Condensed Consolidated Statements of Cash FlowsFor the three months ended March 31, 2025 and 2024(in thousands of United States dollars)(Unaudited) Three months ended March 31, 2025 2024 Cash flows from operating activities Net loss $(4,350) $(2,208) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 542 776 Amortization of intangible assets 117 181 Debt issuance cost amortization 105 — Credit loss expense (274) 217 Changes in fair value of warrant liability 2 (37) Stock-based compensation expense 3,587 — Unrealized foreign currency losses (gains) (546) 759 Change in deferred income taxes 156 44 Change in operating assets and liabilities Accounts receivable (5,816) (1,160) Inventories 285 (102) Prepaid expense and other assets (1,547) (1,342) Accounts payable 377 1,463 Related party payables (267) (1,711) Accrued expenses and other liabilities 6,151 (791) Deferred revenue 288 492 Customer deposits 261 (191) Net cash used in operating activities (929) (3,610) Cash flows from investing activities Purchase of property, plant and equipment (968) (385) Additions to internally developed software (123) — Net cash used in investing activities (1,091) (385) Cash flows from financing activities Borrowings under secured borrowing facility — 37 Principal payments on 2024 Term Loan A Facility (189) — Principal payments on 2024 Term Loan B Facility (552) — Principal payments on long-term obligations — (235) Proceeds from secured credit facility 1,655 976 Principal payments on secured credit facility (1,356) Principal payments on finance leases (8) (100) Net cash provided by (used in) financing activities (450) 678 Effect of exchange rates on cash and cash equivalents 90 (87) Net increase (decrease) in cash and cash equivalents (2,380) (3,404) Cash and equivalents, beginning of period, including cash from discontinued operations 12,106 6,905 Cash and equivalents, end of period, including cash from discontinued operations $ 9,726 $ 3,501 Supplemental cash flow data: Income tax payments, net of refunds received 271 (16) Interest paid 928 534 XBP Europe Holdings, Inc.
Condensed Consolidated Balance SheetsAs of March 31, 2025 and December 31, 2024(in thousands of United States dollars except share and per share amounts)(Unaudited) March 31, December 31, 2025 2024 ASSETS Current assets Cash and cash equivalents $9,681 $12,099 Accounts receivable, net of allowance for credit losses of $929 and $1,198, respectively 26,928 19,810 Inventories, net 3,650 3,823 Prepaid expenses and other current assets 5,756 4,228 Current assets held for sale 1,526 1,378 Total current assets 47,541 41,338 Property, plant and equipment, net of accumulated depreciation of $42,655 and $40,325, respectively 12,223 11,272 Operating lease right-of-use assets, net 4,861 4,805 Goodwill 22,656 21,666 Intangible assets, net 1,173 1,121 Deferred income tax assets 7,101 7,026 Long term notes receivable 2,280 — Other noncurrent assets 1,142 817 Total assets $ 98,977 $ 88,045 LIABILITIES AND STOCKHOLDERS’ DEFICIT LIABILITIES Current liabilities Accounts payable $13,507 $12,553 Related party payables 4,544 5,443 Accrued liabilities 25,015 17,993 Accrued compensation and benefits 17,951 16,482 Customer deposits 328 277 Deferred revenue 7,419 6,870 Current portion of finance lease liabilities 4 12 Current portion of operating lease liabilities 1,826 1,734 Current portion of long-term debts 5,443 4,958 Current liabilities held for sale 1,761 2,443 Total current liabilities 77,798 68,765 Related party notes payable 1,512 1,451 Long-term debt, net of current maturities 24,289 23,966 Pension liabilities 10,862 10,339 Operating lease liabilities, net of current portion 3,227 3,271 Other long-term liabilities 1,677 1,599 Total liabilities $ 119,365 $ 109,391 Commitments and Contingencies (Note 13) STOCKHOLDERS’ DEFICIT Preferred stock, par value of $0.0001 per share; 10,000,000 shares authorized; none issued and outstanding as of March 31, 2025 and December 31, 2024, respectively — — Common Stock, par value of $0.0001 per share; 200,000,000 shares authorized; 35,711,498 shares issued and outstanding as of March 31, 2025 and 30,166,102 shares issued and outstanding as of December 31, 2024, respectively 36 30 Additional paid in capital 7,494 1,611 Accumulated deficit (28,055) (23,705) Accumulated other comprehensive loss: Foreign currency translation adjustment (102) 474 Unrealized pension actuarial gains, net of tax 239 244 Total accumulated other comprehensive loss 137 718 Total stockholders’ deficit (20,388) (21,346) Total liabilities and stockholders’ deficit $ 98,977 $ 88,045 XBP Europe Holdings, Inc.
Schedule 1: Reconciliation of Adjusted EBITDA and constant currency revenues Reconciliation of Non-GAAP Financial Measures to GAAP Measures Non-GAAP constant currency revenue reconciliation Three Months ended March 31, ($ in thousands)2025 2024 Revenues, as reported (GAAP)37,673 38,113 Foreign currency exchange impact(1)766 - Revenues, at constant currency (Non-GAAP)38,438 38,113 Reconciliation of Adjusted EBITDA from Continuing Operations Three Months Ended March 31, (dollars in thousands) 2025 2024 Net loss from continuing operations $(3,855) $(858) Income tax expense 762 460 Interest expense including related party interest expense, net 1,744 1,436 Depreciation and amortization 627 807 EBITDA from continuing operations (722) 1,846 Restructuring and related expenses(2) 667 332 Foreign exchange losses, net (71) 752 Stock-based compensation expense(3) 3,818 — Changes in fair value of warrant liability 2 (37) Transaction Fees(4) — 49 Adjusted EBITDA from continuing operations $3,694 $2,942 (1) Constant currency excludes the impact of foreign currency fluctuations and is computed by applying the average exchange rates for the quarter ended March 31, 2024, to the revenues during the corresponding period in 2025.(2) Adjustment represents costs associated with restructuring, including employee severance and vendor and lease termination costs.(3) Related to accelerated vesting of RSU and stock awards.(4) Represents transaction costs incurred as part of the Business Combination.
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