0001104659-26-037421 | 10-K | XBRL Viewer

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Fresh Start Accounting - Reorg Adj - Liabilities Subject to Compromise (Details) $ in Thousands	Jul. 31, 2025 USD ($)
Reorganization, Chapter 11 [Line Items]
Total liabilities subject to compromise	$ 0
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Current Portion of Debt	1,178,002
Accounts Payable	35,048
Accrued liabilities	25,565
Accrued compensation and benefits	45,717
Accrued Interest	118,272
Total settled liabilities subject to compromise	1,402,604
Customer deposits	17,696
Other long-term liabilities	2,578
Related party payables	1,311
Current portion of capital lease obligations	290
Total reinstated liabilities subject to compromise	21,875
Total liabilities subject to compromise	$ 1,424,479

Fresh Start Accounting - Reorg Adj - Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	7 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Accrued employee related expenses	$ 33,938	$ 56,314	$ 68,179
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of Accrued Compensation and Benefits from liabilities subject to compromise	45,717
Gain on settlement of Accrued Compensation and Benefits	(7,031)
Amount transferred to long term	(30,124)
Accrued employee related expenses	$ 8,562

Long-term Debt and Credit Facilities - Predecessor's Debtor-in-Possession Financing (Details) $ in Millions	Mar. 03, 2025 USD ($)
Debt Instrument [Line Items]
DIP Obligation, cashless rollover	$ 185.0
Aggregate principal amount	193.0
Obligations cancelled	10.0
New money loans
Debt Instrument [Line Items]
DIP Obligation, cashless rollover	$ 80.0
Interest rate (as percent)	12.00%
Rolled-up prepetition notes
Debt Instrument [Line Items]
DIP Obligation, cashless rollover	$ 105.0
Interest rate (as percent)	11.50%
July 2030 Notes maturing July 15, 2030
Debt Instrument [Line Items]
Notes issued	$ 183.0
Super Senior Term Loan maturing July 28, 2028
Debt Instrument [Line Items]
Loans replaced	$ 6.0

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

8. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Prepaids	$	25,786	$	21,422
Deposits		2,913		936
	$	28,699	$	22,358

Fresh Start Accounting - Reorg Adj - Net cash payments (Details) - USD ($) $ in Thousands		7 Months Ended
	Jul. 29, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Net uses:		$ 11,667	$ 37,113	$ 11,635
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Cash proceeds from XBP Funding	$ 18,000
Cash proceeds from previously made deposit under ABL Facility	250
Sources	124,903
Payment of legal fees on Securitization Facility	(172)	(172)
Payment of Interest on Senior Secured Term Loan	(596)	(596)
Payment of Fees	(535)
Payment of legal fees	(11,705)	(11,705)
Net uses:	(6,291)	(6,291)
Reorganization Adjustments \| Super Senior Term Loan
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	40,000	40,000
Debt issuance costs	(50)	50
Repayment of debt	(38,500)
Payment of Fees		(535)
Reorganization Adjustments \| BR Exar AR Facility
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	8,000	8,000
Debt issuance costs	(1,400)	1,400
Reorganization Adjustments \| ABL Facility
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	58,653	58,653
Cash proceeds from previously made deposit under ABL Facility		250
Debt issuance costs	(2,269)
Reorganization Adjustments \| Second Lien Note
Reorganization, Chapter 11 [Line Items]
Repayment of debt	(1,500)	1,500
Reorganization Adjustments \| Securitization Facility
Reorganization, Chapter 11 [Line Items]
Repayment of debt	$ (74,467)
Reorganization Adjustments \| Senior Secured Term Loan
Reorganization, Chapter 11 [Line Items]
Repayment of debt		$ 38,500

Leases - Maturities of finance and operating lease liabilities (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Finance leases
2026	$ 6,373
2027	3,666
2028	2,655
2029	1,644
2030	659
2031 and thereafter	584
Total lease payments	15,581
Less: Imputed interest	(4,334)
Present value of lease liabilities	11,247
Operating leases
2026	14,287
2027	12,391
2028	7,871
2029	4,709
2030	1,678
2031 and thereafter	981
Total lease payments	41,917
Less: Imputed interest	(9,573)
Present value of lease liabilities	32,344
Operating leases, rent expense	$ 15,500	$ 21,200	$ 30,100

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of segments	2
Number of reportable segments	2

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

17. Fair Value Measurement

Assets and Liabilities Measured at Fair Value

The carrying amount of assets and liabilities including current portion of other debt approximated their fair value as of December 31, 2025 and 2024, due to the relatively short maturity of these instruments. Management estimated the fair values of the Successor’s July 2030 Notes at approximately 87.9% of the principal balance outstanding as of December 31, 2025 (Successor). Management had estimated the fair values of the Predecessor’s July 2026 Notes and the April 2026 Notes at approximately 20.0% and 15.0%, respectively, of the respective principal balance outstanding as of December 31, 2024 (Predecessor). During the Chapter 11 Cases, the July 2026 Notes and the April 2026 Notes were classified as liabilities subject to compromise on the consolidated and combined balance sheet of the Predecessor and were discharged on July 29, 2025 on issuance of Common Stock of the Company as discussed under Note 4, Fresh Start Accounting. The fair values of secured borrowings under the BR Exar AR Facility, the Second Lien Note, the Super Senior Term Loan, the ABL Facility, the 2028 Term Loan Facilities and the Revolving Credit Facility are equal to their respective carrying values. Other debt represents the Company’s outstanding loan balances associated with various hardware, software purchases, maintenance and leasehold improvements along with other loans entered into by subsidiaries of the Company and as such, the cost incurred would approximate fair value. Property and equipment,

intangible assets, capital lease obligations, and goodwill are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the respective asset is written down to its fair value.

The Company determined the fair value of its long-term debt and current portion of long-term debt using Level 2 inputs, including any recent issuance of the debt, the Company’s credit rating, and the current market rate.

The Company determined the fair value of Private Warrants liability of the Company included in the other long-term liabilities in the consolidated balance sheet as of December 31, 2025 under Level 3 fair value measurement using the Black-Scholes option pricing model.

The following table provides the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2025 (Successor) and December 31, 2024 (Predecessor):


		Successor
		Consolidated
		Carrying			Fair			Fair Value Measurements
As of December 31, 2025		Amount			Value			Level 1			Level 2			Level 3
Long-term debt		$	353,267		$	330,699		$	—		$	330,699		$	—
Current portion of long-term debts			34,334			34,334			—			34,334			—
Private Warrants liability			3			3			—			—			3


		Predecessor
		Combined and Consolidated
		Carrying			Fair			Fair Value Measurements
As of December 31, 2024		Amount			Value			Level 1			Level 2			Level 3
Long-term debt		$	1,468		$	1,468		$	—		$	1,468		$	—
Current portion of long-term debts			1,433,484			267,781			—			267,781			—

The significant unobservable inputs used in the fair value of the Private Warrants liability of the Company are assumptions related to the inputs of exercise price, fair value of the underlying Common Stock, risk-free interest rate, expected term, expected volatility, and expected dividend yield. Significant increases (decreases) in the discount rate would have resulted in a lower (higher) fair value measurement. Significant increases (decreases) in the forecasted financial information would have resulted in a higher (lower) fair value measurement. For all significant unobservable inputs used in the fair value measurement of the Level 3 liabilities, a change in one of the inputs would not necessarily result in a directionally similar change in the fair value.

The following table reconciles the beginning and ending balances of net assets and liabilities classified as Level 3 for which a reconciliation is required:


		Successor
		Consolidated
		Period from August 1, 2025 through December 31,
		2025
Balance as at August 1, 2025		$	9
Reduction in the fair value of the Private Warrants liability			(6)
Balance as at December 31, 2025			3

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Long-term Debt and Credit Facilities - July 2030 Notes (Details) - USD ($) $ in Thousands		1 Months Ended	5 Months Ended	12 Months Ended
	Jul. 29, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Jul. 11, 2023	Dec. 09, 2021
Debt Instrument [Line Items]
Fixed interest rate					11.50%	11.50%
Total maturities of long-term debt		$ 389,451	$ 389,451	$ 389,451
July 2030 notes
Debt Instrument [Line Items]
Fixed interest rate	12.00%
Cash proceeds from debt		3,500	3,520	18,000
Incremental interest on overdue amounts	2.00%
Total maturities of long-term debt	$ 183,000	187,000	187,000	187,000
Amount of additional borrowing capacity		$ 4,000	$ 4,000	$ 4,000
Redemption price as percentage of principal amount redeemed	100.00%
Redemption price upon change of control event, percentage	101.00%
Redemption price upon asset sales or debt proceeds, percentage	100.00%
July 2030 notes \| Minimum
Debt Instrument [Line Items]
Redemption notice period	10 days
July 2030 notes \| Maximum
Debt Instrument [Line Items]
Redemption notice period	30 days

Income Taxes - Cash Payments (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ 63	$ 25
Income Taxes Paid, Net, Total	2,949	2,897	$ 3,590
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	0	365
State and Local, Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	74	613
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	1,422	1,764
Netherlands
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	219	0
Germany
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	991	0
Foreign, Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 180	$ 130

Business Combination (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Schedule of fair value of the assets acquired and liabilities assumed


	Amounts Recognized as of Convenience Date (as previously reported)		Measurement Period Adjustments (a)			Amounts Recognized as of Convenience Date (as adjusted)
Cash and cash equivalents	$	1,485	$	-		$	1,485
Accounts receivable		29,467		-			29,467
Inventory		4,292		-			4,292
Prepaid expenses and other current assets		6,824		2,174	(c)		8,998
Property, plant and equipment		14,156		-			14,156
Right-of-use assets		4,774		-			4,774
Deferred income tax assets		3,177		(2,347)	(c)		830
Related party long term notes receivable		19,864		-			19,864
Other noncurrent assets		944		-			944
Intangible assets, net		38,360		-			38,360
Implied goodwill		55,847		109	(b),(c)		55,956
Total identifiable assets acquired	$	179,190	$	(64)		$	179,126
Liabilities Assumed:
Accounts payable		17,290		-			17,290
Related party payables		4,129		-			4,129
Accrued liabilities		24,946		3,739	(b),(c)		28,685
Accrued compensation and benefits		23,056		-			23,056
Customer deposits		378		-			378
Deferred revenue		5,123		-			5,123
Operating lease liabilities		4,828		-			4,828
Long-term debts		49,014		-			49,014
Related party notes payable		1,597		-			1,597
Deferred tax liabilities		3,525		-			3,525
Pension liabilities (b)		11,141		(3,803)	(b)		7,338
Other long-term liabilities		1,835		-			1,835
Total liabilities assumed	$	146,862	$	(64)		$	146,798
Total Consideration	$	32,328	$	-		$	32,328

(a)	The change in the estimated fair value is primarily to better reflect market participant assumptions about facts and circumstances existing as of the convenience date. The measurement period adjustments did not result from intervening events subsequent to the convenience date.

(b)	As adjusted, comprised of $3.8 million decrease in pension liabilities and $0.7 million increase in accrued liabilities due to pension related adjustments with a resulting $3.1 million decrease in implied goodwill. This measurement period adjustment did not have a material impact on our earnings.

(c)

As adjusted, comprised of $2.2 million increase in prepaid expenses and other current assets due to income tax receivables, $3.0 million increase in accrued liabilities due to income tax payable, $2.3 million decrease in net deferred income tax assets with a resulting $3.2 million increase in implied goodwill. This measurement period adjustment did not have a material impact on our earnings.

Schedule of identifiable intangible assets


	Weighted Average Useful Life
	(in years)		Fair value
Trade name and trademarks		8 years	$	9,030
Customer relationships		13 years		28,840
Internally developed software		5 years		490
			$	38,360

Schedule of supplemental consolidated results of the Company on an unaudited pro forma basis


	Year Ended December 31,
	2025		2024
Net Revenue	$	879,629	$	1,017,896
Net Loss		(95,039)		(67,869)

Employee Benefit Plans - Actuarial assumptions used to determine benefit obligation and net periodic benefit costs (Details)	12 Months Ended
	Dec. 31, 2025
U.K. Pension Plan
Weighted-average assumptions used to determine net periodic benefit costs:
Expected asset return	6.82%
Pension Plan \| U.K. Pension Plan
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.60%
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	5.60%
Expected asset return	6.82%
Pension Plan \| German Pension Plan
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.90%
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	3.90%
Pension Plan \| Norway Pension Plan
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.90%
Rate of compensation increase	4.00%
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	3.90%
Expected asset return	5.10%
Rate of compensation increase	4.00%
Pension Plan \| Asterion Pension Plan
Weighted-average assumptions used to determine benefit obligations:
Discount rate	3.90%
Weighted-average assumptions used to determine net periodic benefit costs:
Discount rate	3.90%
Expected asset return	3.90%

Basis of Presentation and Summary of Significant Accounting Policies - Net Profit (Loss) per Share (Details) $ / shares in Units, $ in Thousands		5 Months Ended	12 Months Ended
	Dec. 12, 2025	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 shares	Jul. 29, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Warrants		13,267,398	13,267,398
Warrants to purchase number of shares (in shares)		1,326,740	1,326,740	663,242
Reverse stock split	0.1
Net loss attributable to common stockholders - basic \| $		$ (351,123)
Net loss attributable to common stockholders - diluted \| $		$ (351,123)
Weighted average common shares outstanding - basic (in shares)		11,752,078
Weighted average common shares outstanding - diluted (in shares)		11,752,078
Basic (in dollars per share) \| $ / shares		$ (29.88)
Diluted (in dollars per share) \| $ / shares		$ (29.88)
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common Stock excluded in calculation of diluted net-loss per share (in shares)		1,326,740
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common Stock excluded in calculation of diluted net-loss per share (in shares)			278,212

Related-Party Transactions

12 Months Ended

Dec. 31, 2025

Related-Party Transactions

20. Related-Party Transactions

Successor

Relationship with HandsOn Global Management

Par Chadha, the Chairman of the Company’s board of directors, and Andrej Jonovic, Chief Executive Officer of the Company and a director, are affiliated with HandsOn Global Management LLC (together with affiliated entities managed by HandsOn Global Management LLC, “HGM”).

On January 1, 2015, the Company, through one of its subsidiaries, entered into a master agreement with Rule 14, LLC, a portfolio company of HGM. In addition, the Company is party to ten master agreements with entities affiliated with HGM’s managed funds, each of which were entered into during 2015 and 2016 (collectively, with the agreement with Rule 14, LLC, the “Master Agreements”). Each of the Master Agreements provides the Company with use of certain technology and services and includes a reseller arrangement pursuant to which the Company was entitled to sell these services to third parties. Any revenue earned by the Company in such third-party sales is to be shared 75%/25% with each of HGM’s venture affiliates in favor of the Company. There are various applications subject to arrangements under the Master Agreements, and the Company has the license to use and resell such applications, as provided for in the Master Agreements. The Company incurred total expenses of approximately of $2.4 million for the period August 1, 2025 to December 31, 2025 (Successor) for outsourced digital document processing services, workflow automation services, and software platform subscriptions services provided under these Master Agreements. The majority of these costs were on account of: (i) workflow automation services related to automated document control and field mapping for specialized medical and financial records using Intelligent Document Processing (IDP) and Teletypewriter (TTY) primarily including processing for Centers for Medicare & Medicaid Services (CMS) workflow, Uniform Billing (UB) workflow, DMR and Accounts Payable workflows, (ii) enterprise platform subscriptions including licensing, custom reporting, and subscription fees for proprietary enterprise systems namely the Athena platform and the Peri platform, and (iii) Information Technology (IT) infrastructure services—onshore and offshore support services for the core platforms (Athena, Peri, Speakup, and Spring) including charges for change requests, hosting and AWS. The

Company earned no revenue from third-party sales under the reseller arrangement contemplated by the Master Agreements for the period August 1, 2025 to December 31, 2025 (Successor).

Certain operating subsidiary of the Company leased an operating facility from HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited), which is an affiliate under common control with HGM. The rental expense for this operating lease (the “HOV Lease”) was $0.1 million for the period August 1, 2025 to December 31, 2025 (Successor). In addition, HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited) provides the Company data capture and technology services. The expense recognized for these services was approximately $0.4 million for the period August 1, 2025 to December 31, 2025 (Successor). These expenses are included in related party expense in the consolidated statement of operations.

On October 27, 2025, the Company, through one of its subsidiaries, entered into an assignment and assumption agreement with HGM to assign certain portion of its right, title and interest in a building lease to HGM. The rental income from this lease (the “Assigned Lease”) was less than $0.1 million for the period August 1, 2025 to December 31, 2025 (Successor).

On September 1, 2024, the Company, through one of its subsidiaries, entered into a master services agreement with Aideo Technology LLC (“Aideo”), which offers its AI coding platform and is an affiliate under common control with HGM, wherein the Company agreed to provide medical coding services to Aideo. On October 1, 2024, the Company, through one of its subsidiaries, entered into another master services agreement with Aideo wherein the Company agreed to provide the management of Amazon Web Services hosting services to Aideo (together with the initial Aideo Agreement, the “Aideo Agreements”). For the period August 1, 2025 to December 31, 2025 (Successor), the Company has recognized $0.5 million of revenue under the Aideo Agreements.

On February 5, 2025, the Company entered into a service agreement with Nventr, LLC, a portfolio company of HGM, that provides AI analytics solutions (the “Nventr Agreement”). The Company incurred an expense of $0.4 million for the period August 1, 2025 to December 31, 2025 (Successor), in related party expenses for these services within the consolidated statement of operations. The Company capitalized $0.1 million towards solutioning work under the Nventr Agreement for the period August 1, 2025 to December 31, 2025 (Successor).

On February 18, 2025, the Company entered into a service agreement with HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited), to help mitigate the risk of service disruption from the Chapter 11 Cases on the Predecessor by providing an alternate source for certain business process outsourcing, management, and financial transaction processing solutions. The Company incurred an expense of $2.0 million for the period August 1, 2025 to December 31, 2025 (Successor), in related party expenses within the consolidated statements of operations.

Predecessor

Relationship with HGM

Par Chadha, who served as Executive Chairman of the Predecessor’s former parent ETI, Matthew Brown, the former Interim Chief Financial Officer of ETI, and Ron Cogburn, and James Reynolds, who served as members of ETI’s board of directors, are or had been affiliated with HGM. Mr. Chadha remains affiliated with HGM. Messrs. Cogburn and Reynolds were affiliated with HGM until 2020, and Mr. Brown was affiliated with HGM until 2017.

The Predecessor incurred fees relating to the Master Agreements of $4.5 million for the period January 1, 2025 to July 31, 2025 (Predecessor). The Predecessor incurred fees relating to the Master Agreements of $7.5 million for the year ended December 31, 2024 (Predecessor). The Predecessor earned no revenue from third-party sales under the reseller arrangement contemplated by the Master Agreements for the period January 1, 2025 to July 31, 2025 (Predecessor) and for the year ended December 31, 2024 (Predecessor).

The rental expense for the HOV Lease was $0.1 million for the period January 1, 2025 to July 31, 2025 (Predecessor). The rental expense for the HOV Lease was $0.2 million for the year ended December 31, 2024 (Predecessor). In addition, HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited) provided the

Predecessor data capture and technology services. The expense recognized for these services was approximately $0.8 million for the period January 1, 2025 to July 31, 2025 (Predecessor). The expense recognized for these services was approximately $2.7 million for the year ended December 31, 2024 (Predecessor). These expenses are included in related party expense in the consolidated and combined statements of operations.

For the period January 1, 2025 to July 31, 2025 (Predecessor), the Predecessor has recognized $0.1 million of revenue under the Aideo Agreements. For the year ended December 31, 2024 (Predecessor), the Predecessor had recognized $0.1 million of revenue under the Aideo Agreements and received an expense reimbursement of $0.1 million.

On September 1, 2023, the Predecessor, through one of its subsidiaries, entered into a master services agreement with Doctors of Waikiki LLP (“DOW”), which is an affiliate under common control with HGM, where the Predecessor could provide services under one or more statements of work to DOW. The Predecessor, acting under the first statement of work, provided collection services to DOW to collect past-due medical debts from its patients and insurance companies for which the Predecessor received a commission of 15% for accounts assigned within one year of the service date and 25% for accounts assigned after one year. Under the second statement of work the Predecessor managed DOW's insurance billing and denial management for medical bills generated after patients receive treatment from DOW for which the Predecessor invoiced $2,000 per month for each full-time employee assigned to the project. For the period January 1, 2025 to July 31, 2025 (Predecessor), the Predecessor recognized $0 of income under these two SOWs. For the year ended December 31, 2024 (Predecessor), the Predecessor had recognized less than $0.1 million of income under these two SOWs.

April 2026 Notes held by ETI Subsidiaries

As of December 31, 2024, $368.8 million of aggregate principal amount of the Predecessor’s April 2026 Notes were held by subsidiaries of ETI that had been formed to acquire and hold such indebtedness. The Predecessor recorded net interest expense of $13.7 million using effective interest rate method on the April 2026 Notes held by such ETI subsidiaries for the period January 1, 2025 to July 31, 2025 (Predecessor). The Predecessor recorded net interest expense of $16.7 million using the effective interest rate method on the Predecessor’s April 2026 Notes held by such ETI subsidiaries for the year ended December 31, 2024 (Predecessor).

Recharges by ETI

Pursuant to carve out of the Predecessor as a separate entity, cost incurred by the Predecessor’s former parent ETI to support the Predecessor business has been recharged by ETI. During the period January 1, 2025 to July 31, 2025 (Predecessor), the Predecessor reimbursed $1.2 million to ETI primarily on account of salaries, legal and professional fees and other miscellaneous expenses. During the year ended December 31, 2024 (Predecessor), the Predecessor reimbursed $8.2 million to ETI primarily on account of salaries, legal and professional fees and other miscellaneous expenses.

Transactions between the Predecessor and XBP Europe Holdings, Inc.

XBP Europe Holdings, Inc. (together with its subsidiaries, “XBP Europe”) was a subsidiary of ETI and an affiliate of the Predecessor until the Business Combination. Historically, XBP Europe and its predecessor entities and subsidiaries were managed and operated in the ordinary course of business with other subsidiaries of ETI including the Predecessor. Given below are the transactions that occurred between the Predecessor and XBP Europe during the year ended December 31, 2024 (Predecessor) and for the period January 1, 2025 to July 31, 2025 (Predecessor).

Purchase of Products and Services: during the historical periods presented, the Predecessor purchased products and services from XBP Europe. Related party expense in the consolidated and combined statements of operations include purchases from XBP Europe of $0.4 million for the period January 1, 2025 to July 31, 2025 (Predecessor). Related party expense in the consolidated and combined statements of operations include purchases from XBP Europe of $0.4 million for the year ended December 31, 2024 (Predecessor).

Sales: during the historical periods presented, the Predecessor sold SDS scanners and related spare parts to XBP Europe. These sales totaled $0 for the period January 1, 2025 to July 31, 2025 (Predecessor). These sales totaled $0.1 million for the year ended December 31, 2024 (Predecessor).

Shared Service Center Costs: the historical costs and expenses of XBP Europe include costs for certain shared service functions historically provided by the Predecessor, including, but not limited to accounting and finance, IT and business process operations. Where possible, these charges were allocated based on full-time equivalents (FTEs), formal agreements between the Predecessor and XBP Europe, or other allocation methodologies that Management determined to be a reasonable reflection of the utilization of services provided or the benefit received by XBP Europe and the costs of operating XBP Europe during the periods presented. The allocated shared service expenses and general corporate expenses for the period January 1, 2025 to July 31, 2025 (Predecessor) were $1.4 million. The allocated shared service expenses and general corporate expenses for the year ended December 31, 2024 (Predecessor) were $3.8 million, respectively, and are included in the related party revenue, net in the consolidated and combined statements of operations. In the opinion of management of the Predecessor and XBP Europe, the expense and cost allocations had been determined on a basis considered to be a reasonable reflection of the utilization of services provided or the benefit received by XBP Europe during 2025 and 2024. The amounts that would have been, or will be incurred, on a stand-alone basis could differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been incurred had XBP Europe operated as an independent entity, including any expenses associated with obtaining any of these services from the Predecessor. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein.

Service Fee: during the historical periods presented, the Predecessor provided management services to XBP Europe in exchange for a management fee. These management services included provision of legal, human resources, corporate finance, and marketing support. The management fee was calculated based on a weighted average of total external revenue, headcount and total assets attributable to XBP Europe. On October 9, 2022, the management fee was terminated and was replaced by the related party service fee pursuant to a certain services agreement, which reduced the fee and modified the services provided. Services provided under the services agreement include sales of certain hardware, operations delivery, finance, accounting, human resource and technology support services. The Predecessor earned total fees of $0.8 million for the period January 1, 2025 to July 31, 2025 (Predecessor). The Predecessor earned total fees of $1.5 million for the year ended December 31, 2024 (Predecessor).

Notes Receivable: The combined and consolidated statements of operations included related party interest income of $0.9 million for the year ended December 31, 2024 (Predecessor) in other income, net relating to certain old terminated intercompany loan agreements with XBP Europe. The Predecessor entered into four intercompany loan agreements (“Related Party Notes Receivable”) with XBP Europe. Three of the notes are dated September 4, 2023 (and subsequently amended on September 15, 2023) and one note is dated September 15, 2023. The Related Party Notes Receivable has a ten-year term and bear annual interest of 6.0%, due at the end of the term. The consolidated and combined balance sheet included $1.5 million Related Party Notes Receivable as of December 31, 2024 (Predecessor). The consolidated and combined statements of operations included $0.1 million of related party interest income for the period January 1, 2025 to July 31, 2025 (Predecessor) in the interest expense, net. The consolidated and combined statements of operations included $0.1 million of related party interest income for the year ended December 31, 2024 (Predecessor) in the interest expense, net.

Payable and Receivable/Prepaid Balances with Affiliates

Payable and receivable/prepaid balances with affiliates as of December 31, 2025 (Successor) and December 31, 2024 (Predecessor) were as follows:



	Successor				Predecessor
	Consolidated				Combined and Consolidated
	December 31, 2025				December 31, 2024
	Receivables and Prepaid Expenses		Payables		Receivables and Prepaid Expenses		Payables
HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited)	$	—	$	2,050	$	—	$	620
Rule 14, LLC		—		950		—		2,626
HGM		—		227		831		—
DOW		—		137		—		137
Aideo Technology, LLC		736		—		261		—
XBP Europe Holdings, Inc.		—		—		11,013		—
ETI		—		1,147		—		—
Nventr, LLC		—		832		—		—
	$	736	$	5,343	$	12,105	$	3,383

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

New Accounting Pronouncements

12 Months Ended

Dec. 31, 2025

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements

3. New Accounting Pronouncements

Recently Adopted Accounting Guidance

Effective January 1, 2025 for the annual reporting, the Company adopted Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an annual tabular effective tax rate reconciliation disclosure including information for specified categories and jurisdiction levels, as well as, disclosure of income taxes paid, net of refunds received, disaggregated by federal, state/local, and significant foreign jurisdiction. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures. See Note 14 for further information.

There have been no other new accounting pronouncements made effective during fiscal 2025 that have significance, or potential significance, to our consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Effective

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which amends ASC 470-20 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. This ASU is intended to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20 for (a) convertible debt instruments with cash conversion features and (b) debt instruments that are not currently convertible. This ASU is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statement of operations. This new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently assessing the impact this ASU adoption will have on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which revises the guidance in ASC 805 on identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). This ASU is intended to improve comparability between business combinations that involve VIEs and those that do not. Under this ASU, a reporting entity involved in a business combination effected primarily by the exchange of equity interests must consider the factors

in ASC 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer regardless of whether the legal acquiree is a VIE. More specifically, when considering those factors, the reporting entity can determine that a transaction in which the legal acquiree is a VIE represents a reverse acquisition (in which the legal acquirer is identified as the acquiree for accounting purposes). As a result, comparability is increased with business combinations in which the legal acquiree is a VIE. This ASU is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The amendments in this ASU must be applied prospectively to any business combination that occurs after the initial adoption date. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers. Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets. This ASU is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years, with early adoption permitted. Entities should apply the new guidance prospectively. The Company is currently assessing the impact this ASU adoption will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting guidance for the costs to develop software for internal use. The standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed, and the software will be used to perform the function intended. The new standard also supersedes the guidance related to costs incurred to develop a website. The ASU’s amendments are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The guidance can be applied on a prospective basis, a modified basis for in-process projects or on a retrospective basis. The Company is currently assessing the impact this ASU adoption will have on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. This ASU expands the population of contracts that are excluded from the scope of derivative accounting in ASC 815. It also clarifies that the revenue guidance in ASC 606 initially applies to share-based noncash consideration received from a customer for the transfer of goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In November 2025, the FASB issued ASU 2025-08, Purchased Loans, which amends the guidance in ASC 326 on the accounting for certain purchased loans. Under the ASU, entities must account for acquired loans (excluding credit cards) that meet certain criteria at acquisition by recognizing them at their purchase price plus an allowance for expected credit losses. The ASU’s amendments align the accounting for purchased seasoned loans with the treatment of financial assets purchased with more-than-insignificant credit deterioration since origination. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In November 2025, the FASB issued ASU 2025-09, Hedge Accounting Improvements, which amends certain aspects of the hedge accounting guidance in ASC 815. In addition to addressing stakeholder concerns, the amendments are intended to more closely align hedge accounting with the economics of an entity’s risk management activities. The main amendments relate to cash flow hedging, but some of the amendments affect certain fair value and net investment

hedges. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, which adds guidance to ASC 832 on the recognition, measurement, and presentation of government grants. ASC 832 as originally promulgated contained only disclosure requirements concerning the receipt of government assistance by business entities. In the absence of such guidance, many for-profit entities historically have analogized to other GAAP, including IAS 203 or ASC 958-605, when accounting for government grants. This ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing the impact this ASU adoption will have on its condensed consolidated interim financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Obligation for Claim Payment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Basis Of Presentation And Significant Accounting Policies [Abstract]
Obligation for claim payment	$ 55,632	$ 53,176	$ 70,805

Accrued Liabilities and Other Long-Term Liabilities - Other Long-term liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Deferred revenue	$ 311		$ 357
Accrued lease exit obligations	208		373
Accrued compensation expense	366		476
Private warrants liability	3
Customer deposits under long term contracts	2,311		763
BPA's General Unsecured Claims	6,847
BPA's Priority Tax Claims	29,518
Other	1,107		834
Total	$ 40,671	$ 37,623	$ 2,803

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Statutory income tax rate	21.00%	21.00%
GILTI Inclusion			$ 282
Valuation allowance	$ 156,926		416,245
Valuation allowance, state limitation due to ownership changes	1,700
Valuation allowance, operating losses, capital losses, and tax credits that are not expected to be realizable	49,300
Increase in valuation allowance			259,300
Gross carrying amount	323,600
Unrecognized tax benefits	4,332	$ 3,225	3,541	$ 2,221
Unrecognized tax benefits that would impact tax rate	4,300		3,500
Unrecognized tax benefits, accrued interest and penalties	6,200		4,700
Unrecognized tax benefits, income tax penalties and interest expense	800		800
Undistributed earnings	151,000
Withholding taxes on undistributed earnings	10,400		9,800
Deferred expense	300	$ 300	$ 700
Initial funding obligations	15,000
US
Income Tax Disclosure [Line Items]
Valuation allowance, disallowed interest deductions	92,700
Operating loss carryforwards not subject to expiration	5,071
Gross carrying amount	5,071
State and Local
Income Tax Disclosure [Line Items]
Valuation allowance, disallowed interest deductions	13,200
Operating loss carryforwards not subject to expiration	79,854
Gross carrying amount	323,558
Foreign
Income Tax Disclosure [Line Items]
Operating loss carryforwards not subject to expiration	33,922
Gross carrying amount	34,317
Poland
Income Tax Disclosure [Line Items]
Carryforwards of expiration	200
Hungary
Income Tax Disclosure [Line Items]
Carryforwards of expiration	200
Switzerland
Income Tax Disclosure [Line Items]
Carryforwards of expiration	$ 200

Fresh Start Accounting - Reorg Adj - Accounts payable (Details) - USD ($) $ in Thousands	7 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Related party payables	$ 42,123	$ 55,700	$ 42,602
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of accounts payable from liabilities subject to compromise	35,048
Amount paid/transferred to long term	(4,633)
Gain on Reinstatement of accounts payable	(11,300)
Related party payables	$ 19,115

Description of the Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

1. Description of the Business

XBP Global Holdings, Inc. (the “Company” or “XBP Global”) is a multinational technology and services company powering intelligent workflows for organizations worldwide. The Company’s proprietary platforms, agentic AI-driven automation, and domain expertise across industries and the public and private sectors enable its clients’ digital transformations and workflows. The Company’s automation solutions allow global organizations to address challenges resulting from the massive amounts of data obtained and created from their operations. The Company’s solutions address the life cycle of transaction processing and enterprise information management, from enabling payment gateways and data exchanges across multiple systems, to matching inputs against contracts and handling exceptions, to ultimately depositing payments and distributing communications. The Applied Workflow Automation segment provides services powered by intelligent, AI-enabled workflows that generate outcomes for clients’ systems. Revenue primarily stems from transactions processed and includes payment processing, data capture, analysis, decisioning, distribution and transformation across industries and the public and private sectors, primarily in Americas and Europe, and increasingly in Asia. The Technology segment of the Company primarily focuses on sales of recurring software licenses and related maintenance, hardware solutions and related maintenance and professional services.

On July 29, 2025, the Company finalized its acquisition of Exela Technologies BPA, LLC (n/k/a XBP Americas, LLC, collectively with its subsidiaries, “BPA”, and such acquisition, the “Business Combination”) pursuant to a Membership Interest Purchase Agreement dated July 3, 2025 (the “MIPA”). The consideration for the sale was $1.00, reflecting the encumbered nature of BPA which at the time of entry into the MIPA was involved in voluntary bankruptcy proceedings under the caption In re DocuData Solutions, L.C., Case No. 25-90023 (CML) (the “Chapter 11 Cases”). The Business Combination was subject to certain conditions subsequent, including the emergence of BPA and certain of its affiliates from the Chapter 11 Cases, which occurred on July 29, 2025. Prior to the Business Combination, the Company and BPA had both been indirect subsidiaries of Exela Technologies, Inc. (“ETI”). In connection with the Business Combination, the Company changed its name from “XBP Europe Holdings, Inc.” to “XBP Global Holdings, Inc.”

BPA is comprised of the assets and operations of (i) the following wholly-owned and indirect subsidiaries of BPA: DocuData Solutions, L.C., Exela Intermediate, LLC, Exela Finance, Inc., BancTec (Canada), Inc., BancTec (Philippines), Inc., BancTec (Puerto Rico), Inc., BancTec Group LLC, BancTec India Pvt. Ltd., BancTec Intermediate Holding, Inc., BancTec, Inc., BillSmart Solutions LLC, BTC Ventures, Inc., Charter Lason, Inc., CorpSource Holdings, LLC, Deliverex, LLC, DFG2 Holdings, LLC, DFG2, LLC, Digital Mailroom LLC, DrySign, LLC, Economic Research Services, Inc., Exela BR SPV, LLC, Exela Receivables 3 Holdco, LLC, Exela Receivables 3, LLC, XBP Asia Technologies Private Limited (f/k/a Exela Technologies India Private Ltd.), Exela XBP, LLC, ExelaPay, LLC, FTS Parent Inc., Glo-X, Inc., HOV Enterprise Services, Inc., HOV Services, Inc., HOV Services, LLC, HOVG, LLC, Ibis Consulting, Inc., Imagenes Digitales S.A. de C.V., J & B Software, Inc., Kinsella Media, LLC, Lason International, Inc., LexiCode Healthcare, Inc., Managed Care Professionals, LLC, Meridian Consulting Group, LLC, Novitex Government Solutions, LLC, Novitex Intermediate, LLC, Pacific Northwest United Information Services, LLC, Pangea Acquisitions, Inc., PCH Subscription Services, LLC, Plexus Global Finance, LLC, Promotora de Tecnologia, S.A. de C.V., RC4 Capital, LLC, Recognition de Mexico S.A. de C.V., Recognition Mexico Holding, Inc., Regulus America LLC, Regulus Group II LLC, Regulus Group LLC, Regulus Holding Inc., Regulus Integrated Solutions LLC, Regulus West LLC, Rust Consulting, Inc., Rustic Canyon III, LLC, S-Corp Philippines, Inc., Services Integration Group, L.P., SIG-G.P., L.L.C., SourceCorp BPS, Inc., Sourcecorp de Mexico S.A. de C.V., SourceCorp Legal, Inc., SourceCorp Management, Inc., Sourcecorp, Incorporated, SourceHOV Canada Company, SourceHOV HealthCare, Inc., SourceHOV Holdings, Inc., SourceHOV India Pvt. Ltd., SourceHOV LLC, TRAC Holdings, LLC, TransCentra, Inc., and United Information Services, Inc. and (ii) the following affiliates of BPA: Exela Enterprise Solutions, Inc., NEON Acquisition, LLC, Novitex Enterprise Solutions Canada, Inc. and Reaktr LLC.

The Business Combination was accounted for as a reverse acquisition in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”).

Under this method of accounting, XBP Europe Holdings, Inc. (now XBP Global) was treated as the “acquired” company for financial reporting purposes even though BPA survives as an indirect wholly-owned subsidiary of XBP Global.

Chapter 11 Reorganization

On March 3, 2025 (the “Petition Date”), BPA along with certain affiliates (the “BPA Debtors”) commenced the Chapter 11 Cases in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On April 16, 2025 the BPA Debtors entered into a Plan Support Agreement (as amended, the “Plan Support Agreement”) with an ad hoc group of holders of certain 11.5% secured notes issued pursuant to the 2026 Indentures (as defined below), ETI, certain non-BPA Debtor subsidiaries of ETI (together with ETI, the “Consenting ETI Entities”), and certain other parties thereto. In the Plan Support Agreement such parties agreed, subject to certain conditions, to support the BPA Debtors’ reorganization plan in the Chapter 11 Cases and to take all commercially reasonable actions necessary and appropriate to facilitate the restructuring of the BPA Debtors’ indebtedness and to complete the restructuring transactions contemplated under the Plan Support Agreement (the “Restructuring”). On May 7, 2025, the BPA Debtors filed a plan of reorganization (the “Plan”) reflecting the proposed Restructuring. The Plan was confirmed by the Bankruptcy Court on June 23, 2025.

On July 29, 2025 (the “Emergence Date”), BPA consummated the Restructuring and emerged from bankruptcy having satisfied or waived all the conditions set forth in the Plan. In accordance with ASC 852, Reorganizations (“ASC 852”), BPA was required to apply fresh start accounting upon its emergence from bankruptcy. The Company evaluated transaction activity of BPA between the Emergence Date and July 31, 2025 and concluded that an accounting convenience date of July 31, 2025 (the “Convenience Date”) was appropriate for the adoption of fresh start accounting which resulted in BPA becoming a new entity for financial reporting purposes as of the Convenience Date.

On the Emergence Date, in connection with the consummation of the Restructuring and pursuant to the Plan:

●

The Company’s Third Amended and Restated Certificate of Incorporation was filed with the Delaware Secretary of State and became effective increasing authorized shares to 400,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”), and 20,000,000 shares of preferred stock of the Company, and changing the Company’s name to XBP Global Holdings, Inc.

●

The Company issued 8,179,982 shares of Common Stock to holders of Allowed Notes Claims (claims based on the 2026 Indentures (as defined below), and as further defined in the Plan) and for backstop and funding fees, resulting in 11,751,597 shares of Common Stock issued and outstanding, and new warrants to purchase 663,242 shares of Common Stock to GP 3XCV LLC and XCV-STS, LLC (two subsidiaries of ETI). The issuances reflected a value of $49.80 per share for purposes of the Plan (“Plan Equity Value”) based on a valuation of BPA equity at $407.0 million and an overall implied equity valuation of the combined company of $585.7 million and were exempt from registration under Section 1145 of the U.S. Bankruptcy Code. The warrants have standard terms and are exercisable immediately at Plan Equity Value.

●

The Company entered into a Tax Funding Agreement (the “Tax Funding Agreement”) with the Reorganized Debtors (the BPA Debtors following the Restructuring), as Agent, and the Consenting ETI Parties. The Tax Funding Agreement provides for the Consenting ETI Parties to fund certain Transaction Tax Liabilities (as defined in the Plan) (up to an initial funding obligation of $15 million and any excess over $25 million), with security over Blocked ETI Shares (as defined therein) and provisions for release upon payment.

