capital expenditures over the next twelve months and believes its current cash and cash equivalents are sufficient to meet working capital and capital expenditure requirements for at least the next year.