Summary by Moomoo AI
On May 13, 2024, XBP Europe Holdings, Inc., a pan-European integrator of bills and payments, reported its financial results for the first quarter ended March 31, 2024. The company experienced a revenue decrease of 5.7% year-over-year to $40.4 million, attributed to the completion of one-time projects and client contract ends, despite the positive impact of new business. Gross margin improved, growing to 24.6%, and the Technology segment increased its revenue share to 28.4%. However, the company reported a net loss of $2.2 million, which included foreign exchange losses of $0.8 million. Notably, XBP Europe was awarded a multi-year contract with His Majesty's Passport Office in the UK, valued at approximately $40 million. The company's cash and cash equivalents stood at $3.5 million as of March 31, 2024, and it has access to a Secured Borrowing Facility with a funding limit of €15.0 million. The full financial details were furnished as Exhibit 99.1 to the Current Report on Form 8-K filed with the SEC, and an investor presentation was posted on the company's website.