●

The Reorganized Debtors entered into exit financing arrangements (refer to Note 13, Long-term Debt and Credit Facilities), including:

o

An Indenture reflecting the issuance of $183.0 million of July 2030 Notes as described in Note 13, Long-term Debt and Credit Facilities, in a cashless rollover of a comparable amount of debtor-in-possession obligations from the Chapter 11 Cases, plus $18.0 million in additional funding

provided by the Company in exchange for July 2030 Notes (the “XBP Funding”), with the remaining $10.0 million of debtor-in-possession obligations from the Chapter 11 Cases being cancelled and replaced with $6.0 million of loans under the Super Senior Term Loan as described in Note 13, Long-term Debt and Credit Facilities.

o

The Super Senior Term Loan consisting of $40.0 million of new loans used to refinance the BPA Debtors’ prepetition senior secured term loan facility, which was in the aggregate principal amount of approximately $38.9 million, plus accrued interest, fees, and expenses, and $6.0 million of take-back loans, secured by Term Loan Priority Collateral (as defined therein).

o

An Amended and Restated Credit and Security Agreement with BRF Finance Co. LLC, as Agent, and the lenders party thereto, amending and restating the Second Lien Note, dated February 27, 2023, as described in Note 13, Long-term Debt and Credit Facilities, providing for term loans bearing interest at Term SOFR plus 7.5%, and other terms as set forth therein.

o

The ABL Facility, as described in Note 13, Long-term Debt and Credit Facilities, with MidCap Financial Trust as Agent and Lender, providing a $150 million revolving credit facility, secured by ABL Priority Collateral (as defined therein), with terms including interest at SOFR plus Applicable Margin (3.75%-4.25% based on EBITDA).

In addition, on the Emergence Date, the indenture dated as of December 9, 2021 (as amended, supplemented or otherwise modified from time to time), among Exela Intermediate LLC and Exela Finance Inc., as issuers, the guarantors party thereto (including certain of the Debtors, as defined therein), and U.S. Bank Trust Company, National Association, as trustee and collateral agent, governing the 11.500% first-priority senior secured notes due 2026, and the indenture dated as of July 11, 2023 (as amended, supplemented or otherwise modified from time to time), among Exela Intermediate LLC and Exela Finance Inc., as issuers, the guarantors party thereto (including certain of the Debtors), and U.S. Bank Trust Company, National Association, as trustee and collateral agent, governing the 11.500% first-priority senior secured notes due 2026 (together, the “2026 Indentures”), were terminated, and all obligations thereunder were cancelled and discharged, with holders of claims thereunder receiving distributions of Common Stock as described above. The ABL Facility also replaced BPA’s then existing securitization arrangements with PNC Bank.

As a result of the Restructuring and the Business Combination, the Company was no longer considered a “controlled company” under the rules of The Nasdaq Stock Market LLC. Prior to the Restructuring and the Business Combination, BTC International Holdings, Inc. (“BTC”), an indirect subsidiary of ETI, owned approximately 60.7% of the Company’s Common Stock. Pursuant to the Plan, BTC’s shares were distributed to holders of Allowed Notes Claims (including ETI). Post-issuance of new shares under the Plan, beneficial ownership is dispersed, with no beneficial holder owning more than 50% of the voting securities of the Company. As of December 31, 2025, ETI held approximately 25.7%, Gates Capital Management approximately 24.4%, and Avenue Capital approximately 9.3%, in each case, assuming the exercise of all warrants held by the Consenting ETI Parties. The Restructuring and the Business Combination represent a dissipation of control, not a “change of control” in the traditional sense, because no new third party acquired control of XBP Europe Holdings, Inc. as a result of the Restructuring of the BPA Debtors and the subsequent Business Combination. As of the date of this report, there are no known arrangements that may result in a further change in control.

Fresh Start Accounting - Reorg Adj - Accrued Interest (Details) - USD ($) $ in Thousands		7 Months Ended
	Jul. 29, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Accrued interest		$ 1,877	$ 13,685	$ 80,039
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of accrued interest from liabilities subject to compromise		118,272
Gain on settlement of accrued interest		(107,811)
Payment of accrued interest on Senior Secured Term Loan	$ (596)	(596)
Conversion of Accrued Interest on the DIP Facility to July 2030 Notes		(7,988)
Accrued interest		$ 1,877

Consolidated and Combined Statements of Stockholders' Equity (Deficit) - USD ($)
$ in Thousands

Common Stock

Additional Paid in Capital

Net Parent Investment

Predecessor

Net Parent Investment

Accumulated Other Comprehensive Loss

Predecessor

Accumulated Other Comprehensive Loss

Foreign Currency Translation Adjustment

Unrealized Pension Actuarial Gains (Losses), net of tax

Accumulated Deficit

Predecessor

Total

Beginning balance, value at Dec. 31, 2023

$ (1,239,674)

$ (4,604)

$ (1,244,278)

Condensed Consolidated Statements of Stockholders' Deficit

Net Income (Loss)

(215,150)

Foreign currency translation adjustment

(2,550)

Equity-based compensation

1,598

Net intercompany transactions with parent group entities

3,592

Ending balance at Dec. 31, 2024

(1,449,634)

$ (7,154)

(7,154)

(1,456,788)

Condensed Consolidated Statements of Stockholders' Deficit

Net Income (Loss)

1,454,658

Net (loss), excluding plan of reorganization and fresh start accounting adjustments

(53,531)

Foreign currency translation adjustment

$ (690)

(690)

Equity-based compensation

204

Net intercompany transactions with parent group entities

$ 4,144

4,144

Ending balance at Jul. 31, 2025

$ 12

^[1]

$ 437,110

^[1]

$ (1,498,817)

$ (7,844)

$ (1,506,661)

437,122

^[1]

Ending balance (in shares) at Jul. 31, 2025

^[1]

11,751,597

Condensed Consolidated Statements of Stockholders' Deficit

Net Income (Loss)

$ (351,123)

(351,123)

Foreign currency translation adjustment

(1,263)

Equity-based compensation

886

Net unrealized pension actuarial gains, net of tax

$ 1,718

1,718

RSUs vested (in shares)

4,016

Payment for fractional shares onreverse stock split

(1)

Payment for fractional shares onreverse stock split (in shares)

(179)

Ending balance at Dec. 31, 2025

$ 12

$ 437,995

$ (1,263)

$ 1,718

$ (351,123)

$ 87,339

Ending balance (in shares) at Dec. 31, 2025

11,755,434

[1]

Balances after the Business Combination, Plan (as such terms are described in Note 1, Description of the Business) and the fresh start accounting adjustments as discussed in Note 4, Fresh Start Accounting. Initial equity balances of the Successor reflects the 3,591,555 shares of Common Stock of the Company (the combined entity XBP Global Holdings, Inc.) assigned to the stockholders of XBP Europe Holdings, Inc. prior to the Business Combination and the issuance of 8,160,042 shares of Common Stock of the Company to the holders of Allowed Notes Claims ((as such terms are described in Note 1, Description of the Business). Number of shares of Common Stock have been adjusted to reflect the reverse stock split that became effective on December 12, 2025. Refer to Note 19, Stockholders’ Equity and Warrants for further information about reverse stock split

Fair Value Measurement (Details)	Dec. 31, 2025	Dec. 31, 2024
Senior Secured Notes Due July 2030
Fair Value Measurement
Fair value percentage	87.90%	87.90%
Senior Secured Notes Due July 2026
Fair Value Measurement
Fair value percentage		20.00%
Senior Secured Notes Due April 2026
Fair Value Measurement
Fair value percentage		15.00%

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of ROU assets and lease liabilities


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Balance sheet location:
Operating Lease
Operating lease right-of-use assets, net	$	30,339	$	30,543
Current portion of operating lease liabilities		9,814		9,210
Operating lease liabilities, net of current portion		22,530		23,907
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		16,043		15,778
Current portion of finance lease liabilities		4,390		5,441
Finance lease liabilities, net of current portion		6,857		6,381

Schedule of supplemental consolidated balance sheet information related to leases


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,
		2025		2024
Weighted-average remaining lease term
Operating leases			3.4 Years		3.6 Years
Finance leases			3.3 Years		2.4 Years

Weighted-average discount rate
Operating leases			16.9%		16.8%
Finance leases			20.2%		18.4%

Schedule of maturities of finance lease liabilities



	Finance		Operating
	Leases		Leases
2026	$	6,373	$	14,287
2027		3,666		12,391
2028		2,655		7,871
2029		1,644		4,709
2030		659		1,678
2031 and thereafter		584		981
Total lease payments		15,581		41,917
Less: Imputed interest		(4,334)		(9,573)
Present value of lease liabilities	$	11,247	$	32,344

Schedule of cash paid and related right-of-use operating finance or operating lease recognized


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	6,971	$	8,791	$	15,137
Financing cash flows for finance leases			2,700		2,947		6,573
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases			1,353		7,870		10,740
Finance leases			2,020		3,574		12,028

Stockholders' Equity and Warrants - Narratives (Details)		12 Months Ended
	Dec. 12, 2025	Dec. 31, 2025 Vote $ / shares shares	Jul. 29, 2025 $ / shares shares
Stockholders' Equity Note [Abstract]
Preferred stock Authorized		20,000,000	20,000,000
Preferred stock par value (in dollars per share) \| $ / shares		$ 0.0001
Preferred stock Issued		0
Preferred stock Outstanding		0
Common stock Authorized		400,000,000	400,000,000
Common stock par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of vote per share \| Vote		1
Common stock Issued		11,755,434	11,751,597
Common stock Outstanding		11,755,434
Reverse stock split	0.1

Fair Value Measurement - Schedule of carrying amounts and estimated fair values (Details) - Recurring assets and liabilities - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Level 1
Fair Value Measurement
Long-term debt	$ 0	$ 0
Current portion of long-term debts	0	0
Level 2
Fair Value Measurement
Long-term debt	330,699	1,468
Current portion of long-term debts	34,334	267,781
Level 3
Fair Value Measurement
Long-term debt	0	0
Current portion of long-term debts	0	0
Private Warrants \| Level 1
Fair Value Measurement
Private Warrants liability	0
Private Warrants \| Level 2
Fair Value Measurement
Private Warrants liability	0
Private Warrants \| Level 3
Fair Value Measurement
Private Warrants liability	3
Carrying Amount
Fair Value Measurement
Long-term debt	353,267	1,468
Current portion of long-term debts	34,334	1,433,484
Carrying Amount \| Private Warrants
Fair Value Measurement
Private Warrants liability	3
Fair Value
Fair Value Measurement
Long-term debt	330,699	1,468
Current portion of long-term debts	34,334	$ 267,781
Fair Value \| Private Warrants
Fair Value Measurement
Private Warrants liability	$ 3

Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Unrecognized tax benefits
Unrecognized tax benefits, beginning balance	$ 3,225	$ 3,541	$ 2,221
Gross increases-tax positions in prior period	8	0	1,531
Gross decreases-tax positions in prior period	(203)	0	0
Gross increases-tax positions in current period	1,336	134
Gross decreases-tax positions in current period			(32)
Settlement	0	(296)	0
Lapse of statute of limitations	(34)	(154)	(179)
Unrecognized tax benefits, ending balance	$ 4,332	$ 3,225	$ 3,541

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company has developed and maintained a comprehensive cybersecurity program which is integrated within the Company’s enterprise risk management program and encompasses the corporate and operational technology environments, as well as client-facing products and services. Our cybersecurity program has implemented a governance structure and process to identify, assess, manage, mitigate, respond to and report on cybersecurity incidents and risks within an ever-changing threat landscape. We utilize cybersecurity policies and frameworks based on industry and government standards, including the National Institute of Standards and Technology Cyber Security Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, but rather that we use NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. To validate the effectiveness of our security posture, we engage third-party security experts to conduct annual deep-dive penetration tests. We maintain transparency regarding our security posture by making attestations and compliance summaries available to relevant stakeholders. Furthermore, our infrastructure is subject to regular external audits against rigorous industry standards, including SOC 2, PCI, and HITRUST. These audits validate that our internal controls are designed appropriately and are functioning effectively in practice. Our cybersecurity program includes an incident response plan, which establishes (1) a framework for classifying security incidents according to their severity level, considering the nature and scope of the incident; and (2) protocols for the escalation of incidents. To support this, the Company operates a 24 x 7 security operations center (“SOC”) which monitors our global cybersecurity solutions and production environments to detect and respond to potential anomalies. The SOC serves as a central location for the reporting of cybersecurity matters. The roles and responsibilities of the SOC and our cybersecurity team in the incident response context are established by the incident response plan, as well as in associated playbooks and other procedural documentation. Beyond annual testing, we utilize automated scanning and continuous internal assessments designed to identify and remediate vulnerabilities in our applications, software, and networks to mitigate risks proactively. We partner with third parties to support and evaluate our cybersecurity program. The services provided by third parties span areas including cybersecurity maturity assessments, incident response, penetration testing, and consulting on best practices. Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including those who have access to our data or our systems. Third-party risks are included within our risk assessment of vendors, as well as our cybersecurity-specific risk identification program. Cybersecurity considerations affect the selection and oversight of third-party service providers. We perform diligence on third parties—particularly those that have access to our systems, data, or facilities that house such systems or data—and continually monitor cybersecurity threat risks identified through such diligence. We view security as a shared responsibility across the organization. We maintain a cybersecurity awareness program designed to foster a vigilant security culture, covering topics such as phishing, social networking safety, password security, and mobile device usage. This includes regular phishing simulations to test and reinforce employee awareness. We communicate these and other pertinent security issues or compliance changes through our regular internal communications cadence. Additionally, the Company has mandatory security awareness training addressing cybersecurity, privacy, and confidential information. In 2024 and 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. Please refer to “Item 1A. Risk Factors” for further information about the material risks associated with various cybersecurity threats.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company has developed and maintained a comprehensive cybersecurity program which is integrated within the Company’s enterprise risk management program and encompasses the corporate and operational technology environments, as well as client-facing products and services. Our cybersecurity program has implemented a governance structure and process to identify, assess, manage, mitigate, respond to and report on cybersecurity incidents and risks within an ever-changing threat landscape. Our cybersecurity program includes an incident response plan, which establishes (1) a framework for classifying security incidents according to their severity level, considering the nature and scope of the incident; and (2) protocols for the escalation of incidents. To support this, the Company operates a 24 x 7 security operations center (“SOC”) which monitors our global cybersecurity solutions and production environments to detect and respond to potential anomalies. The SOC serves as a central location for the reporting of cybersecurity matters. The roles and responsibilities of the SOC and our cybersecurity team in the incident response context are established by the incident response plan, as well as in associated playbooks and other procedural documentation. Beyond annual testing, we utilize automated scanning and continuous internal assessments designed to identify and remediate vulnerabilities in our applications, software, and networks to mitigate risks proactively.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to its Audit Committee oversight of cybersecurity and other information technology risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to its Audit Committee oversight of cybersecurity and other information technology risks. Our Audit Committee oversees management’s ongoing activities related to our cybersecurity risk management and compliance programs.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	management will update the Board directly, as necessary, regarding cybersecurity incidents. The full Board also receives presentations on cybersecurity topics from our CTO and other security management staff as part of the Board’s continuing education on topics that impact the Company
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity program is led by our Chief Technology Officer (“CTO”), who has two decades of experience in various cybersecurity, software development, product management, and other technology-related roles. Our CTO oversees teams across the company supporting our security functions to “identify, prevent, detect, respond, and recover”. These teams are comprised of personnel with a broad range of experience across the private and public sectors, the technology industry, and different geographic regions. Our Audit Committee receives periodic reports from our CTO and management on our cybersecurity risks and the current threat landscape trends. In addition, management will update the Board directly, as necessary, regarding cybersecurity incidents. The full Board also receives presentations on cybersecurity topics from our CTO and other security management staff as part of the Board’s continuing education on topics that impact the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity program is led by our Chief Technology Officer (“CTO”), who has two decades of experience in various cybersecurity, software development, product management, and other technology-related roles. Our CTO oversees teams across the company supporting our security functions to “identify, prevent, detect, respond, and recover”. These teams are comprised of personnel with a broad range of experience across the private and public sectors, the technology industry, and different geographic regions.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity program is led by our Chief Technology Officer (“CTO”), who has two decades of experience in various cybersecurity, software development, product management, and other technology-related roles.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Audit Committee receives periodic reports from our CTO and management on our cybersecurity risks and the current threat landscape trends.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Fresh Start Accounting - Reconciliation of enterprise value to the equity value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Reorganizations [Abstract]
Enterprise value		$ 732,730
Cash and cash equivalents	$ 37,113	11,667	$ 11,635
Less: Total debt		(337,034)
Total stockholder's equity (deficit)		$ 407,363

Long-term Debt and Credit Facilities - Amended Factoring Agreement (Details) € in Millions, $ in Millions	5 Months Ended
	Dec. 31, 2025 USD ($)	Sep. 15, 2023 EUR (€)
Debt Disclosure [Abstract]
Maximum amount of accounts receivable \| €		€ 15.0
Accounts receivable under factoring arrangement	$ 2.6
Loss on sale of accounts receivables	$ 0.3

Stockholders' Equity and Warrants - Common stock warrants outstanding (Details) - $ / shares	Dec. 31, 2025	Jul. 29, 2025
Stockholders' Equity and Warrants
Number of Warrants	13,267,398
Common Stock Underlying Warrants	1,326,740	663,242
Private Placement Warrants
Stockholders' Equity and Warrants
Number of Warrants	135,000
Common Stock Underlying Warrants	13,500
Exercise Price	$ 115
Forward Purchase Warrants
Stockholders' Equity and Warrants
Number of Warrants	250,000
Common Stock Underlying Warrants	25,000
Exercise Price	$ 115
Public Warrants
Stockholders' Equity and Warrants
Number of Warrants	6,249,980
Common Stock Underlying Warrants	624,998
Exercise Price	$ 115
ETI Warrants
Stockholders' Equity and Warrants
Number of Warrants	6,632,418
Common Stock Underlying Warrants	663,242	663,242
Exercise Price	$ 49.8	$ 49.8

Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 01, 2025	Jul. 31, 2025	Jan. 01, 2025	Dec. 31, 2024	Jan. 01, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other	$ 6,333				$ 5,384
Less: Allowance for credit losses	(5,660)	$ (3,764)	$ (2,847)	$ (3,279)	(3,279)	$ (5,580)
Total accounts receivable, net	130,281		$ 112,654		18,663	$ 42,833
Billed receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	104,244				3,099
Unbilled receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 25,364				$ 13,459

Fresh Start Accounting - Reorganization Items, net (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended
	Dec. 31, 2025	Jul. 31, 2025
Summary of losses (gains) on reorganization items
Legal and professional fees	$ 1,782	$ 68,404
Derecognition of unamortized debt discount, premium and issuance costs	0	(81,384)
Gain on settlement of liabilities subject to compromise	0	(902,162)
Fresh start accounting adjustments	0	(639,040)
Cost of debt refinancing pursuant to reorganization plan	0	1,591
Gain on rejected contracts and leases	(167)	(1,260)
Gain on settlement of DIP facility	0	(4,000)
DIP credit agreement fees	0	26
Total reorganization items, net	$ 1,615	$ (1,557,825)

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of restricted stock unit activities


							Average
				Weighted			Remaining
		Number		Average Grant			Contractual Life
		of Units		Date Fair Value			(Years)
Outstanding Balance as of August 1, 2025 (Successor)		105,239		$	12.93		2.08
Granted		176,989			8.14		0.68
Forfeited		—
Vested		(4,016)
Outstanding Balance as of December 31, 2025 (Successor)		278,212		$	9.96		1.12

Basis of Presentation and Summary of Significant Accounting Policies - Operations (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Basis Of Presentation And Significant Accounting Policies [Abstract]
Carrying value of long-lived assets	$ 28.5	$ 13.3

Related-Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of components of Related party expense



	Successor				Predecessor
	Consolidated				Combined and Consolidated
	December 31, 2025				December 31, 2024
	Receivables and Prepaid Expenses		Payables		Receivables and Prepaid Expenses		Payables
HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited)	$	—	$	2,050	$	—	$	620
Rule 14, LLC		—		950		—		2,626
HGM		—		227		831		—
DOW		—		137		—		137
Aideo Technology, LLC		736		—		261		—
XBP Europe Holdings, Inc.		—		—		11,013		—
ETI		—		1,147		—		—
Nventr, LLC		—		832		—		—
	$	736	$	5,343	$	12,105	$	3,383

Stock-Based Compensation - Restricted Stock Unit (Details) - $ / shares		5 Months Ended	12 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2025
Number of Units
Outstanding Balance as of August 1, 2025		105,239
Shares granted		176,989
Shares forfeited		0
Shares vested		(4,016)
Outstanding Balance as of December 31, 2025	105,239	278,212	278,212
Weighted Average Grant Date Fair Value
Outstanding Balance as of August 1, 2025		$ 12.93
Shares granted		8.14
Outstanding Balance as of December 31, 2025	$ 12.93	$ 9.96	$ 9.96
Average Remaining Contractual Life (Years)
Outstanding Balance (in years)	2 years 29 days	1 year 1 month 13 days
Shares granted		8 months 4 days
Restricted Stock Units \| Minimum
Stock-Based Compensation
Vesting period (in years)			1 year
Restricted Stock Units \| Maximum
Stock-Based Compensation
Vesting period (in years)			3 years

Employee Benefit Plans - Net periodic benefit cost (Details) $ in Thousands	5 Months Ended
	Dec. 31, 2025 USD ($)
Net periodic benefit cost
Service cost	$ 78
Interest cost	$ 1,395
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating
Expected return on plan assets	$ (1,484)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Plan amendments	$ 130
Amortization of net loss	$ 858
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Net periodic (benefit) cost	$ 977

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of inventories, net


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Work in process	$	582	$	610
Finished goods		5,852		576
Supplies and parts		6,370		6,070
Less: Allowance for obsolescence		(1,439)		(52)
	$	11,365	$	7,204

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Work in process	$ 582		$ 610
Finished goods	5,852		576
Supplies and parts	6,370		6,070
Less: Allowance for obsolescence	(1,439)		(52)
Total inventories, net	11,365	$ 6,508	7,204
Allowance for obsolescence finished goods	$ 1,400		$ 100

Income Taxes - Effective Tax Rate Before Adoption of ASU 2023-09 (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Tax at statutory rate	$ (72,684)	$ 313,013	$ (43,080)
State income taxes	1,100	3,936	(4,276)
Foreign income taxes	1,664	2,051	(77)
Nondeductible goodwill impairment	67,262	0	22,854
Permanent differences			1,878
Changes in valuation allowance	4,347	(256,058)	28,788
Unremitted earnings			734
GILTI Inclusion			282
Uncertain tax positions			2,499
Other			407
Tax Expenses on Reorganisation	$ 5,011	$ 35,875	$ 10,009

Employee Benefit Plans - Weighted average allocation of plan assets by asset category (Details)	Dec. 31, 2025
Weighted average allocation of plan assets by asset category
Allocation of plan assets (in percentage)	100.00%
U.K. and other international equities
Weighted average allocation of plan assets by asset category
Allocation of plan assets (in percentage)	33.60%
U.K. government and corporate bonds
Weighted average allocation of plan assets by asset category
Allocation of plan assets (in percentage)	3.90%
Diversified growth fund
Weighted average allocation of plan assets by asset category
Allocation of plan assets (in percentage)	21.40%
Liability driven investments
Weighted average allocation of plan assets by asset category
Allocation of plan assets (in percentage)	35.60%
Multi-asset credit fund
Weighted average allocation of plan assets by asset category
Allocation of plan assets (in percentage)	5.50%

Leases - Cash paid and related right-of-use asset (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Financing cash flows from finance leases	$ 1,670	$ 3,360	$ 6,573
Operating leases	1,353	7,870	10,740
Finance leases	2,020	3,574	12,028
Continuing operations
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	6,971	8,791	15,137
Financing cash flows from finance leases	$ 2,700	$ 2,947	$ 6,573

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of accounts receivable


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Billed receivables	$	104,244	$	3,099
Unbilled receivables		25,364		13,459
Other		6,333		5,384
Less: Allowance for credit losses		(5,660)		(3,279)
	$	130,281	$	18,663

Schedule of changes in allowance for expected credit losses


	December 31,
	2025
Balance at January 1 of the allowance for expected credit losses (Predecessor)	$	3,279
Provision for expected loss		914
Write-off charged against the allowance		(162)
Recoveries collected		(1,192)
Foreign currency exchange rate adjustment		8
Balance at July 31 of the allowance for expected credit losses (Predecessor)	$	2,847
Balance at August 1 of the allowance for expected credit losses (Successor)		3,764
Provision for expected loss		2,367
Write-off charged against the allowance		(132)
Recoveries collected		(360)
Foreign currency exchange rate adjustment		21
Balance at December 31 of the allowance for expected credit losses (Successor)	$	5,660


	December 31,
	2024
Balance at January 1 of the allowance for expected credit losses (Predecessor)	$	5,580
Provision for expected loss		18,094
Write-off charged against the allowance (a)		(17,887)
Recoveries collected		(2,517)
Foreign currency exchange rate adjustment		9
Balance at December 31 of the allowance for expected credit losses (Predecessor)	$	3,279

(a)

The significant increase in the write-off of receivables for the year ended December 31, 2024, is primarily attributable to a write-off resulting from a contract modification with a major client. This was a unique event, and no similar trends or material write-offs due to contract modifications have been noted in the current reporting year.

Income Taxes - Effective Tax Rate (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Effective Income Tax Rate Reconciliation, Amount
U.S. Federal Statutory Tax Rate, amount	$ (72,684)	$ 313,013	$ (43,080)
State and Local Income Taxes, Net of Federal Income Tax Effect, amount	1,100	3,936	(4,276)
Foreign Tax Effects, amount	1,664	2,051	(77)
Effect of Cross-Border Tax Laws, amount	335	297
Tax Credits, amount	(143)	(79)
Changes in Valuation Allowances, amount	4,347	(256,058)	28,788
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount
Restructuring gain, amount	0	(314,376)
Fresh start, amount	0	278,575
Goodwill impairment, amount	67,262	0	22,854
Other, amount	755	8,061
Uncertain tax positions, amount	2,375	455
Effective Tax Rate, amount	$ 5,011	$ 35,875	$ 10,009
Effective Income Tax Rate Reconciliation, Percent
U.S. Federal Statutory Tax Rate, percent	21.00%	21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect, percent	(0.30%)	0.30%
Foreign Tax Effects, percent	(0.50%)	0.10%
Effect of Cross-Border Tax Laws, percent	(0.10%)	0.00%
Tax Credits, percent	0.00%	0.00%
Changes in Valuation Allowances, percent	(1.30%)	(17.10%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent
Restructuring gain, percent	0.00%	(21.10%)
Fresh start, percent	0.00%	18.70%
Goodwill impairment, percent	(19.40%)	0.00%
Other, percent	(0.20%)	0.50%
Uncertain tax positions, percent	(0.70%)	0.00%
Effective tax rate, percent	(1.50%)	2.40%
Tax Jurisdiction of Domicile [Extensible Enumeration]	UNITED STATES	UNITED STATES
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:CA, stpr:MN, stpr:NY	stpr:CA, stpr:IL, stpr:MN, stpr:NY

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Mar. 30, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Transition Report	false
Securities Act File Number	001-40206
Entity Registrant Name	XBP Global Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2002883
Entity Address, Postal Zip Code	75063
Entity Address, Address Line One	6641 N. Belt Line Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
City Area Code	844
Local Phone Number	935-2832
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float				$ 6,220,383
Entity Common Stock, Shares Outstanding			11,768,050
Documents Incorporated by Reference [Text Block]	The information required by Part III of this Report, to the extent not set forth herein, is incorporated herein by reference from portions of the registrant’s definitive proxy statement that will be filed for the 2026 Annual Meeting of Shareholders, which the registrant intends to file with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, 2025.
Entity Central Index Key	0001839530
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	UHY LLP	EisnerAmper LLP
Auditor Firm ID	1195	274
Auditor Location	Sterling Heights, Michigan	Iselin, New Jersey
Common Stock, Par Value $0.0001 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, Par Value $0.0001 per share
Trading Symbol	XBP
Security Exchange Name	NASDAQ
Redeemable warrants, each ten warrants exercisable for one share of common stock at an exercise price of $115.00 per share
Document Information [Line Items]
Title of 12(b) Security	Redeemable warrants, each ten warrants exercisable for oneshare of common stock at an exercise price of $115.00 per share
Trading Symbol	XBPEW
Security Exchange Name	NASDAQ

Consolidated and Combined Statements of Comprehensive Profit (Loss) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (351,123)	$ 1,454,658	$ (215,150)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(1,263)	(690)	(2,550)
Unrealized pension actuarial gains, net of tax	1,718	0	0
Total other comprehensive income (loss), net of tax	455	(690)	(2,550)
Comprehensive profit (loss)	$ (350,668)	$ 1,453,968	$ (217,700)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

Leases - ROU assets and lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Operating Lease
Operating lease right-of-use assets, net	$ 30,339	$ 29,542	$ 30,543
Current portion of operating lease liabilities	9,814	9,283	9,210
Operating lease liabilities, net of current portion	22,530	22,533	23,907
Finance Lease
Finance lease right-of-use assets, net (included in Property, plant and equipment, net)	16,043		15,778
Current portion of finance lease liabilities	4,390	5,174	5,441
Finance lease liabilities, net of current portion	$ 6,857	$ 7,303	$ 6,381

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Long-term Debt and Credit Facilities - Maturities of long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Maturities of long-term debt
2026	$ 35,300
2027	3,933
2028	163,225
2030	186,993
Total long-term debt	389,451
Less: Unamortized original issue discount and debt issuance cost	(1,850)
Total debt	$ 387,601	$ 1,434,952

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Business Combination (Details)				5 Months Ended
Business Combination (Details)	Jul. 31, 2025 USD ($) director shares	Jul. 29, 2025 USD ($) shares	Jul. 03, 2025 USD ($)	Dec. 31, 2025 USD ($) shares
Business Combination [Line Items]
Number of directors on board \| director	7
Number of new directors on board \| director	4
Number of continuing directors \| director	3
Common stock Issued \| shares		11,751,597		11,755,434
Acquisition Of Exela Technologies BPA, LLC And Subsidiaries
Business Combination [Line Items]
Purchase consideration		$ 1,000	$ 1
XBP Europe Holdings, Inc
Business Combination [Line Items]
Long term debt			$ 49,000,000	$ 49,014,000
Total consideration	$ 32,300,000			32,328,000
Common stock Issued \| shares	3,591,555
Business combination, Debt issuance costs	$ 200,000
Revenue of acquiree included in consolidated revenue				60,900,000
Net loss of acquiree included in consolidated net loss				7,100,000
Transaction costs				$ 2,500,000
Business combination, debt issuance costs	$ 100,000

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated and combined financial statements. There were certain changes to accounting policies implemented during the period from August 1, 2025 to December 31, 2025, as described below. These policy changes were made in connection with the adoption of fresh start accounting and the Business Combination.

Basis of Presentation

Financial information prior to the Emgergence Date is referred to as “Predecessor” company information, which reflects the combined historical financial statements of BPA prepared using BPA’s previous combined basis of accounting. The financial information beginning August 1, 2025 is referred to as “Successor” company information and reflects the consolidated financial statements of XBP Global, including the financial statement effects of recording fair value adjustments and the capital structure resulting from the Business Combination and fresh start accounting of BPA. Black lines have been drawn to separate the Successor’s financial information from that of the Predecessor since their financial statements are not comparable as a result of the application of acquisition accounting and the Company’s capital structure resulting from the Business Combination and fresh start accounting of BPA.

Successor:

The accompanying consolidated financial statements as of and for the period August 1, 2025 to December 31, 2025, includes the consolidated balance sheet, and statement of operations, comprehensive income (loss), changes in equity, and cash flows of XBP Global. All significant intercompany items and transactions have been eliminated in consolidation. In the opinion of management, the accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been omitted pursuant to the SEC’s rules and regulations. However, management believes that the disclosures contained herein are adequate to make the information presented not misleading. In the opinion of management, the consolidated financial statements reflect all adjustments (which are of a normal recurring nature) necessary to present fairly the Company’s financial position, results of operations and cash flows. The results of operations and cash flows for the period from August 1, 2025 to December 31, 2025 are not necessarily indicative of the results of operations or cash flows that may be expected for future periods.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Predecessor:

The consolidated and combined BPA financial statements (the “BPA financial statements”) include the accounts of the wholly-owned direct and indirect subsidiaries and affiliates of BPA (as listed above). Throughout fiscal 2024 and the period January 1, 2025 to the Petition Date that are covered by the BPA financial statements, BPA operated as part of ETI. The accompanying consolidated and combined financial statements have been prepared from ETI’s historical accounting records and are presented on a stand-alone basis as if BPA’s operations had been conducted independently from ETI. The operations of BPA are in various legal entities either with a direct ownership relationship or affiliate relationship through ETI. Accordingly, ETI and its subsidiaries’ net parent investment in these operations is shown in lieu of a statement of member’s equity in the consolidated and combined financial statements. The consolidated and combined financial statements and related notes to the consolidated and combined financial statements have been prepared in accordance with GAAP.

The consolidated and combined statements of operations and comprehensive loss include all revenues and costs directly attributable to BPA, including costs for facilities, functions and services used by BPA. Costs for certain functions and services delivered by ETI are directly charged to BPA based on specific identification when possible or based on a reasonable allocation driver or other allocation methods. Current and deferred income taxes have been determined based on the stand-alone results of BPA. However, because BPA filed as part of ETI’s tax group in certain jurisdictions, BPA’s actual tax balances may differ from those reported. BPA’s portion of its domestic and certain income taxes for jurisdictions outside the United States are deemed to have been settled in the period the related tax expense was recorded.

All intercompany transactions and balances within BPA have been eliminated. The Predecessor financial statements include assets and liabilities that have been determined to be specifically identifiable or otherwise attributable to BPA. Transactions with affiliated companies owned by ETI or its subsidiaries which are not a part of BPA are reflected as related party transactions.

All of the allocations and estimates in the consolidated and combined financial statements are based on assumptions that management believes are reasonable. However, the consolidated and combined financial statements included herein may not be indicative of the financial position, results of operations, and cash flows of BPA if BPA had been a separate, stand-alone entity during the periods presented.

Actual costs that would have been incurred if BPA had been a stand-alone business would depend on multiple factors, including organizational structure and strategic decisions.

As described below, as a result of the application of fresh start accounting and the effects of the implementation of the Plan, the consolidated financial statements after the Emergence Date are not comparable with the consolidated and combined financial statements on or before the Emergence Date. Refer to Note 4, Fresh Start Accounting, for additional information.

As part of Business Combination, the Company reevaluated its segment reporting, resulting in the presentation of two businesses: Applied Workflow Automation and Technology.

●

Applied Workflow Automation. The Applied Workflow Automation segment provides services powered by intelligent, AI-enabled workflows that generate outcomes for clients’ systems. Revenue primarily stems from transactions processed and includes payment processing, data capture, analysis, decisioning, distribution and transformation across industries and the public and private sectors, primarily in Americas and Europe, and increasingly in Asia. The Applied Workflow Automation segment includes the Company’s Bills & Payments, healthcare industry solutions, on-site enterprise solutions, integrated communications and enterprise legal management business units which serve leading banks, payers and providers, utilities as well as federal, regional and local government entities.

●

Technology. The Technology segment focuses on the sale of recurring and perpetual software licenses, software maintenance and professional services, as well as hardware solutions and maintenance. The Company offers an industry-agnostic and cross-departmental suite of products, with primary focus on scalable workflows leveraging AI through neural networks together with deep domain expertise. The Company also offers industry specific platforms for the banking and healthcare industries.

Prior periods have been recast to reflect the Company’s current segment presentation. See Note 21, Segment Information.

Certain prior period amounts have been reclassified to conform to the 2025 presentation.

Use of Estimates in Preparation of the Consolidated and Combined Financial Statements

The preparation of consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Estimates and judgments relied upon in preparing these consolidated and combined financial statements include, among others, revenue recognition for multiple element arrangements, allowance for expected credit losses, income taxes, depreciation, amortization, employee benefits, equity-based compensation, contingencies, goodwill, intangible assets, right of use assets, pension obligations, pension assets, and asset and liability valuations. The Company regularly assesses these estimates and records changes in estimates in the period in which they become known. The

Company bases its estimates on historical experience and various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Fresh Start Accounting

Upon emergence from bankruptcy the Company adopted fresh start accounting. Refer to Note 4, Fresh Start Accounting for further details.

Cash and Cash Equivalents

Cash and cash equivalents include cash deposited with financial institutions and liquid investments acquired with maturity dates equal to or less than three months. All bank deposits and money market accounts are considered cash and cash equivalents. The Company holds cash and cash equivalents at major financial institutions, which often exceed Federal Deposit Insurance Corporation insured limits. Historically, the Company has not experienced any losses due to bank depository concentration.

Certificates of deposit and fixed deposits whose maturity, when acquired, is greater than three months and less than or equal to one year are classified as short-term investments, and certificates of deposit and fixed deposits whose maturity is greater than one year at the balance sheet date are classified as non-current assets in the consolidated and combined balance sheets. The purchase of any certificates of deposit or fixed deposits that are classified as short-term investments or non-current assets appears in the investing section of the consolidated and combined statements of cash flows.

Restricted Cash

Restricted cash is the carrying amount of cash and cash equivalents which are restricted under contract or otherwise as to withdrawal or usage. These include deposits held for claim payments on behalf of clients or under agreements entered into with others but exclude compensating balance arrangements that do not legally restrict the use of cash amounts shown on the consolidated and combined balance sheets.

Obligation for Claim Payment

As part of the Company’s legal claims processing service, the Company holds cash for various settlement funds. Some of the cash is used to pay tax obligations and other liabilities of the settlement funds. The Company has recorded a liability for the settlement funds received, which is included in obligation for claim payment in the consolidated and combined balance sheets, of $55.6 million and $70.8 million at December 31, 2025 (Successor) and 2024 (Predecessor), respectively.

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable are carried at the original invoice amount less allowances for expected credit losses. Revenue that has been earned but remains unbilled at the end of the period is recorded as a component of accounts receivable, net. The Company specifically analyzes accounts receivable mainly based on client type and related aging schedules, historical collection experience, current and future economic and market conditions to estimate the probability of default in the future when evaluating the adequacy of its allowance for expected credit losses. The Company writes off accounts receivable balances against the allowances for expected credit losses, net of any amounts recorded in deferred revenue, when it becomes probable that the receivable will not be collected.

Inventories

Our inventories primarily include heavy-duty scanners and related parts, toner, paper stock, envelopes and postage supplies. Inventories are stated at the lower of cost or net realizable values and include the cost of raw materials, labor, and purchased subassemblies. Cost is determined by using the weighted average method.

Property, Plant and Equipment

Property, plant, and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method (which approximates the use of the assets) over the estimated useful lives of the assets. When these assets are sold or otherwise disposed of, the asset and related depreciation is relieved, and any gain or loss is included in the consolidated and combined statements of operations for the period of sale or disposal. Leasehold improvements are amortized over the lease term or the useful life of the asset, whichever is shorter. Repair and maintenance costs are expensed as incurred.

Intangible Assets

Customer Relationships

Customer relationship intangible assets represent client contracts and relationships obtained as part of acquired businesses. Customer relationship values are estimated by evaluating various factors including historical attrition rates, contractual provisions and client growth rates, among others. The estimated average useful lives of client relationships range from 6 to 17 years depending on facts and circumstances. These intangible assets are primarily amortized on a straight-line basis over their estimated useful life. The Company evaluates the remaining useful life of intangible assets on an annual basis to determine whether events and circumstances warrant a revision to the remaining useful life.

Trade Names

The Company has determined that its Rust and Lexicode trade name intangible assets are indefinite-lived assets and therefore are not subject to amortization. Rust and Lexicode trade names are tested for impairment as per the Company’s policy for impairment of indefinite-lived assets. The Company has determined that its XBP trade name intangible asset is a definite-lived asset and therefore is subject to amortization on a straight-line basis over its estimated useful life.

