XBP Europe Holdings, Inc. Reports First Quarter 2024 Results

First Quarter Highlights

●  Revenue of $40.4 million, down 5.7% year-over-year (7.3% on a constant currency basis)
●  Gross margin grew to 24.6%, a 270 bps increase sequentially and 250 bps increase year-over-year
●  Net loss of $2.2 million includes $0.8 million of FX losses      
●  High margin Technology segment grew to 28.4% of revenues, a 120 bps increase sequentially and 690 bps increase year-over-year
●  Awarded a multi-year contract with His Majesty’s Passport Office (“HMPO”) for a nationwide project in the UK with a Total Contract Value (“TCV”) of approximately $40 million

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