Summary by Moomoo AI
On August 12, 2024, XBP Europe Holdings, Inc., a pan-European integrator of bills and payments, reported its financial results for the second quarter ended June 30, 2024. The company experienced a revenue decline of 14.8% year-over-year to $36.1 million, primarily due to the completion of projects and client contract ends, despite new business impacts. Gross margin fell to 18.4%, and the company reported a net loss of $4.7 million, which included $0.7 million of foreign exchange losses. The quarter also saw an active revenue ramp of approximately $25 million in Annual Contract Value and a strategic financing transaction with HSBC, providing up to $33 million of incremental liquidity. CEO Andrej Jonovic expressed optimism for the remainder of the year, citing a strong sales funnel and the upcoming launch of large public sector contracts. The company's cash and cash equivalents stood at $15.6 million as of June 30, 2024. XBP Europe also posted an investor presentation on its website and filed the full details of its financial results with the SEC.