Capitalized Software Costs

The Company capitalizes certain costs incurred to develop software products to be sold, leased or otherwise marketed after establishing technological feasibility in accordance with ASC section 985-20, Software—Costs of Software to Be Sold, Leased, or Marketed, and the Company capitalizes costs to develop or purchase internal-use software in accordance with ASC section 350-40, Intangibles—Goodwill and Other— Internal-Use Software. Significant estimates and assumptions include determining the appropriate period over which to amortize the capitalized costs based on estimated useful lives and estimating the marketability of the commercial software products and related future revenues. The Company amortizes capitalized software costs on a straight-line basis over the estimated useful life, which is typically 3 to 5 years.

Outsourced Contract Costs

Costs of outsourcing contracts, including costs incurred for bid and proposal activities, are generally expensed as incurred. However, certain costs incurred upon initiation of an outsourcing contract are deferred and expensed on a straight-line basis over the estimated contract term. These costs represent incremental external costs or certain specific internal costs that are directly related to the contract acquisition or fulfillment activities and can be separated into two principal categories: contract commissions and set-up/fulfillment costs. Contract fulfillment costs are capitalized only if they are directly attributable to a specifically anticipated future contract; represent the enhancement of resources that will be used in satisfying a future performance obligation (the services under the anticipated contract); and are expected to be recovered.

Impairment of Indefinite-Lived Assets

The Company conducts its annual indefinite-lived assets impairment tests on October 1st of each year for its indefinite-lived assets, including trade names, or more frequently if indicators of impairment exist. When performing the

impairment test, the Company has the option of performing a qualitative or quantitative assessment to determine if an impairment has occurred. A quantitative assessment requires comparison of the fair value of the asset to its carrying value. If the carrying value of the indefinite-lived assets exceeds fair value, the Company recognizes an impairment loss by an amount which is equal to the excess of carrying value over fair value. The Company utilizes the “Income Approach,” specifically the “Relief-from-Royalty Method” (“RFR”), which has the basic tenet that a user of an intangible asset would have to make a stream of payments to the owner of the asset in return for the rights to use that asset. Refer to Note 11, Intangible Assets and Goodwill for additional discussion of impairment of trade names.

Impairment of Long-Lived Assets

The Company reviews the recoverability of its long-lived assets, including its finite-lived XBP trade name, customer relationships, developed technology, capitalized software costs, outsourced contract costs, acquired software, and property, plant and equipment, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on the ability to recover the carrying value of the asset from the expected future cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The primary measure of fair value is based on discounted cash flows based in part on the financial results and the expectation of future performance.

The Company did not record any material impairment related to its property, plant, and equipment, XBP trade name, customer relationships, developed technology, capitalized software cost or outsourced contract costs for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and the year ended December 31, 2024 (Predecessor).

Goodwill

Goodwill represents the excess purchase price over tangible and intangible assets acquired less liabilities assumed arising from business combinations. Goodwill is generally allocated to reporting units based upon relative fair value (taking into consideration other factors such as synergies) when an acquired business is integrated into multiple reporting units. The Company’s reporting units are at the component level, for which discrete financial information is prepared and regularly reviewed by management. When a business within a reporting unit is disposed of, goodwill is allocated to the disposed business using the relative fair value method.

The Company conducts its annual goodwill impairment tests on October 1st of each year, or more frequently if indicators of impairment exist. When performing the annual impairment test, the Company has the option of performing a qualitative or quantitative assessment to determine if an impairment has occurred. If a qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would be required to perform a quantitative impairment analysis for goodwill. The quantitative analysis requires a comparison of fair value of the reporting unit to its carrying value, including goodwill. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company uses a combination of the “Guideline Public Company Method of the Market Approach” and the “Discounted Cash Flow Method of the Income Approach” to determine the reporting unit fair value. Refer to Note 11, Intangible Assets and Goodwill for additional discussion of the consideration of impairment of goodwill.

Benefit Plan Accruals

The Company has defined benefit plans in the UK, Germany, Norway and France under which participants earn a retirement benefit based upon a formula set forth in the respective plans. The Company records annual amounts relating to its pension plans based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return, and compensation increases. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is appropriate to do so.

Leases

The Company determines if a contract is, or contains, a lease at contract inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities and operating lease liabilities, net of current portion in the Company’s consolidated and combined balance sheets. Finance leases are included in property, plant and equipment, current portion of finance lease liabilities and finance lease liabilities, net of current portion in the Company’s consolidated and combined balance sheets.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. In addition, ROU assets include initial direct costs incurred by the lessee as well as any lease payments made at or before the commencement date and exclude lease incentives. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with a term of one year or less are not recorded on the balance sheet.

Finance lease ROU assets are amortized over the lease term or the useful life of the asset, whichever is shorter. The amortization of finance lease ROU assets is recorded in depreciation expense in the consolidated and combined statements of operations. For operating leases, the Company recognizes expense for lease payments on a straight-line basis over the lease term.

Stock-Based Compensation

The Company accounts for all equity-classified awards under stock-based compensation plans at their fair value. This fair value is measured at the fair value of the awards at the grant date and recognized as compensation expense on a straight-line basis over the vesting period. The fair value of the awards on the grant date is determined using the stock price on the respective grant date in the case of restricted stock units and using an option pricing model in the case of stock options. The Company accounts for forfeitures as they occur. The expense resulting from share-based payments is recorded in selling, general and administrative expense in the consolidated and combined statements of operations.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to Company’s own shares of common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance.

The Company determined that while the Public Warrants and ETI Warrants meet the definition of a derivative, they meet the equity scope exception in ASC 815 to be classified in stockholders’ equity (deficit) and are not subject to remeasurement provided that the warrants continue to meet the criteria for equity classification.

While the Private Warrants also meet the definition of a derivative, they don’t meet the equity scope exception in ASC 815 and are subject to remeasurement. Private Warrant liability shall be measured at fair value on the transaction

closing date, with changes in fair value recognized in the consolidated and combined statements of operations each period.

Business Combinations

The Company includes the results of operations of the businesses acquired as of the respective dates of acquisition. The Company allocates the fair value of the purchase price of acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill.

Segment Reporting

The Company consists of two segments: Applied Workflow Automation and Technology (as further described in Basis of Presentation, above, and Note 21, Segment Information, below).

Revenue Recognition

The Company accounts for revenue by first evaluating whether a performance obligation exists. A performance obligation is a promise in a contract to transfer a distinct good or service to a client and is the unit of account. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. The contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. All of the Company’s material sources of revenue are derived from contracts with clients, primarily relating to the provision of business and transaction processing services and sales of recurring software licenses and professional services within each of the Company’s segments. The Company does not have any significant extended payment terms, as payment is typically received shortly after goods are delivered or services are provided.

Nature of Services

The Company’s primary performance obligations are to stand ready to provide various forms of workflow automation services, consisting of a series of distinct services, but that are substantially the same, and have the same pattern of transfer over time, and accordingly are combined into a single performance obligation. The Company’s obligation to its clients is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the clients’ use (i.e., number of transactions processed, requests fulfilled, etc.); as such, the total transaction price is variable. The Company allocates variable fees to the single performance obligation charged to the distinct service period in which the Company has the contractual right to bill under the contract.

Revenue from the sale of software licenses is recognized as a single performance obligation at the point in time that the software license is delivered to the client. Perpetual licenses or non-cancelable licenses are granted for a non-refundable fee, which are recognized at a point in time. No significant obligations or contingencies exist with regard to delivery, client acceptance or rights of return at the time revenue is recognized. Professional services revenue consists of implementation services for new clients, or implementations of new products for existing clients. Professional services are typically sold on a time-and-materials basis and billed monthly based on actual hours incurred.

Revenue from the sale of hardware solutions is recognized on a point in time basis and related maintenance is recognized ratably over the contractual term.

Disaggregation of Revenues

The Company is organized into two segments: Applied Workflow Automation and Technology (See Note 21, Segment Information). The following tables disaggregate revenue from contracts by segment and by geographic region for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor) and the year ended December 31, 2024 (Predecessor):


		Successor						Predecessor
		Consolidated						Combined and Consolidated
		Period from August 1 2025 through December 31, 2025						Period from January 1 2025 through July 31, 2025						Year Ended December 31, 2024
		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
U.S.A.		$	271,050	$	20,644	$	291,694	$	390,987	$	30,068	$	421,055	$	790,933	$	56,243	$	847,176
EMEA			43,781		17,119		60,900		—		—		—		—		—		—
Other			6,787		—		6,787		10,606		—		10,606		25,514		—		25,514
Total		$	321,618	$	37,763	$	359,381	$	401,593	$	30,068	$	431,661	$	816,447	$	56,243	$	872,690

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at December 31, 2025 (Successor), December 31, 2024 (Predecessor) and January 1, 2024 (Predecessor):


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,			January 1,
		2025		2024			2024
Accounts receivable, net		$	130,281	$	18,663		$	42,833
Deferred revenues (1)			12,192		6,940			6,466
Customer deposits			21,691		19,900			23,302
Costs to obtain and fulfill a contract			1,039		1,164			1,397

(1)

Includes $0.3 million and $0.4 million of non-current portion of deferred revenues reported as part of other long-term liabilities on the Company’s consolidated and combined balance sheets as of December 31, 2025 and December 31, 2024, respectively. Non-current portion of deferred revenues was $1.0 million as of January 1, 2024.

Accounts receivable, net includes $25.4 million and $13.5 million as of December 31, 2025 (Successor) and December 31, 2024 (Predecessor), respectively, representing amounts not yet billed to clients. The Company has accrued the unbilled receivables for work performed in accordance with the terms of its contracts with clients.

Deferred revenues relate to payments received in advance of performance under a contract. A significant portion of this balance relates to maintenance contracts or other service contracts where the Company received payments for upfront conversions or implementation activities which do not transfer a service to the client but rather are used in fulfilling the related performance obligations that transfer over time. The advance consideration received from clients is deferred over the contract term. The Company recognized revenue of $0.6 million and $6.4 million during the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), respectively, that had been deferred as of January 1, 2025 (Predecessor). The Company recognized revenue of $3.7 million during the period August 1, 2025 to December 31, 2025 (Successor) out of $5.1 million of the deferred revenue acquired as part of the Business Combination on July 31, 2025 (Refer to Note 5, Business Combination). The Company recognized revenue of $5.8 million during the year ended December 31, 2024 (Predecessor) that had been deferred as of January 1, 2024 (Predecessor).

Costs incurred to obtain and fulfill contracts are deferred and presented as part of intangible assets, net and expensed on a straight-line basis over the estimated benefit period. The Company recognized $0.1 million and $0.2 million of amortization for these costs during the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), respectively, within depreciation and amortization expense in the Company’s consolidated and combined statements of operations. The Company recognized $0.6 million of amortization for these

costs during the year ended December 31, 2024 (Predecessor) within depreciation and amortization expense in the Company’s consolidated and combined statements of operations. These costs represent incremental external costs or certain specific internal costs that are directly related to the contract acquisition or fulfillment and can be separated into two principal categories: contract commissions and fulfillment costs. Applying the practical expedient in ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred, if the amortization period would have been one year or less. These costs are included in selling, general and administrative expenses. The effect of applying this practical expedient was not material.

Customer deposits consist primarily of amounts received from clients in advance for postage. These advanced postage deposits are used to cover the costs associated with postage, with the corresponding postage revenue being recognized as services are performed.

Performance Obligations

At the inception of each contract, the Company assesses the goods and services promised in its contracts and identifies each distinct performance obligation. The majority of the Company’s contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts. For the majority of the Company’s business and transaction processing service contracts, revenues are recognized as services are provided based on an appropriate input or output method, typically based on the related labor or transactional volumes.

Certain of the Company’s contracts have multiple performance obligations, including contracts that combine software implementation services with post-implementation customer support. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using its best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus a margin approach, under which the Company estimates its expected costs of satisfying a performance obligation and adds an appropriate margin for that distinct good or service. The Company also uses the adjusted market approach whereby it estimates the price that customers in the market would be willing to pay. In assessing whether to allocate variable consideration to a specific part of the contract, the Company considers the nature of the variable payment and whether it relates specifically to its efforts to satisfy a specific part of the contract. Certain of the Company’s software implementation performance obligations are deemed satisfied at a point in time, typically when client acceptance is obtained.

When evaluating the transaction price, the Company analyzes, on a contract-by-contract basis, all applicable variable consideration. The nature of the Company’s contracts gives rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. The Company estimates these amounts based on the expected amount to be provided to clients and reduces revenues recognized. The Company does not anticipate significant changes to its estimates of variable consideration.

The Company includes reimbursements from clients, such as postage costs, in revenue, while the related costs are included in cost of revenue.

Transaction Price Allocated to the Remaining Performance Obligations

In accordance with optional exemptions available under GAAP, the Company does not disclose the value of unsatisfied performance obligations for (a) contracts with an original expected length of one year or less, and (b) contracts for which variable consideration relates entirely to an unsatisfied performance obligation, which comprise the majority of the Company’s contracts. The Company has certain non-cancellable contracts where the Company receives a fixed monthly fee in exchange for a series of distinct services that are substantially the same and have the same pattern of transfer over time, with the corresponding remaining performance obligations as of December 31, 2025 (Successor) in each of the future periods below:


Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations

2026	$	13,900
2027		8,437
2028		4,401
2029		1,084
2030		860
2031 and thereafter		2,855
Total	$	31,537

Research and Development

Research and development costs are expensed as incurred and recorded in selling, general and administrative expense. Research and development costs expensed for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and the year December 31, 2024 (Predecessor) were $0.1 million, $0.2 million and $0.3 million, respectively.

Advertising

Advertising costs are expensed as incurred and recorded in selling, general and administrative expense. Advertising expense for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and the year December 31, 2024 (Predecessor) were $0.2 million, $0.1 million and $0.1 million, respectively.

Income Taxes

The Company accounts for income taxes by using the asset and liability method. The Company accounts for income taxes regarding uncertain tax positions and recognized interest and penalties related to income taxes in income tax benefit/(expense) in the consolidated and combined statements of operations.

Deferred income taxes are recognized on the tax consequences of temporary differences by applying enacted statutory tax rates applicable in future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, as determined under tax laws and rates. A valuation allowance is provided when it is more likely than not that all or some portion of the deferred tax assets will not be realized. Due to numerous ownership changes, the Company is subject to limitations on existing net operating losses under Section 382 of the Internal Revenue Code (the “Code”). Accordingly, valuation allowances have been established against a portion of the net operating losses to reflect estimated Section 382 limitations. The Company also considered the realizability of net operating losses not limited by Section 382. The Company did not consider future book income as a source of taxable income when assessing if a portion of the deferred tax assets are more likely than not to be realized. However, scheduling the reversal of existing deferred tax liabilities indicated that a portion of the deferred tax assets are likely to be realized. Therefore, partial valuation allowances were established against a portion of the Company’s deferred tax assets. In the event the Company determines that it would be able to realize deferred tax assets that have valuation

allowances established, an adjustment to the net deferred tax assets would be recognized as a component of income tax expense through continuing operations.

The Company engages in transactions (i.e. acquisitions) in which the tax consequences may be subject to uncertainty and examination by the various tax authorities. Therefore, judgment is required by the Company in assessing and estimating the tax consequences of these transactions. While the Company’s tax returns are prepared and based on the Company’s interpretation of tax laws and regulations, in the normal course of business the tax returns are subject to examination by the various taxing authorities. Such examinations may result in future assessments of additional tax, interest and penalties. For purposes of the Company’s income tax provision, a tax benefit is not recognized if the tax position is not more likely than not to be sustained based solely on its technical merits. Considerable judgment is involved in determining which tax positions are more likely than not to be sustained. Refer to Note 14, Income Taxes for further information.

Loss Contingencies

The Company reviews the status of each significant matter, if any, and assesses its potential financial exposure considering all available information including, but not limited to, the impact of negotiations, settlements, rulings, advice of legal counsel and other updated information and events pertaining to a particular matter. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Judgment is required in both the determination of probability and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to loss contingencies, accruals are based on the best information available at the time they are made. As additional information becomes available, the Company reassesses the potential liability related to its pending claims and litigation and may revise its estimates. These revisions in the estimates of the potential liabilities could have a material impact on the results of operations and financial position of the Company. The Company’s liabilities exclude any estimates for legal costs not yet incurred associated with handling these matters.

Operations

A portion of the Company’s labor and operations is situated outside of the United States. The carrying value of long-lived assets that are situated outside of the United States is approximately $28.5 million and $13.3 million as of December 31, 2025 (Successor) and 2024 (Predecessor), respectively.

Foreign Currency Translation

The functional currency for the Company’s subsidiaries located in India, the Philippines, and Mexico is the United States dollar. Included in other expense as sundry expense (income), net in the consolidated statements of operations are net exchange loss of $0.8 million, net exchange gain of $0.7 million and net exchange gain of $0.4 million for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and the year December 31, 2024 (Predecessor), respectively.

The Company has determined all other international subsidiaries’ functional currency is the local currency. The assets and liabilities of such subsidiaries are translated at exchange rates in effect at the balance sheet date while income and expense amounts are translated at average exchange rates during the period. The resulting foreign currency translation adjustments are disclosed as a separate component of other comprehensive profit (loss).

Net Profit (Loss) per Share

Earnings per share (“EPS”) is computed by dividing net profit (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, using the more dilutive of the two-class method and the if-converted method in the period of earnings. The two-class method is an earnings allocation method that determines earnings per share (when there are earnings) for common stock and participating securities. The

if-converted method assumes all convertible securities are converted into common stock. Diluted EPS excludes all dilutive potential shares of common stock if their effect is anti-dilutive.

As the Company experienced a net loss for the period August 1, 2025 to December 31, 2025 (Successor), the Company did not include the effect of 1,326,740 shares of Common Stock issuable upon exercise of 13,267,398 outstanding warrants as of December 31, 2025 (refer to Note 19, Stockholders’ Equity and Warrants) or the effect of the aggregate number of shares issuable pursuant to outstanding restricted stock units (278,212 as of December 31, 2025, refer to Note 18, Stock-Based Compensation) in the calculation of diluted profit (loss) per share for the period August 1, 2025 to December 31, 2025 (Successor), because their effects were anti-dilutive (i.e., if included, would reduce the net loss per share).

The following table provides details underlying Company’s loss per basic and diluted share calculation for the period from August 1, 2025 to December 31, 2025 (Successor). All shares and per share amounts have been adjusted for a one share-for-ten shares Reverse Stock Split which took effect on December 12, 2025:


	Successor
	Consolidated
	Period from August 1, 2025 through December 31,
	2025
Net loss attributable to common stockholders (A)	$	(351,123)
Weighted average common shares outstanding – basic and diluted (B)		11,752,078
Loss Per Share:
Basic and diluted (A/B)	$	(29.88)

Fair Value Measurements

The Company records the fair value of assets and liabilities in accordance with ASC 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity.

In addition to defining fair value, ASC 820 expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.

Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.

Refer to Note 17, Fair Value Measurement for further discussion.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents and trade receivables. The Company maintains its cash and cash equivalents and certain other financial instruments with highly rated financial institutions and limits the amount of credit exposure with any one financial institution. From time to time, the Company assesses the credit worthiness of its clients. Credit risk on trade receivables is minimized because of the large number of entities comprising the Company’s client base and their dispersion across many industries and geographic areas. The Company generally has not experienced any material losses related to receivables from any individual client or groups of clients. The Company does not require collateral. Due to these factors, no additional credit risk beyond amounts provided for collection losses is believed by management to be probable in the Company’s accounts receivable, net. The Company does not have any clients that account for 10% or more of the total consolidated revenues.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of change in benefit obligations, change in fair value of plan assets and funded status of pension plans (except for the German pension plan which is unfunded) and amounts recognized in our consolidated financial statements


	Successor
	Consolidated
	Period from August 1, 2025 through December 31, 2025
Change in Benefit Obligation:
Benefit obligation at August 1, 2025	$	60,233
Service cost		78
Interest cost		1,395
Actuarial gain		713
Plan amendments		130
Plan participants’ contributions		35
Benefits paid		(1,976)
Foreign-exchange rate changes		1,039
Benefit obligation at end of year	$	61,647

Change in Plan Assets:
Fair value of plan assets at August 1, 2025	$	52,382
Actual return on plan assets		2,835
Employer contributions		1,180
Benefits paid		(1,907)
Foreign-exchange rate changes		916
Fair value of plan assets at end of year		55,406
Funded status at end of year	$	(6,241)

Net amount recognized in the Consolidated Balance Sheets:
Pension liability, net (a)	$	6,241
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
Net actuarial gain (loss)		1,718
Net amount recognized in accumulated other comprehensive loss, net of tax	$	1,718

Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate projected benefit obligation	$	61,647
Aggregate accumulated benefit obligation	$	61,647
Aggregate fair value of plan assets	$	55,406

(a)

Consolidated balance of $6.2 million as of December 31, 2025 includes pension liabilities (assets) of $3.4 million, $1.4 million, $1.3 million and $(0.5) million under U.K., Asterion, German and Norway pension plans, respectively, and minimum regulatory benefit for a Philippines legal entity of $0.6 million.

Schedule of components of net periodic benefit cost


	Successor
	Consolidated
	Period from August 1, 2025 through December 31,
	2025
Service cost	$	78
Interest cost		1,395
Expected return on plan assets		(1,484)
Plan amendments		130
Amortization:
Amortization of net loss		858
Net periodic (benefit) cost	$	977

Schedule of principal actuarial assumptions used to determine benefit obligation and net periodic benefit costs


	Successor
	Consolidated
	December 31, 2025

	UK		Germany		Norway		Asterion

Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.60	%	3.90	%	3.90	%	3.90	%
Rate of compensation increase	N/A		N/A		4.00	%	N/A
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	5.60	%	3.90	%	3.90	%	3.90	%
Expected asset return	6.82	%	N/A	%	5.10	%	3.90	%
Rate of compensation increase	N/A		N/A		4.00	%	N/A

Schedule of weighted average allocation of plan assets by asset category


	Successor
	Consolidated
	December 31,
	2025
U.K. and other international equities	33.6	%
U.K. government and corporate bonds	3.9
Diversified growth fund	21.4
Liability driven investments	35.6
Multi-asset credit fund	5.5
Total	100.0	%

Schedule of fair value of pension assets


	Successor
	Consolidated
	December 31, 2025
	Total		Level 1		Level 2		Level 3
Asset Category:
Cash	$	1,784	$	1,784	$	—	$	—
Equity funds:
U.K. and other international		16,801		—		16,801		—
Fixed income securities:
Corporate bonds / U.K. Gilts		2,177		—		2,177		—
Other investments:
Diversified growth fund		11,846		—		11,846		—
Liability driven investments		19,728		—		19,728		—
Multi-asset credit fund		3,070		—		3,070		—
Total fair value	$	55,406	$	1,784	$	53,622	$	—

Schedule of estimated future pension benefit payments


		Estimated
		Benefit
		Payments
Year ended December 31,
2026		$	2,811
2027			3,187
2028			3,521
2029			3,401
2030			3,578
2031 – 2035			19,232
Total		$	35,730

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

All of the pension plans as discussed below pertain to the Company’s European subsidiaries, which were acquired as part of the Business Combination (Refer to Note 5, Business Combination).

U.K. Pension Plan

Two of the Company’s subsidiaries in the United Kingdom (“U.K.”) provide pension benefits to certain retirees and eligible dependents. Employees eligible for participation included all full-time regular employees who were more than three years from retirement prior to October 2001. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participant’s leaving the Company or March 31, 2015. The expected rate of return assumptions for plan assets relate solely to the UK plan and are based mainly on historical performance achieved over a long period of time (15 to 20 years) encompassing many business and economic cycles.

German Pension Plan

XBP Global’s subsidiary in Germany, Exela Technologies ECM Solutions GmbH, provides pension benefits to certain retirees. Employees eligible for participation include all employees who started working for the Company or its predecessors prior to September 30, 1987 and have finished a qualifying period of at least 10 years. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. The German pension plan is an unfunded plan and therefore has no plan assets. No new employees are registered under this plan and the participants who are already eligible to receive benefits under this plan are no longer employees of the Company.

Norway Pension Plan

The Company’s subsidiary in Norway provides pension benefits to eligible retirees and eligible dependents. Employees eligible for participation include all employees who were more than three years from retirement prior to March 2018. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participants leaving the Company’s subsidiary or April 30, 2018.

Asterion Pension Plan

In 2018, Exela Technologies Holding GmbH acquired the obligation to provide pension benefits to eligible retirees and eligible dependents. Employees eligible for participation included all full-time regular employees who were more than three years from retirement prior to July 2003. A retirement pension or a lump-sum payment may be paid dependent upon length of service at the mandatory retirement age. The Company accrues the cost of these benefits over the service lives of the covered employees based on an actuarial calculation. The Company uses a December 31 measurement date for this plan. No new employees are registered under this plan and the pension obligation for the existing participants of the plan is calculated based on actual salary of the participants at the earlier of two dates, the participant’s leaving the Company or April 10, 2018.

Funded Status

The change in benefit obligations, the change in the fair value of the plan assets and the funded status of the Company’s pension plans (except for the German pension plan which is unfunded) and the amounts recognized in the Company’s consolidated financial statements are as follows:


	Successor
	Consolidated
	Period from August 1, 2025 through December 31, 2025
Change in Benefit Obligation:
Benefit obligation at August 1, 2025	$	60,233
Service cost		78
Interest cost		1,395
Actuarial gain		713
Plan amendments		130
Plan participants’ contributions		35
Benefits paid		(1,976)
Foreign-exchange rate changes		1,039
Benefit obligation at end of year	$	61,647

Change in Plan Assets:
Fair value of plan assets at August 1, 2025	$	52,382
Actual return on plan assets		2,835
Employer contributions		1,180
Benefits paid		(1,907)
Foreign-exchange rate changes		916
Fair value of plan assets at end of year		55,406
Funded status at end of year	$	(6,241)

Net amount recognized in the Consolidated Balance Sheets:
Pension liability, net (a)	$	6,241
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
Net actuarial gain (loss)		1,718
Net amount recognized in accumulated other comprehensive loss, net of tax	$	1,718

Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate projected benefit obligation	$	61,647
Aggregate accumulated benefit obligation	$	61,647
Aggregate fair value of plan assets	$	55,406

(a)

Tax Effect on Accumulated Other Comprehensive Loss

As of December 31, 2025, the Company recorded $1.7 million of actuarial gain.

Pension and Postretirement Expense

The components of the net periodic benefit cost for the period August 1, 2025 to December 31, 2025 (Successor) are as follows:


	Successor
	Consolidated
	Period from August 1, 2025 through December 31,
	2025
Service cost	$	78
Interest cost		1,395
Expected return on plan assets		(1,484)
Plan amendments		130
Amortization:
Amortization of net loss		858
Net periodic (benefit) cost	$	977

The Company records pension interest cost within interest expense, net. Expected return on plan assets, plan amendments, and amortization of net losses are recorded within other expense (income), net. Service cost is recorded within cost of revenue in the consolidated statements of operations.

Valuation

The Company uses the corridor approach and projected unit credit method in the valuation of its defined benefit plans for the U.K., Germany, and Norway. The corridor approach defers all actuarial gains and losses resulting from variances between actual results and economic estimates or actuarial assumptions. For defined benefit pension plans, these unrecognized gains and losses are amortized when the net gains and losses exceed 10% of the greater of the market-related value of plan assets or the projected benefit obligation at the beginning of the year. The amount in excess of the corridor is amortized over 15 years. Similarly, the Company used the Projected Unit Credit Method for the Germany plan, and evaluated the assumptions used to derive the related benefit obligations consisting primarily of financial and demographic assumptions including commencement of employment, biometric decrement tables, retirement age, staff turnover. The projected unit credit method determines the present value of the Company’s defined benefit obligations and related service costs by taking into account each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately in building up the final obligation. Benefit is attributed to periods of service using the plan’s benefit formula, unless an employee’s service in later years will lead to a materially higher of benefit than in earlier years, in which case a straight-line basis is used.

The following tables set forth the principal actuarial assumptions used to determine benefit obligation and net periodic benefit costs:


	Successor
	Consolidated
	December 31, 2025

	UK		Germany		Norway		Asterion

Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.60	%	3.90	%	3.90	%	3.90	%
Rate of compensation increase	N/A		N/A		4.00	%	N/A
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	5.60	%	3.90	%	3.90	%	3.90	%
Expected asset return	6.82	%	N/A	%	5.10	%	3.90	%
Rate of compensation increase	N/A		N/A		4.00	%	N/A

The Germany plan is an unfunded plan and therefore has no plan assets. The expected rate of return assumptions for plan assets are based mainly on historical performance achieved over a long period of time (10 to 20 years) encompassing many business and economic cycles. Adjustments, upward and downward, may be made to those historical returns to reflect future capital market expectations; these expectations are typically derived from expert advice from the investment community and surveys of peer company assumptions.

The Company assumed a weighted average expected long-term rate of return on plan assets for the U.K. scheme of 6.82%. The Company long-term expected rate of return on cash is determined by reference to U.K. government 10-year bond yields at the balance sheet dates. The long-term expected return on bonds is determined by reference to corporate bond yields at the balance sheet dates. The long-term expected rate of return on equities and diversified growth funds is based on the rate of return on U.K. long dated government bonds with an allowance for out-performance. The long-term expected rate of return on the liability driven investments holdings is determined by reference to U.K. government 20-year bond yields at the balance sheet dates.

The discount rate assumption was developed considering the current yield on an investment grade non-gilt index with an adjustment to the yield to match the average duration of the index with the average duration of the plan’s liabilities. The index utilized reflected the market’s yield requirements for these types of investments.

The inflation rate assumption was developed considering the difference in yields between a long-term government stocks index and a long-term index-linked stocks index. This difference was modified to consider the depression of the yield on index-linked stocks due to the shortage of supply and high demand, the premium for inflation above the expectation built into the yield on fixed-interest stocks and the government’s target rate for inflation (CPI) at 2.4%. The assumptions used are the best estimates chosen from a range of possible actuarial assumptions which, due to the time scale covered, may not necessarily be borne out in practice.

Plan Assets

The investment objective for the U.K. plan is to earn, over moving fifteen to twenty year periods, the long-term expected rate of return, net of investment fees and transaction costs, to satisfy the benefit obligations of the plan, while at the same time maintaining sufficient liquidity to pay benefit obligations and proper expenses, and meet any other cash needs, in the short-to medium-term.

The Company’s investment policy related to the U.K. defined benefit plan is to continue to maintain investments in government gilts and highly rated bonds as a means to reduce the overall risk of assets held in the fund.

No specific targeted allocation percentages have been set by category, but are set at the direction and discretion of the plan trustees. The weighted average allocation of plan assets by asset category is as follows:


	Successor
	Consolidated
	December 31,
	2025
U.K. and other international equities	33.6	%
U.K. government and corporate bonds	3.9
Diversified growth fund	21.4
Liability driven investments	35.6
Multi-asset credit fund	5.5
Total	100.0	%

The following tables set forth, by category and within the fair value hierarchy, the fair value of the Company’s pension assets at December 31, 2025 (Successor):


	Successor
	Consolidated
	December 31, 2025
	Total		Level 1		Level 2		Level 3
Asset Category:
Cash	$	1,784	$	1,784	$	—	$	—
Equity funds:
U.K. and other international		16,801		—		16,801		—
Fixed income securities:
Corporate bonds / U.K. Gilts		2,177		—		2,177		—
Other investments:
Diversified growth fund		11,846		—		11,846		—
Liability driven investments		19,728		—		19,728		—
Multi-asset credit fund		3,070		—		3,070		—
Total fair value	$	55,406	$	1,784	$	53,622	$	—

The plan assets are categorized as follows, as applicable:

Level 1: Any asset for which a unit price is available and used without adjustment, cash balances, etc.

Level 2: Any asset for which the amount disclosed is based on market data, for example a fair value measurement based on a present value technique (where all calculation inputs are based on data).

Level 3: Other assets. For example, any asset value with a fair value adjustment made not based on available indices or data.

Employer Contributions

XBP Global’s funding of employer contributions is based on governmental requirements and differs from those methods used to recognize pension expense. The Company made contributions of $0.5 million to its pension plans for the period August 1, 2025 to December 31, 2025 (Successor). The Company expects to fund the pension plans with the required contributions for 2026 based on current plan provisions.

Estimated Future Benefit Payments

The estimated future pension benefit payments expected to be paid to plan participants are as follows:


		Estimated
		Benefit
		Payments
Year ended December 31,
2026		$	2,811
2027			3,187
2028			3,521
2029			3,401
2030			3,578
2031 – 2035			19,232
Total		$	35,730

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2025
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible Assets - Useful Life (in years)	6 years
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Finite-Lived Intangible Assets [Line Items]
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Finite-Lived Intangible Assets [Line Items]
Intangible Assets - Useful Life (in years)	3 years
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Finite-Lived Intangible Assets [Line Items]
Intangible Assets - Useful Life (in years)	5 years

- Definition

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+ Details

Segment Information (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit	$ 79,990	$ 91,680	$ 188,766
Selling, general and administrative expenses (exclusive of depreciation and amortization)	49,669	53,946	124,440
Depreciation and amortization	26,225	22,313	50,307
Impairment of goodwill	320,292		108,489
Related party expense		1,400
Interest expense, net	24,237	75,226	101,939
Debt modification and extinguishment loss (gain), net	0	121	363
Sundry income, net	274	1,644	(2,087)
Other income, net	(1,596)	(28)	(515)
Loss before reorganization items and income taxes	(344,497)	(67,292)	(205,141)
Reorganization items	1,615	(1,557,825)
Income / (loss) before income taxes	(346,112)	1,490,533	(205,141)
Related and Nonrelated Parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue, net (including related party revenue)	359,381	431,661	872,690
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	279,391	339,981	683,924
Related Party
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Related party expense	$ 5,386	$ 5,750	$ 10,971
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]	Related Party	Related Party	Related Party
Non-related party
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	$ 279,391	$ 339,981	$ 683,924
Operating segment \| Applied Workflow Automation, Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit	57,144	72,160	151,046
Operating segment \| Applied Workflow Automation, Segment \| Related and Nonrelated Parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue, net (including related party revenue)	321,618	401,593	816,447
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	264,474	329,433	665,401
Operating segment \| Technology, Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit	22,846	19,520	37,720
Operating segment \| Technology, Segment \| Related and Nonrelated Parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue, net (including related party revenue)	37,763	30,068	56,243
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	$ 14,917	$ 10,548	$ 18,523

Accounts Receivable - Allowance for expected credit losses (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Changes in allowance for expected credit losses:
Balance at beginning of period, of the allowance for expected credit losses	$ 2,847	$ 3,279
Provision for expected loss	2,367	914	$ 18,094
Write-off charged against the allowance	(132)	(162)	(17,887)
Recoveries collected	(360)	(1,192)	(2,517)
Foreign currency exchange rate adjustment	21	8	9
Balance at end of period, of the allowance for expected credit losses	$ 5,660	$ 2,847	$ 3,279

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

21. Segment Information

The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approaches the markets and interacts with its clients. The Company is organized into two segments: Applied Workflow Automation and Technology.

Applied Workflow Automation

The Applied Workflow Automation segment provides services powered by intelligent, AI-enabled workflows that generate outcomes for clients’ systems. Revenue primarily stems from transactions processed and includes payment processing, data capture, analysis, decisioning, distribution and transformation across industries and the public and private sectors, primarily in Americas and Europe, and increasingly in Asia. The Applied Workflow Automation segment includes the Company’s Bills & Payments, healthcare industry solutions, on-site enterprise solutions, integrated communications and enterprise legal management business units which serve leading banks, payers and providers, utilities as well as federal, regional and local government entities.

Technology

The Technology segment focuses on the sale of recurring and perpetual software licenses, software maintenance and professional services, as well as hardware solutions and maintenance. The Company offers an industry-agnostic and cross-departmental suite of products, with primary focus on scalable workflows leveraging AI through neural networks together with deep domain expertise. The Company also offers industry specific platforms for the banking and healthcare industries.

The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The CODM reviews segment profit to evaluate operating segment performance and determine how to allocate resources to operating segments. “Segment profit” is defined as revenue less cost of revenue (exclusive of depreciation and amortization). The Company does not allocate selling, general, and administrative expenses, depreciation and amortization, related party expense, net, interest expense, net, sundry expenses (income), net, and other expense (income), net to its reporting segments. The Company manages assets on a total company basis, not by operating segment, and therefore asset information and capital expenditures by operating segments are not presented. A reconciliation of segment profit to net loss before income taxes is presented below. Other than cost of revenue, no

expenses are tracked, allocated or reported based on segments as the CODM does not review or use financial information below segment profit to manage and direct the resources of the reportable segments.


		Successor							Predecessor
		Consolidated							Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025							Period from January 1, 2025 through July 31, 2025
		Applied Workflow Automation		Technology			Total		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	321,618	$	37,763		$	359,381	$	401,593	$	30,068		$	431,661
Cost of revenue (exclusive of depreciation and amortization)			264,474		14,917			279,391		329,433		10,548			339,981
Segment profit			57,144		22,846			79,990		72,160		19,520			91,680
Selling, general and administrative expenses (exclusive of depreciation and amortization)								49,669							53,946
Depreciation and amortization								26,225							22,313
Impairment of goodwill								320,292							—
Related party expense								5,386							5,750
Interest expense, net								24,237							75,226
Sundry expense, net								274							1,644
Other income, net								(1,596)							(28)
Loss before reorganization items and income taxes								(344,497)							(67,292)
Reorganization items								1,615							(1,557,825)
Net profit (loss) before income taxes							$	(346,112)						$	1,490,533


		Predecessor
		Combined and Consolidated
		Year ended December 31, 2024
		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	816,447	$	56,243		$	872,690
Cost of revenue (exclusive of depreciation and amortization)			665,401		18,523			683,924
Segment profit			151,046		37,720			188,766
Selling, general and administrative expenses (exclusive of depreciation and amortization)								124,440
Depreciation and amortization								50,307
Impairment of goodwill and other intangible assets								108,489
Related party expense								10,971
Interest expense, net								101,939
Debt modification and extinguishment costs (gain), net								363
Sundry income, net								(2,087)
Other income, net								(515)
Loss before reorganization items and income taxes								(205,141)
Reorganization items								—
Net loss before income taxes							$	(205,141)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Business Combination - Pro-Forma Information (Details) - XBP Europe Holdings, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination, Pro Forma Information [Line Items]
Net Revenue	$ 879,629	$ 1,017,896
Net Loss	$ (95,039)	$ (67,869)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of fair value of financial instruments


		Successor
		Consolidated
		Carrying			Fair			Fair Value Measurements
As of December 31, 2025		Amount			Value			Level 1			Level 2			Level 3
Long-term debt		$	353,267		$	330,699		$	—		$	330,699		$	—
Current portion of long-term debts			34,334			34,334			—			34,334			—
Private Warrants liability			3			3			—			—			3


		Predecessor
		Combined and Consolidated
		Carrying			Fair			Fair Value Measurements
As of December 31, 2024		Amount			Value			Level 1			Level 2			Level 3
Long-term debt		$	1,468		$	1,468		$	—		$	1,468		$	—
Current portion of long-term debts			1,433,484			267,781			—			267,781			—

Schedule of net assets and liabilities classified as level 3 for reconciliation


		Successor
		Consolidated
		Period from August 1, 2025 through December 31,
		2025
Balance as at August 1, 2025		$	9
Reduction in the fair value of the Private Warrants liability			(6)
Balance as at December 31, 2025			3

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

6. Inventories

Inventories, net consist of the following:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Work in process	$	582	$	610
Finished goods		5,852		576
Supplies and parts		6,370		6,070
Less: Allowance for obsolescence		(1,439)		(52)
	$	11,365	$	7,204

Finished goods inventory includes $1.4 million and $0.1 million of allowance for obsolescence as of December 31, 2025 (Successor) and 2024 (Predecessor), respectively. The Company’s allowance for obsolescence is based on a policy developed by historical experience and management judgment.

