XBP Global (NASDAQ:XBP) characterized 2025 as a transformative "transition year," reporting full-year results that reflect the significant structural impact of its July 2025 acquisition of BPA.
While the company saw a contraction in top-line growth, it swung to a massive GAAP net income of $1.1 billion, compared to a net loss of $215.2 million in the prior year.
The company reported annual revenue of $791 million, a 9.4% decrease year-over-year.
On a combined pro forma basis—which accounts for the BPA merger as if it had occurred at the start of the period—revenue was $879.6 million, representing a 13.6% decline.
Management attributed the figures to the complexities of integrating the two entities and shifting internal priorities during the merger lifecycle.
Profitability metrics also mirrored the transitional headwinds.
Full-year pro forma adjusted EBITDA landed at $90.7 million, down 13.1% from 2024 levels.
The fourth quarter showed a more pronounced dip, with pro forma revenue at $207 million and adjusted EBITDA falling 33% to $19.8 million, as the company absorbed integration costs and streamlined operations.
Despite the pressure on short-term earnings, XBP Global continued to secure future business, closing $297.8 million in Total Contract Value (TCV) for the year.