0001104659-26-062511 | 10-Q | XBRL Viewer

New Accounting Pronouncements	3 Months Ended
Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	3. New Accounting Pronouncements Recently Adopted Accounting Guidance Effective January 1, 2026 the Company adopted 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. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. Effective January 1, 2026 the Company adopted 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. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Effective 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 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.

New Accounting Pronouncements

3 Months Ended

Mar. 31, 2026

Accounting Standards Update and Change in Accounting Principle [Abstract]

3. New Accounting Pronouncements

Recently Adopted Accounting Guidance

Effective January 1, 2026 the Company adopted 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. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures.

Effective January 1, 2026 the Company adopted 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. The adoption of this standard did not have a material impact on our condensed consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Effective

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 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.

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+ Details

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Financial information prior to the Emergence 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 condensed 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 condensed consolidated financial statements as of and for the period January 1, 2026 to March 31, 2026, includes the condensed consolidated balance sheet, and statement of operations, comprehensive profit (loss), changes in stockholders’ 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 condensed 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 condensed 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 January 1, 2026 to March 31, 2026 are not necessarily indicative of the results of operations or cash flows that may be expected for future periods.

The preparation of condensed 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 condensed 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. For the period January 1, 2025 to March 31, 2025 that is covered by the BPA financial statements, BPA operated as part of ETI. The accompanying condensed 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 condensed consolidated and combined financial statements. The condensed consolidated and

combined financial statements and related notes to the condensed consolidated and combined financial statements have been prepared in accordance with GAAP.

The condensed consolidated and combined statements of operations and comprehensive profit (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 condensed consolidated and combined financial statements are based on assumptions that management believes are reasonable. However, the condensed 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 period 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 above, as a result of the application of fresh start accounting and the effects of the implementation of the Plan, the condensed consolidated financial statements after the Emergence Date are not comparable with the condensed consolidated and combined financial statements on or before the Emergence Date.

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 14, Segment Information.

Certain prior period amounts have been reclassified to conform to the 2026 presentation.

Net Profit (Loss) per Share

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 (i.e., if included, would reduce the net loss per share).

As the Company experienced a net loss for the three months ended March 31, 2026 (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 March 31, 2026 (refer to Note 12, Stockholders’ Equity and Warrants) or the effect of the aggregate number of shares issuable pursuant to outstanding restricted stock units (256,166 as of March 31, 2026, refer to Note 11,

Stock-Based Compensation) in the calculation of diluted profit (loss) per share for the three months ended March 31, 2026, because their effects were anti-dilutive.

The following table provides details underlying the Company’s loss per basic and diluted share calculation for the three months ended March 31, 2026 (Successor):


	Successor
	Consolidated
	Three Months Ended March 31,
	2026
Net loss attributable to common stockholders (A)	$	(26,762)
Weighted average common shares outstanding – basic and diluted (B)		11,759,577
Loss Per Share:
Basic and diluted (A/B)	$	(2.28)

Use of Estimates in Preparation of the Condensed Consolidated Financial Statements

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.

Revenue Recognition

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 customer 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 customers, 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 customers is typically to perform an unknown or unspecified quantity of tasks and the consideration received is contingent upon the customers’ 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 customer. 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, customer acceptance or rights of return at the time revenue is recognized. Professional services revenue consists of implementation services for new customers, or implementations of new products for existing customers. 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 14, Segment Information). The following tables disaggregate revenue from contracts by segment and by geographic region for the three months ended March 31, 2026 (Successor) and March 31, 2025 (Predecessor):


		Successor						Predecessor
		Consolidated						Combined and Consolidated
		Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
U.S.A.		$	150,439	$	11,553	$	161,992	$	173,054	$	14,069	$	187,123
EMEA			24,175		7,153		31,328		—		—		—
Other			3,812		—		3,812		4,856		—		4,856
Total		$	178,426	$	18,706	$	197,132	$	177,910	$	14,069	$	191,979