Income Taxes - Operating Loss Carryforwards (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 323,600
US
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards not subject to expiration	5,071
Operating loss carryforwards	5,071
State and Local
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards not subject to expiration	79,854
Operating loss carryforwards	323,558
State and Local \| 2026-2030
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	31,874
State and Local \| 2031-2035
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	59,546
State and Local \| 2036-2044
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	152,284
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards not subject to expiration	33,922
Operating loss carryforwards	34,317
Foreign \| 2026-2030
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	395
Poland
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	200
Hungary
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	200
Switzerland
Operating Loss Carryforwards [Line Items]
Carryforwards of expiration	$ 200

Fresh Start Accounting - Reorg Adj - Gain on Liabilities Subject to Compromise (Details) - Reorganization Adjustments $ in Thousands	7 Months Ended
	Jul. 31, 2025 USD ($)
Reorganization, Chapter 11 [Line Items]
Issuance of common stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)	$ (8)
Paid in capital in excess of par	(407,355)
Settlement of accounts payable as per the Plan	(23,748)
Settlement of accrued liabilities as per the Plan	(20,185)
Settlement of accrued compensation and benefit as per the Plan	(38,686)
Settlement of accrued interest as per the Plan	(10,460)
Reinstated liabilities subject to compromise	(21,875)
Gain on settlement of liabilities subject to compromise	$ 902,162

Commitments and Contingencies - Company Subsidiary Litigation (Details) - Claim brought by former employees for their dismissal $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) employee	Dec. 31, 2025 USD ($) employee	Dec. 31, 2024 USD ($) employee	Dec. 31, 2020 employee location
Commitments and Contingencies
Number of former employees brought a claims	67			71
Number of production sites closed \| location				2
Number of claims previously settled	4
Settlement paid by the company \| $	$ 1.1	$ 0.8	$ 1.8
Number of claimants with whom settlement agreement reached		15	56

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Fresh Start Accounting - Reorg Adj - Accrued liabilities (Details) - USD ($) $ in Thousands	7 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Accrued liabilities	$ 41,366	$ 47,101	$ 44,898
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of accrued liabilities from liabilities subject to compromise	25,565
Gain on reinstatement of accrued liabilities	(5,380)
Accrued liabilities	$ 20,185

Commitments and Contingencies - Business Interruption Insurance Claim (Details) $ in Millions				12 Months Ended
	Dec. 02, 2025 USD ($)	Oct. 15, 2024 USD ($)	Aug. 09, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Oct. 08, 2024 claim	Apr. 17, 2024 claim	Aug. 29, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Customer payable accrued liabilities					$ 0.0	$ 1.9
Estimated insurance recoveries									$ 44.6
Insurance proceeds	$ 5.3	$ 3.6	$ 3.6	$ 10.8
Number of insurances lawsuit \| claim							2	2

Long-term Debt and Credit Facilities - Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Jul. 29, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt	$ 387,601			$ 1,434,952
Less: Current portion of long-term debt	(34,334)			(1,433,484)
Long-term debt, net of current maturities	353,267	$ 307,056		1,468
Unamortized net debt exchange premium				100,900
Long term debt				1,500
Other
Debt Instrument [Line Items]
Total debt	14,921			11,324
BR Exar AR Facility
Debt Instrument [Line Items]
Total debt	1,257			7,030
Less: Current portion of long-term debt	(1,400)			(7,800)
Unamortized net original issue discount				700
Debt issuance costs	200
BR Exar AR Facility \| Maximum
Debt Instrument [Line Items]
Debt issuance costs				100
Senior Secured Term Loan
Debt Instrument [Line Items]
Total debt				36,936
Unamortized net original issue discount				600
Debt issuance costs				1,000
July 2026 Notes
Debt Instrument [Line Items]
Total debt				23,200
Unamortized net original issue discount				600
Debt issuance costs				200
April 2026 Notes
Debt Instrument [Line Items]
Total debt				1,331,953
Second Lien Secured Term Loan
Debt Instrument [Line Items]
Total debt	15,775			24,509
Debt issuance costs	0			$ 1,000
2028 Term Loan Facilities maturing June 26, 2028
Debt Instrument [Line Items]
Total debt	10,862
Debt issuance costs	600
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	35,563
Debt issuance costs	500
Super Senior Term Loan maturing July 28, 2028
Debt Instrument [Line Items]
Total debt	45,957
Aggregate principal amount	46,000
Super Senior Term Loan maturing July 28, 2028 \| Maximum
Debt Instrument [Line Items]
Debt issuance costs	100
Aggregate principal amount			$ 46,000
ABL Facility maturing July 29, 2028
Debt Instrument [Line Items]
Total debt	76,753
July 2030 Notes maturing July 15, 2030
Debt Instrument [Line Items]
Total debt	186,513
Aggregate principal amount	14,000
Promissory Note With BR Exar, LLC
Debt Instrument [Line Items]
Total debt	$ 5,000

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

9. Leases

The Company leases numerous facilities worldwide with larger concentrations of space in Texas, Michigan, Connecticut, California, India, Mexico and the Philippines. The Company’s facilities house general offices, sales offices, service locations, and production facilities. Substantially all of the Company’s operations facilities are leased under long-term leases with varying expiration dates, except for the few owned locations. The Company regularly obtains various machinery, equipment, vehicles and furniture on leases. The machinery and equipment leases mainly include leasing of computers, servers, other IT equipment, mailing system, production equipment, generators, office equipment, printers, copiers and miscellaneous warehouse equipment.

The Company’s ROU assets and lease liabilities as of December 31, 2025 (Successor) and 2024 (Predecessor) recorded on the consolidated and combined balance sheets are as follows:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Balance sheet location:
Operating Lease
Operating lease right-of-use assets, net	$	30,339	$	30,543
Current portion of operating lease liabilities		9,814		9,210
Operating lease liabilities, net of current portion		22,530		23,907
Finance Lease
Finance lease right-of-use assets, net (included in property, plant and equipment, net)		16,043		15,778
Current portion of finance lease liabilities		4,390		5,441
Finance lease liabilities, net of current portion		6,857		6,381

Supplemental balance sheet information related to leases is as follows:


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,
		2025		2024
Weighted-average remaining lease term
Operating leases			3.4 Years		3.6 Years
Finance leases			3.3 Years		2.4 Years

Weighted-average discount rate
Operating leases			16.9%		16.8%
Finance leases			20.2%		18.4%

The interest on financing lease liabilities was $1.0 million, $1.3 million and $1.8 million for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and for the year ended December 31, 2024 (Predecessor), respectively. The amortization expense on finance lease ROU assets was $3.1 million, $2.5 million and $4.7 million for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and for the year ended December 31, 2024 (Predecessor), respectively.

Maturities of finance and operating lease liabilities based on lease term for the next five years are as follows:



	Finance		Operating
	Leases		Leases
2026	$	6,373	$	14,287
2027		3,666		12,391
2028		2,655		7,871
2029		1,644		4,709
2030		659		1,678
2031 and thereafter		584		981
Total lease payments		15,581		41,917
Less: Imputed interest		(4,334)		(9,573)
Present value of lease liabilities	$	11,247	$	32,344

Consolidated rental expense for all operating leases was $15.5 million, $21.2 million and $30.1 million for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and for the year ended December 31, 2024 (Predecessor), respectively.

The following table summarizes the cash paid and related ROU operating finance or operating lease recognized for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and for the year ended December 31, 2024 (Predecessor).


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	6,971	$	8,791	$	15,137
Financing cash flows for finance leases			2,700		2,947		6,573
Right-of-use lease assets obtained in the exchange for lease liabilities:
Operating leases			1,353		7,870		10,740
Finance leases			2,020		3,574		12,028

Related-Party Transactions - Related Party Payables and Related Party Notes Payables Balances with Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	$ 736	$ 3,938	$ 12,105
Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	736		12,105
Payables	5,343		3,383
HOV Services Limited \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		0
Payables	2,050		620
Rule 14, LLC \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		0
Payables	950		2,626
HGM \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		831
Payables	227		0
DOW \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		0
Payables	137		137
Aideo Technology, LLC \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	736		261
Payables	0		0
XBP Europe Holdings, Inc. \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		11,013
Payables	0		0
ETI \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		0
Payables	1,147		0
Nventr, LLC \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	0		0
Payables	$ 832		$ 0

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

18. Stock-Based Compensation

XBP 2024 Stock Incentive Plan

On June 13, 2024, the stockholders of XBP Europe Holdings, Inc. (the legal acquirer under the Business Combination) approved and adopted XBP Europe Holdings, Inc.’s 2024 Stock Incentive Plan (the “XBP 2024 Equity Plan”) at XBP Europe Holdings, Inc.’s 2024 Annual Meeting of Stockholders. The XBP 2024 Equity Plan was subsequently amended following stockholder approval on July 25, 2025, to authorize additional shares, and continues to be effective after the Business Combination. Under the XBP 2024 Equity Plan, subject to adjustment for certain changes in capitalization or other corporate events, the Company has been authorized to issue up to 1,727,187 shares of common stock, which may be granted to eligible participants in furtherance of the Company’s broader compensation strategy and philosophy, of which 1,305,831 shares remain available for issuance (including 278,212 shares subject to outstanding awards), as of December 31, 2025. Awards under the 2024 Equity Plan are granted upon terms approved by the Company’s Compensation Committee and set forth in an award agreement or other evidence of an award.

Restricted Stock Units

Restricted stock unit awards generally vest ratably over one (1) year to three (3) year period. Restricted stock units are subject to forfeiture if employment or service terminates prior to vesting and are expensed ratably over the vesting period.

Restricted stock unit activities under the XBP 2024 Equity Plan for the period August 1, 2025 to December 31, 2025 (Successor) is summarized in the following table:


							Average
				Weighted			Remaining
		Number		Average Grant			Contractual Life
		of Units		Date Fair Value			(Years)
Outstanding Balance as of August 1, 2025 (Successor)		105,239		$	12.93		2.08
Granted		176,989			8.14		0.68
Forfeited		—
Vested		(4,016)
Outstanding Balance as of December 31, 2025 (Successor)		278,212		$	9.96		1.12

As of December 31, 2025, there was $1.4 million of total unrecognized compensation expense related to non-vested restricted stock unit awards under the XBP 2024 Equity Plan, which will be recognized over the respective service period. Stock-based compensation expense is recorded within selling, general, and administrative expenses. The Company incurred total compensation expense of $0.9 million related to restricted stock unit awards under the XBP 2024 Equity Plan for the period August 1, 2025 to December 31, 2025 (Successor).

Options

Under the XBP 2024 Equity Plan, stock options are granted at a price per share not less than 100% of the fair market value per share of the underlying stock at the grant date. The vesting period for each option award is established on the grant date, and the options generally expire ten (10) years from the grant date. Stock options granted under the 2024 Plan generally require not less than a four (4) year ratable vesting period. There was no stock option activity for the period August 1, 2025 to December 31, 2025 (Successor) and no stock options outstanding as of December 31, 2025 under the XBP 2024 Equity Plan.

Fresh Start Accounting

12 Months Ended

Dec. 31, 2025

Reorganizations [Abstract]

Fresh Start Accounting

4. Fresh Start Accounting

Upon emergence from the Restructuring, the Predecessor met the criteria and was required to adopt fresh start accounting in accordance with ASC 852, Reorganizations, which on the Emergence Date resulted in a new entity, the Successor, for financial reporting purposes, with no beginning retained earnings or deficit as of the fresh start reporting date. The criteria requiring fresh start accounting are: (1) the holders of the then-existing common shares of the Predecessor received less than 50 percent of the new common shares of the Successor outstanding upon emergence from bankruptcy and (2) the reorganization value of the entity’s assets immediately prior to confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims.

Fresh start accounting requires that new fair values be established for BPA’s assets, liabilities and equity as of the Convenience Date (July 31, 2025, as discussed above), and therefore certain values and operational results of the consolidated financial statements subsequent to July 31, 2025 are not comparable to those in the Company’s consolidated financial statements prior to and including July 31, 2025. The Convenience Date fair values of the Successor’s assets and liabilities differ materially from their recorded values as reflected on the historical balance sheet of the Predecessor.

Reorganization Value

The reorganization value derived from the range of enterprise values associated with the Plan was allocated to BPA’s identifiable tangible and intangible assets and liabilities based on their fair values. Under ASC 852, Reorganization, value generally approximates the fair value of the entity before considering liabilities and is intended to approximate the amount a willing buyer would pay for the assets immediately after the effects of the restructuring. The value of the reconstituted entity (i.e., Successor) was based on management projections and the valuation models as determined by the Company’s financial advisors in setting an estimated range of enterprise values. As set forth in the Disclosure Statement for Joint Plan of Reorganization approved by the Bankruptcy Court, the valuation analysis resulted in an enterprise value between $682 million and $800 million, with a mid-point of $741 million. For GAAP purposes, we valued the Successor’s individual assets, liabilities, and equity instruments and determined the value of the enterprise was approximately $733 million as of the Emergence Date, which is between the low-point and the mid-point of the forecast enterprise value ranges approved by the Bankruptcy Court. Specific valuation approaches and key assumptions

used to arrive at reorganization value, and the value of discrete assets and liabilities resulting from the application of fresh start accounting, are described below in greater detail within the valuation process.

The following table reconciles the enterprise value to the equity value of the Successor as of the Convenience Date:


		July 31, 2025
Enterprise value	$	732,730
Plus: Cash and cash equivalents		11,667
Less: Total debt		(337,034)
Equity value	$	407,363

The following table reconciles enterprise value to reorganization value of the Successor (i.e., value of the reconstituted entity) and total reorganization value:


		July 31, 2025
Enterprise value	$	732,730
Plus: Cash and cash equivalents		11,667
Plus: Current liabilities excluding current maturities of long-term debt		218,079
Plus: Non-interest bearing noncurrent liabilities		125,993
Reorganization value of the reconstituted Successor	$	1,088,469

With the assistance of third-party valuation advisors, the Company determined the enterprise and corresponding equity value of the Successor using various valuation approaches and methods, including: (i) income approach using a calculation of the present value of future cash flows based on financial projections, (ii) the market approach using selling prices of similar assets and (iii) the cost approach.

The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in the Company’s valuation model using an asset-based methodology of estimated financial information, considerations and projections, applying a combination of the income, cost and market approaches as of the Convenience Date. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, there is no assurance that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially.

Reorganization Items, net

Reorganization items represent (i) expenses incurred relating to the Chapter 11 Cases as a direct result of the Plan, (ii) gains or losses from liabilities settled and (iii) fresh start accounting adjustments, and are recorded in “Reorganization items, net” in the Company’s consolidated and combined statements of operations. Contractual interest expense from the Petition Date through the Emergence Date associated with BPA’s 2026 Indentures was accrued or recorded in the consolidated and combined statement of operations in interest expense, net. Professional service provider charges associated with reorganization that were incurred before the Petition Date are recorded in selling, general and administrative expense in the consolidated and combined statements of operations.

The following table summarizes the losses (gains) on reorganization items, net:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31,		Period from January 1, 2025 through July 31,
	2025		2025
Legal and professional fees	$	1,782	$	68,404
Derecognition of unamortized debt discount, premium and issuance costs		—		(81,384)
Gain on settlement of liabilities subject to compromise		—		(902,162)
Fresh start accounting adjustments		—		(639,040)
Cost of debt refinancing pursuant to reorganization plan		—		1,591
Gain on rejected contracts and leases		(167)		(1,260)
Gain on settlement of DIP facility		—		(4,000)
DIP credit agreement fees		—		26
Total reorganization items, net	$	1,615	$	(1,557,825)

Valuation Process

The fair values of BPA’s principal assets, including trade names, customer relationships, internally developed product suite, leased real property, owned real property and personal property were estimated as of the Emergence Date.

Trade Names

The fair value of trade names was estimated using the RfR method under the income approach. RfR estimates the value of the trade names based on the royalty payments that would be avoided by owning the assets. The analysis considered projected revenues attributable to the trade names over their expected useful life, royalty rates derived from market data for trade names/trademarks in the business services industry, and discount rates reflecting the risk profile of the cash flows. The royalty savings were tax-affected and discounted to present value using a rate consistent with market participant expectations.

Customer Relationships

The fair value of customer relationships was estimated using the multi-period excess earnings method (“MPEEM”) under the income approach. The MPEEM attributes cash flow to a specific intangible asset based on residual cash flows from a set of assets generating revenues after accounting for appropriate returns on and of other assets contributing to that revenue generation. Cash flows were forecasted based on expected revenue from existing customers, adjusted for renewal probabilities/attrition rates, and anticipated operating costs required to service these relationships. After-tax cash flows were discounted using a rate considering the risk of these customers relative to the overall risk of the business.

Internally Developed Product Suite

The fair value of the internally developed product suite was estimated using the replacement cost method under the cost approach. This method estimates the value based on the cost a market participant would incur to recreate the existing internally developed software, adjusted for physical, functional, and economic obsolescence. The analysis considered historical development costs, current labor and overhead rates, and an allowance for developer profit and entrepreneurial incentive. The resulting cost was tax-affected and adjusted to reflect the economic benefits of the software/developed product suite in its current state.

Leased Real Property

The off-market component of the right of use assets (“ROUA”) was estimated using the Income Approach. Under this approach, the cash flow differential between the contract and market rents for each lease are present valued using a market-derived discount rate. Leases with a present value of contract rent cash flows within 5.0% of the present value of market rent cash flows were assumed to have no off-market component.

Owned Real Property

The fair values of the buildings and land improvements were estimated via the Cost Approach, and the underlying land was valued via the Sales Comparison Approach.

For the buildings and land improvements, utilizing the direct method of the Cost Approach, the replacement cost new (“RCN”) was estimated using construction cost information obtained from published data sources such as Marshall Valuation Service (for the owned location located in the U.S.) or CBRE market reports as well as publicly available data from the Central Public Works Department (for the owned location located in India).

For the land, utilizing the Sales Comparison Approach, comparable land sale data and listings of land for sale were compiled and qualitatively compared to the subject properties. Variances in market conditions at the time of sale, property characteristics, and other relevant factors were considered and analyzed when necessary.

Personal Property

The fair value of the personal property such as machinery and equipment, leasehold improvements, office furniture and equipment, computer hardware and software were estimated using the indirect method of the Cost Approach. Under the indirect method of the Cost Approach, the reproduction cost new (“CRN”) for each asset or group of assets was estimated by indexing historical costs recorded in the Fixed Asset Registers based on asset type and acquisition dates. Given the assets have been in use for a period of time, consideration was given to physical deterioration, economical and functional obsolescence. The estimate of physical deterioration was primarily conducted under the age/life concept. Under this concept, the physical loss in value was attributed to the relationship between the estimated useful life of an asset and its remaining useful life at a given point in time. Hold factors were estimated depreciation floors used to establish a minimal value for assets remaining in use that have met or exceeded their expected normal useful life (“NUL”). Construction in progress was reported at its cost as of the Convenience Date.

Consolidated and Combined Balance Sheet

The following illustrates the effects on the Company’s consolidated and combined balance sheet due to the reorganization and fresh start accounting adjustments. The explanatory notes following the table below provide further details on the adjustments, including the assumptions and methods used to determine fair value for the Company’s assets, liabilities, and warrants as of the Convenience Date.


	As of July 31, 2025
	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor (a)
Assets
Current assets
Cash and cash equivalents	$	17,958	$	(6,291)	(1)	$	—		$	11,667
Restricted cash		30,743		—			—			30,743
Accounts receivable, net		38,187		74,467	(2)		—			112,654
Related party receivables and prepaid expenses		3,938		—			—			3,938
Inventories, net		6,508		—			—			6,508
Prepaid expenses and other current assets		32,164		(5,413)	(3)		—			26,751
Total current assets		129,498		62,763			—			192,261
Property, plant and equipment, net		42,785		—			30,330	(16)		73,115
Operating lease right-of-use assets, net		29,542		—			—			29,542
Goodwill		39,718		—			414,499	(17)		454,217
Intangible assets, net		119,032		—			201,741	(18)		320,773
Other noncurrent assets		16,297		2,264	(4)		—			18,561
Total assets	$	376,872	$	65,027		$	646,570		$	1,088,469

Liabilities and Stockholders' Equity (Deficit)
Liabilities
Current liabilities
Current portion of long-term debt	$	247,322	$	(217,344)	(5)	$	—		$	29,978
Accounts payable		23,008		19,115	(6)		—			42,123
Related party payables		39		1,311	(7)		—			1,350
Income tax payable		10,126		(7,814)	(8)		—			2,312
Accrued liabilities		21,181		20,185	(9)		—			41,366
Accrued compensation and benefits		25,376		8,562	(10)		—			33,938
Accrued interest		—		1,877	(11)		—			1,877
Customer deposits		83		17,696	(7)		—			17,779
Deferred revenue		9,701		—			—			9,701
Obligation for claim payment		53,176		—			—			53,176
Current portion of finance lease liabilities		4,884		290	(7)		—			5,174
Current portion of operating lease liabilities		9,283		—			—			9,283
Total current liabilities		404,179		(156,122)			—			248,057
Long-term debt, net of current maturities		1,465		305,591	(12)		—			307,056
Finance lease liabilities, net of current portion		7,303		—			—			7,303
Net defined benefit liability		1,069		—			—			1,069
Deferred income tax liabilities		13,721		35,793	(8)		—			49,514
Long-term income tax liabilities		8,496		(545)	(8)		—			7,951
Operating lease liabilities, net of current portion		22,533		—			—			22,533
Other long-term liabilities		288		37,335	(13)		—			37,623
Total liabilities not subject to compromise		459,054		222,052			—			681,106
Liabilities subject to compromise		1,424,479		(1,424,479)	(14)		—			—
Total liabilities		1,883,533		(1,202,427)			—			681,106

Stockholders' Equity (Deficit)
Predecessor's net parent investment		(1,498,817)		859,777	(15)		639,040	(19)		—
Predecessor's accumulated other comprehensive loss (income):
Foreign currency translation adjustment		(7,844)		314	(8)		7,530	(20)		—
Predecessor total accumulated other comprehensive loss (income)		(7,844)		314			7,530			—
Successor's common stock		—		8	(14)		—			8
Successor's paid-in-capital in excess of par		—		407,355	(14)		—			407,355
Total stockholder's equity (deficit)		(1,506,661)		1,267,454			646,570			407,363
Total liabilities and stockholder's equity (deficit)	$	376,872	$	65,027		$	646,570		$	1,088,469

(a)

Excluding the assets acquired, liabilities assumed and shares issued as part of the Business Combination (as discussed in the Note 5, Business Combination).

Reorganization Adjustments

(1) Represents the net cash payments that occurred on the Emergence Date as follows:


Sources:
Cash proceeds from XBP Funding	$	18,000
Cash proceeds from Super Senior Term Loan		40,000
Cash proceeds from BR Exar AR Facility		8,000
Cash proceeds from ABL Facility		58,653
Cash proceeds from previously made deposit under ABL Facility		250
	$	124,903


Uses:
Debt issuance costs related to Super Senior Secured Notes	$	(50)
Debt issuance costs related to BR Exar AR Facility		(1,400)
Paydown of the Second Lien Note		(1,500)
Repayment on Securitization Facility		(74,467)
Payment of legal fees on Securitization Facility		(172)
Debt issuance costs related to ABL Facility		(2,269)
Payment of Senior Secured Term Loan		(38,500)
Payment of Interest on Senior Secured Term Loan		(596)
Payment of Fees on Senior Secured Term Loan		(535)
Payment of legal fees		(11,705)

Net uses:	$	(6,291)

(2) On the Emergence Date, BPA’s securitization arrangement with PNC Bank was terminated. The arrangement was previously accounted for as an off-balance sheet financing. The increase in accounts receivable, net on the Emergence Date was due to return of the accounts receivables previously sold to PNC and the repayment of amounts received for such sold accounts receivables.

(3) Represents reversal of deferred tax asset as of the Emergence Date.

(4) Represents debt issuance costs related to the ABL Facility.

(5) Current maturities of long-term debt were adjusted as follows in accordance with the Plan:


Reinstatement of liabilities subject to compromise	$	1,178,002
Borrowing from BR Exar Facility		8,000
Amortization of Unamortized Balance of Debt Issuance Cost		1,056
Issuance of Common Stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)		(8)
Debt issuance costs related to BR Exar AR Facility		(1,400)
Paydown of the Second Lien Note		(1,500)
Gain on settlement of DIP Facility		(4,000)
Conversion of DIP Facility into Super Senior Term Loan		(6,000)
Repayment of Senior Secured Term Loan		(38,500)
Conversion of DIP Facility into July 2030 Notes		(175,000)
APIC generated on issuance of Successor common stock		(407,355)
Gain on reinstatement of current portion of debt		(770,639)
Total adjustments to current portion of long-term debt	$	(217,344)

(6) Adjustments to accounts payable were made as follows:


Reinstatement of accounts payable from liabilities subject to compromise	$	35,048
Amount paid/transferred to long term		(4,633)
Gain on Reinstatement of accounts payable		(11,300)
Total adjustments to accounts payable	$	19,115

(7) Reinstatement of various liabilities from liabilities subject to compromise were made as follows:


Customer Deposits	$	17,696
Related Party Payable		1,311
Current portion of finance lease liabilities		290

(8) Represents income tax effects of the reorganization including changes in current and deferred tax balances as of the Emergence Date.

(9) Adjustments to Accrued Liabilities were made as follows:


Reinstatement of accrued liabilities from liabilities subject to compromise	$	25,565
Gain on reinstatement of accrued liabilities		(5,380)
Total adjustments to accrued liabilities	$	20,185

(10) Adjustments to Accrued Compensation and Benefits were made as follows:


Reinstatement of Accrued Compensation and Benefits from liabilities subject to compromise	$	45,717
Gain on settlement of Accrued Compensation and Benefits		(7,031)
Amount transferred to long term		(30,124)
Total adjustments to accrued compensation and benefits	$	8,562

(11) Adjustments to Accrued Interest were made as follows:


Reinstatement of accrued interest from liabilities subject to compromise	$	118,272
Gain on settlement of accrued interest		(107,811)
Payment of accrued interest on Senior Secured Term Loan		(596)
Conversion of Accrued Interest on the DIP Facility to July 2030 Notes		(7,988)
Total adjustments to accrued interest	$	1,877

(12) Adjustments to Long-term debt, net of current maturities were made as follows:


Issuance of July 2030 Notes (a)	$	200,988
Borrowing from ABL Facility		58,653
Borrowing from Super Senior Term Loan		40,000
Conversion of DIP Facility to July 2030 Notes		6,000
Debt Issuance cost on Super Senior Secured Facility		(50)
Total adjustments to long-term debt, net of current maturities	$	305,591

(a)

Includes $18.0 million of principal amount of July 2030 Notes held by a subsidiary of the Company other than the issuer or a guarantor as of July 31, 2025 that are eliminated on consolidation.

(13) Adjustments to other long-term liabilities were made as follows:


Reinstatement of Other long-term liabilities balance from liabilities subject to compromise	$	2,578
Accounts payable to be paid in long term as per the Plan considered long term		4,633
Accrued compensation and benefits to be paid in long term as per the Plan considered long term		30,124
Total adjustments to other long-term liabilities	$	37,335

(14) Liabilities subject to compromise were settled as follows in accordance with the Plan:


Liabilities subject to compromise prior to the Emergence Date
Settled liabilities subject to compromise
Current portion of debt	$	1,178,002
Accounts payable		35,048
Accrued liabilities		25,565
Accrued compensation and benefits		45,717
Accrued Interest		118,272
Total settled liabilities subject to compromise	$	1,402,604

Reinstated liabilities subject to compromise
Customer deposits	$	17,696
Other long-term liabilities		2,578
Related party payables		1,311
Current portion of capital lease obligations		290
Total reinstated liabilities subject to compromise	$	21,875

Total liabilities subject to compromise	$	1,424,479


Issuance of common stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)	$	(8)
Paid in capital in excess of par		(407,355)
Settlement of accounts payable as per the Plan		(23,748)
Settlement of accrued liabilities as per the Plan		(20,185)
Settlement of accrued compensation and benefit as per the Plan		(38,686)
Settlement of accrued interest as per the Plan		(10,460)
Reinstated liabilities subject to compromise		(21,875)
Gain on settlement of liabilities subject to compromise	$	902,162

(15) Predecessor’s Net Parent Investment was adjusted for the following activity on the Effective Date:


Gain on settlement of liabilities subject to compromise	$	(902,162)
Gain recognition on DIP Facility forgiveness		(4,000)
Payment of legal fees		11,705
Amortization of Debt Issuance Cost on Super Senior Term Loan		1,056
Tax Expenses on Reorganization		33,162
Payment of Closing Fee for the Super Senior Term Loan		535
Payment of Legal Fee for the Securitization Facility		172
Amortization of Debt Issuance Cost on the ABL Facility		5
Reversal of the ABL Facility Deposit from Reorganization Items		(250)
Total adjustment to Predecessor’s net parent investment	$	(859,777)

Fresh Start Adjustments

(16) Reflects fair value adjustments to personal property as well as the elimination of accumulated depreciation and amortization.

(17) Represents implied Goodwill as of the Emergence Date.

(18) Represents step-up to fair value of intangible assets as follows:


	Predecessor			Fresh Start Adjustments		Successor
Intangible Assets, Net
Customer relationships	$	90,344	$	173,656	$	264,000
Internally developed software		7,290		30,510		37,800
Purchased software		15,008		—		15,008
Trade names		5,300		(2,425)		2,875
Outsourced contract costs		1,090		—		1,090
Total	$	119,032	$	201,741	$	320,773

(19) Represents the cumulative effect of the fresh start accounting adjustments discussed above.

(20) Upon adoption of fresh start accounting, foreign currency translation adjustment was reset to zero as part of the revaluation of BPA’s equity structure to reflect the fair value of the reorganized entity.

Long-term Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of debt instruments


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Other (a)	$	14,921	$	11,324
Secured borrowings under BR Exar AR Facility (b)		1,257		7,030
Senior secured term loan (c)		—		36,936
July 2026 Notes (d)		—		23,200
April 2026 Notes (e)		—		1,331,953
Second Lien Note maturing September 30, 2026 (f)		15,775		24,509
2028 Term Loan Facilities maturing June 26, 2028 (g)		10,862		—
Revolving Credit Facility maturing in June 26, 2028		35,563		—
Super Senior Term Loan maturing July 28, 2028 (h)		45,957		—
ABL Facility maturing July 29, 2028		76,753		—
July 2030 Notes maturing July 15, 2030 (i)		186,513		—
Total debt		387,601		1,434,952
Less: Current portion of long-term debt		(34,334)		(1,433,484)
Long-term debt, net of current maturities (j)	$	353,267	$	1,468

(a)

Other debt represents outstanding loan balances associated with various hardware and software purchases, and maintenance and leasehold improvements, along with other loans entered into by subsidiaries of the Company. This includes $5.0 million of outstanding principal owed to BREL under a promissory note executed in December 2025.

(b)	Net of unamortized debt issuance cost of $0.2 million as of December 31, 2025; and net of unamortized net original issue discount of $0.7 million and less than $0.1 million of debt issuance cost as of December 31, 2024.

(c)	Net of unamortized debt issuance costs of $1.0 million and net of unamortized original issue discount of $0.6 million as of December 31, 2024.

(d)

Net of unamortized original issue discount of $0.6 million and debt issuance costs of $0.2 million as of December 31, 2024. Following the Restructuring, the July 2026 Notes were reclassified to liabilities subject to compromise and were discharged on July 29, 2025 by issuance of Common Stock of the Company to the noteholders. Refer to Note 4, Fresh Start Accounting.

(e)	Includes unamortized net debt exchange premium of $100.9 million as of December 31, 2024. Following the Restructuring, the April 2026 Notes were reclassified to liabilities subject to compromise and were discharged on

July 29, 2025 by issuance of Common Stock of the Company to holders of claims relating to such notes. Refer to Note 4, Fresh Start Accounting.

(f)	Net of unamortized debt issuance costs of $0 and $1.0 million as of December 31, 2025 and December 31, 2024, respectively.

(g)	Net of unamortized debt issuance costs of $0.6 million as of December 31, 2025.

(h)	Net of unamortized debt issuance costs of less than $0.1 million as of December 31, 2025.

(i)	Net of unamortized debt issuance costs of $0.5 million as of December 31, 2025 and net of $14.0 million of principal amount of July 2030 Notes internally held by a subsidiary of the Company as of December 31, 2025.

(j)	Outstanding amount of $1.5 million of long-term debt, net of current maturities as of December 31, 2024 (Predecessor), represents long term notes payable relating to acquisition of assets. This was not subject to default provisions based on filing for the bankruptcy or a cross-default provision.

Schedule of maturities of long-term debt


	Maturity
2026	$	35,300
2027		3,933
2028		163,225
2029		—
2030		186,993
Thereafter		—
Total long-term debt		389,451
Less: Unamortized original issue discount and debt issuance cost		(1,850)
	$	387,601

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracts with an original expected length	true
Total	$ 31,537
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 13,900
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 8,437
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 4,401
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 1,084
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 860
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 2,855

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 37,113	$ 11,635
Restricted cash	31,553	52,432
Accounts receivable, net of allowance for credit losses of $5,660 and $3,279, respectively	130,281	18,663
Related party receivables and prepaid expenses	$ 736	$ 12,105
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Inventories, net	$ 11,365	$ 7,204
Prepaid expenses and other current assets	28,699	22,358
Total current assets	239,747	124,397
Property, plant and equipment, net of accumulated depreciation of $11,094 and $193,946, respectively	82,956	45,106
Operating lease right-of-use assets, net	30,339	30,543
Goodwill	189,881	39,718
Intangible assets, net	344,080	132,842
Other noncurrent assets	15,094	17,815
Total assets	902,097	390,421
Current liabilities
Current portion of long-term debt	34,334	1,433,484
Accounts payable	55,700	42,602
Related party payables	$ 5,343	$ 3,383
Related party payables	Related Party	Related Party
Income tax payable	$ 6,158	$ 5,682
Accrued liabilities	47,101	44,898
Accrued compensation and benefits	56,314	68,179
Accrued interest	13,685	80,039
Customer deposits	21,691	19,900
Deferred revenue	11,881	6,583
Obligation for claim payment	55,632	70,805
Current portion of finance lease liabilities	4,390	5,441
Current portion of operating lease liabilities	9,814	9,210
Total current liabilities	322,043	1,790,206
Long-term debt, net of current maturities	353,267	1,468
Finance lease liabilities, net of current portion	6,857	6,381
Net defined benefit liability	6,241	1,041
Deferred income tax liabilities	52,595	13,118
Long-term income tax liabilities	10,554	8,285
Operating lease liabilities, net of current portion	22,530	23,907
Other long-term liabilities	40,671	2,803
Total liabilities	814,758	1,847,209
Commitments and Contingencies (Note 16)
Stockholders' Equity (Deficit)
Successor's common stock, par value of $0.0001 per share; 400,000,000 shares authorized; 11,755,434 shares issued and outstanding as of December 31, 2025	12	0
Successor's preferred stock, par value of $0.0001 per share; 20,000,000 shares authorized; none issued and outstanding as of December 31, 2025	0	0
Additional paid in capital	437,995	0
Accumulated deficit	(351,123)	0
Predecessor's net parent investment	0	(1,449,634)
Accumulated other comprehensive loss:
Foreign currency translation adjustment	(1,263)	(7,154)
Unrealized pension actuarial gains, net of tax	1,718	0
Total accumulated other comprehensive profit (loss)	455	(7,154)
Total stockholder's equity (deficit)	87,339	(1,456,788)
Total liabilities and stockholder's equity (deficit)	$ 902,097	$ 390,421

Subsequent Events - Repayment on Second Lien Note and Amendment to Super Senior Term Loan and ABL Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 06, 2026	Feb. 13, 2026	Dec. 31, 2025	Jul. 29, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Amount outstanding				$ 387,601		$ 1,434,952
Second Lien Secured Term Loan
Subsequent Event [Line Items]
Amount outstanding				15,775		$ 24,509
Super Senior Term Loan
Subsequent Event [Line Items]
Amount of new loan				46,000
Amount outstanding				45,957
Minimum liquidity requirement					$ 2,000
ABL Facility
Subsequent Event [Line Items]
Amount outstanding				$ 76,753
Minimum liquidity requirement					$ 7,500
Subsequent Events \| Second Lien Secured Term Loan
Subsequent Event [Line Items]
Repayments of debt	$ 3,300
Amount outstanding	12,500
Subsequent Events \| Super Senior Term Loan
Subsequent Event [Line Items]
Amount of new loan			$ 4,000
Amount outstanding	$ 50,000
Subsequent Events \| ABL Facility
Subsequent Event [Line Items]
Minimum liquidity requirement		$ 7,500
Reduced borrowing capacity		$ 3,750
Percentage of borrowing capacity		5.00%
Minimum fixed charge coverage ratio		1
Percentage of increase the advance rate for eligible investment grade billed accounts		95.00%

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Successor:

Predecessor:

Actual costs that would have been incurred if BPA had been a stand-alone business would depend on multiple factors, including organizational structure and strategic decisions.

As part of Business Combination, the Company reevaluated its segment reporting, resulting in the presentation of two businesses: Applied Workflow Automation and Technology.

●

Prior periods have been recast to reflect the Company’s current segment presentation. See Note 21, Segment Information.

Certain prior period amounts have been reclassified to conform to the 2025 presentation.

Use of Estimates in Preparation of the Consolidated and Combined Financial Statements

Use of Estimates in Preparation of the Consolidated and Combined Financial Statements

Fresh Start Accounting

Fresh Start Accounting

Upon emergence from bankruptcy the Company adopted fresh start accounting. Refer to Note 4, Fresh Start Accounting for further details.

Cash and Cash Equivalents

Restricted Cash

Restricted Cash

Obligation for Claim Payment

Accounts Receivable and Allowance for Expected Credit Losses

Inventories

Property, Plant and Equipment

Intangible Assets

Customer Relationships

Trade Names

Capitalized Software Costs

Outsourced Contract Costs

Impairment of Indefinite-Lived Assets

Impairment of Indefinite-Lived Assets

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

Goodwill

Goodwill

Benefit Plan Accruals

Leases

Stock-Based Compensation

Stock-Based Compensation

Warrants

closing date, with changes in fair value recognized in the consolidated and combined statements of operations each period.

Business Combinations

Business Combinations

Segment Reporting

Segment Reporting

The Company consists of two segments: Applied Workflow Automation and Technology (as further described in Basis of Presentation, above, and Note 21, Segment Information, below).

Revenue Recognition

Revenue Recognition

Nature of Services

Revenue from the sale of hardware solutions is recognized on a point in time basis and related maintenance is recognized ratably over the contractual term.

Disaggregation of Revenues


		Successor						Predecessor
		Consolidated						Combined and Consolidated
		Period from August 1 2025 through December 31, 2025						Period from January 1 2025 through July 31, 2025						Year Ended December 31, 2024
		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
U.S.A.		$	271,050	$	20,644	$	291,694	$	390,987	$	30,068	$	421,055	$	790,933	$	56,243	$	847,176
EMEA			43,781		17,119		60,900		—		—		—		—		—		—
Other			6,787		—		6,787		10,606		—		10,606		25,514		—		25,514
Total		$	321,618	$	37,763	$	359,381	$	401,593	$	30,068	$	431,661	$	816,447	$	56,243	$	872,690

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at December 31, 2025 (Successor), December 31, 2024 (Predecessor) and January 1, 2024 (Predecessor):


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,			January 1,
		2025		2024			2024
Accounts receivable, net		$	130,281	$	18,663		$	42,833
Deferred revenues (1)			12,192		6,940			6,466
Customer deposits			21,691		19,900			23,302
Costs to obtain and fulfill a contract			1,039		1,164			1,397

(1)

Performance Obligations

The Company includes reimbursements from clients, such as postage costs, in revenue, while the related costs are included in cost of revenue.

Transaction Price Allocated to the Remaining Performance Obligations


Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations

2026	$	13,900
2027		8,437
2028		4,401
2029		1,084
2030		860
2031 and thereafter		2,855
Total	$	31,537

Research and Development

Advertising

Income Taxes

allowances established, an adjustment to the net deferred tax assets would be recognized as a component of income tax expense through continuing operations.

Loss Contingencies

Operations

Foreign Currency Translation

Foreign Currency Translation

Net Profit (Loss) per Share

Net Profit (Loss) per Share

if-converted method assumes all convertible securities are converted into common stock. Diluted EPS excludes all dilutive potential shares of common stock if their effect is anti-dilutive.


	Successor
	Consolidated
	Period from August 1, 2025 through December 31,
	2025
Net loss attributable to common stockholders (A)	$	(351,123)
Weighted average common shares outstanding – basic and diluted (B)		11,752,078
Loss Per Share:
Basic and diluted (A/B)	$	(29.88)

Fair Value Measurements

Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3 — unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability at fair value.

Refer to Note 17, Fair Value Measurement for further discussion.

