XBP

MKT CAP:$27M

XBP Global Holdings, Inc.

Market Cap

$27M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$2.94-$4.16 (-58.59%)

Apr 22, 2026

Company Details

XBP Global Holdings, Inc. is a pan-European integrator of bills, payments, and related solutions and services seeking to enable digital transformation of businesses. It provides business process management solutions with proprietary softwar...

CEO

Andrej Jonovic

IPO Date

May 5, 2021

Website

www.xbpeurope.com

Key Metrics TTM

Revenue

$320M

+125.8% YoY

Net Income

-$59M

EPS (Diluted)

-$4.27

Free Cash Flow

$1M

Revenue / Share

$27.23

Gross Margin

19.7%

Operating Margin

-1.4%

Net Margin

-18.5%

FCF Margin

0.5%

P/S

0.1x

P/E

—

Earnings Reports

FY 2025

Mar 31, 2026

$791M+454.1%EPS $93.87

Q4 2025

Mar 31, 2026

$207M+478.4%EPS -$3.85

Q2 2025

Aug 14, 2025

$40M+17.8%EPS -$0.19

Q1 2025

May 15, 2025

$38M-1.2%EPS -$0.14

FY 2024

Mar 19, 2025

$143M-8.0%EPS -$0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$0	$0	-$1M
Q4 21	$55M	$14M	$4M
Q1 22	$52M	$15M	$3M
Q2 22	$46M	$11M	$349.0K
Q3 22	$39M	$7M	-$3M
Q4 22	$44M	$10M	-$2M
Q1 23	$43M	$9M	-$1M
Q2 23	$42M	$12M	$1M
Q3 23	$37M	$9M	$348.0K
Q4 23	$33M	$9M	$371.0K
Q1 24	$38M	$10M	$1M
Q2 24	$34M	$7M	-$1M
Q4 24	$36M	$10M	$988.0K
Q1 25	$38M	$11M	-$2M
Q2 25	$40M	$12M	-$2M
Q4 25	$207M	$30M	-$2M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q4 21	56.0x	2122.7x
Q1 22	29.0x	707.1x
Q2 22	19.1x	2173.8x
Q3 22	16.2x	—
Q4 22	17.6x	—
Q1 23	18.8x	—
Q2 23	19.4x	—
Q3 23	44.1x	—
Q4 23	10.1x	—
Q1 24	4.2x	—
Q2 24	4.0x	—
Q4 24	2.5x	—
Q1 25	3.4x	—
Q2 25	2.3x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2M	-$3M
Q2 22	$4M	$4M
Q3 22	-$7M	-$6M
Q4 22	$11M	$9M
Q1 23	-$5M	-$5M
Q2 23	$3M	$2M
Q3 23	$3M	$3M
Q1 24	-$4M	-$4M
Q2 24	-$1M	-$2M
Q4 24	$6M	$6M
Q1 25	-$929.0K	-$2M
Q2 25	-$3M	-$4M
Q4 25	$4M	$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$5M
Q2 22	$439.0K
Q3 22	$1M
Q4 22	$2M
Q1 23	$622.0K
Q2 23	$1M
Q3 23	$261.0K
Q1 24	$385.0K
Q2 24	$341.0K
Q4 24	$269.0K
Q1 25	$968.0K
Q2 25	$1M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+47057.6%
Q2 22	—	+10864.5%
Q3 22	—	+3367.4%
Q4 22	-20.9%	-10.6%
Q1 23	-17.7%	-10.1%
Q2 23	-7.4%	-9.8%
Q3 23	-4.1%	-12.7%
Q4 23	-25.5%	-29.7%
Q1 24	-11.0%	-16.1%
Q2 24	-20.7%	-14.6%
Q4 24	-4.6%	-6.3%
Q1 25	+15.9%	+22.8%
Q2 25	+3.9%	+12.1%
Q4 25	+515.7%	+497.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$160.0K	0.5%
Q4 24	$726.0K	2.0%
Q1 25	$4M	9.5%
Q2 25	$424.0K	1.1%
Q4 25	$628.0K	0.3%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q3 21	—	—	$1M
Q4 21	—	$7M	—
Q1 22	—	$8M	—
Q2 22	—	$7M	—
Q3 22	—	$7M	—
Q4 22	—	$10M	—
Q1 23	—	$8M	—
Q2 23	—	$8M	—
Q3 23	—	$7M	—
Q4 23	—	$8M	—
Q1 24	—	$7M	—
Q2 24	—	$6M	—
Q4 24	$1M	$7M	—
Q1 25	—	$11M	—
Q2 25	—	$10M	—
Q4 25	—	—	$29M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	—	—	—
Q4 21	—	13.9%	—
Q1 22	—	7.6%	—
Q2 22	—	-0.5%	—
Q3 22	—	-7.7%	—
Q4 22	-20.9%	3.1%	-17.7
Q1 23	-17.7%	-0.4%	-18.1
Q2 23	-7.4%	4.6%	-2.7
Q3 23	-4.1%	5.7%	1.6
Q4 23	-25.5%	6.1%	-19.4
Q1 24	-11.0%	5.2%	-5.7
Q2 24	-20.7%	-1.8%	-22.5
Q4 24	-4.6%	5.0%	0.5
Q1 25	15.9%	-1.8%	14.0
Q2 25	3.9%	-0.7%	3.3
Q4 25	515.7%	7.2%	523.0

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$25.0K	$0	$25.0K
Q2 22	$1M	$0	$1M
Q3 22	$265.2K	$0	$265.2K
Q4 22	$41.2K	$0	$41.2K
Q1 23	$2M	$0	$2M
Q2 23	$2M	$0	$2M
Q3 23	$3M	$0	$3M
Q4 23	$7M	$0	$7M
Q1 24	$4M	$0	$4M
Q2 24	$16M	$0	$16M
Q3 24	$8M	$0	$8M
Q4 24	$12M	$0	$12M
Q1 25	$10M	$0	$10M
Q2 25	$6M	$0	$6M
Q3 25	$35M	$0	$35M
Q4 25	$37M	$0	$37M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	32M	0.0%	—
Q4 21	32M	0.0%	—
Q1 22	31M	-2.7%	-0.8%
Q2 22	29M	-6.5%	-9.1%
Q3 22	30M	+4.3%	-5.1%
Q4 22	30M	0.0%	-5.1%
Q1 23	30M	0.0%	-2.5%
Q2 23	30M	0.0%	+4.3%
Q3 23	30M	0.0%	0.0%
Q4 23	30M	0.0%	0.0%
Q1 24	30M	0.0%	0.0%
Q2 24	30M	0.0%	0.0%
Q4 24	30M	0.0%	0.0%
Q1 25	30M	0.0%	0.0%
Q2 25	36M	+19.0%	+19.0%
Q4 25	12M	-67.3%	-61.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q4 24	$24.7K	1K
Q1 25	$26.0K	1K
Q2 25	$27.3K	1K
Q4 25	$19.5K	11K

Revenue / Employee