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at March 31, 2026 (Successor), December 31, 2025 (Successor) and January 1, 2025 (Predecessor):


		Successor				Predecessor
		Consolidated				Combined and Consolidated
		March 31,		December 31,		January 1,
		2026		2025		2025
Accounts receivable, net		$	130,253	$	130,281	$	18,663
Deferred revenues (1)			14,535		12,192		6,940
Customer deposits			18,359		21,691		19,900
Costs to obtain and fulfill a contract			1,037		1,039		1,164

(1)

Includes $0.3 million and $0.3 million of non-current portion of deferred revenues reported as part of other long-term liabilities on the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. Non-current portion of deferred revenues was $0.4 million as of January 1, 2025.

The following table describes the changes in the allowance for expected credit losses for the three months ended March 31, 2026 (Successor) and March 31, 2025 (Predecessor) (all related to accounts receivables):


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Three Months Ended March 31,		Three Months Ended March 31,
	2026		2025
Balance at January 1 of the allowance for expected credit losses	$	5,660	$	3,279
Provision for expected loss		885		488
Write-off charged against the allowance		(85)		346
Recoveries collected		(1,496)		(212)
Foreign currency exchange rate adjustment		(37)		28
Balance at March 31 of the allowance for expected credit losses	$	4,927	$	3,929

Accounts receivable, net includes $23.6 million and $25.4 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively, representing amounts not yet billed to customers. The Company has accrued the unbilled receivables for work performed in accordance with the terms of its contracts with customers.

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 customer but rather are used in fulfilling the related performance obligations that transfer over time. This advance consideration received from customers is deferred over the contract term. The Company recognized revenue of $5.2 million during the three months ended March 31, 2026 (Successor), that had been deferred as of December 31, 2025 (Successor). The Company recognized revenue of $4.0 million during the three months ended March 31, 2025 (Predecessor), that had been deferred as of January 1, 2025 (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 $0.1 million of amortization for these costs for the three months ended March 31, 2026 (Successor) and 2025 (Predecessor), respectively, within depreciation and amortization expense in the Company’s condensed combined and consolidated 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 customers 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 customer 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 customers and reduces revenues recognized. The Company does not anticipate significant changes to its estimates of variable consideration.

The Company includes reimbursements from customers, 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 March 31, 2026 (Successor) in each of the future periods below:


Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations

Remainder of 2026	$	13,607
2027		8,937
2028		4,364
2029		1,127
2030		903
2031 and thereafter		2,368
Total	$	31,306

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
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+ Details

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

5. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at the Convenience Date fair values less accumulated amortization as of March 31, 2026 (Successor) and consist of the following:


	Successor
	Consolidated
	March 31, 2026
	Gross Carrying			Accumulated			Intangible
	Amount (a)			Amortization			Asset, net
Customer relationships	$	292,844		$	(17,716)		$	275,128
Trade names—indefinite-lived (b)		2,875			—			2,875
Trade names—others (c)		9,029			(752)			8,277
Outsourced contract costs		1,292			(255)			1,037
Internally developed software		39,913			(5,326)			34,587
Purchased software		15,009			(1,681)			13,328
Intangibles, net	$	360,962		$	(25,730)		$	335,232


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

(a)	Amounts include intangible assets acquired in business combinations and asset acquisitions.

(b)	The carrying amounts of trade names—indefinite-lived as of March 31, 2026 (Successor) and December 31, 2025 (Successor) represent indefinite-lived intangible assets and is net of accumulated impairment losses of $0.

(c)	The carrying amount of trade names—others as of March 31, 2026 (Successor) and 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 $9.5 million for the three months ended March 31, 2026 (Successor). Aggregate amortization expense related to intangible assets was $6.8 million for the three months ended March 31, 2025 (Predecessor).

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


	Estimated
	Amortization
	Expense
Remainder of 2026	$	28,440
2027		37,252
2028		37,252
2029		37,142
2030		33,698
2031 and thereafter		158,573
Total	$	332,357

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 customers. The Company is organized into two segments: Applied Workflow Automation and Technology (See Note 14, Segment Information).