Concentration of Credit Risk

Concentration of Credit Risk

Business Combination - Identifiable intangible assets (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 38,360
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted Average Useful Life (in years)		11 years	7 years 9 months 18 days
Internally developed software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Weighted Average Useful Life (in years)		5 years	2 years 2 months 12 days
XBP Europe Holdings, Inc
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net		$ 38,360
Weighted Average Useful Life (in years)		11 years 8 months 12 days
XBP Europe Holdings, Inc \| Trade name and trademarks
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 9,030
Weighted Average Useful Life (in years)	8 years
XBP Europe Holdings, Inc \| Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 28,840
Weighted Average Useful Life (in years)	13 years
XBP Europe Holdings, Inc \| Internally developed software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 490
Weighted Average Useful Life (in years)	5 years

Fresh Start Accounting - Stepping-up to fair value of intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net	$ 344,080	$ 320,773	$ 132,842
Trade names-others
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		2,875
Customer relationships
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		264,000
Internally developed software
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		37,800
Purchased software
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		15,008
Outsourced contract costs
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		1,090
Predecessor
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		119,032
Predecessor \| Trade names-others
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		5,300
Predecessor \| Customer relationships
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		90,344
Predecessor \| Internally developed software
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		7,290
Predecessor \| Purchased software
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		15,008
Predecessor \| Outsourced contract costs
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		1,090
Fresh Start Adjustments
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		201,741
Fresh Start Adjustments \| Trade names-others
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		(2,425)
Fresh Start Adjustments \| Customer relationships
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		173,656
Fresh Start Adjustments \| Internally developed software
Reorganization, Chapter 11 [Line Items]
Intangible Assets, net		$ 30,510

Stock-Based Compensation - 2024 Stock Incentive Plan (Details) - shares	Dec. 31, 2025	Jul. 31, 2025	Jul. 25, 2025
Stock-Based Compensation
Compensation outstanding award	278,212	105,239
XBP 2024 Equity Plan
Stock-Based Compensation
Number of shares authorized for issuance (in shares)			1,727,187
Number of shares remain available for issuance (in shares)	1,305,831
XBP 2024 Equity Plan \| Restricted Stock Units
Stock-Based Compensation
Compensation outstanding award	278,212

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity and Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of common stock warrants outstanding


		Number of Warrants		Common Stock Underlying Warrants		Exercise Price Per Share		Expiration
Private Placement Warrants		135,000		13,500		115.00		11/29/2028
Forward Purchase Warrants		250,000		25,000		115.00		11/29/2028
Public Warrants		6,249,980		624,998		115.00		11/29/2028
ETI Warrants		6,632,418		663,242		49.80		07/29/2030
Total		13,267,398		1,326,740

Basis of Presentation and Summary of Significant Accounting Policies - Segment Reporting (Details)	12 Months Ended
	Dec. 31, 2025 segment
Basis Of Presentation And Significant Accounting Policies [Abstract]
Number of operating segments	2
Number of reportable segments	2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Long-term Debt and Credit Facilities

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term Debt and Credit Facilities

13. Long-term Debt and Credit Facilities

Disclosure under this footnote should be read in conjunction with the “Chapter 11 Reorganization” disclosure included under Note 1, Description of the Business.

Successor Indebtedness (outstanding following the Restructuring)

July 2030 Notes

On July 29, 2025, Exela Technologies BPA, LLC and Exela Finance Inc., wholly-owned subsidiaries of the Company (for this purpose, together, the “2030 Notes Issuers”), certain guarantors and U.S. Bank Trust Company, National Association, as trustee, entered into an indenture (the “July 2030 Notes Indenture”) governing the Company’s 12.0% First-Priority Senior Secured Notes due 2030 (the “July 2030 Notes”). The Company issued approximately $183.0 million aggregate principal amount of the July 2030 Notes pursuant to the Plan, which may be supplemented by additional issuances in accordance with the July 2030 Notes Indenture. In December 2025, the Company issued an additional $4.0 million in aggregate of principal amount of the July 2030 Notes generating net proceeds of $3.5 million.

The July 2030 Notes bear interest at a fixed rate of 12.0% per annum, payable quarterly on January 15, April 15, July 15 and October 15 of each year, commencing January 15, 2026, and mature on July 15, 2030. Interest on overdue amounts accrues at the stated rate plus 2.0% per annum. $187.0 million aggregate principal amount of the July 2030 Notes remained outstanding as of December 31, 2025.

The July 2030 Notes may be redeemed, in whole or in part, at the 2030 Notes Issuers’ option at any time, upon not less than 10 nor more than 30 days’ prior notice, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to, but excluding, the redemption date. In addition, the July 2030 Notes are subject to repurchase requirements upon the occurrence of certain specified events, including upon a change of control, at 101% of principal plus accrued and unpaid interest and on certain asset sales or debt proceeds at 100% of principal plus accrued and unpaid interest.

The July 2030 Notes Indenture limits the ability of the 2030 Notes Issuers and the guarantors to incur additional debt, pay dividends or make other restricted payments, make certain investments, create or permit liens on assets, sell or dispose of assets, and enter into transactions with affiliates, in each case subject to specified exceptions. Events of default include the failure to pay principal, interest or other amounts when due, the failure to comply with covenants or other agreements in the July 2030 Notes Indenture, defaults on other material indebtedness of the 2030 Notes Issuers or the guarantors, certain bankruptcy or insolvency events, and the entry of material judgments against the 2030 Notes Issuers or the guarantors. If an event of default occurs and is continuing, the July 2030 Notes may be declared immediately due and payable, and in the case of bankruptcy or insolvency events, the July 2030 Notes automatically become immediately due and payable.

The obligations under the July 2030 Notes are fully and unconditionally guaranteed on a senior secured basis by the 2030 Notes Issuers’ U.S. subsidiary guarantors and are secured by liens on the collateral of the 2030 Notes Issuers and such guarantors, subject to permitted liens and the terms of the Super Senior, ABL and Equal Priority Intercreditor Agreements. Under these agreements, the ABL Lenders (as described below) hold first-priority liens on receivables, inventory, cash and related assets, while the Super Senior Term Loan Lenders (as described below) and July 2030 Noteholders hold junior liens on such assets. With respect to fixed assets, equity interests, intellectual property and related assets, the Super Senior Term Loan Lenders hold first-priority liens and July 2030 Noteholders share equal second-priority liens on a pari passu basis with holders of outstanding general unsecured claims in the Chapter 11 Cases, while the ABL Lenders hold junior liens.

Super Senior Term Loan

On July 29, 2025, Exela Technologies BPA, LLC and Exela Finance Inc. (for this purpose, together, the “Super Senior Term Loan Borrowers”), each subsidiary of the Exela Technologies BPA, LLC, as guarantors, Ankura Trust Company, LLC, as administrative agent and collateral agent, and certain lenders (the “Super Senior Term Loan Lenders”) entered into a Financing Agreement (as amended, the “Super Senior Term Loan”), in accordance with the Plan. The Super Senior Term Loan provided for an aggregate principal amount of up to $46.0 million in senior secured term loans, consisting of (i) $40.0 million in new-money term loans, used to refinance obligations under BPA’s prepetition senior secured financing agreement and pay related fees and expenses, and (ii) $6.0 million in term loans issued to DIP lenders in exchange for and in full satisfaction of $10.0 million of DIP claims as contemplated by the Plan. Interest on the Super Senior Term Loan accrues, at the Super Senior Term Loan Borrowers’ election, either (a) at the Reference Rate, meaning the greatest of 4.0% per annum, the Federal Funds Effective Rate plus 0.5% per annum, one-month Term SOFR plus 1.0% per annum, or the Wall Street Journal Prime Rate plus 10.7% per annum, stepping down to 7.3% per annum upon the establishment of an Incremental Facility, or (b) at Term SOFR, subject to a 4.0% floor, plus 11.7% per annum, stepping down to 8.3% per annum upon the establishment of an Incremental Facility. Interest on Reference Rate Loans is payable monthly in arrears, while interest on SOFR Loans is payable at the end of each applicable interest period. Upon the occurrence of an event of default, all outstanding amounts bear interest at the applicable rate plus 2.0% per annum, payable on demand.

As of December 31, 2025, there were borrowings of $46.0 million outstanding under the Super Senior Term Loan. The Super Senior Term Loan is scheduled to mature on July 28, 2028. Voluntary prepayments are permitted at any time with five business days’ notice, provided accrued interest is paid and, if applicable, a prepayment premium is

payable at a rate of 2.0% if prepaid prior to the first anniversary of the Emergence Date, 1.0% if prepaid on or after the first anniversary but prior to the second anniversary, and 0% thereafter. In addition, the Super Senior Term Loan is subject to mandatory prepayments of principal with accrued interest in certain circumstances, including (a) 25.0% of annual Excess Cash Flow (beginning with the fiscal year ending December 31, 2026, payable within ten business days after delivery of annual financial statements), (b) 100% of net cash proceeds from non-permitted asset sales in excess of $0.5 million in any fiscal year subject to reinvestment rights, (c) 100% of net cash proceeds from the issuance of indebtedness or equity securities (other than permitted issuances), and (d) certain extraordinary receipts, such as insurance recoveries and condemnation awards, subject to reinvestment rights. Upon the occurrence of an event of default such as payment defaults, covenant breaches, bankruptcy or insolvency, cross-defaults to other significant indebtedness, and judgment defaults, the obligations under the Super Senior Term Loan may be accelerated and become immediately due and payable.

The obligations under the Super Senior Term Loan are guaranteed on a joint and several basis by substantially all of the Super Senior Term Loan Borrowers’ subsidiaries and are secured by a first-priority lien on substantially all of the assets of the Super Senior Term Loan Borrowers' and the guarantors, subject to permitted liens and the terms of the ABL Intercreditor Agreement (as described below) and that certain Super Senior Intercreditor Agreement. The Super Senior Term Loan contains customary affirmative and negative covenants, including limitations on additional indebtedness, the granting of liens, asset sales, restricted payments, affiliate transactions, and changes in business. It also includes a financial covenant requiring the Issuer to maintain the ratio of (a) Indebtedness to (b) Covenant Consolidated EBITDA of no greater than 1.00 to 1.00 based on the trailing 12 months ended as of the last day of the most recently ended fiscal quarter. The Super Senior Term Loan Borrowers are also required to maintain liquidity of at least $2.0 million (or $10.0 million after the incurrence of any Incremental Facility). The Super Senior Term Loan Borrowers were in compliance with all financial covenants as of December 31, 2025.

Second Lien Note

On February 27, 2023, BPA, through its subsidiary Exela Receivables 3, LLC, and BRF Finance Co., LLC entered into a Secured Promissory Note pursuant to which BPA borrowed $31.5 million from BRF Finance Co., LLC secured by a second lien pledge of Exela Receivables 3, LLC, a subsidiary of BPA (as amended, the “Second Lien Note”). The Second Lien Note was originally scheduled to mature on June 17, 2025 and bears interest at a per annum rate of one-month Term SOFR plus 7.5%. On July 29, 2025, BPA entered into an Amended and Restated Second Lien Credit Agreement with BRF Finance Co., LLC. The amendment was executed in connection with BPA’s emergence from the Chapter 11 Cases to align the terms of the Second Lien Note with the Company’s new capital structure and intercreditor arrangements. The revised agreement extended the maturity of the Second Lien Note to March 30, 2026. At the option of the Company, the maturity of the Second Lien Note was further extended to September 30, 2026.

The obligations under the Second Lien Note are fully and unconditionally guaranteed by certain subsidiaries of BPA and are secured by liens on BPA’s and certain guarantors’ assets, including accounts receivable, inventory, cash and deposit accounts, equipment, real property, equity interests in subsidiaries, intercompany obligations, general intangibles, and other related assets. Pursuant to the ABL Intercreditor Agreement, BRF Finance Co., LLC’s liens are subordinated to the liens securing the Company’s senior debt facilities; specifically, the ABL Facility with respect to receivables, inventory, cash, and related assets, and the Super Senior Term Loan and July 2030 Notes with respect to fixed assets, equity interests, and other non-ABL assets. As a result, the obligations under the Second Lien Note are effectively second-priority liens behind the senior secured debt. The Second Lien Notes requires the borrowers to maintain a minimum fixed charge coverage ratio, calculated on a trailing twelve-month basis. The minimum required ratio varies depending on the period: for the defined periods tested quarterly through December 31, 2025, and monthly from January 1, 2026, through June 30, 2026, the fixed charge coverage ratio must be not less than 0.85 to 1.00. Thereafter, for the defined periods tested monthly from July 1, 2026, through the maturity date, the fixed charge coverage ratio must be not less than 1.00 to 1.00. The Company was in compliance with all financial covenants as of December 31, 2025.

During 2024 (Predecessor), the Company had repaid $6.0 million principal amount of the Second Lien Note. The loss on early extinguishment of the debt during the year ended December 31, 2024 (Predecessor) totaled $0.4 million and is inclusive of $0.4 million write off of debt issuance costs. As of December 31, 2024 (Predecessor), there

were borrowings of $25.5 million outstanding under the Second Lien Note payable at maturity. During the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), the Company repaid $3.8 million and $6.0 million, respectively, in principal amount of the Second Lien Note. The loss on early extinguishment of debt during the period August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor) totaled $0 and $0.1 million, respectively and represents write off of debt issuance costs. Loss on the early extinguishment of debt is reported within debt modification and extinguishment costs (gain), net within the Company’s consolidated and combined statements of operations. As of December 31, 2025 (Successor), there were borrowings of $15.8 million outstanding under the Second Lien Note included in the current portion of long-term debt in the consolidated balance sheet.

ABL Facility

On July 29, 2025, Exela Technologies BPA, LLC and certain of its subsidiaries (collectively, the “ABL Borrowers”) entered into a $150.0 million Asset-Based Lending Credit and Security Agreement (as amended, the “ABL Facility”) with MidCap Funding IV Trust, as administrative and collateral agent (the “Agent”), and a syndicate of lenders (the “ABL Lenders”). The ABL Facility was executed in connection with BPA’s emergence from the Chapter 11 Cases and provides for revolving commitments of up to $150.0 million, with an option to increase to $175.0 million through an additional tranche. The borrowing availability under the ABL Facility is limited to the lesser of (i) the aggregate revolving commitments and (ii) the borrowing base, which is calculated by reference to eligible billed and unbilled receivables, certain other receivables, eligible cash, and related assets, reduced by reserves established by the Agent. Borrowings under the ABL Facility bear an interest at Term SOFR plus an applicable margin ranging from 3.8% to 4.3%, depending on the ABL Borrowers’ trailing twelve-month EBITDA, subject to a 1.0% SOFR floor. Interest is payable monthly, with a 2.0% default premium. In addition to interest, the ABL Borrowers are required to pay an unused commitment fee of 0.5% per annum on the average daily unused portion of the commitments, customary letter of credit fees on the face amount of each outstanding letter of credit, a collateral management fee payable to the Agent, and a minimum balance fee if borrowings under the ABL Facility fall below 20.0% of the Borrowing Base.

As of December 31, 2025 (Successor), there were borrowings of $76.8 million outstanding under the ABL Facility. There were unamortized debt issuance costs of $1.9 million on the ABL Facility as of December 31, 2025 included in other noncurrent assets on the consolidated balance sheet. The ABL Facility matures on July 29, 2028, and may be prepaid at any time without penalty (other than breakage costs). Mandatory repayments are required from proceeds of dispositions of the ABL Priority Collateral, certain insurance proceeds, or upon acceleration following an event of default. The events of default include failure to pay principal, interest or fees when due; breaches of covenants or other material contractual obligations; materially inaccurate representations or warranties; failure to pay specified other indebtedness above $25.0 million; bankruptcy or insolvency; final unsatisfied judgments; ERISA-related defaults; and a change in control.

The obligations under the ABL Facility are guaranteed on a joint and several basis by substantially all of the ABL Borrowers’ U.S. subsidiaries. The liens securing the ABL Facility are subject to an Intercreditor Agreement (the “ABL Intercreditor Agreement”) dated July 29, 2025, among MidCap Funding IV Trust, Ankura Trust Company, LLC, as Term Agent, BRF Finance Co., LLC, as Riley Agent, and U.S. Bank Trust Company, National Association, as July 2030 Notes Trustee. The ABL Intercreditor Agreement governs lien priorities including (i) relative priorities for the collateral securing the ABL Facility obligations, the Super Senior Term Loan obligations, the July 2030 Notes Indenture obligations and the Second Lien Note obligations; (ii) collateral priorities securing (a) any Second Lien Note obligations, (b) any Super Senior Term Loan obligations, (c) any July 2030 Notes Indenture obligations, or (d) any Excess ABL Debt; and (iii) prohibition on contesting liens. The ABL Facility is secured by a first-priority lien on certain ABL Priority Collateral (including receivables, cash, inventory, deposit accounts, and related assets) and a junior lien on certain Term Priority Collateral (as defined therein), subject to the ABL Intercreditor Agreement.

The ABL Facility includes customary affirmative covenants such as reporting, collateral maintenance, insurance, and inspections, and negative covenants, including restrictions on additional indebtedness, liens, asset sales, investments, affiliate transactions, and changes in business, with a minimum fixed charge coverage ratio, tested if excess availability falls below a defined threshold. The ABL Facility requires the ABL Borrowers to maintain a minimum fixed charge coverage ratio, calculated on a trailing twelve-month basis. The fixed charge coverage ratio is defined as the ratio

of EBITDA less Unfinanced Capital Expenditures less Capitalized Software Expenditures, to Fixed Charges (as such terms are defined in the ABL Facility). The minimum required ratio varies depending on the period: for the defined periods tested quarterly through December 31, 2025, and monthly from January 1, 2026 through June 30, 2026, the fixed charge coverage ratio must be not less than 0.85 to 1.00. Thereafter, for the defined periods tested monthly from July 1, 2026, through the maturity date, the fixed charge coverage ratio must be not less than 1.00 to 1.00. The ABL Facility also requires maintaining minimum excess availability of not less than $7.5 million at any time for three (3) or more consecutive business days through June 30, 2026. The Company was in compliance with all financial covenants as of December 31, 2025 (Successor).

Senior Credit Facilities Agreement

In June 2024, XBP Europe, Inc., a wholly owned subsidiary of the Company, together with certain other subsidiaries, entered into a Facilities Agreement (the “Facilities Agreement”) with HSBC UK Bank plc (“HSBC”) for a £15.0 million and €10.5 million secured credit facility consisting of (i) a single draw, secured Term Loan A facility in an aggregate principal amount of £3.0 million (the “2028 Term Loan A Facility”), (ii) a single draw, secured Term Loan B facility in an aggregate principal amount of €10.5 million (the “2028 Term Loan B Facility”, collectively with the 2028 Term Loan A Facility, the “2028 Term Loan Facilities”) and (iii) a multi-draw, multi-currency secured revolving credit facility in an aggregate principal amount of £12.0 million (the “Revolving Credit Facility”), and, together with the 2028 Term Loan Facilities, (the “Senior Credit Facilities”). Pursuant to the original Facilities Agreement, the 2028 Term Loan Facilities mature on June 26, 2028, and the Revolving Credit Facility matures on June 26, 2027, with certain extension rights at the discretion of HSBC. Borrowings under the 2028 Term Loan A Facility, the 2028 Term Loan B Facility and Revolving Credit Facility bear interest at a rate per annum equal to the SONIA plus the applicable margin of 3.25%, Euro Interbank Offered Rate (“EURIBOR”) plus the applicable margin of 3.25% and Reference Rate plus the applicable margin of 3.25%, respectively. “Reference Rate” for any period means (i) Secured Overnight Financing Rate (“SOFR”) for funds extended in U.S. Dollars; (ii) the EURIBOR, for funds extended in Euros; (iii) the SONIA, for funds extended in Pounds Sterling; and the Stockholm Interbank Offered Rate (“STIBOR”) for funds extended in Swedish Krona.

On July 25, 2025, an amendment to the Facilities Agreement was executed to permit the borrowing of an additional sum of €16.1 million, the equivalent of £14.0 million, under the Revolving Credit Facility. The drawdowns were made in Euro and used for general corporate purposes. This amendment extended the maturity of the Revolving Credit Facility to June 26, 2028, and updated certain definitions and covenants reflecting the Company’s new corporate structure following the Business Combination as discussed in Note 5, Business Combination.

The Senior Credit Facilities continue to be secured by first-ranking security interests over substantially all assets of XBP Europe, Inc. and other borrower and guarantor subsidiaries, including cash, receivables, inventory, intercompany receivables, shares in subsidiaries, and related assets. The amendment added a new covenant restricting XBP Global Holdings, Inc., as the parent of XBP Europe, Inc., from providing certain guarantees or other credit support. Except as otherwise provided by applicable law, all obligations under the Facilities Agreement are jointly and severally unconditionally guaranteed by the European subsidiaries of XBP Europe, Inc.

The outstanding principal amount of the 2028 Term Loan A Facility is scheduled to be repaid in fifteen (15) equal quarterly installments of £150 thousand, which commenced September 30, 2024, with the remaining outstanding principal amount of £750 thousand payable at maturity along with accrued and unpaid interest. The outstanding principal amount of the 2028 Term Loan B Facility is scheduled to be repaid in fifteen (15) equal quarterly installments of €525 thousand, which commenced September 30, 2024, with the remaining outstanding principal amount of €2.6 million payable at maturity along with accrued and unpaid interest. The Company may, at any time, prepay the principal of the Senior Credit Facilities. Each prepayment shall be accompanied by the payment of accrued interest, without any premium or penalty. However, the Company is limited to a maximum of four voluntary prepayments of the Revolving Credit Facility within any consecutive twelve-month period. During the period August 1, 2025 to December 31, 2025, the Company repaid $1.6 million of outstanding principal amount under the 2028 Term Loan A Facility and 2028 Term Loan B Facility. As of December 31, 2025, the outstanding balance of the 2028 Term Loan A Facility, the 2028 Term Loan B Facility, and the Revolving Credit Facility was approximately $2.8 million, $8.6 million, and $35.6 million, respectively.

The Facilities Agreement contains financial covenants including, but not limited to, (i) a consolidated total leverage ratio of not greater than 2.50 to 1.00 (with step-downs to (a) 2.25 to 1.00 starting January 1, 2025 and (b) 2.00 to 1.00 starting January 1, 2026); (ii) a cash flow coverage ratio of at least 1.10:1.00; and (iii) a consolidated interest coverage ratio of not less than 4.00 to 1.00. The Facilities Agreement and indenture governing the Senior Credit Facilities contains certain affirmative and negative covenants limiting the ability of the XBP Europe, Inc. to effect mergers and change of control events as well as certain other limitations, including limitations on (i) incurrence of additional indebtedness or liens, (ii) dispositions of assets, (iii) substantial changes of the general nature of the business, (iv) entering into restrictive agreements, (v) making certain investments, loans, advances, guarantees and acquisitions, (vi) prepaying certain indebtedness, (vii) the declaration and payment of dividends or other restricted payments, (viii) engaging in transactions with affiliates, or (ix) amending certain material documents. As of December 31, 2025, the Company was in compliance with all affirmative and negative covenants under its Facilities Agreement, including all financial covenants, except for a temporary technical non‑compliance with the net leverage covenant arising from the timing of an intercompany cash transfer on December 31, 2025. The lender has acknowledged this matter, and no remedies were exercised or are expected to be exercised.

BR Exar AR Facility

On February 12, 2024, certain of the Company’s subsidiaries entered into a receivables purchase agreement with BR Exar, LLC (“BREL”), an affiliate of B. Riley Commercial Capital, LLC (as subsequently amended on various dates in connection with each monthly sale of certain existing receivables, up to and including December 31, 2025 (the “BR Exar AR Facility”)). The Company received an aggregate of $15.2 million and $22.1 million, net of legal and other fees of $1.8 million and $1.6 million, respectively, under the BR Exar AR Facility during the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), respectively. Under the terms of the BR Exar AR Facility during the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), certain of the Company’s subsidiaries agreed to sell certain existing receivables and all of their future receivables to BREL until such time as BREL shall have collected $17.0 million and $25.5 million, respectively, net of any costs, expenses or other amounts paid to or owing to the buyer under the agreement. BREL collected $23.0 million and $25.8 million under the BR Exar AR Facility during the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), respectively. As of December 31, 2025, and December 31, 2024, there was a $1.4 million and $7.8 million of outstanding balance, respectively, under the BR Exar AR Facility included in the current portion of long-term debt in the consolidated and combined balance sheets.

Under the BR Exar AR Facility, transfers of accounts receivable from certain of the Company’s subsidiaries to BREL are treated as secured borrowings under ASC 860, Transfers and Servicing and are not accounted for as a reduction in accounts receivable. Accordingly, the Company treated the aggregate $1.8 million and $1.6 million of legal fee and other expense incurred under the BR Exar AR Facility as debt issuances cost, and $0 and $1.7 million of difference between the net proceeds received by the Company and total amount collected by BREL under the BR Exar AR Facility as original issue discount during the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), respectively. Amortizations of the debt issuance cost and original issue discount relating to the BR Exar AR Facility are included in interest expense, net in the consolidated and combined statements of operations.

Amended Factoring Agreement

On September 15, 2023, certain European subsidiaries of the Company entered into an amendment to a secured borrowing facility (the “Amended Factoring Agreement”) for a non-recourse factoring program pursuant to which an unrelated third party (the “Factor”) purchases certain approved and partially approved accounts receivables (as defined in the Amended Factoring Agreement) from certain subsidiaries of the Company (the “Relevant Entities”) up to a maximum amount of €15.0 million while assuming the risk of non-payment on the purchased accounts receivables up to the level of approval. The Relevant Entities have no continuing involvement in the transferred accounts receivable, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors of the relevant entities.

The Company accounts for the transactions under the Amended Factoring Agreement as a sale under ASC 860, Transfers and Servicing, and as an off-balance sheet arrangement. Net funds received from the transfers reflect the face value of the account less a fee, which is recorded as an increase to cash and a reduction to accounts receivable outstanding in the consolidated balance sheets. The Company reports the cash flows attributable to the sale of accounts receivables to the Factor and the cash receipts from collections made on behalf of and paid to the Factor under the Amended Factoring Agreement, on a net basis as trade accounts receivables in cash flows from operating activities in the Company’s consolidated statements of cash flows.

As of December 31, 2025, the Company’s outstanding factored accounts receivable totalled approximately $2.6 million pursuant to the Amended Factoring Agreement, representing the face value of the factored invoices. The Company recognizes factoring costs upon disbursement of funds. The Company incurred a loss on sale of accounts receivables including expenses pursuant to the Amended Factoring Agreement totalling approximately $0.3 million for the period August 1, 2025 to December 31, 2025 (Successor), which is presented in selling, general and administrative expenses on the consolidated statements of operations.

Predecessor Indebtedness (not outstanding following the Restructuring)

Predecessor’s July 2026 Notes

As of December 31, 2024, there was outstanding $24.0 million aggregate principal amount of 11.5% First-Priority Senior Secured Notes scheduled to mature July 15, 2026 (the “July 2026 Notes”) issued by Exela Intermediate LLC and Exela Finance Inc., wholly-owned subsidiaries of the Predecessor. The July 2026 Notes were guaranteed by nearly all U.S. subsidiaries of Exela Intermediate LLC. The July 2026 Notes bore interest at a rate of 11.5% per year. The Predecessor was required to pay interest on the July 2026 Notes on January 15 and July 15 of each year and commenced making such interest payments on July 15, 2022. Following the Restructuring, the July 2026 Notes were reclassified as liabilities subject to compromise and were discharged on July 29, 2025 by issuance of Common Stock of the Company to holders of claims relating to such notes in the Restructuring. Refer to Note 4, Fresh Start Accounting.

Predecessor’s April 2026 Notes

As of December 31, 2024, there was outstanding $1,231.1 million aggregate principal amount of 11.5% First-Priority Senior Secured Notes scheduled to mature April 15, 2026 (the “April 2026 Notes”) issued by Exela Intermediate LLC and Exela Finance Inc., wholly-owned subsidiaries of the Predecessor. The April 2026 Notes were guaranteed, by the same guarantors that guaranteed the July 2026 Notes (other than certain guarantors that had ceased to have operations or assets) and by certain of the Predecessor’s other affiliates. The April 2026 Notes bore interest at a rate of 11.5% per year. The Predecessor was required to pay interest on the April 2026 Notes on January 15 and July 15 of each year, and commenced making such interest payments on July 15, 2023. Interest historically was payable in cash or, subject to the terms of the governing indenture, in kind through the issuance of additional April 2026 Notes.

Following the Restructuring, the April 2026 Notes were reclassified as liabilities subject to compromise and were discharged on July 29, 2025, by issuance of Common Stock of the Company to holders of claims relating to such notes in the Restructuring. Refer to Note 4, Fresh Start Accounting.

Predecessor’s Senior Secured Term Loan

As of December 31, 2024, there was $38.5 million outstanding under a financing agreement among Exela Intermediate LLC and Exela Finance Inc., wholly-owned subsidiaries of the Predecessor, as borrowers and certain lenders and Blue Torch Finance LLC, as administrative agent, pursuant to which the lenders extended a term loan maturing January 14, 2026 (“Senior Secured Term Loan”). The Senior Secured Term Loan was, at the option of the Company, either a Reference Rate Loan, or a Secured Overnight Financing Rate (“SOFR”) Loan. Each portion of the Senior Secured Term Loan that was a Reference Rate Loan bore interest on the principal amount outstanding from the date of the Senior Secured Term Loan until repaid, at a rate per annum equal to the Reference Rate plus the Applicable Margin. “Reference Rate” for any period meant the greatest of (i) 4.00% per annum, (ii) the federal funds rate plus 0.50% per annum, (iii) the Adjusted Term SOFR (which rate was to be calculated based upon an interest period of 1

month and should be determined on a daily basis) plus 1.00% per annum, and (iv) the rate last quoted by the Wall Street Journal as the "Prime Rate" in the United States. “Applicable Margin,” with respect to the interest rate of (a) any Reference Rate Loan was 10.39% per annum, and (b) any SOFR Rate Loan was 11.39% per annum. SOFR Rate Loans bore interest on the principal amount outstanding, at a rate per annum equal to the Adjusted Term SOFR rate for the Interest Period in effect for the Term Loan plus Applicable Margin. “Adjusted Term SOFR” meant the rate per annum equal to Term SOFR for such calculation, plus 0.26161%. “Term SOFR,” for calculation with respect to a SOFR Rate Loan, was the per annum forward-looking term rate based on secured overnight financing rate for a tenor comparable to the applicable interest period on the day that was two business days prior to the first day of such interest period. However, with respect to a Reference Rate Loan, “Term SOFR” meant the per annum forward-looking term rate based on secured overnight financing rate for a tenor of three months on the day that was two business days prior to such day. Term SOFR was subject to a floor rate of 4.00%.

The Predecessor had an option to prepay the principal of the Senior Secured Term Loan, subject to the payment of accrued interest and applicable premiums. The outstanding principal amount on the Senior Secured Term Loan was repaid in full on July 29, 2025 along with accrued interest (including default interest) and the applicable premium.

Predecessor’s Securitization Facility

On June 17, 2022, the Predecessor entered into an amended and restated receivables purchase under an existing $150.0 million securitization facility (the “Securitization Facility”) among certain of the Company’s subsidiaries, Exela Receivables 3, LLC (the “Securitization Borrower”), Exela Receivables 3 Holdco, LLC (the “Securitization Parent SPE,” and together with the Securitization Borrower, the “SPEs”) and certain global financial institutions (the “Purchasers”). The amended agreement provided that the SPEs were permitted to sell certain accounts receivable to the Purchasers until June 17, 2025. Under the amended agreement, transfers of accounts receivable from the SPEs were treated as sales and were accounted for as a reduction in accounts receivable, because the agreement transferred effective control over and risk related to the accounts receivable to the Purchasers. The Predecessor and related subsidiaries had no continuing involvement in the transferred accounts receivable, other than collection and administrative responsibilities, and, once sold, the accounts receivable were no longer available to satisfy creditors of the Predecessor or its subsidiaries.

Accounts receivable were sold at face value, and the Predecessor de-recognized $509.0 million of accounts receivable under this agreement during the year ended December 31, 2024 (Predecessor). The amount remitted to the Purchasers during fiscal year 2024 was $508.2 million. Unsold accounts receivable of $26.2 million had been pledged by the SPEs as collateral to the Purchasers as of December 31, 2024 (Predecessor) and were included in accounts receivable, net in the combined and consolidated balance sheet as of December 31, 2024 (Predecessor). The program resulted in a pre-tax loss of $8.9 million for the year ended December 31, 2024 (Predecessor). The Predecessor de-recognized approximately $257.7 million of accounts receivable under this agreement during the period from Janaury 1, 2025 through July 31, 2025 (Predecessor). The amount remitted to the Purchasers during the period from Janaury 1, 2025 through July 31, 2025 (Predecessor) was approximately $254.3 million. The program resulted in a pre-tax loss of approximately $4.2 million for period from Janaury 1, 2025 through July 31, 2025 (Predecessor). The Securitization Facility was terminated on July 29, 2025.

The fair value of the sold accounts receivable approximated their book value due to their short-term nature. Sold accounts receivable are presented as a change in receivables within operating activities in the combined and consolidated statements of cash flows for the year ended December 31, 2024 (Predecessor) and for period from Janaury 1, 2025 through July 31, 2025 (Predecessor).

Predecessor’s Debtor-in-Possession Financing

On March 3, 2025, BPA filed the Chapter 11 Cases. In connection with the Chapter 11 Cases, Exela Finance, Inc. and Exela Intermediate LLC and the guarantors party thereto entered into a debtor-in-possession (“DIP”) financing agreement totaling $185.0 million. The DIP facility consisted of a total of $80.0 million in new money loans and $105.0 million in “rolled-up” prepetition notes. The DIP facility was critical for BPA’s operations during the Chapter 11 Cases.

As collateral, BPA granted security interests and liens to Ankura Trust Company, LLC, for the benefit of the lenders, with the liens being senior to the prepetition financing agreements, subject to certain limited exceptions.

The DIP Facility loans were due for repayment on the earliest of August 1, 2025, substantial consummation of the Plan, or other specified events. Interest accrued at 12.00% per annum for the new money loans and 11.50% per annum for the roll-up loans, with interest capitalized monthly on a paid-in-kind basis. As of the Emergence Date, total outstanding amount of debtor-in-possession obligations under DIP facility was $193.0 million including accrued interest and interest capitalized monthly on a paid-in-kind basis. Following the Restructuring, the Company issued $183.0 million of July 2030 Notes (as described above) in a cashless rollover of a comparable amount of debtor-in-possession obligations with the remaining $10.0 million of debtor-in-possession obligations being cancelled and replaced with $6.0 million of loans under the Super Senior Term Loan (as described above).

Long-Term Debt Outstanding

As of December 31, 2025 (Successor), and December 31, 2024 (Predecessor), the following debt instruments were outstanding:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Other (a)	$	14,921	$	11,324
Secured borrowings under BR Exar AR Facility (b)		1,257		7,030
Senior secured term loan (c)		—		36,936
July 2026 Notes (d)		—		23,200
April 2026 Notes (e)		—		1,331,953
Second Lien Note maturing September 30, 2026 (f)		15,775		24,509
2028 Term Loan Facilities maturing June 26, 2028 (g)		10,862		—
Revolving Credit Facility maturing in June 26, 2028		35,563		—
Super Senior Term Loan maturing July 28, 2028 (h)		45,957		—
ABL Facility maturing July 29, 2028		76,753		—
July 2030 Notes maturing July 15, 2030 (i)		186,513		—
Total debt		387,601		1,434,952
Less: Current portion of long-term debt		(34,334)		(1,433,484)
Long-term debt, net of current maturities (j)	$	353,267	$	1,468

(a)

(b)	Net of unamortized debt issuance cost of $0.2 million as of December 31, 2025; and net of unamortized net original issue discount of $0.7 million and less than $0.1 million of debt issuance cost as of December 31, 2024.

(c)	Net of unamortized debt issuance costs of $1.0 million and net of unamortized original issue discount of $0.6 million as of December 31, 2024.

(d)

(e)	Includes unamortized net debt exchange premium of $100.9 million as of December 31, 2024. Following the Restructuring, the April 2026 Notes were reclassified to liabilities subject to compromise and were discharged on

July 29, 2025 by issuance of Common Stock of the Company to holders of claims relating to such notes. Refer to Note 4, Fresh Start Accounting.

(f)	Net of unamortized debt issuance costs of $0 and $1.0 million as of December 31, 2025 and December 31, 2024, respectively.

(g)	Net of unamortized debt issuance costs of $0.6 million as of December 31, 2025.

(h)	Net of unamortized debt issuance costs of less than $0.1 million as of December 31, 2025.

(i)	Net of unamortized debt issuance costs of $0.5 million as of December 31, 2025 and net of $14.0 million of principal amount of July 2030 Notes internally held by a subsidiary of the Company as of December 31, 2025.

(j)	Outstanding amount of $1.5 million of long-term debt, net of current maturities as of December 31, 2024 (Predecessor), represents long term notes payable relating to acquisition of assets. This was not subject to default provisions based on filing for the bankruptcy or a cross-default provision.

