XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the quarter ended June 30, 2024. The company's net revenue declined by 14.8% to $36.1 million from $42.4 million in the same quarter of the previous year. The Bills & Payments segment saw a 9.6% decrease in revenue, while the Technology segment experienced a 27.6% drop. The cost of revenue also decreased by 3.9%, and selling, general, and administrative expenses fell by 15.6%. Despite these reductions, the company reported a net loss of $4.7 million, compared to a net loss of $558,000 in the prior year's quarter. The company attributes the revenue decline to the completion of projects, lower volumes, and client contract ends, partially offset by new business wins...Show More

XBP Europe Holdings, a pan-European integrator of bills, payments, and related solutions, reported a decrease in net revenue for the quarter ended June 30, 2024. The company's net revenue declined by 14.8% to $36.1 million from $42.4 million in the same quarter of the previous year. The Bills & Payments segment saw a 9.6% decrease in revenue, while the Technology segment experienced a 27.6% drop. The cost of revenue also decreased by 3.9%, and selling, general, and administrative expenses fell by 15.6%. Despite these reductions, the company reported a net loss of $4.7 million, compared to a net loss of $558,000 in the prior year's quarter. The company attributes the revenue decline to the completion of projects, lower volumes, and client contract ends, partially offset by new business wins. XBP Europe Holdings continues to focus on digital transformation, offering a suite of products and services that support remote work and digital finance and accounting solutions. Looking ahead, the company expects to spend $1.5 to $2.5 million on capital expenditures over the next twelve months and has drawn on a new credit facility to repay existing indebtedness. The company believes its current cash, cash equivalents, and cash flows from financing activities will meet working capital and capital expenditure requirements for at least the next twelve months.