Goodwill by reporting segment consists of the following:


		Successor
		Consolidated
		Balances at January 1, 2026 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances at March 31, 2026 (a)
Applied Workflow Automation		$	115,802		$	—		$	—		$	—		$	—		$	115,802
Technology			74,079			—			—			—			—			74,079
Total		$	189,881		$	—		$	—		$	—		$	—		$	189,881

		Successor
		Consolidated
		Balances at August 1, 2025 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances 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 at January 1, 2025 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances at July 31, 2025 (a)
Applied Workflow Automation		$	39,718		$	—		$	—		$	—		$	—		$	39,718
Technology			—			—			—			—			—			—
Total		$	39,718		$	—		$	—		$	—		$	—		$	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 March 31, 2026 (Successor) and December 31, 2025 (Successor). Accumulated impairment relating to Applied Workflow Automation was $309.3 million at January 1, 2025 (Predecessor).

(b)	Additions/Deletions represent measurement period adjustments as discussed in Note 4, Business Combination.

Fair Value Measurement - Schedule of carrying amounts and estimated fair values (Details) - Recurring assets and liabilities - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Level 2
Fair Value Measurement
Long-term debt	$ 322,987	$ 330,699
Current portion of long-term debts	32,260	34,334
Private Warrants \| Level 3
Fair Value Measurement
Private Warrants liability	5	3
Carrying Amount
Fair Value Measurement
Long-term debt	348,947	353,267
Current portion of long-term debts	32,260	34,334
Carrying Amount \| Private Warrants
Fair Value Measurement
Private Warrants liability	5	3
Fair Value
Fair Value Measurement
Long-term debt	322,987	330,699
Current portion of long-term debts	32,260	34,334
Fair Value \| Private Warrants
Fair Value Measurement
Private Warrants liability	$ 5	$ 3

Business Combination - Preliminary fair value of the assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	5 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Jul. 31, 2025	Jul. 03, 2025
Business Combination [Line Items]
Implied goodwill	$ 189,881	$ 189,881	$ 510,064
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		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
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]
Prepaid expenses and other current assets	2,174
Deferred income tax assets	(2,347)
Implied goodwill	109
Total identifiable assets acquired	(64)
Liabilities Assumed:
Accrued liabilities	3,739
Pension liabilities	(3,803)
Total liabilities assumed	(64)
Increase in accrued liabilities	700
Decrease in implied goodwill	3,100
Increase in accrued liabilities	3,000
Increase in implied goodwill	$ 3,200

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

The information presented below supplements the Significant Accounting Policies information presented in the Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 31, 2026.

Use of Estimates in Preparation of the Condensed Consolidated Financial Statements

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
		Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
U.S.A.		$	150,439	$	11,553	$	161,992	$	173,054	$	14,069	$	187,123
EMEA			24,175		7,153		31,328		—		—		—
Other			3,812		—		3,812		4,856		—		4,856
Total		$	178,426	$	18,706	$	197,132	$	177,910	$	14,069	$	191,979

Contract Balances

The following table presents contract assets, contract liabilities and contract costs recognized at March 31, 2026 (Successor), December 31, 2025 (Successor) and January 1, 2025 (Predecessor):


		Successor				Predecessor
		Consolidated				Combined and Consolidated
		March 31,		December 31,		January 1,
		2026		2025		2025
Accounts receivable, net		$	130,253	$	130,281	$	18,663
Deferred revenues (1)			14,535		12,192		6,940
Customer deposits			18,359		21,691		19,900
Costs to obtain and fulfill a contract			1,037		1,039		1,164

(1)


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Three Months Ended March 31,		Three Months Ended March 31,
	2026		2025
Balance at January 1 of the allowance for expected credit losses	$	5,660	$	3,279
Provision for expected loss		885		488
Write-off charged against the allowance		(85)		346
Recoveries collected		(1,496)		(212)
Foreign currency exchange rate adjustment		(37)		28
Balance at March 31 of the allowance for expected credit losses	$	4,927	$	3,929