As of December 31, 2025 (Successor), maturities of long-term debt are as follows:


	Maturity
2026	$	35,300
2027		3,933
2028		163,225
2029		—
2030		186,993
Thereafter		—
Total long-term debt		389,451
Less: Unamortized original issue discount and debt issuance cost		(1,850)
	$	387,601

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Liabilities and Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Accrued taxes (exclusive of income taxes)	$ 8,528		$ 7,020
Accrued lease exit obligations	420		108
Accrued professional and legal fees	2,964		3,418
Accrued expenses	30,625		20,124
Accrued legal reserve for pending litigation (including legal service fee)	2,787		9,940
Accrued transaction costs	514		2,777
Other accruals	1,263		1,511
Total accrued liabilities	$ 47,101	$ 41,366	$ 44,898

Fresh Start Accounting - Reorg Adj - Current maturities of long-term debt (Details) - USD ($) $ in Thousands		1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Jul. 29, 2025	Dec. 31, 2025	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Less: Current portion of long-term debt		$ 34,334	$ 34,334		$ 34,334	$ 1,433,484
BR Exar AR Facility
Reorganization, Chapter 11 [Line Items]
Less: Current portion of long-term debt		1,400	1,400		1,400	$ 7,800
July 2030 notes
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt		$ 3,500	$ 3,520		$ 18,000
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of liabilities subject to compromise				$ 1,178,002
Issuance of Common Stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)				(8)
Gain on settlement of DIP Facility				(4,000)
APIC generated on issuance of Successor common stock				(407,355)
Gain on reinstatement of current portion of debt				(770,639)
Less: Current portion of long-term debt				(217,344)
Reorganization Adjustments \| BR Exar AR Facility
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	$ 8,000			8,000
Debt issuance costs	1,400			(1,400)
Reorganization Adjustments \| Super Senior Term Loan
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	40,000			40,000
Amortization of Unamortized Balance of Debt Issuance Cost				1,056
Debt issuance costs	50			(50)
Repayment of debt	38,500
Gain on settlement of DIP Facility				(4,000)
Conversion of DIP Facility				(6,000)
Reorganization Adjustments \| Second Lien Note
Reorganization, Chapter 11 [Line Items]
Repayment of debt	$ 1,500			(1,500)
Reorganization Adjustments \| Senior Secured Term Loan
Reorganization, Chapter 11 [Line Items]
Repayment of debt				(38,500)
Reorganization Adjustments \| July 2030 notes
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt				200,988
Conversion of DIP Facility				$ (175,000)

Long-term Debt and Credit Facilities - Predecessor's July 2026 Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jul. 11, 2023	Dec. 09, 2021
Debt Instrument [Line Items]
Long-term debt, net of current maturities	$ 389,451
Fixed interest rate			11.50%	11.50%
July 2026 Notes
Debt Instrument [Line Items]
Long-term debt, net of current maturities		$ 24,000
Fixed interest rate		11.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Business Combination - Preliminary fair value of the assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	5 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Aug. 01, 2025	Jul. 31, 2025	Jul. 03, 2025	Dec. 31, 2024
Business Combination [Line Items]
Intangible assets, net				$ 38,360
Implied goodwill	$ 189,881	$ 189,881	$ 510,064	454,217		$ 39,718
Restatement Adjustment
Liabilities Assumed:
Pension liabilities	(3,800)
XBP Europe Holdings, Inc
Business Combination [Line Items]
Cash and cash equivalents	1,485
Accounts receivable	29,467
Inventory	4,292
Prepaid expenses and other current assets	8,998
Property, plant and equipment	14,156
Right-of-use assets	4,774
Deferred income tax assets	830
Related party long term notes receivable	19,864
Other noncurrent assets	944
Intangible assets, net	38,360
Implied goodwill	55,956
Total identifiable assets acquired	179,126
Liabilities Assumed:
Accounts payable	17,290
Related party payables	4,129
Accrued liabilities	28,685
Accrued compensation and benefits	23,056
Customer deposits	378
Deferred revenue	5,123			5,100
Operating lease liabilities	4,828
Long-term debts	49,014				$ 49,000
Related party notes payable	1,597
Deferred tax liabilities	3,525
Pension liabilities	7,338
Other long-term liabilities	1,835
Total liabilities assumed	146,798
Total Consideration	32,328			$ 32,300
XBP Europe Holdings, Inc \| As Previously Reported
Business Combination [Line Items]
Cash and cash equivalents	1,485
Accounts receivable	29,467
Inventory	4,292
Prepaid expenses and other current assets	6,824
Property, plant and equipment	14,156
Right-of-use assets	4,774
Deferred income tax assets	3,177
Related party long term notes receivable	19,864
Other noncurrent assets	944
Intangible assets, net	38,360
Implied goodwill	55,847
Total identifiable assets acquired	179,190
Liabilities Assumed:
Accounts payable	17,290
Related party payables	4,129
Accrued liabilities	24,946
Accrued compensation and benefits	23,056
Customer deposits	378
Deferred revenue	5,123
Operating lease liabilities	4,828
Long-term debts	49,014
Related party notes payable	1,597
Deferred tax liabilities	3,525
Pension liabilities	11,141
Other long-term liabilities	1,835
Total liabilities assumed	146,862
Total Consideration	32,328
XBP Europe Holdings, Inc \| Restatement Adjustment
Business Combination [Line Items]
Cash and cash equivalents	0
Accounts receivable	0
Inventory	0
Prepaid expenses and other current assets	2,174
Property, plant and equipment	0
Right-of-use assets	0
Deferred income tax assets	(2,347)
Related party long term notes receivable	0
Other noncurrent assets	0
Intangible assets, net	0
Implied goodwill	109
Total identifiable assets acquired	(64)
Liabilities Assumed:
Accounts payable	0
Related party payables	0
Accrued liabilities	3,739
Accrued compensation and benefits	0
Customer deposits	0
Deferred revenue	0
Operating lease liabilities	0
Long-term debts	0
Related party notes payable	0
Deferred tax liabilities	0
Pension liabilities	(3,803)
Other long-term liabilities	0
Total liabilities assumed	(64)
Total Consideration	0
Increase in accrued liabilities	700
Decrease in implied goodwill	3,100
Increase in accrued liabilities	3,000
Increase in implied goodwill	$ 3,200

Long-term Debt and Credit Facilities - Super senior term loan (Details) $ in Thousands	Jul. 29, 2025 USD ($) D	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Spread on variable rate	7.50%
Total maturities of long-term debt		$ 389,451
Interest rate election, scenario two \| SOFR
Debt Instrument [Line Items]
Floor rate	4.00%
Mandatory prepayment on non-permitted asset sale proceeds
Debt Instrument [Line Items]
Threshold non-permitted asset sales	$ 500
Super Senior Term Loan
Debt Instrument [Line Items]
Amount of new loan		$ 46,000
DIP Obligation, amount cancelled	$ 10,000
Incremental interest rate in event of default	2.00%
Threshold number of business days of notice of prepayment \| D	5
Indebtedness to consolidated EBITDA, ratio	1
Minimum liquidity requirement	$ 2,000
Minimum liquidity requirement upon occurrence of incremental facility	10,000
Super Senior Term Loan \| Maximum
Debt Instrument [Line Items]
Amount of new loan	$ 46,000
Super Senior Term Loan \| Interest rate election, scenario one
Debt Instrument [Line Items]
Spread on variable rate	10.70%
Spread on variable rate upon establishment of incremental facility	7.30%
Super Senior Term Loan \| Interest rate election, scenario one \| Base Rate of Bank of England \| Minimum
Debt Instrument [Line Items]
Reference rate	4.00%
Super Senior Term Loan \| Interest rate election, scenario one \| Federal funds effective rate
Debt Instrument [Line Items]
Adjustment on reference rate	0.50%
Super Senior Term Loan \| Interest rate election, scenario one \| SOFR
Debt Instrument [Line Items]
Adjustment on reference rate	1.00%
Super Senior Term Loan \| Interest rate election, scenario two
Debt Instrument [Line Items]
Spread on variable rate upon establishment of incremental facility	8.30%
Super Senior Term Loan \| Interest rate election, scenario two \| SOFR
Debt Instrument [Line Items]
Spread on variable rate	11.70%
Super Senior Term Loan \| Prepayment, prior to 1st anniversary
Debt Instrument [Line Items]
Prepayment premium percentage	2.00%
Super Senior Term Loan \| Prepayment, on or after 1st anniversary but prior to 2nd anniversary
Debt Instrument [Line Items]
Prepayment premium percentage	1.00%
Super Senior Term Loan \| Prepayment, on or after 2nd anniversary
Debt Instrument [Line Items]
Prepayment premium percentage	0.00%
Super Senior Term Loan \| Mandatory prepayment on excess cash flow
Debt Instrument [Line Items]
Mandatory prepayment percentage	25.00%
Threshold number of business days post delivery of financials \| D	10
Super Senior Term Loan \| Mandatory prepayment on non-permitted asset sale proceeds
Debt Instrument [Line Items]
Mandatory prepayment percentage	100.00%
Super Senior Term Loan \| Mandatory prepayment on proceeds from issuances
Debt Instrument [Line Items]
Mandatory prepayment percentage	100.00%
New-money term loans
Debt Instrument [Line Items]
Amount of new loan	$ 40,000
Term loans to DIP lenders
Debt Instrument [Line Items]
Amount of new loan	$ 6,000

Basis of Presentation and Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Basis Of Presentation And Significant Accounting Policies [Abstract]
Research and development costs	$ 0.1	$ 0.2	$ 0.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (351,123)	$ 1,454,658	$ (215,150)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Impairment of goodwill	$ 320,292		$ 320,292	$ 0	$ 320,300	$ 108,489
Applied Workflow Automation
Goodwill [Line Items]
Accumulated impairment losses			240,300		240,300	$ 309,300	$ 731,100
Impairment of goodwill	240,292	$ 215,800			24,500
Technology
Goodwill [Line Items]
Accumulated impairment losses			$ 80,000		$ 80,000
Impairment of goodwill	$ 80,000	$ 80,000

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Employee Benefit Plans - Additional Information (Details) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) employee subsidiary	Jul. 31, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Aggregate fair value of plan assets	$ 55,406	$ 55,406
Actuarial gains	1,700	$ 1,700
Amortization period for unrecognized gains and losses in excess of corridor		15 years
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Aggregate fair value of plan assets	55,406	$ 55,406	$ 52,382
Pension liability, net	6,241	6,241
Actuarial gains	(1,718)	$ (1,718)
Employer contributions	1,180
Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	500
Pension Plan \| U.K. Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Number of subsidiaries which provide pension benefits \| subsidiary		2
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date		3 years
Number of new employees registered under plan \| employee		0
Pension liability, net	3,400	$ 3,400
Pension Plan \| U.K. Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Period of historical performance achieved		15 years
Pension Plan \| U.K. Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Period of historical performance achieved		20 years
Pension Plan \| German Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date		10 years
Number of new employees registered under plan \| employee		0
Aggregate fair value of plan assets	0	$ 0
Pension liability, net	1,300	$ 1,300
Pension Plan \| German Pension Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Period of historical performance achieved		10 years
Pension Plan \| German Pension Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Period of historical performance achieved		20 years
Pension Plan \| Norway Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date		3 years
Number of new employees registered under plan \| employee		0
Pension liability, net	(500)	$ (500)
Pension Plan \| Asterion Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date		3 years
Number of new employees registered under plan \| employee		0
Pension liability, net	1,400	$ 1,400
Pension Plan \| Philippines pension plan
Defined Benefit Plan Disclosure [Line Items]
Amount recognized in minimum regulatory defined benefit obligations	$ 600	$ 600

Long-term Debt and Credit Facilities - Predecessor's Senior Secured Term Loan (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 29, 2025	Dec. 31, 2024	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt, net of current maturities			$ 389,451
Basis spread on variable interest (%)	7.50%
Senior Secured Term Loan
Debt Instrument [Line Items]
Long-term debt, net of current maturities		$ 38,500
Floor Rate		4.00%
Senior Secured Term Loan, Reference Rate Loan
Debt Instrument [Line Items]
Debt Instrument, Reference Rate		4.00%
Interest period of Adjusted Term SOFR		1 month
Margin Rate		10.39%
Number of days prior to first day of interest period		2 days
Term SOFR, interest period		3 months
Senior Secured Term Loan, Reference Rate Loan \| Federal fund rate
Debt Instrument [Line Items]
Basis spread on variable interest (%)		0.50%
Senior Secured Term Loan, Reference Rate Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable interest (%)		1.00%
SOFR
Debt Instrument [Line Items]
Margin Rate		11.39%
Number of days prior to first day of interest period		2 days
SOFR \| SOFR
Debt Instrument [Line Items]
Percentage of adjustments		0.26161%

Basis of Presentation and Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Basis Of Presentation And Significant Accounting Policies [Abstract]
Advertising costs	$ 0.2	$ 0.1	$ 0.1

Long-term Debt and Credit Facilities - Second Lien Note (Details) $ in Thousands			5 Months Ended	7 Months Ended	12 Months Ended
	Jul. 29, 2025	Feb. 27, 2023 USD ($)	Dec. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Spread on variable rate	7.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Loss on extinguishment of debt			$ 0	$ (121)	$ (363)
Long-term debt, net of current maturities			389,451
Second Lien Note
Debt Instrument [Line Items]
Repayments of debt			3,800	6,000	6,000
Loss on extinguishment of debt			0	$ 100	400
Debt issuance cost					400
Long-term debt, net of current maturities			$ 15,800		$ 25,500
Second Lien Note \| Defined Periods tested quarterly through December 31, 2025, and monthly from January 1, 2026, through June 30, 2026
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	0.85
Second Lien Note \| Defined Periods tested monthly from July 1, 2026, through the Maturity Date
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	1
Second Lien Note \| BPA
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 31,500
Spread on variable rate		7.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

22. Subsequent Events

BR Exar AR Facility Repayments

During the period January 1, 2026 through March 30, 2026, the Company fully repaid $1.4 million of outstanding principal amount under the BR Exar AR Facility. There was no amount outstanding under the BR Exar AR Facility as of March 30, 2026.

Amended BR Exar AR Facility

On January 21, 2026, certain of the Company’s subsidiaries entered into an Amended and Restated Receivables Purchase Agreement with BREL (as subsequently amended on February 10, 2026 and March 27, 2026 (the “Amended BR Exar AR Facility”)), pursuant to which they agreed to sell certain existing receivables and all of their future receivables to BREL until such time as BREL shall have collected $20.0 million, net of any costs, expenses or other amounts paid to or owing to the buyer under the agreement. The Company received $14.5 million in net cash consideration for sale of these receivables. The Company adjusted $5.0 million of outstanding loans owed to BREL under certain promissory note entered into in December 2025 against the remaining sale consideration to be received for the sale of these receivables. During the period January 1, 2026 through March 30, 2026, BREL collected $10.1 million

of outstanding principal amount under the Amended BR Exar AR Facility. There was $9.9 million outstanding under the Amended BR Exar AR Facility as of March 30, 2026.

Repayment on Second Lien Note

During the period January 1, 2026 through March 30, 2026, the Company repaid $3.3 million principal amount of the Second Lien Note. Accordingly, the outstanding principal amount under the Second Lien Note was $12.5 million, as of March 30, 2026.

Amendment to Super Senior Term Loan

On February 13, 2026, the Super Senior Term Loan Borrowers, each subsidiary of the Exela Technologies BPA, LLC, as guarantors, Ankura Trust Company, LLC, as administrative agent and collateral agent, and the Super Senior Term Loan Lenders entered into a second amendment to the Super Senior Term Loan and certain lenders from the Super Senior Term Loan Lenders (the “2026 Incremental Term Loan Lender”) agreed to extend credit to the Super Senior Term Loan Borrowers in the form of incremental term loans in an aggregate principal amount of $4.0 million for working capital and for general corporate purposes. As of March 30, 2026, there were borrowings of $50.0 million outstanding under the Super Senior Term Loan.

Amendment to ABL Facility

On March 6, 2026, the ABL Borrowers, the Agent and the ABL Lenders entered into a Limited Waiver and Third Amendment to the ABL Facility (the "Amended ABL Facility”). Among other things, the Amended ABL Facility (i) eliminates the covenant requiring the ABL Borrower to maintain a minimum excess availability of $7.5 million; (ii) implements a temporary availability block through June 30, 2026, which reduces borrowing capacity by the greater of $3.75 million or 5.0% of the borrowing base if the ABL Borrower’s fixed charge coverage ratio falls below 1.00 to 1.00; (iii) temporarily increases the advance rate for eligible investment grade billed accounts to 95.0% through September 30, 2026; (iv) adjusts the calculation of the borrowing base; (v) amends the mechanics governing the cash dominion period; and (vi) resets the deferred revolving loan origination fee.

Basis of Presentation and Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total Revenue, net	$ 359,381	$ 431,661	$ 872,690
Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	321,618	401,593	816,447
Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	37,763	30,068	56,243
U.S.A.
Disaggregation of Revenue [Line Items]
Total Revenue, net	291,694	421,055	847,176
U.S.A. \| Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	271,050	390,987	790,933
U.S.A. \| Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	20,644	30,068	56,243
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue, net	60,900	0	0
EMEA \| Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	43,781	0	0
EMEA \| Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	17,119	0	0
Other
Disaggregation of Revenue [Line Items]
Total Revenue, net	6,787	10,606	25,514
Other \| Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	6,787	10,606	25,514
Other \| Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Basis Of Presentation And Significant Accounting Policies [Abstract]
Foreign exchange (losses) gains, net	$ (0.8)	$ 0.7	$ 0.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of domestic and foreign components of loss before income tax provision


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
United States	$	(343,871)	$	1,491,457	$	(214,395)
Foreign		(2,241)		(924)		9,254
	$	(346,112)	$	1,490,533	$	(205,141)

Schedule of income tax provision


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
Federal
Current	$	511	$	(3,374)	$	3,693
Deferred		(764)		31,705		245
State
Current		21		392		1,035
Deferred		1,372		4,591		(62)
Foreign
Current		4,090		2,461		4,342
Deferred		(219)		100		756
Income Tax Expense	$	5,011	$	35,875	$	10,009

Schedule of reconciliation of the significant differences between the federal statutory income tax and the effective income tax on pretax loss

The differences between income taxes expected by applying the U.S. federal statutory tax rate of 21% and the amount of income taxes provided for period from August 1, 2025 through December 31, 2025 (Successor) and period from January 1, 2025 through July 31, 2025 (Predecessor) are as follows:


		Successor				Predecessor
		Consolidated				Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025				Period from January 1, 2025 through July 31, 2025
		Amount		Percent		Amount		Percent
U.S. Federal Statutory Tax Rate		$	(72,684)	21.0	%	$	313,013	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)			1,100	(0.3)			3,936	0.3
Foreign Tax Effects			1,664	(0.5)			2,051	0.1
Effect of Cross-Border Tax Laws			335	(0.1)			297	0.0
Tax Credits			(143)	0.0			(79)	(0.0)
Changes in Valuation Allowances			4,347	(1.3)			(256,058)	(17.1)
Nontaxable or Nondeductible Items:
Restructuring gain			—	—			(314,376)	(21.1)
Fresh start			—	—			278,575	18.7
Goodwill impairment			67,262	(19.4)			—	—
Other			755	(0.2)			8,061	0.5
Other Adjustments:
Uncertain tax positions			2,375	(0.7)			455	0.0
Effective Tax Rate		$	5,011	(1.5)	%	$	35,875	2.4	%

(1)

State taxes in California, Minnesota, New York, and New York City made up the majority (greater than 50%) of the tax effect in this category for the period from August 1, 2025 through December 31, 2025 (Successor), and state taxes in California, Illinois, Minnesota, and New York made up the majority (greater than 50%) of the tax effect in this category for the period from January 1, 2025 through July 31, 2025 (Predecessor).


		Predecessor
		Combined and Consolidated
		Year Ended December 31, 2024
Tax at statutory rate		$	(43,080)
Add (deduct)
State income taxes			(4,276)
Foreign income taxes			(77)
Nondeductible goodwill impairment			22,854
Permanent differences			1,878
Changes in valuation allowance			28,788
Unremitted earnings			734
GILTI Inclusion			282
Uncertain tax positions			2,499
Other			407
Income Tax Expense		$	10,009

Schedule of cash flow, supplemental disclosures


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025
Federal	$	63	$	25
Texas		—		365
State Other		74		613
India		1,422		1,764
Netherlands		219		—
Germany		991		—
Foreign Other		180		130
	$	2,949	$	2,897

Schedule of components of our deferred taxes liabilities and assets


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,
		2025		2024
Deferred income tax liabilities:
Book over tax basis of intangible assets and fixed assets		$	(75,921)	$	(25,247)
Unremitted foreign earnings			(10,967)		(10,341)
Operating lease and finance lease right-of-use assets			(5,441)		(6,349)
Other, net			(2,793)		(1,607)
Total deferred income tax liabilities		$	(95,122)	$	(43,544)

Deferred income tax assets:
Allowance for credit losses and receivable adjustments		$	1,947	$	1,722
Inventory			319		3,064
Accrued liabilities			10,135		15,391
Net operating loss and tax credit carryforwards			51,490		15,495
Tax deductible goodwill			—		1,665
Disallowed interest deduction			125,167		267,032
Operating lease and finance lease liabilities			5,896		6,512
Sec 174 Costs			—		1,991
Debt and credit facilities			—		130,062
Other, net			4,499		3,737
Total deferred income tax assets		$	199,453	$	446,671

Valuation allowance			(156,926)		(416,245)
Total net deferred income tax liabilities		$	(52,595)	$	(13,118)

Schedule of NOL carryforwards expire


					State and Local
		Federal NOL			NOL			Foreign NOL
2026–2030		$	—		$	31,874		$	395
2031–2035			—			59,546			—
2036–2044			—			152,284			—
Indefinite			5,071			79,854			33,922
		$	5,071		$	323,558		$	34,317

Schedule of total amounts of unrecognized tax benefits


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
Unrecognized tax benefits—opening balance		$	3,225	$	3,541	$	2,221
Gross increases—tax positions in prior period			8		—		1,531
Gross decreases—tax positions in prior period			(203)		—		—
Gross increases—tax positions in current period			1,336		134		(32)
Settlement			—		(296)		—
Lapse of statute of limitations			(34)		(154)		(179)
Unrecognized tax benefits—closing balance		$	4,332	$	3,225	$	3,541

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Prepaids	$	25,786	$	21,422
Deposits		2,913		936
	$	28,699	$	22,358

Leases - Supplemental consolidated balance sheet information related to leases (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted-average remaining lease term - Operating leases	3 years 4 months 24 days		3 years 7 months 6 days
Weighted-average remaining lease term - Finance leases	3 years 3 months 18 days		2 years 4 months 24 days
Weighted-average discount rate - Operating leases	16.90%		16.80%
Weighted-average discount rate - Finance leases	20.20%		18.40%
Maximum interest on financing lease liabilities	$ 1.0	$ 1.3	$ 1.8
Amortization expense on finance lease ROU assets	$ 3.1	$ 2.5	$ 4.7

Long-term Debt and Credit Facilities - BR Exar AR Facility (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Current portion of long-term debt	$ 34,334		$ 1,433,484
BR Exar AR Facility
Debt Instrument [Line Items]
Amount received	15,200	$ 22,100
Legal fee and other expense	1,800	1,600
Agreed to sell receivables upon collection of minimum amount	17,000	25,500
Repayments of debt	23,000	25,800
Current portion of long-term debt	1,400		$ 7,800
Original issue discount	$ 0	$ 1,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company provides for income taxes using an asset and liability approach, under which deferred income taxes are provided for based upon enacted tax laws and rates applicable to periods in which the taxes become payable.

For financial reporting purposes, income/ (loss) before income taxes includes the following components:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
United States	$	(343,871)	$	1,491,457	$	(214,395)
Foreign		(2,241)		(924)		9,254
	$	(346,112)	$	1,490,533	$	(205,141)

The provision for federal, state, and foreign income taxes consists of the following:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
Federal
Current	$	511	$	(3,374)	$	3,693
Deferred		(764)		31,705		245
State
Current		21		392		1,035
Deferred		1,372		4,591		(62)
Foreign
Current		4,090		2,461		4,342
Deferred		(219)		100		756
Income Tax Expense	$	5,011	$	35,875	$	10,009


		Successor				Predecessor
		Consolidated				Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025				Period from January 1, 2025 through July 31, 2025
		Amount		Percent		Amount		Percent
U.S. Federal Statutory Tax Rate		$	(72,684)	21.0	%	$	313,013	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)			1,100	(0.3)			3,936	0.3
Foreign Tax Effects			1,664	(0.5)			2,051	0.1
Effect of Cross-Border Tax Laws			335	(0.1)			297	0.0
Tax Credits			(143)	0.0			(79)	(0.0)
Changes in Valuation Allowances			4,347	(1.3)			(256,058)	(17.1)
Nontaxable or Nondeductible Items:
Restructuring gain			—	—			(314,376)	(21.1)
Fresh start			—	—			278,575	18.7
Goodwill impairment			67,262	(19.4)			—	—
Other			755	(0.2)			8,061	0.5
Other Adjustments:
Uncertain tax positions			2,375	(0.7)			455	0.0
Effective Tax Rate		$	5,011	(1.5)	%	$	35,875	2.4	%

(1)

Cash payments of U.S. federal, state and foreign income taxes, net of refunds, were as follows:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025
Federal	$	63	$	25
Texas		—		365
State Other		74		613
India		1,422		1,764
Netherlands		219		—
Germany		991		—
Foreign Other		180		130
	$	2,949	$	2,897

The differences between income taxes expected by applying the U.S. federal statutory tax rate of 21% and the amount of income taxes provided for the year ended December 31, 2024 (Predecessor), before the adoption of ASU 2023-09 and as previously disclosed, are as follows:


		Predecessor
		Combined and Consolidated
		Year Ended December 31, 2024
Tax at statutory rate		$	(43,080)
Add (deduct)
State income taxes			(4,276)
Foreign income taxes			(77)
Nondeductible goodwill impairment			22,854
Permanent differences			1,878
Changes in valuation allowance			28,788
Unremitted earnings			734
GILTI Inclusion			282
Uncertain tax positions			2,499
Other			407
Income Tax Expense		$	10,009

The components of deferred income tax liabilities and assets are as follows:


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,
		2025		2024
Deferred income tax liabilities:
Book over tax basis of intangible assets and fixed assets		$	(75,921)	$	(25,247)
Unremitted foreign earnings			(10,967)		(10,341)
Operating lease and finance lease right-of-use assets			(5,441)		(6,349)
Other, net			(2,793)		(1,607)
Total deferred income tax liabilities		$	(95,122)	$	(43,544)

Deferred income tax assets:
Allowance for credit losses and receivable adjustments		$	1,947	$	1,722
Inventory			319		3,064
Accrued liabilities			10,135		15,391
Net operating loss and tax credit carryforwards			51,490		15,495
Tax deductible goodwill			—		1,665
Disallowed interest deduction			125,167		267,032
Operating lease and finance lease liabilities			5,896		6,512
Sec 174 Costs			—		1,991
Debt and credit facilities			—		130,062
Other, net			4,499		3,737
Total deferred income tax assets		$	199,453	$	446,671

Valuation allowance			(156,926)		(416,245)
Total net deferred income tax liabilities		$	(52,595)	$	(13,118)

Gross deferred tax assets are reduced by valuation allowances to the extent the Company determines it is not more-likely-than-not the deferred tax assets are expected to be realized. At December 31, 2025 (Successor), the Company recognized $156.9 million of valuation allowances against gross deferred tax assets primarily related to disallowed interest deduction and state and foreign net operating losses. Of this amount, approximately $1.7 million of the total valuation allowance relates to state limitations on the utilization of net operating loss carryforwards due to numerous changes in ownership. Approximately $92.7 million and $13.2 million of the total valuation allowance relates to U.S. federal and state disallowed interest deduction pursuant to the TCJA. The remaining $49.3 million of the valuation allowance relates to non-limited U.S. and foreign net operating losses that are not expected to be realizable.

The net change during the year from December 31, 2024 (Predecessor) in the total valuation allowance was a decrease of $259.3 million primarily driven by fresh start accounting adjustments, including the recognition of deferred tax liabilities associated with revalued assets, which provided a source of taxable income supporting the realizability of certain deferred tax assets. In addition, the decrease reflects the reduction in deferred tax assets related to debt instruments and interest limitation carryforwards under Section 163(j) and the reduction of the corresponding valuation allowances. These decreases were partially offset by valuation allowances recorded on deferred tax assets primarily related to net operating losses generated during the current period and as a result of purchase accounting adjustments. The company has recorded a valuation allowance against these deferred tax assets as of December 31, 2025 (Successor) as it has determined that it is not more likely than not that such deferred tax assets will be realized.

The Company has not performed a detailed analysis under Section 382 of the Internal Revenue Code (the “Code”) with respect to the tax attributes recorded as part of the purchase accounting, therefore, limitations on utilization, if any, have not been determined.

Included in deferred tax assets are federal, foreign and state net operating loss carryforwards, and state tax credit carryforwards due to expire beginning in 2026 through 2044. As of December 31, 2025 (Successor), the Company has state income tax net operating loss (NOL) carryforwards of $323.6 million, which will expire at various dates from 2026 through 2044, and $5.1 million of federal NOLs and $79.9 million of state NOLs that carry forward indefinitely. Such NOL carryforwards expire as follows:


					State and Local
		Federal NOL			NOL			Foreign NOL
2026–2030		$	—		$	31,874		$	395
2031–2035			—			59,546			—
2036–2044			—			152,284			—
Indefinite			5,071			79,854			33,922
		$	5,071		$	323,558		$	34,317

As of December 31, 2025 (Successor), the Company has foreign net operating loss carryforwards of $34.3 million, $0.2 million of which were generated in Poland and Serbia, $0.2 million were generated in Finland and all of which will expire in 2026 and 2028, respectively. The remainder of the foreign net operating losses will be carried forward indefinitely.

The Company accounts for uncertain tax positions in the Company's financial statements and utilizes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on tax returns. The total amount of unrecognized tax benefits, exclusive of interest and penalties, is $4.3 million, and $3.5 million at December 31, 2025 (Successor) and 2024 (Predecessor), respectively. Included in the balance of unrecognized tax benefits as of December 31, 2025 (Successor) and 2024 (Predecessor) are $4.3 million and $3.5 million, respectively, of tax benefits that, if recognized, would benefit the effective tax rate. Total accrued interest and penalties recorded on the consolidated balance sheet was $6.2 million and $4.7 million at December 31, 2025 (Successor) and 2024 (Predecessor), respectively. The total amount of interest and penalties recognized in the consolidated statement of operations for the years ended December 31, 2025 (Successor) and 2024 (Predecessor) was $0.8 million and $0.8 million, respectively.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits:


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025		Period from January 1, 2025 through July 31, 2025		Year Ended December 31, 2024
Unrecognized tax benefits—opening balance		$	3,225	$	3,541	$	2,221
Gross increases—tax positions in prior period			8		—		1,531
Gross decreases—tax positions in prior period			(203)		—		—
Gross increases—tax positions in current period			1,336		134		(32)
Settlement			—		(296)		—
Lapse of statute of limitations			(34)		(154)		(179)
Unrecognized tax benefits—closing balance		$	4,332	$	3,225	$	3,541

The Company files income tax returns in the U.S. and various state and foreign jurisdictions. The statute of limitations for U.S. purposes is open for tax years ending on or after December 31, 2020. State jurisdictions that remain subject to examination are not considered significant. The Company has significant foreign operations in India and EMEA. The Company may be subject to examination by the India tax authorities for tax periods ending on or after March 31, 2020. In addition, the company is open for examination by German tax authorities for tax periods ending on or after December 31, 2018.

At December 31, 2025 (Successor), the Company maintains its prior indefinite reinvestment assertion on undistributed earnings related to certain foreign subsidiaries. Accordingly, no deferred taxes have been provided for

withholding taxes or other taxes that would result upon repatriation of approximately $151.0 million of undistributed earnings from these foreign subsidiaries as those earnings continue to be permanently reinvested. However, the Company does not indefinitely reinvest earnings in Canada, India, Mexico and Philippines. The Company recorded $10.4 million and $9.8 million of foreign withholding taxes on the undistributed earnings of these jurisdictions at December 31, 2025 (Successor) and 2024 (Predecessor), respectively. The Company recorded $0.3 million, $0.3 million and $0.7 million of deferred tax expenses in the consolidated and combined statement of operations for period from August 1, 2025 through December 31, 2025 (Successor) and period from January 1, 2025 through July 31, 2025 (Predecessor) and the year ended December 31, 2024 (Predecessor), respectively. The foreign withholding taxes deferred expense recorded in the current year is attributable to the current year undistributed earnings.

The Company is continuing to refine the calculation of the Transaction Tax Liabilities. However, the full set of required data to complete the analysis will not be available until 2025 federal income tax return for ETI is filed, which is expected to occur in the next few weeks. The draft analysis reflects tax liabilities below the initial $15 million funding obligation.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Consolidated and Combined Statements of Operations - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Revenue	$ 359,381	$ 431,661	$ 872,690
Selling, general and administrative expenses (exclusive of depreciation and amortization)	49,669	53,946	124,440
Depreciation and amortization	26,225	22,313	50,307
Impairment of goodwill	320,292	0	108,489
Related party expense, net		1,400
Operating profit (loss)	(321,582)	9,671	(105,441)
Other expense (income), net:
Interest expense, net	24,237	75,226	101,939
Debt modification and extinguishment loss (gain), net	0	121	363
Sundry expense (income), net	274	1,644	(2,087)
Other income, net	(1,596)	(28)	(515)
Loss before reorganization items and income taxes	(344,497)	(67,292)	(205,141)
Reorganization items	1,615	(1,557,825)
Income / (loss) before income taxes	(346,112)	1,490,533	(205,141)
Income tax expense	5,011	35,875	10,009
Net profit (loss)	$ (351,123)	$ 1,454,658	(215,150)
Net loss per common share
Basic (in dollars per share)	$ (29.88)
Diluted (in dollars per share)	$ (29.88)
Financial Designation, Predecessor and Successor [Fixed List]	Successor	Predecessor
Related Party
Revenue	$ 560	$ 2,474	5,581
Related party expense, net	5,386	5,750	10,971
Non-related party
Revenue	358,821	429,187	867,109
Cost of revenue (exclusive of depreciation and amortization)	$ 279,391	$ 339,981	$ 683,924

Stock-Based Compensation - Compensation expense (Details) - Restricted Stock Units $ in Millions	5 Months Ended
	Dec. 31, 2025 USD ($)
Stock-Based Compensation
Total unrecognized compensation expense	$ 1.4
Stock-based compensation expense	$ 0.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity and Warrants - Public Warrants and Private Placement and Forward Purchase Warrants (Details)	12 Months Ended
	Dec. 31, 2025 D $ / shares shares	Jul. 29, 2025 $ / shares shares
Stockholders' Equity and Warrants
Number of Warrants	13,267,398
Warrants to purchase number of shares (in shares)	1,326,740	663,242
Public Warrants
Stockholders' Equity and Warrants
Number of Warrants	6,249,980
Warrants to purchase number of shares (in shares)	624,998
Number of every ten share exercised	0.1
Exercise price of warrants \| $ / shares	$ 115
Fractional shares issued upon exercise of warrants (in shares)	0
Warrants redemption, stock price trigger \| $ / shares	$ 180
Warrants redemption price per warrant \| $ / shares	$ 0.01
Warrants redemption, minimum number of days of notice to be given to warrant holders \| D	30
Warrants redemption, threshold trading days \| D	20
Warrants redemption, threshold consecutive trading days \| D	30
Warrants redemption, threshold trading days available before notice is sent to warrant holders \| D	3
ETI Warrants
Stockholders' Equity and Warrants
Number of Warrants	6,632,418
Warrants to purchase number of shares (in shares)	663,242	663,242
Exercise price of warrants \| $ / shares	$ 49.8	$ 49.8
Fractional shares issued upon exercise of warrants (in shares)		0

Subsequent Events - BR Exar AR Facility Amendment and Repayments (Details) - USD ($) $ in Thousands		3 Months Ended	5 Months Ended	7 Months Ended
	Jan. 21, 2026	Mar. 31, 2026	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Amount outstanding			$ 387,601		$ 1,434,952
BR Exar AR Facility
Subsequent Event [Line Items]
Agreed to sell receivables upon collection of minimum amount			17,000	$ 25,500
Amount outstanding			$ 1,257		$ 7,030
Subsequent Events \| BR Exar AR Facility
Subsequent Event [Line Items]
Agreed to sell receivables upon collection of minimum amount	$ 20,000
Proceeds from the sale of receivables	14,500
Adjusted outstanding other loans	$ 5,000	$ 9,900
Repayments of debt		10,100
Subsequent Events \| BR Exar AR Facility \| Seventh amendment to receivables purchase agreement
Subsequent Event [Line Items]
Repayments of debt		1,400
Amount outstanding		$ 0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Fresh Start Accounting - Reorganization Value - Narratives (Details) $ in Thousands	Jul. 31, 2025 USD ($)
Reorganization, Chapter 11 [Line Items]
Enterprise value	$ 732,730
Minimum
Reorganization, Chapter 11 [Line Items]
Enterprise value	682,000
Maximum
Reorganization, Chapter 11 [Line Items]
Enterprise value	800,000
Mid-point
Reorganization, Chapter 11 [Line Items]
Enterprise value	$ 741,000

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaids	$ 25,786		$ 21,422
Deposits	2,913		936
Total prepaid expenses and other current assets	$ 28,699	$ 26,751	$ 22,358

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net Income (Loss)		$ (351,123)	$ 1,454,658		$ (215,150)
Adjustments to reconcile net profit (loss) to cash provided by (used in) operating activities
Depreciation and amortization		26,225	22,313		50,307
Original issue discount, debt premium and debt issuance cost amortization		3,336	(14,595)		(65,910)
Reorganization items		(167)	(1,626,790)		0
Interest on BR Exar AR Facility		0	(2,399)		(5,226)
Debt modification and extinguishment loss (gain), net		0	121		363
Impairment of goodwill		320,292	0	$ 320,300	108,489
Provision for credit losses		2,007	(278)		18,094
Deferred income tax provision		389	36,396		939
Equity-based compensation expense		886	204		1,599
Unrealized foreign currency (gain) loss		849	(659)		(364)
Loss (gain) on sale of assets		2,395	1,967		(96)
Fair value adjustment for private warrants liability		6	0		0
Paid-in-kind interest		0	28,848		86,688
Change in operating assets and liabilities, net of effect from acquisitions
Accounts receivable		12,053	(93,713)		6,076
Prepaid expenses and other current assets		5,975	(2,203)		2,397
Accounts payable and accrued liabilities		(8,850)	30,172		33,097
Related party receivables (payables)		4,002	6,134		2,354
Additions to outsourced contract costs		(43)	(118)		(390)
Net cash provided by (used in) operating activities		18,232	(159,942)		23,267
Cash flows from investing activities
Net cash received from acquisition (Refer Note 5)		0	1,485		0
Purchase of property, plant and equipment		(5,802)	(3,081)		(6,294)
Additions to internally developed software		(1,451)	(1,067)		(3,160)
Proceeds from sale of assets		917	(27)		2,966
Net cash used in investing activities		(6,336)	(2,690)		(6,488)
Cash flows from financing activities
Cash paid for debt issuance costs		(1,770)	(3,719)		(533)
Principal payments on finance lease obligations		(1,670)	(3,360)		(6,573)
Borrowings from other loans		10,951	3,785		14,751
Proceeds from Super Senior Term Loan		0	40,000		0
Repayment of Second Lien Note		(3,750)	(5,975)		(6,000)
Proceeds from DIP New Money Loans		0	80,000		0
Principal repayments on senior secured term loans and other loans		(6,247)	(42,748)		(11,488)
Net cash provided by (used in) financing activities		13,109	145,264		(2,756)
Effect of exchange rates on cash, restricted cash and cash equivalents		(234)	(2,804)		(3,451)
Net increase (decrease) in cash, restricted cash and cash equivalents		24,771	(20,172)		10,572
Cash, restricted cash and cash equivalents
Beginning of period		43,895	64,067	64,067	53,495
End of period	$ 68,666	68,666	43,895	68,666	64,067
Supplemental cash flow data:
Income tax payments, net of refunds received		2,949	2,897		3,590
Interest paid		7,652	10,077		74,820
Cash paid for reorganization items		1,782	68,965		0
Noncash investing and financing activities:
Assets acquired through right-of-use arrangements		3,373	11,444		22,768
Waiver and consent fee payable added to outstanding balance of Senior Secured Term Loan		0	0		1,000
Promissory note issued for assets acquisition		0	0		2,371
Common stock issued for the Business Combination		0	32,328		0
Common stock issued to settle liabilities subject to compromise		0	407,363		0
Issuance of July 2030 Notes for settlement of the DIP Facility		0	175,000		0
Conversion of DIP Facility into Super Senior Term Loan		0	6,000		0
Accrued capital expenditures		$ 105	$ 180		1,310
Financial Designation, Predecessor and Successor [Fixed List]		Successor	Predecessor
BR Exar AR Facility
Cash flows from financing activities
Proceeds from Facility		$ 17,000	$ 23,775		59,349
Repayments of Facility		(23,025)	(23,397)		(52,262)
July 2030 notes
Cash flows from financing activities
Proceeds from Issuance of July 2030 Notes	$ 3,500	3,520		$ 18,000
Revolving Credit Facility
Cash flows from financing activities
Proceeds from Facility		0	18,000		0
ABL Facility
Cash flows from financing activities
Proceeds from Facility		46,900	58,903		0
Repayments of Facility		$ (28,800)	$ 0		$ 0

Fresh Start Accounting - Reorg Adj - Reinstatement of various liabilities from liabilities subject to compromise (Details) - Reorganization Adjustments $ in Thousands	7 Months Ended
	Jul. 31, 2025 USD ($)
Reorganization, Chapter 11 [Line Items]
Customer Deposits	$ 17,696
Related Party Payable	1,311
Current portion of finance lease liabilities	$ 290

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net [Abstract]

Schedule of property, plant and equipment, net


		Successor		Predecessor
		Consolidated		Combined and Consolidated
	Estimated Useful Lives	December 31,		December 31,
	(in Years)	2025		2024
Land	N/A	$	8,515	$	6,288
Buildings and improvements	7 – 40		13,663		12,203
Leasehold improvements	Shorter of life of improvement or lease term		15,712		36,328
Vehicles	5 – 7		335		558
Machinery and equipment	5 – 15		18,134		32,300
Computer equipment and software	3 – 8		16,678		77,719
Furniture and fixtures	5 – 15		3,173		5,777
Finance lease right-of-use assets	Shorter of life of the asset or lease term		17,840		67,879
			94,050		239,052
Less: Accumulated depreciation and amortization			(11,094)		(193,946)
Property, plant and equipment, net		$	82,956	$	45,106

Accrued Liabilities and Other Long-Term Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of accrued liabilities


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Accrued taxes (exclusive of income taxes)	$	8,528	$	7,020
Accrued lease exit obligations		420		108
Accrued professional and legal fees		2,964		3,418
Accrued expenses		30,625		20,124
Accrued legal reserve for pending litigation (including legal service fee)		2,787		9,940
Accrued transaction costs		514		2,777
Other accruals		1,263		1,511
	$	47,101	$	44,898

Schedule of other long-term liabilities


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Deferred revenue	$	311	$	357
Accrued lease exit obligations		208		373
Accrued compensation expense		366		476
Private warrants liability		3		—
Customer deposits under long term contracts		2,311		763
BPA's general unsecured claims		6,847		—
BPA's Priority Tax Claims (1)		29,518		—
Other		1,107		834
	$	40,671	$	2,803

(1)

Consists of BPA’s pre-petition governmental tax obligations accorded priority status under the Plan per U.S. Bankruptcy Code. These claims are non-dischargeable and will be paid in full, with statutory interest, over a maximum five-year period from the Petition Date pursuant to the Plan.

Fresh Start Accounting - Reorg Adj - Long-Term Debt, Net Of Current Maturities (Details) - USD ($) $ in Thousands		1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Jul. 29, 2025	Dec. 31, 2025	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Long-term debt, net of current maturities		$ 353,267	$ 353,267	$ 307,056	$ 353,267	$ 1,468
July 2030 notes
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt		$ 3,500	$ 3,520		$ 18,000
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Long-term debt, net of current maturities				305,591
Reorganization Adjustments \| ABL Facility
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	$ 58,653			58,653
Debt issuance costs	2,269
Reorganization Adjustments \| Super Senior Term Loan
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt	40,000			40,000
Conversion of DIP Facility				6,000
Debt issuance costs	$ 50			(50)
Reorganization Adjustments \| July 2030 notes
Reorganization, Chapter 11 [Line Items]
Cash proceeds from debt				200,988
Conversion of DIP Facility				$ 175,000

Fair Value Measurement - Schedule of Beginning And Ending Balances of Net Assets And Liabilities (Details) $ in Thousands	5 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 9
Reduction in the fair value of the Private Warrants liability	$ (6)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Balance at end of period	$ 3

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of segment information


		Successor							Predecessor
		Consolidated							Combined and Consolidated
		Period from August 1, 2025 through December 31, 2025							Period from January 1, 2025 through July 31, 2025
		Applied Workflow Automation		Technology			Total		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	321,618	$	37,763		$	359,381	$	401,593	$	30,068		$	431,661
Cost of revenue (exclusive of depreciation and amortization)			264,474		14,917			279,391		329,433		10,548			339,981
Segment profit			57,144		22,846			79,990		72,160		19,520			91,680
Selling, general and administrative expenses (exclusive of depreciation and amortization)								49,669							53,946
Depreciation and amortization								26,225							22,313
Impairment of goodwill								320,292							—
Related party expense								5,386							5,750
Interest expense, net								24,237							75,226
Sundry expense, net								274							1,644
Other income, net								(1,596)							(28)
Loss before reorganization items and income taxes								(344,497)							(67,292)
Reorganization items								1,615							(1,557,825)
Net profit (loss) before income taxes							$	(346,112)						$	1,490,533


		Predecessor
		Combined and Consolidated
		Year ended December 31, 2024
		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	816,447	$	56,243		$	872,690
Cost of revenue (exclusive of depreciation and amortization)			665,401		18,523			683,924
Segment profit			151,046		37,720			188,766
Selling, general and administrative expenses (exclusive of depreciation and amortization)								124,440
Depreciation and amortization								50,307
Impairment of goodwill and other intangible assets								108,489
Related party expense								10,971
Interest expense, net								101,939
Debt modification and extinguishment costs (gain), net								363
Sundry income, net								(2,087)
Other income, net								(515)
Loss before reorganization items and income taxes								(205,141)
Reorganization items								—
Net loss before income taxes							$	(205,141)

Long-term Debt and Credit Facilities - Predecessor's April 2026 Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Jul. 11, 2023	Dec. 09, 2021
Debt Instrument [Line Items]
Long-term debt, net of current maturities	$ 389,451
Fixed interest rate			11.50%	11.50%
April 2026 Notes
Debt Instrument [Line Items]
Long-term debt, net of current maturities		$ 1,231,100
Fixed interest rate		11.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Commitments and Contingencies - Contract Claim (Details) - Termination of renewal of licensing agreement $ in Millions					12 Months Ended
	Jan. 03, 2025 USD ($)	Feb. 29, 2024 USD ($)	Feb. 29, 2024 USD ($)	Feb. 27, 2024 USD ($)	Dec. 31, 2024 USD ($) installment
Commitments and Contingencies
Damages awarded to other party		$ 0.7	$ 4.7	$ 2.5
Amount agreed to pay					$ 5.1
Number of equal installments \| installment					3
Loss contingency accrued					$ 5.1
Settlement amount paid	$ 1.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Related-Party Transactions - Transaction Details (Details)								5 Months Ended	7 Months Ended	12 Months Ended
	Oct. 27, 2025 USD ($)	Jul. 31, 2025 USD ($) agreement	Feb. 05, 2025 USD ($)	Sep. 15, 2023 agreement	Sep. 04, 2023 agreement	Sep. 01, 2023 USD ($)	Jan. 01, 2015 agreement	Dec. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Related party expense, net									$ 1,400,000
Total Revenue, net								$ 359,381,000	431,661,000		$ 872,690,000
Total maturities of long-term debt								389,451,000		$ 389,451,000
Related party receivables and prepaid expenses		$ 3,938,000						736,000	3,938,000	$ 736,000	12,105,000
Shared Services \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Related party expense, net											3,800,000
Service Fee \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Total Revenue, net									800,000		1,500,000
Operating lease arrangements \| HGM \| Maximum
Related Party Transaction [Line Items]
Rental income from leases	$ 100,000
Operating lease arrangements \| HOV RE, LLC and HOV Services Limited
Related Party Transaction [Line Items]
Related party expense, net								100,000
Operating lease arrangements \| HOV Services Limited
Related Party Transaction [Line Items]
Related party expense, net									100,000		200,000
Data Capture and Technology Services \| HOV Services Limited
Related Party Transaction [Line Items]
Related party expense, net								400,000	800,000		2,700,000
Master service agreements
Related Party Transaction [Line Items]
Percentage of third-party sales							75.00%
Related party expense, net								2,400,000
Master service agreements \| HGM
Related Party Transaction [Line Items]
Number of master agreements \| agreement							10
Percentage of third-party sales							25.00%
Related party expense, net									4,500,000		7,500,000
Total Revenue, net								0	0		0
Master service agreements \| Aideo Technology, LLC
Related Party Transaction [Line Items]
Total Revenue, net								500,000	100,000		100,000
Reimbursement received											100,000
Service Agreements \| HOV Services Limited
Related Party Transaction [Line Items]
Related party expense, net								2,000
Service Agreements \| Nventr, LLC
Related Party Transaction [Line Items]
Related party expense, net			$ 400,000
Operating costs capitalized								100,000
Senior Secured Notes Due April 2026 \| ETI (Exela Technologies, Inc.)
Related Party Transaction [Line Items]
Total maturities of long-term debt											368,800,000
Interest expense, debt									13,700,000		16,700,000
Recharges Reimbursement \| ETI (Exela Technologies, Inc.)
Related Party Transaction [Line Items]
Related party expense, net									1,200,000		8,200,000
Purchase of Products and Services \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Cost of Revenue									400,000		400,000
Sales \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Total Revenue, net									0		100,000
Notes Receivable \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Number of intercompany loan agreements entered \| agreement		4		1	3
Annual term										10 years
Annual Interest										6.00%
Related party receivables and prepaid expenses											1,500,000
Notes Receivable \| XBP Europe Holdings, Inc \| Other nonoperating income (expense)
Related Party Transaction [Line Items]
Related party interest income											900,000
Notes Receivable \| XBP Europe Holdings, Inc \| Non operating income (expense)
Related Party Transaction [Line Items]
Related party interest income									100,000		100,000
Related Party
Related Party Transaction [Line Items]
Related party expense, net								5,386,000	5,750,000		10,971,000
Total Revenue, net								560,000	2,474,000		5,581,000
Affiliates
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses								736,000		$ 736,000	12,105,000
Affiliates \| HGM
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses								0		0	831,000
Affiliates \| HOV Services Limited
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses								0		0	0
Affiliates \| Aideo Technology, LLC
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses								736,000		736,000	261,000
Affiliates \| Nventr, LLC
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses								0		0	0
Affiliates \| Doctors of Waikiki LLP
Related Party Transaction [Line Items]
Related party transactions, invoice per month						$ 2,000
Revenues									$ 0		100,000
Related party receivables and prepaid expenses								0		0	0
Affiliates \| Doctors of Waikiki LLP \| For accounts assigned within one year of service
Related Party Transaction [Line Items]
Percentage of commission charged						15.00%
Affiliates \| Doctors of Waikiki LLP \| For accounts assigned after one year of service
Related Party Transaction [Line Items]
Percentage of commission charged						25.00%
Affiliates \| ETI (Exela Technologies, Inc.)
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses								$ 0		$ 0	$ 0

Consolidated and Combined Statements of Stockholders' Equity (Deficit) (Parenthetical)	Aug. 01, 2025 shares
Statement of Stockholders' Equity [Abstract]
Shares issued to shareholders (in shares)	3,591,555
Number of shares issued to holders of Allowed Notes Claims (in shares)	8,160,042

Fresh Start Accounting - Reconciliation of enterprise value to reorganization value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Reorganizations [Abstract]
Enterprise value		$ 732,730
Cash and cash equivalents	$ 37,113	11,667	$ 11,635
Plus: Current liabilities excluding current maturities of long-term debt		218,079
Plus: Non-interest bearing noncurrent liabilities		125,993
Reorganization value of the reconstituted Successor		$ 1,088,469

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Finance lease right-of use assets	$ 17,840		$ 67,879
Property, plant and equipment including finance lease right-of use assets, gross	94,050		239,052
Less: Accumulated depreciation and amortization	(11,094)		(193,946)
Total property, plant and equipment, net	82,956	$ 73,115	45,106
Depreciation expense	10,000	$ 7,100	16,000
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,515		6,288
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 13,663		12,203
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	7 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	40 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 15,712		36,328
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 335		558
Vehicles \| Minimum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years
Vehicles \| Maximum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	7 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 18,134		32,300
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	15 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,678		77,719
Computer equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	3 years
Computer equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	8 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,173		$ 5,777
Furniture and Fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	5 years
Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Expected Useful Lives (in Years)	15 years
Finance lease right-of-use assets
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Finance lease right-of-use assets

Long-term Debt and Credit Facilities - Senior Credit Facilities Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands				1 Months Ended		5 Months Ended
	Jul. 29, 2025	Jul. 25, 2025 EUR (€)	Jul. 25, 2025 GBP (£)	Jun. 30, 2024 EUR (€) item installment	Jun. 30, 2024 GBP (£) item	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 GBP (£) installment
Debt Instrument [Line Items]
Spread on variable rate	7.50%
Additional borrowings		€ 16,100	£ 14,000
Amount outstanding						$ 387,601	$ 1,434,952
2024 Facilities Agreement
Debt Instrument [Line Items]
Maximum borrowing facility amount				€ 10,500				£ 15,000
2024 Facilities Agreement \| Minimum
Debt Instrument [Line Items]
Cash flow coverage ratio				1.1				1.1
Interest coverage ratio				4				4
2024 Facilities Agreement \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio				2.5				2.5
Consolidated total leverage ratio starting from January 2025				2.25				2.25
Consolidated total leverage ratio starting from January 2026				2				2
2028 Term Loan Facilities
Debt Instrument [Line Items]
Amount outstanding						10,862
2028 Term Loan Facilities \| Maximum
Debt Instrument [Line Items]
Amount repaid						1,600
2028 Term Loan A Facility
Debt Instrument [Line Items]
Maximum borrowing facility amount \| £								£ 3,000
Number of installments \| installment				15				15
Outstanding principal, repaid by quarterly instalments \| £					£ 150
Remaining principal amount to be paid on maturity \| £								£ 750
Amount outstanding						2,800
2028 Term Loan A Facility \| SONIA
Debt Instrument [Line Items]
Spread on variable rate				3.25%	3.25%
2028 Term Loan B Facility
Debt Instrument [Line Items]
Maximum borrowing facility amount \| €				€ 10,500
Number of installments \| installment				15				15
Outstanding principal, repaid by quarterly instalments \| €				€ 525
Remaining principal amount to be paid on maturity \| €				€ 2,600
Amount outstanding						8,600
2028 Term Loan B Facility \| EURIBOR
Debt Instrument [Line Items]
Spread on variable rate				3.25%	3.25%
Revolvers
Debt Instrument [Line Items]
Maximum borrowing facility amount \| £								£ 12,000
Voluntary prepayments \| item				4	4
Amount outstanding						$ 35,563
Revolvers \| Reference Rate
Debt Instrument [Line Items]
Spread on variable rate				3.25%	3.25%

Long-term Debt and Credit Facilities - Predecessor's Securitization Facility (Details) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Jul. 31, 2025	Dec. 31, 2024	Jun. 17, 2022
Debt Disclosure [Abstract]
Securitization facility limit			$ 150.0
Accounts receivable de-recognized	$ 257.7	$ 509.0
Amount remitted	254.3	508.2
Unsold accounts receivable		26.2
Pre-tax loss	$ 4.2	$ 8.9

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2025

Reorganizations [Abstract]

Reconciliation of enterprise value to equity value


		July 31, 2025
Enterprise value	$	732,730
Plus: Cash and cash equivalents		11,667
Less: Total debt		(337,034)
Equity value	$	407,363

Reconciliation of enterprise value to reorganization value


		July 31, 2025
Enterprise value	$	732,730
Plus: Cash and cash equivalents		11,667
Plus: Current liabilities excluding current maturities of long-term debt		218,079
Plus: Non-interest bearing noncurrent liabilities		125,993
Reorganization value of the reconstituted Successor	$	1,088,469

Summary of losses (gains) on reorganization items


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from August 1, 2025 through December 31,		Period from January 1, 2025 through July 31,
	2025		2025
Legal and professional fees	$	1,782	$	68,404
Derecognition of unamortized debt discount, premium and issuance costs		—		(81,384)
Gain on settlement of liabilities subject to compromise		—		(902,162)
Fresh start accounting adjustments		—		(639,040)
Cost of debt refinancing pursuant to reorganization plan		—		1,591
Gain on rejected contracts and leases		(167)		(1,260)
Gain on settlement of DIP facility		—		(4,000)
DIP credit agreement fees		—		26
Total reorganization items, net	$	1,615	$	(1,557,825)

Schedule of consolidated and combined balance sheet


	As of July 31, 2025
	Predecessor		Reorganization Adjustments			Fresh Start Adjustments			Successor (a)
Assets
Current assets
Cash and cash equivalents	$	17,958	$	(6,291)	(1)	$	—		$	11,667
Restricted cash		30,743		—			—			30,743
Accounts receivable, net		38,187		74,467	(2)		—			112,654
Related party receivables and prepaid expenses		3,938		—			—			3,938
Inventories, net		6,508		—			—			6,508
Prepaid expenses and other current assets		32,164		(5,413)	(3)		—			26,751
Total current assets		129,498		62,763			—			192,261
Property, plant and equipment, net		42,785		—			30,330	(16)		73,115
Operating lease right-of-use assets, net		29,542		—			—			29,542
Goodwill		39,718		—			414,499	(17)		454,217
Intangible assets, net		119,032		—			201,741	(18)		320,773
Other noncurrent assets		16,297		2,264	(4)		—			18,561
Total assets	$	376,872	$	65,027		$	646,570		$	1,088,469

Liabilities and Stockholders' Equity (Deficit)
Liabilities
Current liabilities
Current portion of long-term debt	$	247,322	$	(217,344)	(5)	$	—		$	29,978
Accounts payable		23,008		19,115	(6)		—			42,123
Related party payables		39		1,311	(7)		—			1,350
Income tax payable		10,126		(7,814)	(8)		—			2,312
Accrued liabilities		21,181		20,185	(9)		—			41,366
Accrued compensation and benefits		25,376		8,562	(10)		—			33,938
Accrued interest		—		1,877	(11)		—			1,877
Customer deposits		83		17,696	(7)		—			17,779
Deferred revenue		9,701		—			—			9,701
Obligation for claim payment		53,176		—			—			53,176
Current portion of finance lease liabilities		4,884		290	(7)		—			5,174
Current portion of operating lease liabilities		9,283		—			—			9,283
Total current liabilities		404,179		(156,122)			—			248,057
Long-term debt, net of current maturities		1,465		305,591	(12)		—			307,056
Finance lease liabilities, net of current portion		7,303		—			—			7,303
Net defined benefit liability		1,069		—			—			1,069
Deferred income tax liabilities		13,721		35,793	(8)		—			49,514
Long-term income tax liabilities		8,496		(545)	(8)		—			7,951
Operating lease liabilities, net of current portion		22,533		—			—			22,533
Other long-term liabilities		288		37,335	(13)		—			37,623
Total liabilities not subject to compromise		459,054		222,052			—			681,106
Liabilities subject to compromise		1,424,479		(1,424,479)	(14)		—			—
Total liabilities		1,883,533		(1,202,427)			—			681,106

Stockholders' Equity (Deficit)
Predecessor's net parent investment		(1,498,817)		859,777	(15)		639,040	(19)		—
Predecessor's accumulated other comprehensive loss (income):
Foreign currency translation adjustment		(7,844)		314	(8)		7,530	(20)		—
Predecessor total accumulated other comprehensive loss (income)		(7,844)		314			7,530			—
Successor's common stock		—		8	(14)		—			8
Successor's paid-in-capital in excess of par		—		407,355	(14)		—			407,355
Total stockholder's equity (deficit)		(1,506,661)		1,267,454			646,570			407,363
Total liabilities and stockholder's equity (deficit)	$	376,872	$	65,027		$	646,570		$	1,088,469

Schedule of reorganization adjustments for net cash payments


Sources:
Cash proceeds from XBP Funding	$	18,000
Cash proceeds from Super Senior Term Loan		40,000
Cash proceeds from BR Exar AR Facility		8,000
Cash proceeds from ABL Facility		58,653
Cash proceeds from previously made deposit under ABL Facility		250
	$	124,903


Uses:
Debt issuance costs related to Super Senior Secured Notes	$	(50)
Debt issuance costs related to BR Exar AR Facility		(1,400)
Paydown of the Second Lien Note		(1,500)
Repayment on Securitization Facility		(74,467)
Payment of legal fees on Securitization Facility		(172)
Debt issuance costs related to ABL Facility		(2,269)
Payment of Senior Secured Term Loan		(38,500)
Payment of Interest on Senior Secured Term Loan		(596)
Payment of Fees on Senior Secured Term Loan		(535)
Payment of legal fees		(11,705)

Net uses:	$	(6,291)

Schedule of reorganization adjustments for current maturities of long-term debt


Reinstatement of liabilities subject to compromise	$	1,178,002
Borrowing from BR Exar Facility		8,000
Amortization of Unamortized Balance of Debt Issuance Cost		1,056
Issuance of Common Stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)		(8)
Debt issuance costs related to BR Exar AR Facility		(1,400)
Paydown of the Second Lien Note		(1,500)
Gain on settlement of DIP Facility		(4,000)
Conversion of DIP Facility into Super Senior Term Loan		(6,000)
Repayment of Senior Secured Term Loan		(38,500)
Conversion of DIP Facility into July 2030 Notes		(175,000)
APIC generated on issuance of Successor common stock		(407,355)
Gain on reinstatement of current portion of debt		(770,639)
Total adjustments to current portion of long-term debt	$	(217,344)

Schedule of reorganization adjustments for accounts payable


Reinstatement of accounts payable from liabilities subject to compromise	$	35,048
Amount paid/transferred to long term		(4,633)
Gain on Reinstatement of accounts payable		(11,300)
Total adjustments to accounts payable	$	19,115

Schedule of reinstatement of various liabilities from liabilities subject to compromise


Customer Deposits	$	17,696
Related Party Payable		1,311
Current portion of finance lease liabilities		290

Schedule of reorganization adjustments for accrued liabilities


Reinstatement of accrued liabilities from liabilities subject to compromise	$	25,565
Gain on reinstatement of accrued liabilities		(5,380)
Total adjustments to accrued liabilities	$	20,185

Schedule of reorganization adjustments for accrued compensation and benefits


Reinstatement of Accrued Compensation and Benefits from liabilities subject to compromise	$	45,717
Gain on settlement of Accrued Compensation and Benefits		(7,031)
Amount transferred to long term		(30,124)
Total adjustments to accrued compensation and benefits	$	8,562

Schedule of reorganization adjustments for accrued interest


Reinstatement of accrued interest from liabilities subject to compromise	$	118,272
Gain on settlement of accrued interest		(107,811)
Payment of accrued interest on Senior Secured Term Loan		(596)
Conversion of Accrued Interest on the DIP Facility to July 2030 Notes		(7,988)
Total adjustments to accrued interest	$	1,877

Schedule of reorganization adjustments for long-term debt, net of current maturities


Issuance of July 2030 Notes (a)	$	200,988
Borrowing from ABL Facility		58,653
Borrowing from Super Senior Term Loan		40,000
Conversion of DIP Facility to July 2030 Notes		6,000
Debt Issuance cost on Super Senior Secured Facility		(50)
Total adjustments to long-term debt, net of current maturities	$	305,591

(a)

Includes $18.0 million of principal amount of July 2030 Notes held by a subsidiary of the Company other than the issuer or a guarantor as of July 31, 2025 that are eliminated on consolidation.

Schedule of reorganization adjustments for other long-term liabilities


Reinstatement of Other long-term liabilities balance from liabilities subject to compromise	$	2,578
Accounts payable to be paid in long term as per the Plan considered long term		4,633
Accrued compensation and benefits to be paid in long term as per the Plan considered long term		30,124
Total adjustments to other long-term liabilities	$	37,335

Schedule of liabilities subject to compromise


Liabilities subject to compromise prior to the Emergence Date
Settled liabilities subject to compromise
Current portion of debt	$	1,178,002
Accounts payable		35,048
Accrued liabilities		25,565
Accrued compensation and benefits		45,717
Accrued Interest		118,272
Total settled liabilities subject to compromise	$	1,402,604

Reinstated liabilities subject to compromise
Customer deposits	$	17,696
Other long-term liabilities		2,578
Related party payables		1,311
Current portion of capital lease obligations		290
Total reinstated liabilities subject to compromise	$	21,875

Total liabilities subject to compromise	$	1,424,479


Issuance of common stock to holders of Allowed Notes Claims (April 2026 and July 2026 Noteholders)	$	(8)
Paid in capital in excess of par		(407,355)
Settlement of accounts payable as per the Plan		(23,748)
Settlement of accrued liabilities as per the Plan		(20,185)
Settlement of accrued compensation and benefit as per the Plan		(38,686)
Settlement of accrued interest as per the Plan		(10,460)
Reinstated liabilities subject to compromise		(21,875)
Gain on settlement of liabilities subject to compromise	$	902,162

Schedule of reorganization adjustments for net parent investment


Gain on settlement of liabilities subject to compromise	$	(902,162)
Gain recognition on DIP Facility forgiveness		(4,000)
Payment of legal fees		11,705
Amortization of Debt Issuance Cost on Super Senior Term Loan		1,056
Tax Expenses on Reorganization		33,162
Payment of Closing Fee for the Super Senior Term Loan		535
Payment of Legal Fee for the Securitization Facility		172
Amortization of Debt Issuance Cost on the ABL Facility		5
Reversal of the ABL Facility Deposit from Reorganization Items		(250)
Total adjustment to Predecessor’s net parent investment	$	(859,777)

Schedule of setting up to fair value of intangible assets


	Predecessor			Fresh Start Adjustments		Successor
Intangible Assets, Net
Customer relationships	$	90,344	$	173,656	$	264,000
Internally developed software		7,290		30,510		37,800
Purchased software		15,008		—		15,008
Trade names		5,300		(2,425)		2,875
Outsourced contract costs		1,090		—		1,090
Total	$	119,032	$	201,741	$	320,773

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

11. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at the Convenience Date fair values less accumulated amortization as of December 31, 2025 (Successor) and consist of the following:


		Successor
		Consolidated
	Weighted Average	December 31, 2025
	Remaining Useful Life	Gross Carrying			Accumulated			Intangible
	(in Years)	Amount (a)			Amortization			Asset, net
Customer relationships	11.0	$	292,855		$	(11,076)		$	281,779
Trade names—indefinite-lived (b)	Indefinite-lived		2,875			—			2,875
Trade names—others (c)	8.0		9,029			(470)			8,559
Outsourced contract costs	5.0		1,133			(94)			1,039
Internally developed software	5.0		39,381			(3,311)			36,070
Purchased software	8.0		15,009			(1,251)			13,758
Intangibles, net		$	360,282		$	(16,202)		$	344,080


		Predecessor
		Combined and Consolidated
	Weighted Average	December 31, 2024
	Remaining Useful Life	Gross Carrying			Accumulated			Intangible
	(in Years)	Amount (a)			Amortization			Asset, net
Customer relationships	7.8	$	490,166		$	(388,565)		$	101,601
Developed technology	0.2		88,554			(88,501)			53
Trade names—indefinite-lived (b)	Indefinite-lived		5,300			—			5,300
Outsourced contract costs	2.0		17,660			(16,496)			1,164
Internally developed software	2.2		56,285			(47,610)			8,675
Purchased software	9.0		26,749			(10,700)			16,049
Intangibles, net		$	684,714		$	(551,872)		$	132,842

(a)	Amounts include intangible assets acquired in business combinations and asset acquisitions. $14.6 million of gross carrying amount of intangible assets was fully amortized and written off during the year 2024.

(b)	The carrying amounts of trade names—indefinite-lived as of December 31, 2025 (Successor) and December 31, 2024 (Predecessor) represent indefinite-lived intangible assets and is net of accumulated impairment losses of $0 and $44.1 million, respectively.

(c)	The carrying amount of trade names—others as of December 31, 2025 (Successor) represents definite-lived intangible asset and is net of accumulated impairment losses of $0.

Aggregate amortization expense related to intangible assets was $16.2 million and $15.1 million for the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor), respectively. Aggregate amortization expense related to intangible assets was $34.3 million for the year ended December 31, 2024 (Predecessor).

Estimated intangibles amortization expense for the next five years and thereafter consists of the following:


	Estimated
	Amortization
	Expense
2026	$	37,427
2027		37,144
2028		37,144
2029		37,033
2030		33,480
2031 and thereafter		158,977
Total	$	341,205

Goodwill

The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approaches the markets and interacts with clients. The Company is organized into two segments: Applied Workflow Automation and Technology (See Note 21, Segment Information).

Goodwill by reporting segment consists of the following:


		Successor
		Consolidated
		Balances as at August 1, 2025 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances as at December 31, 2025 (a)
Applied Workflow Automation		$	356,777		$	—		$	(683)	(b)	$	(240,292)		$	—		$	115,802
Technology			153,287			792	(b)		—			(80,000)			—			74,079
Total		$	510,064		$	792		$	(683)		$	(320,292)		$	—		$	189,881

		Predecessor
		Combined and Consolidated
		Balances as at January 1, 2025 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances as at July 31, 2025 (a)
Applied Workflow Automation		$	39,718		$	—		$	—		$	—		$	—		$	39,718
Technology			—			—			—			—			—			—
Total		$	39,718		$	—		$	—		$	—		$	—		$	39,718

		Predecessor
		Combined and Consolidated
		Balances as at January 1, 2024 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances as at December 31, 2024 (a)
Applied Workflow Automation		$	147,542		$	—		$	—		$	(108,489)		$	665		$	39,718
Technology			—			—			—			—			—			—
Total		$	147,542		$	—		$	—		$	(108,489)		$	665		$	39,718

(a)

The goodwill amount for all periods presented is net of accumulated impairment amounts. Accumulated impairment relating to Applied Workflow Automation and Technology was $240.3 million and $80.0 million, respectively, at December 31, 2025 (Successor). Accumulated impairment relating to Applied Workflow Automation was $309.3 million and $731.1 million at December 31, 2024 (Predecessor) and January 1, 2024 (Predecessor), respectively.

(b)	Additions/Deletions represent measurement period adjustments as discussed in Note 5, Business Combination.

The Company tests for goodwill impairment at the reporting unit level on October 1 of each year and between annual tests if a triggering event indicates the possibility of an impairment. The Company monitors changing business conditions as well as industry and economic factors, among others, for events which could trigger the need for an interim impairment analysis.

During the period August 1, 2025 to September 30, 2025 (Successor), the Company experienced a sustained and significant decline in its market capitalization causing the market capitalization to fall below the Company’s book value after the application of fresh start accounting at Emergence Date. Management concluded that this sustained decline, combined with revised long-term projections compared to those used to compute enterprise value of the reconstituted Successor as set forth in the Disclosure Statement for Joint Plan of Reorganization approved by the Bankruptcy Court, represented a triggering event under ASC 350, Intangibles – Goodwill and Other. As a result, the Company performed an interim quantitative goodwill impairment assessment for all reporting units as of September 30, 2025 (Successor).

The Company’s interim impairment assessment as of September 30, 2025 (Successor) utilized Discounted Cash Flow Method of the Income Approach and the Guideline Public Company Method of the Market Approach to determine the reporting units’ fair values. For the Discounted Cash Flow Method, we utilized discounted cash flow projections using market participant weighted average cost of capital calculation. The Guideline Public Company Method utilizes market data of similar publicly traded companies. In connection with the completion of the interim impairment test, the Company recorded an impairment charge of $215.8 million and $80.0 million to goodwill relating to the reporting units reported under the Applied Workflow Automation segment and Technology segment, respectively as of September 30, 2025 (Successor). The Company did not update its analysis for purposes of the annual impairment test as of October 1, 2025 as the measurement date of the interim impairment test performed as of September 30, 2025 was one day from the annual impairment test date.

Additionally, later during the fourth quarter of 2025 (Successor), the Company conducted its annual budgeting process along with an update to its long-range plan. Following the completion of that process, the Company made an evaluation based on changes in the Company’s long-term projections, concluding that a triggering event for an impairment analysis had occurred for certain reporting units reported under the Applied Workflow Automation segment. Revised long-term projections resulted in lower than previously projected long-term future cash flows for certain reporting units which reduced the estimated fair values to below their carrying values. Accordingly, the Company performed quantitative impairment test as of December 31, 2025 (Successor), resulting in an impairment charge of $24.5 million to goodwill relating to the reporting units reported under the Applied Workflow Automation segment. Therefore, as a result of these two interim impairment assessments performed on September 30, 2025 (Successor) and December 31, 2025 (Successor), impairment charges totaling $320.3 million, were recorded to goodwill for the period August 1, 2025 to December 31, 2025 (Successor).

The impairment charges are included within impairment of goodwill in the consolidated and combined statements of operations.

Stock-Based Compensation - Options (Details) - Employee Stock Option	12 Months Ended
	Dec. 31, 2025 shares
Stock-Based Compensation
Expiration period (in years)	10 years
Stock options outstanding	0
Minimum
Stock-Based Compensation
Minimum percentage of grant price to the fair market value (in %)	100.00%
Vesting period (in years)	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Plans - Fair value of plan assets by asset category (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Fair value of plan assets by asset category
Aggregate fair value of plan assets	$ 55,406
Level 1
Fair value of plan assets by asset category
Aggregate fair value of plan assets	1,784
Level 2
Fair value of plan assets by asset category
Aggregate fair value of plan assets	53,622
Cash
Fair value of plan assets by asset category
Aggregate fair value of plan assets	1,784
Cash \| Level 1
Fair value of plan assets by asset category
Aggregate fair value of plan assets	1,784
U.K. and other international equities
Fair value of plan assets by asset category
Aggregate fair value of plan assets	16,801
U.K. and other international equities \| Level 2
Fair value of plan assets by asset category
Aggregate fair value of plan assets	16,801
Corporate bonds / U.K. Gilts
Fair value of plan assets by asset category
Aggregate fair value of plan assets	2,177
Corporate bonds / U.K. Gilts \| Level 2
Fair value of plan assets by asset category
Aggregate fair value of plan assets	2,177
Diversified growth fund
Fair value of plan assets by asset category
Aggregate fair value of plan assets	11,846
Diversified growth fund \| Level 2
Fair value of plan assets by asset category
Aggregate fair value of plan assets	11,846
Liability driven investments
Fair value of plan assets by asset category
Aggregate fair value of plan assets	19,728
Liability driven investments \| Level 2
Fair value of plan assets by asset category
Aggregate fair value of plan assets	19,728
Multi-asset credit fund
Fair value of plan assets by asset category
Aggregate fair value of plan assets	3,070
Multi-asset credit fund \| Level 2
Fair value of plan assets by asset category
Aggregate fair value of plan assets	$ 3,070

Employee Benefit Plans - Funded Status (Details) - USD ($) $ in Thousands	5 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Change in Benefit Obligation:
Service cost	$ 78
Interest cost	1,395
Plan amendments	130
Change in Plan Assets:
Fair value of plan assets at end of year	55,406
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
Net actuarial gain (loss)	(1,700)
Net amount recognized in accumulated other comprehensive loss, net of tax	(1,718)	$ 0
Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate fair value of plan assets	55,406
Pension Plan
Change in Benefit Obligation:
Benefit obligation at beginning of period	60,233
Service cost	78
Interest cost	1,395
Actuarial gain	713
Plan amendments	130
Plan participants' contributions	35
Benefits paid	(1,976)
Foreign-exchange rate changes	1,039
Benefit obligation at end of year	61,647
Change in Plan Assets:
Fair value of plan assets at beginning of period	52,382
Actual return on plan assets	2,835
Employer contributions	1,180
Benefits paid	(1,907)
Foreign-exchange rate changes	916
Fair value of plan assets at end of year	55,406
Funded status at end of year	(6,241)
Net amount recognized in the Consolidated Balance Sheets:
Pension liability, net	6,241
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
Net actuarial gain (loss)	1,718
Net amount recognized in accumulated other comprehensive loss, net of tax	1,718
Plans with underfunded or non-funded accumulated benefit obligation:
Aggregate projected benefit obligation	61,647
Aggregate accumulated benefit obligation	61,647
Aggregate fair value of plan assets	$ 55,406

Fresh Start Accounting - Leased Real Property (Details)	Jul. 31, 2025
Reorganizations [Abstract]
Threshold for determining lease adjustments	5.00%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Litigation

The Company is, from time to time, involved in certain legal proceedings, inquiries, claims and disputes, which arise in the ordinary course of business. Although management cannot predict the outcomes of these matters, management does not believe any of these actions that are currently pending will have a material, adverse effect on the Company’s consolidated and combined balance sheets, consolidated and combined statements of operations or consolidated and combined statements of cash flows.

Business Interruption Insurance Claim

During the second half of 2022, certain subsidiaries of the Company experienced a network security incident (the “2022 Network Outage”) impacting certain of such subsidiaries operational and information technology systems. As a result of the 2022 Network Outage, such subsidiaries of the Company experienced lost revenue and incurred certain incremental costs. The Company had reduced its revenue for 2022 by the estimated settlement amount of the incident-related customer claims and recorded an accrued liability for the claims payable to customers. A total of $0 and $1.9 million that may be payable to customers to settle customer claims are recorded as customer payables in accrued liabilities on its consolidated and combined balance sheets as of December 31, 2025 (Successor) and December 31, 2024 (Predecessor), respectively.

On August 29, 2023, the Company submitted a claim to its insurers for $44.6 million in covered losses related to the 2022 Network Outage (the “August 2023 Claim”). During the year 2023, the Company received insurance proceeds of $10.8 million in respect of business interruption claims from its underlying and first excess carriers. On April 17, 2024, the Company commenced an action (the “Insurance Lawsuit”) against two excess-layer insurers (collectively, the “Second Excess Insurers”) seeking a declaratory judgment and alleging breach of contract and bad faith for failing to pay out their share of losses connected to the August 2023 Claim. On August 9, 2024, the Company settled its claim against one of the Second Excess Insurers for $3.6 million, and on October 15, 2024, the Company settled its claim against the other Second Excess Insurers for $3.6 million (less amounts already paid). On October 8, 2024, the Company moved to amend the complaint (the “Amended Complaint”) to add two additional excess-layer insurers to the Insurance Lawsuit (collectively, the “Third Excess Insurers”). The Amended Complaint was filed on October 24, 2024. On December 2, 2025, the Company settled its claim against the Third Excess Insurers for $5.3 million. With execution of these insurance settlements and the reassessment of outstanding customer claims, the Company has concluded all insurance and customer claim matters relating to the 2022 Network Outage. The Company does not believe that any additional losses related to the 2022 Network Outage are probable, nor does the Company expect further material costs, customer claims, or insurance recoveries.

Company Subsidiary Litigation

A group of 71 former employees brought a claim against a subsidiary of the Company related to their dismissal resulting from the closure of two production sites in France in 2020. The employees filed complaints with the French Labor Court on June 9, 2022. Various hearings were held. In March 2023, 67 claimants (4 had previously settled) applied for summary judgment which was granted for $1.1 million and was paid by the Company. In addition, settlement agreements were reached with 56 claimants for $1.8 million in 2024. A further settlement with the 15 remaining claimants was reached for $0.8 million in 2025. On November 7, 2025, settlements with all claimants were signed. All settlement amounts under these settlement agreements have been paid as of December 31, 2025.

Contract Claim

On October 24, 2018, HOV Services, Inc., a subsidiary of the Predecessor (“HOV Services”), filed a lawsuit against ASG Technologies Group, Inc. (“ASG”) that sought to terminate the renewal of licensing agreement between the parties. HOV Services alleged that the licensing agreement was renewed under duress and brought claims against ASG under the Computer Fraud and Abuse Act, 18 U.S.C. § 1030 et seq., the Stored Communications Act, 18 U.S.C. § 2701 et seq., and various common law doctrines. ASG subsequently brought counterclaims asserting breach of contract and other allegations. On February 27, 2024, a judge granted ASG’s motion for directed verdict on its breach of contract claim and awarded ASG $2.5 million in damages plus interest. On February 29, 2024, the jury found in favor of ASG on all remaining claims and awarded ASG damages in the amount of approximately $0.7 million plus interest, for a total award of approximately $4.7 million in the case. On December 31, 2024, the parties entered into a settlement agreement under which the Predecessor agreed to pay a total of $5.1 million over three (3) equal installments starting in January 2025 to fully resolve the matter. As of December 31, 2024 (Predecessor), the Predecessor had accrued $5.1 million for this matter included in accrued liabilities on the consolidated and combined balance sheet. On January 3, 2025, the Predecessor paid the first installment of $1.7 million. The remaining installments were included in the Restructuring related settlements and will be satisfied in accordance with the Plan.

Contract-Related Contingencies

The Company has certain contingent obligations that arise in the ordinary course of providing services to its clients. These contingencies are generally the result of contracts that require the Company to comply with certain performance measurements or the delivery of certain services to clients by a specified deadline. The Company believes the adjustments to the transaction price, if any, under these contract provisions will not result in a significant revenue reversal or have a material adverse effect on the Company’s consolidated and combined balance sheets, consolidated and combined statements of operations, consolidated and combined statements of comprehensive loss or consolidated and combined statements of cash flows.

Accrued Liabilities and Other Long-Term Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities and Other Long-Term Liabilities

12. Accrued Liabilities and Other Long-Term Liabilities

Accrued liabilities consist of the following:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Accrued taxes (exclusive of income taxes)	$	8,528	$	7,020
Accrued lease exit obligations		420		108
Accrued professional and legal fees		2,964		3,418
Accrued expenses		30,625		20,124
Accrued legal reserve for pending litigation (including legal service fee)		2,787		9,940
Accrued transaction costs		514		2,777
Other accruals		1,263		1,511
	$	47,101	$	44,898

Other Long-term liabilities consist of the following:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Deferred revenue	$	311	$	357
Accrued lease exit obligations		208		373
Accrued compensation expense		366		476
Private warrants liability		3		—
Customer deposits under long term contracts		2,311		763
BPA's general unsecured claims		6,847		—
BPA's Priority Tax Claims (1)		29,518		—
Other		1,107		834
	$	40,671	$	2,803

(1)

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax liabilities:
Book over tax basis of intangible assets and fixed assets	$ (75,921)	$ (25,247)
Unremitted foreign earnings	(10,967)	(10,341)
Operating lease and finance lease right-of-use assets	(5,441)	(6,349)
Other, net	(2,793)	(1,607)
Total deferred income tax liabilities	(95,122)	(43,544)
Deferred income tax assets:
Allowance for credit losses and receivable adjustments	1,947	1,722
Inventories	319	3,064
Accrued liabilities	10,135	15,391
Net operating loss and tax credit carryforwards	51,490	15,495
Tax deductible goodwill		1,665
Disallowed interest deduction	125,167	267,032
Operating lease and finance lease liabilities	5,896	6,512
Sec 174 Costs		1,991
Debt and credit facilities		130,062
Other, net	4,499	3,737
Total deferred income tax assets	199,453	446,671
Valuation allowance	(156,926)	(416,245)
Total net deferred income tax liabilities	$ (52,595)	$ (13,118)

Basis of Presentation and Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024	Jan. 01, 2024
Business Combination [Line Items]
Accounts receivable, net	$ 130,281	$ 112,654	$ 18,663	$ 42,833
Deferred revenues	12,192		6,940	6,466
Customer deposits	21,691		19,900	23,302
Costs to obtain and fulfill a contract	1,039		1,164	1,397
Non-current portion of deferred revenue	300		400	$ 1,000
Unbilled contracts receivable	25,400		13,500
Revenue recognized from deferred revenue	600	6,400	5,800
Amortized cost	100	200	$ 600
Deferred revenue as of July 31, 2025
Business Combination [Line Items]
Revenue recognized from deferred revenue	3,700
XBP Europe Holdings, Inc
Business Combination [Line Items]
Deferred revenue, Acquired	$ 5,123	$ 5,100

Accounts Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable

7. Accounts Receivable

Accounts receivable, net consist of the following:


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	December 31,		December 31,
	2025		2024
Billed receivables	$	104,244	$	3,099
Unbilled receivables		25,364		13,459
Other		6,333		5,384
Less: Allowance for credit losses		(5,660)		(3,279)
	$	130,281	$	18,663

Unbilled receivables represent balances recognized as revenue that have not been billed to the client. The Company’s allowance for credit losses is based on a policy developed by historical experience and management judgment. Adjustments to the allowance for credit losses may occur based on market conditions or specific client circumstances.