Performance Obligations

The Company includes reimbursements from customers, 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

Remainder of 2026	$	13,607
2027		8,937
2028		4,364
2029		1,127
2030		903
2031 and thereafter		2,368
Total	$	31,306

Subsequent Events - Super Senior Term Loan Amendment (Details) $ in Millions	May 07, 2026 USD ($)
Subsequent Events \| Super Senior Term Loan
Subsequent Event [Line Items]
Amount of permitted sales of designated receivables	$ 10.0

Long-term Debt and Credit Facilities - ABL facility (Details) - USD ($) $ in Thousands	Jul. 29, 2025	Mar. 31, 2026	Mar. 06, 2026
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		$ 383,242
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		70,200
Reduced borrowing capacity			$ 3,750
Percentage of borrowing capacity			5.00%
Percentage of increase the advance rate for eligible investment grade billed accounts			95.00%
Unamortized debt issuance costs		1,900
Debt default, minimum threshold amount		$ 25,000
Minimum fixed charge coverage ratio			1
Minimum liquidity requirement			$ 7,500
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%

Employee Benefit Plans - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) employee subsidiary
Employee Benefit Plans
Actuarial gains \| $	$ 1.6
Pension Plan
Employee Benefit Plans
Employer contributions \| $	$ 0.2
Pension Plan \| U.K. Pension Plan
Employee Benefit Plans
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	0
Pension Plan \| U.K. Pension Plan \| Minimum
Employee Benefit Plans
Period of historical performance achieved	15 years
Pension Plan \| U.K. Pension Plan \| Maximum
Employee Benefit Plans
Period of historical performance achieved	20 years
Pension Plan \| German Pension Plan
Employee Benefit Plans
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date	10 years
Number of new employees registered under plan	0
Aggregate fair value of plan assets \| $	$ 0.0
Pension Plan \| Norway Pension Plan
Employee Benefit Plans
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date	3 years
Number of new employees registered under plan	0
Pension Plan \| Asterion Pension Plan
Employee Benefit Plans
Qualifying period for employees to be eligible for pension plan prior to threshold retirement date	3 years
Number of new employees registered under plan	0

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets


	Successor
	Consolidated
	March 31, 2026
	Gross Carrying			Accumulated			Intangible
	Amount (a)			Amortization			Asset, net
Customer relationships	$	292,844		$	(17,716)		$	275,128
Trade names—indefinite-lived (b)		2,875			—			2,875
Trade names—others (c)		9,029			(752)			8,277
Outsourced contract costs		1,292			(255)			1,037
Internally developed software		39,913			(5,326)			34,587
Purchased software		15,009			(1,681)			13,328
Intangibles, net	$	360,962		$	(25,730)		$	335,232


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

(a)	Amounts include intangible assets acquired in business combinations and asset acquisitions.

(b)	The carrying amounts of trade names—indefinite-lived as of March 31, 2026 (Successor) and December 31, 2025 (Successor) represent indefinite-lived intangible assets and is net of accumulated impairment losses of $0.

(c)	The carrying amount of trade names—others as of March 31, 2026 (Successor) and 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
Remainder of 2026	$	28,440
2027		37,252
2028		37,252
2029		37,142
2030		33,698
2031 and thereafter		158,573
Total	$	332,357

Schedule of goodwill by reporting segment


		Successor
		Consolidated
		Balances at January 1, 2026 (a)			Additions			Deletions			Impairments			Currency Translation Adjustments			Balances at March 31, 2026 (a)
Applied Workflow Automation		$	115,802		$	—		$	—		$	—		$	—		$	115,802
Technology			74,079			—			—			—			—			74,079
Total		$	189,881		$	—		$	—		$	—		$	—		$	189,881

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

(a)

(b)	Additions/Deletions represent measurement period adjustments as discussed in Note 4, 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
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-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

Long-term Debt and Credit Facilities - Amended Factoring Agreement (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Sep. 13, 2023 EUR (€)
Debt Disclosure [Abstract]
Maximum amount of accounts receivable \| €		€ 15.0
Accounts receivable under factoring arrangement	$ 3.3
Loss on sale of accounts receivables	$ 0.1

Employee Benefit Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Employee Benefit Plans

8. Employee Benefit Plans

All of the pension plans discussed below pertain to the Company’s European subsidiaries, which were deemed to be acquired as part the Business Combination (Refer to Note 4, Business Combination).