The following table describes the changes in the allowance for expected credit losses for the periods August 1, 2025 to December 31, 2025 (Successor) and January 1, 2025 to July 31, 2025 (Predecessor) and the year ended December 31, 2024 (Predecessor) (all related to accounts receivable):


	December 31,
	2025
Balance at January 1 of the allowance for expected credit losses (Predecessor)	$	3,279
Provision for expected loss		914
Write-off charged against the allowance		(162)
Recoveries collected		(1,192)
Foreign currency exchange rate adjustment		8
Balance at July 31 of the allowance for expected credit losses (Predecessor)	$	2,847
Balance at August 1 of the allowance for expected credit losses (Successor)		3,764
Provision for expected loss		2,367
Write-off charged against the allowance		(132)
Recoveries collected		(360)
Foreign currency exchange rate adjustment		21
Balance at December 31 of the allowance for expected credit losses (Successor)	$	5,660


	December 31,
	2024
Balance at January 1 of the allowance for expected credit losses (Predecessor)	$	5,580
Provision for expected loss		18,094
Write-off charged against the allowance (a)		(17,887)
Recoveries collected		(2,517)
Foreign currency exchange rate adjustment		9
Balance at December 31 of the allowance for expected credit losses (Predecessor)	$	3,279

(a)

Business Combination

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Combination

5. Business Combination

On July 3, 2025, pursuant to the MIPA, a wholly owned subsidiary of the Company agreed to purchase, subject to certain terms and conditions, BPA. The consideration for the sale was $1.00, reflecting the encumbered nature of BPA, which at the time was involved in the Chapter 11 Cases. This transaction, referred to herein as the Business Combination, was subject to certain conditions subsequent, including emergence of BPA and certain of its affiliates from the Chapter 11 Cases, which occurred on July 29, 2025. On July 3, 2025, XBP Europe Holdings, Inc., entered into a Transaction Support Agreement with the BPA Debtors. Pursuant to the Transaction Support Agreement, XBP Europe Holdings, Inc. agreed to, among other things, support the Plan, including seeking stockholder approvals at XBP Europe Holdings, Inc.’s annual shareholder meeting and issuing shares of the Company’s Common Stock, as described in XBP Europe Holdings, Inc.’s definitive proxy statement filed with the SEC on July 15, 2025. On July 29, 2025, BPA consummated the transaction under the Plan and emerged from bankruptcy having satisfied or waived all the conditions set forth in the Plan and therefore, the conditions subsequent to the MIPA were cleared and the acquisition transaction was deemed closed from an accounting perspective on July 29, 2025.

Under ASC 805, Business Combinations, BPA was determined as the accounting acquirer based on the following predominate factors: following the Emergence Date BPA’s former noteholders (who received the Company’s Common Stock as part of the Plan), had the largest portion of voting rights in the Company relative to the owners of the Company’s Common Stock prior to the Emergence Date, following the Emergence Date, the Company’s seven person board of directors has four new individuals nominated by the former noteholders of BPA pursuant to a one time right under the Plan, compared to three individuals remaining from the Company’s board of directors prior to the Emergence Date, and BPA was the significantly larger entity by revenue and by assets. The Company elected to apply business acquisition accounting effective July 31, 2025, to coincide with the timing of its normal accounting period close as well as the Convenience Date used for fresh start accounting of BPA (as discussed above). The Company evaluated the events between July 29, 2025 and July 31, 2025 and concluded that the use of an accounting convenience date of July 31, 2025 did not have a material impact on the results of operations or financial position.

In connection with the Business Combination, certain of Company’s subsidiaries acquired debt facilities totaling $49.0 million outstanding under the Senior Credit Facilities Agreement as discussed in Note 13, Long Term Debt and Credit Facilities. Following the guidance under ASC 805 total fair value of purchase consideration for the transaction was measured at $32.3 million representing the 3,591,555 shares of Common Stock of the Company (the

combined entity XBP Global Holdings, Inc.) previously issued to the stockholders of XBP Europe Holdings, Inc. The Company incurred $0.1 million of equity issuance costs and $0.2 million of debt issuance costs in connection with the Business Combination.

The acquired assets and assumed liabilities of XBP Europe Holdings, Inc. were recorded at their estimated fair values. The purchase price allocation for the Business Combination is preliminary and subject to change within the respective measurement period, which will not extend beyond one year from the acquisition date. Measurement period adjustments will be recognized in the reporting period in which the adjustment amounts are determined.

The following table summarizes the consideration paid for XBP Europe Holdings, Inc. by BPA for accounting purposes and the preliminary fair value of the assets acquired and liabilities assumed as of the Convenience Date, including adjustments made in the last three months of 2025 (measurement period adjustments) with a corresponding change to goodwill.


	Amounts Recognized as of Convenience Date (as previously reported)		Measurement Period Adjustments (a)			Amounts Recognized as of Convenience Date (as adjusted)
Cash and cash equivalents	$	1,485	$	-		$	1,485
Accounts receivable		29,467		-			29,467
Inventory		4,292		-			4,292
Prepaid expenses and other current assets		6,824		2,174	(c)		8,998
Property, plant and equipment		14,156		-			14,156
Right-of-use assets		4,774		-			4,774
Deferred income tax assets		3,177		(2,347)	(c)		830
Related party long term notes receivable		19,864		-			19,864
Other noncurrent assets		944		-			944
Intangible assets, net		38,360		-			38,360
Implied goodwill		55,847		109	(b),(c)		55,956
Total identifiable assets acquired	$	179,190	$	(64)		$	179,126
Liabilities Assumed:
Accounts payable		17,290		-			17,290
Related party payables		4,129		-			4,129
Accrued liabilities		24,946		3,739	(b),(c)		28,685
Accrued compensation and benefits		23,056		-			23,056
Customer deposits		378		-			378
Deferred revenue		5,123		-			5,123
Operating lease liabilities		4,828		-			4,828
Long-term debts		49,014		-			49,014
Related party notes payable		1,597		-			1,597
Deferred tax liabilities		3,525		-			3,525
Pension liabilities (b)		11,141		(3,803)	(b)		7,338
Other long-term liabilities		1,835		-			1,835
Total liabilities assumed	$	146,862	$	(64)		$	146,798
Total Consideration	$	32,328	$	-		$	32,328

(a)	The change in the estimated fair value is primarily to better reflect market participant assumptions about facts and circumstances existing as of the convenience date. The measurement period adjustments did not result from intervening events subsequent to the convenience date.

(b)	As adjusted, comprised of $3.8 million decrease in pension liabilities and $0.7 million increase in accrued liabilities due to pension related adjustments with a resulting $3.1 million decrease in implied goodwill. This measurement period adjustment did not have a material impact on our earnings.

(c)

The identifiable intangible assets include trade name and trademarks, customer relationships and internally developed software. Trade name and trademarks names were valued using the Income Approach, specifically the RfR method. Customer relationships were valued using the Income Approach, specifically the Multi-Period Excess Earnings method. Internally developed software was valued based on the replacement cost method under the cost approach. All of these intangibles acquired represent a Level 3 measurement as they are based on unobservable inputs reflecting the Company’s management’s own assumptions about the inputs used in pricing the asset or liability at fair value.


	Weighted Average Useful Life
	(in years)		Fair value
Trade name and trademarks		8 years	$	9,030
Customer relationships		13 years		28,840
Internally developed software		5 years		490
			$	38,360

As of the date of the Business Combination, the weighted-average useful life of total identifiable intangible assets acquired in the Business Combination, excluding goodwill, is 11.7 years.

The Company expects to realize revenue synergies, leverage, brand awareness, stronger margins, greater free cash flow generation, and expand its existing sales channels, and utilize the existing workforce. The Company also anticipates opportunities for growth through the ability to leverage additional future services and capabilities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of XBP Europe Holdings, Inc.’s identifiable net assets assumed, and as a result, the Company has recorded goodwill in connection with this acquisition. The Company engaged a third-party valuation firm to aid management in its analysis of the fair value of the assets and liabilities. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. $60.9 million of revenue and $7.1 million of net loss for XBP Europe Holdings, Inc. are included in consolidated revenues and net loss, respectively, in the consolidated statements of operations for the period August 1, 2025 to December 31, 2025.

Transaction Costs

The Company incurred approximately $2.5 million in advisory, legal, accounting and management fees in conjunction with the Business Combination. These costs do not include the legal and other fees paid for the Restructuring as discussed in Note 1, Description of the Business. These costs were expensed as incurred and are included in selling, general and administrative expenses in the consolidated statement of operations for the period August 1, 2025 to December 31, 2025 (Successor).

Pro-Forma Information

Following are the supplemental consolidated results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on January 1, 2024 for the years ended December 31, 2025 and 2024.


	Year Ended December 31,
	2025		2024
Net Revenue	$	879,629	$	1,017,896
Net Loss		(95,039)		(67,869)

These pro forma results were based on estimates and assumptions which the Company believes are reasonable. They are not the results that would have been realized had the Company been a combined company during the periods presented and are not necessarily indicative of consolidated results of operations in future periods. The pro forma results include adjustments primarily related to purchase accounting adjustments. Acquisition costs and other non-recurring charges incurred are included in the earliest period presented.

Long-term Debt and Credit Facilities - ABL facility (Details) $ in Thousands	Jul. 29, 2025 USD ($) D	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Spread on variable rate	7.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Long-term debt, net of current maturities		$ 389,451
ABL Facility
Debt Instrument [Line Items]
Maximum borrowing facility amount	$ 150,000
Additional borrowing capacity	$ 175,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Floor rate	1.00%
Default premium percentage	2.00%
Commitment fee, percentage	0.50%
Long-term debt, net of current maturities		76,800
Unamortized debt issuance costs		1,900
Debt default, minimum threshold amount		$ 25,000
Minimum liquidity requirement	$ 7,500
Minimum liquidity requirement, threshold number of consecutive business days \| D	3
ABL Facility \| Defined Periods tested quarterly through December 31, 2025, and monthly from January 1, 2026, through June 30, 2026
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	0.85
ABL Facility \| Defined Periods tested monthly from July 1, 2026, through the Maturity Date
Debt Instrument [Line Items]
Minimum fixed charge coverage ratio	1
ABL Facility \| Maximum
Debt Instrument [Line Items]
Spread on variable rate	4.30%
ABL Facility \| Minimum
Debt Instrument [Line Items]
Spread on variable rate	3.80%
Threshold borrowing base, percentage	20.00%

Fresh Start Accounting - Reorg Adj - Net Parent Investment (Details) - USD ($) $ in Thousands		5 Months Ended	7 Months Ended	12 Months Ended
	Jul. 29, 2025	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Tax Expenses on Reorganisation		$ 5,011	$ 35,875	$ 10,009
Total adjustment to predecessor's net parent investment		$ 0	0	$ 1,449,634
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Gain on settlement of liabilities subject to compromise			(902,162)
Gain recognition on DIP Facility forgiveness			(4,000)
Payment of legal fees	$ 11,705		11,705
Tax Expenses on Reorganisation			33,162
Payment of Closing Fee for the Super Senior Term Loan	535
Payment of legal fees on Securitization Facility	172		172
Reversal of the ABL Facility Deposit from Reorganization Items	$ (250)
Total adjustment to predecessor's net parent investment			(859,777)
Reorganization Adjustments \| Super Senior Term Loan
Reorganization, Chapter 11 [Line Items]
Gain recognition on DIP Facility forgiveness			(4,000)
Amortization of Debt Issuance Cost			1,056
Payment of Closing Fee for the Super Senior Term Loan			535
Reorganization Adjustments \| ABL Facility
Reorganization, Chapter 11 [Line Items]
Amortization of Debt Issuance Cost			5
Reversal of the ABL Facility Deposit from Reorganization Items			$ (250)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of disaggregation of revenue


		Successor						Predecessor
		Consolidated						Combined and Consolidated
		Period from August 1 2025 through December 31, 2025						Period from January 1 2025 through July 31, 2025						Year Ended December 31, 2024
		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
U.S.A.		$	271,050	$	20,644	$	291,694	$	390,987	$	30,068	$	421,055	$	790,933	$	56,243	$	847,176
EMEA			43,781		17,119		60,900		—		—		—		—		—		—
Other			6,787		—		6,787		10,606		—		10,606		25,514		—		25,514
Total		$	321,618	$	37,763	$	359,381	$	401,593	$	30,068	$	431,661	$	816,447	$	56,243	$	872,690

Schedule of contract balances


		Successor		Predecessor
		Consolidated		Combined and Consolidated
		December 31,		December 31,			January 1,
		2025		2024			2024
Accounts receivable, net		$	130,281	$	18,663		$	42,833
Deferred revenues (1)			12,192		6,940			6,466
Customer deposits			21,691		19,900			23,302
Costs to obtain and fulfill a contract			1,039		1,164			1,397

Schedule of remaining performance obligations to be satisfied in future periods


Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations

2026	$	13,900
2027		8,437
2028		4,401
2029		1,084
2030		860
2031 and thereafter		2,855
Total	$	31,537

Schedule of components of basic and diluted EPS


	Successor
	Consolidated
	Period from August 1, 2025 through December 31,
	2025
Net loss attributable to common stockholders (A)	$	(351,123)
Weighted average common shares outstanding – basic and diluted (B)		11,752,078
Loss Per Share:
Basic and diluted (A/B)	$	(29.88)

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Aug. 01, 2025	Jul. 31, 2025	Jul. 29, 2025	Jan. 01, 2025	Dec. 31, 2024	Jan. 01, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 5,660	$ 3,764	$ 2,847		$ 3,279	$ 3,279	$ 5,580
Accumulated Depreciation	$ 11,094					$ 193,946
Common stock par value (in dollars per share)	$ 0.0001			$ 0.0001
Common stock Authorized	400,000,000			400,000,000
Common stock Issued	11,755,434			11,751,597
Common stock Outstanding	11,755,434
Preferred stock par value (in dollars per share)	$ 0.0001
Preferred stock Authorized	20,000,000			20,000,000
Preferred stock Issued	0
Preferred stock Outstanding	0

Stockholders' Equity and Warrants

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Warrants

19. Stockholders’ Equity and Warrants

The following description summarizes the material terms and provisions of the securities that the Company has authorized.

Preferred Stock — The Company is authorized to issue up to 20,000,000 shares of preferred stock with a par value of $0.0001 per share. As of December 31, 2025, there were no shares of preferred stock issued or outstanding.

Common Stock — The Company is authorized to issue up to 400,000,000 shares of Common Stock with a par value of $0.0001 per share. Each holder of Common Stock will be entitled to one (1) vote in person or by proxy for each share of Common Stock. The holders of shares of Common Stock will not have cumulative voting rights. As of December 31, 2025, there were 11,755,434 shares of Common Stock issued and outstanding.

On December 12, 2025, the Company effected the Reverse Stock Split of our issued and outstanding shares of Common Stock. As a result of the Reverse Stock Split every ten (10) shares of Common Stock issued and outstanding were automatically combined into one (1) share of issued and outstanding Common Stock, without any change in the par value per share. All information related to Common Stock, stock options, restricted stock units, warrants and earnings per share have been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented.

Warrants — As of December 31, 2025, the Company had the following warrants to purchase Common Stock outstanding:


		Number of Warrants		Common Stock Underlying Warrants		Exercise Price Per Share		Expiration
Private Placement Warrants		135,000		13,500		115.00		11/29/2028
Forward Purchase Warrants		250,000		25,000		115.00		11/29/2028
Public Warrants		6,249,980		624,998		115.00		11/29/2028
ETI Warrants		6,632,418		663,242		49.80		07/29/2030
Total		13,267,398		1,326,740

Public Warrants

The Public Warrants qualify for the derivative scope exception under ASC 815 and are therefore classified as equity on the consolidated balance sheets. Every ten warrants may be exercised for one whole share of Common Stock at a price of $115.00 per share. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants are currently exercisable and will expire November 29, 2028, or earlier upon redemption or liquidation.

The Company may redeem the outstanding Public Warrants if the price per share of common stock equals or exceeds $180.00 (except as described with respect to the Private Placement Warrants and Forward Purchase Warrants):

●

in whole and not in part;

●

at a price of $0.01 per Warrant;

●

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

●

if, and only if, the closing price of the Common stock equals or exceeds $180.00 per share (as adjusted) for any of 20 trading days within a 30-trading day period and ending three trading days before the Company sends the notice of redemption to the warrant holders.

If and when the Public Warrants become redeemable by the Company, the Company may not exercise its redemption right if the issuance of shares of Common Stock upon exercise of the Public Warrants is not exempt from

registration or qualification under applicable state blue sky laws or the Company is unable to affect such registration or qualification.

Private Placement and Forward Purchase Warrants

The Private Placement and Forward Purchase Warrants (together “Private Warrants”) meet the definition of a derivative; however, they do not meet the equity scope exception in ASC 815 and are therefore classified as a liability. The Private Warrants are identical to the Public Warrants, except that so long as they are held by CFAC Holdings VIII, LLC (an affiliate of Cantor Fitzgerald) or any Permitted Transferees, as applicable, the Private Warrants (i) may be exercised for cash or on a cashless basis, and (ii) shall not be redeemable by the Company,

Upon exercise of each of the Public Warrants and Private Warrants, the exercise price and number of shares of Common Stock issuable may be adjusted in certain circumstances including in the event of a stock dividend, a consolidation, combination, reverse stock split or reclassification of shares of Common Stock. Private warrants’ liability is included within other long-term liabilities on the consolidated balance sheet as of December 31, 2025.

ETI Warrants

On July 29, 2025, the Company issued Common Stock purchase warrants to certain subsidiaries of ETI which entitles them to purchase 663,242 shares of Common Stock of the Company for an exercise price of $49.80 per share (the “ETI Warrants”). The ETI Warrants qualify for the derivative scope exception under ASC 815 and are therefore classified as equity on the consolidated and combined balance sheets. No fractional shares will be issued upon exercise of the ETI Warrants. The ETI Warrants are currently exercisable and will expire on July 29, 2030. The ETI Warrants are not traded as of December 31, 2025 and are not subject to redemption by the Company.

Intangible Assets and Goodwill - Schedule of goodwill (Details) $ in Thousands	2 Months Ended	3 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment					2
Goodwill
Beginning balance	$ 510,064		$ 454,217	$ 39,718	$ 39,718
Additions	792
Deletions	(683)
Impairments	(320,292)		(320,292)	0	(320,300)	$ (108,489)
Currency Translation Adjustments	0
Ending balance	189,881	$ 189,881	189,881	454,217	189,881	39,718
Predecessor
Goodwill
Beginning balance			39,718	39,718	39,718	147,542
Additions				0		0
Deletions				0		0
Impairments				0		(108,489)
Currency Translation Adjustments				0		665
Ending balance				39,718		39,718
Applied Workflow Automation
Goodwill
Beginning balance	356,777
Additions	0
Deletions	(683)
Impairments	(240,292)	(215,800)			(24,500)
Currency Translation Adjustments	0
Ending balance	115,802	115,802
Applied Workflow Automation \| Predecessor
Goodwill
Beginning balance			39,718	39,718	39,718	147,542
Additions				0		0
Deletions				0		0
Impairments				0		(108,489)
Currency Translation Adjustments				0		665
Ending balance				39,718		39,718
Technology
Goodwill
Beginning balance	153,287
Additions	792
Deletions	0
Impairments	(80,000)	(80,000)
Currency Translation Adjustments	0
Ending balance	$ 74,079	$ 74,079
Technology \| Predecessor
Goodwill
Beginning balance			$ 0	0	$ 0	0
Additions				0		0
Deletions				0		0
Impairments				0		0
Currency Translation Adjustments				0		0
Ending balance				$ 0		$ 0

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Federal Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current	$ 511	$ (3,374)	$ 3,693
Deferred	(764)	31,705	245
State and Local Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current	21	392	1,035
Deferred	1,372	4,591	(62)
Foreign Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current	4,090	2,461	4,342
Deferred	(219)	100	756
Income Tax Expense	$ 5,011	$ 35,875	$ 10,009

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Definite-lived intangible asset
Accumulated Amortization	$ (16,202)		$ (16,202)	$ (551,872)
Finite-lived, net	341,205		341,205
Indefinite-lived intangible asset
Intangible Assets, Gross Carrying Amount	360,282		360,282	684,714
Intangible assets, net	344,080	$ 320,773	344,080	132,842
Gross carrying amount of intangible assets fully amortized and written off				14,600
Aggregate amortization expense related to intangible assets	16,200	15,100		34,300
Trade names
Indefinite-lived intangible asset
Indefinite-lived	2,875		2,875	5,300
Intangible assets, net		2,875
Accumulated impairment losses	0		$ 0	$ 44,100
Customer relationships
Definite-lived intangible asset
Weighted Average Remaining Useful Life (in years)			11 years	7 years 9 months 18 days
Gross Carrying Amount	292,855		$ 292,855	$ 490,166
Accumulated Amortization	(11,076)		(11,076)	(388,565)
Finite-lived, net	281,779		$ 281,779	$ 101,601
Indefinite-lived intangible asset
Intangible assets, net		264,000
Trade names
Definite-lived intangible asset
Weighted Average Remaining Useful Life (in years)			8 years
Gross Carrying Amount	9,029		$ 9,029
Accumulated Amortization	(470)		(470)
Finite-lived, net	8,559		8,559
Indefinite-lived intangible asset
Accumulated impairment losses	0		$ 0
Developed Technology
Definite-lived intangible asset
Weighted Average Remaining Useful Life (in years)				2 months 12 days
Gross Carrying Amount				$ 88,554
Accumulated Amortization				(88,501)
Finite-lived, net				$ 53
Indefinite-lived intangible asset
Intangible assets, net		37,800
Outsourced Contract Costs
Definite-lived intangible asset
Weighted Average Remaining Useful Life (in years)			5 years	2 years
Gross Carrying Amount	1,133		$ 1,133	$ 17,660
Accumulated Amortization	(94)		(94)	(16,496)
Finite-lived, net	1,039		$ 1,039	$ 1,164
Indefinite-lived intangible asset
Intangible assets, net		1,090
Internally developed software
Definite-lived intangible asset
Weighted Average Remaining Useful Life (in years)			5 years	2 years 2 months 12 days
Gross Carrying Amount	39,381		$ 39,381	$ 56,285
Accumulated Amortization	(3,311)		(3,311)	(47,610)
Finite-lived, net	36,070		$ 36,070	$ 8,675
Purchased software
Definite-lived intangible asset
Weighted Average Remaining Useful Life (in years)			8 years	9 years
Gross Carrying Amount	15,009		$ 15,009	$ 26,749
Accumulated Amortization	(1,251)		(1,251)	(10,700)
Finite-lived, net	$ 13,758		$ 13,758	$ 16,049
Indefinite-lived intangible asset
Intangible assets, net		$ 15,008

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2025	Jul. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
United States	$ (343,871)	$ 1,491,457	$ (214,395)
Foreign	(2,241)	(924)	9,254
Income / (loss) before income taxes	$ (346,112)	$ 1,490,533	$ (205,141)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fresh Start Accounting - Reorg Adj - Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	7 Months Ended
	Jul. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Reorganization, Chapter 11 [Line Items]
Other long-term liabilities	$ 37,623	$ 40,671	$ 2,803
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Reinstatement of Other long-term liabilities balance from liabilities subject to compromise	2,578
Accounts payable to be paid in long term as per the Plan considered long term	4,633
Accrued compensation and benefits to be paid in long term as per the Plan considered long term	30,124
Other long-term liabilities	$ 37,335

Description of the Business (Details) - USD ($)				12 Months Ended
Description of the Business (Details) - USD ($)	Aug. 01, 2025	Jul. 29, 2025	Jul. 03, 2025	Dec. 31, 2025	Apr. 16, 2025	Mar. 03, 2025	Jul. 11, 2023	Dec. 09, 2021
Product Information [Line Items]
Fixed interest rate							11.50%	11.50%
Common stock Authorized		400,000,000		400,000,000
Common stock par value (in dollars per share)		$ 0.0001		$ 0.0001
Preferred stock Authorized		20,000,000		20,000,000
Number of shares issued to holders of Allowed Notes Claims (in shares)	8,160,042	8,179,982
Common stock Issued		11,751,597		11,755,434
Common stock Outstanding				11,755,434
Warrants to purchase number of shares (in shares)		663,242		1,326,740
Reorganization, plan equity value per share		$ 49.8
Equity Valuation of BPA		$ 407,000,000
Equity Valuation of combined Company, Implied		$ 585,700,000
Tax Funding Agreement, Initial funding obligations				$ 15,000,000
DIP Obligation, cashless rollover						$ 185,000,000
Aggregate principal amount						$ 193,000,000
Basis spread on variable interest (%)		7.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
ETI (Exela Technologies, Inc.)
Product Information [Line Items]
Percentage of common stock owned (%)				25.70%
Acquisition Of Exela Technologies BPA, LLC And Subsidiaries
Product Information [Line Items]
Purchase consideration		$ 1,000	$ 1
BTC International
Product Information [Line Items]
Percentage of common stock owned (%)		60.70%
Gates Capital Management
Product Information [Line Items]
Percentage of common stock owned (%)				24.40%
Avenue Capital
Product Information [Line Items]
Percentage of common stock owned (%)				9.30%
Minimum
Product Information [Line Items]
Tax Funding Agreement, Initial funding obligations		$ 15,000,000
Maximum
Product Information [Line Items]
Tax Funding Agreement, Initial funding obligations		25,000,000
Exit Notes
Product Information [Line Items]
DIP Obligation, cashless rollover		183,000,000
DIP Obligation, additional funding provide		18,000,000
DIP Obligation, amount cancelled		10,000,000
Loans under Gates Exit Facility Agreement
Product Information [Line Items]
DIP obligation, take-back loan amount		6,000,000
Amount of new loan		40,000,000
Aggregate principal amount		38,900,000
ABL Credit Agreement
Product Information [Line Items]
Amount of new loan		$ 150,000,000
ABL Credit Agreement \| Minimum
Product Information [Line Items]
Basis spread on variable interest (%)		3.75%
ABL Credit Agreement \| Maximum
Product Information [Line Items]
Basis spread on variable interest (%)		4.25%
First Priority Senior Secured Notes Due 2026
Product Information [Line Items]
Fixed interest rate					11.50%

Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Estimated future pension benefit payments
2026	$ 2,811
2027	3,187
2028	3,521
2029	3,401
2030	3,578
2031-2035	19,232
Total	$ 35,730

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets


		Successor
		Consolidated
	Weighted Average	December 31, 2025
	Remaining Useful Life	Gross Carrying			Accumulated			Intangible
	(in Years)	Amount (a)			Amortization			Asset, net
Customer relationships	11.0	$	292,855		$	(11,076)		$	281,779
Trade names—indefinite-lived (b)	Indefinite-lived		2,875			—			2,875
Trade names—others (c)	8.0		9,029			(470)			8,559
Outsourced contract costs	5.0		1,133			(94)			1,039
Internally developed software	5.0		39,381			(3,311)			36,070
Purchased software	8.0		15,009			(1,251)			13,758
Intangibles, net		$	360,282		$	(16,202)		$	344,080


		Predecessor
		Combined and Consolidated
	Weighted Average	December 31, 2024
	Remaining Useful Life	Gross Carrying			Accumulated			Intangible
	(in Years)	Amount (a)			Amortization			Asset, net
Customer relationships	7.8	$	490,166		$	(388,565)		$	101,601
Developed technology	0.2		88,554			(88,501)			53
Trade names—indefinite-lived (b)	Indefinite-lived		5,300			—			5,300
Outsourced contract costs	2.0		17,660			(16,496)			1,164
Internally developed software	2.2		56,285			(47,610)			8,675
Purchased software	9.0		26,749			(10,700)			16,049
Intangibles, net		$	684,714		$	(551,872)		$	132,842

(a)	Amounts include intangible assets acquired in business combinations and asset acquisitions. $14.6 million of gross carrying amount of intangible assets was fully amortized and written off during the year 2024.

(b)	The carrying amounts of trade names—indefinite-lived as of December 31, 2025 (Successor) and December 31, 2024 (Predecessor) represent indefinite-lived intangible assets and is net of accumulated impairment losses of $0 and $44.1 million, respectively.

(c)	The carrying amount of trade names—others as of December 31, 2025 (Successor) represents definite-lived intangible asset and is net of accumulated impairment losses of $0.

Schedule of estimated intangibles amortization expense


	Estimated
	Amortization
	Expense
2026	$	37,427
2027		37,144
2028		37,144
2029		37,033
2030		33,480
2031 and thereafter		158,977
Total	$	341,205

Schedule of goodwill by reporting segment


		Successor
		Consolidated
		Balances as at August 1, 2025 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances as at December 31, 2025 (a)
Applied Workflow Automation		$	356,777		$	—		$	(683)	(b)	$	(240,292)		$	—		$	115,802
Technology			153,287			792	(b)		—			(80,000)			—			74,079
Total		$	510,064		$	792		$	(683)		$	(320,292)		$	—		$	189,881

		Predecessor
		Combined and Consolidated
		Balances as at January 1, 2025 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances as at July 31, 2025 (a)
Applied Workflow Automation		$	39,718		$	—		$	—		$	—		$	—		$	39,718
Technology			—			—			—			—			—			—
Total		$	39,718		$	—		$	—		$	—		$	—		$	39,718

		Predecessor
		Combined and Consolidated
		Balances as at January 1, 2024 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances as at December 31, 2024 (a)
Applied Workflow Automation		$	147,542		$	—		$	—		$	(108,489)		$	665		$	39,718
Technology			—			—			—			—			—			—
Total		$	147,542		$	—		$	—		$	(108,489)		$	665		$	39,718

(a)

(b)	Additions/Deletions represent measurement period adjustments as discussed in Note 5, Business Combination.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Intangible Assets and Goodwill - Estimated intangibles amortization expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Estimated Amortization Expenses
2026	$ 37,427
2027	37,144
2028	37,144
2029	37,033
2030	33,480
2031 and thereafter	158,977
Finite-lived, net	$ 341,205

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, Net

10. Property, Plant and Equipment, Net

Property, plant, and equipment, which include assets recorded under finance leases, are stated at cost less accumulated depreciation and amortization, and consist of the following:


		Successor		Predecessor
		Consolidated		Combined and Consolidated
	Estimated Useful Lives	December 31,		December 31,
	(in Years)	2025		2024
Land	N/A	$	8,515	$	6,288
Buildings and improvements	7 – 40		13,663		12,203
Leasehold improvements	Shorter of life of improvement or lease term		15,712		36,328
Vehicles	5 – 7		335		558
Machinery and equipment	5 – 15		18,134		32,300
Computer equipment and software	3 – 8		16,678		77,719
Furniture and fixtures	5 – 15		3,173		5,777
Finance lease right-of-use assets	Shorter of life of the asset or lease term		17,840		67,879
			94,050		239,052
Less: Accumulated depreciation and amortization			(11,094)		(193,946)
Property, plant and equipment, net		$	82,956	$	45,106

Depreciation and amortization expense related to property, plant and equipment was $10.0 million, $7.1 million and $16.0 million for the periods August 1, 2025 to December 31, 2025 (Successor), January 1, 2025 to July 31, 2025 (Predecessor), and for the year ended December 31, 2024 (Predecessor), respectively.

Fresh Start Accounting - Condensed Consolidated and Combined Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Aug. 01, 2025	Jul. 31, 2025	Jul. 29, 2025	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 37,113			$ 11,667		$ 11,635
Restricted cash	31,553			30,743		52,432
Accounts receivable, net	130,281			112,654		18,663	$ 42,833
Related party receivables and prepaid expenses	$ 736			$ 3,938		$ 12,105
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]			Related Party [Member]		Related Party [Member]
Inventories, net	$ 11,365			$ 6,508		$ 7,204
Prepaid expenses and other current assets	28,699			26,751		22,358
Total current assets	239,747			192,261		124,397
Property, plant and equipment, net	82,956			73,115		45,106
Operating lease right-of-use assets, net	30,339			29,542		30,543
Goodwill	189,881	$ 189,881	$ 510,064	454,217		39,718
Intangible assets, net	344,080			320,773		132,842
Other noncurrent assets	15,094			18,561		17,815
Total assets	902,097			1,088,469		390,421
Current liabilities
Current portion of long-term debt	34,334			29,978		1,433,484
Accounts payable	55,700			42,123		42,602
Related party payables	$ 5,343			$ 1,350		$ 3,383
Notes Payable, Current, Related Party [Extensible Enumeration]	Related Party [Member]			Related Party [Member]		Related Party [Member]
Income tax payable	$ 6,158			$ 2,312		$ 5,682
Accrued liabilities	47,101			41,366		44,898
Accrued compensation and benefits	56,314			33,938		68,179
Accrued interest	13,685			1,877		80,039
Customer deposits	21,691			17,779		19,900
Deferred revenue				9,701
Obligation for claim payment	55,632			53,176		70,805
Current portion of finance lease liabilities	4,390			5,174		5,441
Current portion of operating lease liabilities	9,814			9,283		9,210
Total current liabilities	322,043			248,057		1,790,206
Long-term debt, net of current maturities	353,267			307,056		1,468
Finance lease liabilities, net of current portion	6,857			7,303		6,381
Net defined benefit liability	6,241			1,069		1,041
Deferred income tax liabilities	52,595			49,514		13,118
Long-term income tax liabilities	10,554			7,951		8,285
Operating lease liabilities, net of current portion	22,530			22,533		23,907
Other long-term liabilities	40,671			37,623		2,803
Total liabilities not subject to compromise				681,106
Liabilities subject to compromise				0
Total liabilities	814,758			681,106		1,847,209
Stockholders' Equity (Deficit)
Predecessor's net parent investment	0			0		(1,449,634)
Predecessor accumulated other comprehensive loss:
Foreign currency translation adjustment	(1,263)			0		(7,154)
Predecessor total accumulated other comprehensive loss (income)	455			0		(7,154)
Successor's common stock	12			8		0
Successor's paid-in-capital in excess of par	437,995			407,355		0
Total stockholder's equity (deficit)				407,363
Total liabilities and stockholder's equity (deficit)	$ 902,097			1,088,469		390,421
Predecessor
Current assets
Cash and cash equivalents				17,958
Restricted cash				30,743
Accounts receivable, net				38,187
Related party receivables and prepaid expenses				3,938
Inventories, net				6,508
Prepaid expenses and other current assets				32,164
Total current assets				129,498
Property, plant and equipment, net				42,785
Operating lease right-of-use assets, net				29,542
Goodwill				39,718		$ 39,718		$ 147,542
Intangible assets, net				119,032
Other noncurrent assets				16,297
Total assets				376,872
Current liabilities
Current portion of long-term debt				247,322
Accounts payable				23,008
Related party payables				39
Income tax payable				10,126
Accrued liabilities				21,181
Accrued compensation and benefits				25,376
Accrued interest				0
Customer deposits				83
Deferred revenue				9,701
Obligation for claim payment				53,176
Current portion of finance lease liabilities				4,884
Current portion of operating lease liabilities				9,283
Total current liabilities				404,179
Long-term debt, net of current maturities				1,465
Finance lease liabilities, net of current portion				7,303
Net defined benefit liability				1,069
Deferred income tax liabilities				13,721
Long-term income tax liabilities				8,496
Operating lease liabilities, net of current portion				22,533
Other long-term liabilities				288
Total liabilities not subject to compromise				459,054
Liabilities subject to compromise				1,424,479
Total liabilities				1,883,533
Stockholders' Equity (Deficit)
Predecessor's net parent investment				(1,498,817)
Predecessor accumulated other comprehensive loss:
Foreign currency translation adjustment				(7,844)
Predecessor total accumulated other comprehensive loss (income)				(7,844)
Successor's common stock				0
Successor's paid-in-capital in excess of par				0
Total stockholder's equity (deficit)				(1,506,661)
Total liabilities and stockholder's equity (deficit)				376,872
Reorganization Adjustments
Current assets
Cash and cash equivalents				(6,291)	$ (6,291)
Restricted cash				0
Accounts receivable, net				74,467
Related party receivables and prepaid expenses				0
Inventories, net				0
Prepaid expenses and other current assets				(5,413)
Total current assets				62,763
Property, plant and equipment, net				0
Operating lease right-of-use assets, net				0
Goodwill				0
Intangible assets, net				0
Other noncurrent assets				2,264
Total assets				65,027
Current liabilities
Current portion of long-term debt				(217,344)
Accounts payable				19,115
Related party payables				1,311
Income tax payable				(7,814)
Accrued liabilities				20,185
Accrued compensation and benefits				8,562
Accrued interest				1,877
Customer deposits				17,696
Deferred revenue				0
Obligation for claim payment				0
Current portion of finance lease liabilities				290
Current portion of operating lease liabilities				0
Total current liabilities				(156,122)
Long-term debt, net of current maturities				305,591
Finance lease liabilities, net of current portion				0
Net defined benefit liability				0
Deferred income tax liabilities				35,793
Long-term income tax liabilities				(545)
Operating lease liabilities, net of current portion				0
Other long-term liabilities				37,335
Total liabilities not subject to compromise				222,052
Liabilities subject to compromise				1,424,479
Total liabilities				(1,202,427)
Stockholders' Equity (Deficit)
Predecessor's net parent investment				859,777
Predecessor accumulated other comprehensive loss:
Foreign currency translation adjustment				314
Predecessor total accumulated other comprehensive loss (income)				314
Successor's common stock				8
Successor's paid-in-capital in excess of par				407,355
Total stockholder's equity (deficit)				1,267,454
Total liabilities and stockholder's equity (deficit)				65,027
Fresh Start Adjustments
Current assets
Cash and cash equivalents				0
Restricted cash				0
Accounts receivable, net				0
Related party receivables and prepaid expenses				0
Inventories, net				0
Prepaid expenses and other current assets				0
Total current assets				0
Property, plant and equipment, net				30,330
Operating lease right-of-use assets, net				0
Goodwill				414,499
Intangible assets, net				201,741
Other noncurrent assets				0
Total assets				646,570
Current liabilities
Current portion of long-term debt				0
Accounts payable				0
Related party payables				0
Income tax payable				0
Accrued liabilities				0
Accrued compensation and benefits				0
Accrued interest				0
Customer deposits				0
Deferred revenue				0
Obligation for claim payment				0
Current portion of finance lease liabilities				0
Current portion of operating lease liabilities				0
Total current liabilities				0
Long-term debt, net of current maturities				0
Finance lease liabilities, net of current portion				0
Net defined benefit liability				0
Deferred income tax liabilities				0
Long-term income tax liabilities				0
Operating lease liabilities, net of current portion				0
Other long-term liabilities				0
Total liabilities not subject to compromise				0
Liabilities subject to compromise				0
Total liabilities				0
Stockholders' Equity (Deficit)
Predecessor's net parent investment				639,040
Predecessor accumulated other comprehensive loss:
Foreign currency translation adjustment				7,530
Predecessor total accumulated other comprehensive loss (income)				7,530
Successor's common stock				0
Successor's paid-in-capital in excess of par				0
Total stockholder's equity (deficit)				646,570
Total liabilities and stockholder's equity (deficit)				$ 646,570