U.K. Pension Plan

Two of the Company’s subsidiaries in the United Kingdom 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.

Tax Effect on Accumulated Other Comprehensive Loss

As of March 31, 2026, the Company recorded $1.6 million of actuarial gain.

Pension Expense

The components of the net periodic benefit cost for the three months ended March 31, 2026 (Successor) are as follows:


	Successor
	Consolidated
	Three Months Ended March 31,
	2026
Service cost	$	21
Interest cost		835
Expected return on plan assets		(859)
Amortization:
Amortization of net loss		295
Net periodic (benefit) cost	$	292

The Company records pension interest cost within interest expense, net. Expected return on plan assets, amortization of prior service costs, and amortization of net losses are recorded within other expense (income), net. Service cost is recorded within cost of revenue.

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 $0.2 million to its pension plans for the three months ended March 31, 2026 (Successor). The Company expects to fund the pension plans with the required contributions for 2026 based on current plan provisions.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Stockholders' Equity and Warrants - Public Warrants and Private Placement and Forward Purchase Warrants (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares	Jul. 29, 2025 $ / shares shares
Stockholders' Equity and Warrants
Warrants to purchase number of shares (in shares)	1,326,740	663,242
Public Warrants
Stockholders' Equity and Warrants
Number of every ten share exercised	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 \| $	30
Warrants redemption, threshold trading days \| $	20
Warrants redemption, threshold consecutive trading days \| $	30
Warrants redemption, threshold trading days available before notice is sent to warrant holders \| $	3
Warrants to purchase number of shares (in shares)	624,998
ETI Warrants
Stockholders' Equity and Warrants
Exercise price of warrants \| $ / shares	$ 49.8	$ 49.8
Fractional shares issued upon exercise of warrants (in shares)		0
Warrants to purchase number of shares (in shares)	663,242	663,242

Fair Value Measurement

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

10. 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 March 31, 2026 and December 31, 2025, due to the relatively short maturity of these instruments. Management estimated the fair values of the Company’s July 2030 Notes at approximately 86.1% and 87.9% of the principal balance outstanding as of March 31, 2026 (Successor) and December 31, 2025 (Successor). The fair values of secured borrowings under the Amended 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 condensed consolidated balance sheets as of March 31, 2026 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 March 31, 2026 (Successor) and December 31, 2025 (Successor):


		Successor
		Consolidated
		Carrying			Fair			Fair Value Measurements
As of March 31, 2026		Amount			Value			Level 1			Level 2			Level 3
Long-term debt		$	348,947		$	322,987		$	—		$	322,987		$	—
Current portion of long-term debts			32,260			32,260			—			32,260			—
Private Warrants liability			5			5			—			—			5


		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

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
		Three Months Ended March 31,
		2026
Balance as at January 1		$	3
Change in the fair value of the Private Warrants liability			2
Balance as at March 31			5

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Intangible Assets and Goodwill - Estimated intangibles amortization expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Estimated Amortization Expenses
Remainder of 2026	$ 28,440
2027	37,252
2028	37,252
2029	37,142
2030	33,698
2031 and thereafter	158,573
Finite-lived, net	$ 332,357

Long-term Debt and Credit Facilities - Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Feb. 13, 2026	Dec. 31, 2025	Jul. 29, 2025
Debt Instrument [Line Items]
Total debt	$ 381,207		$ 387,601
Less: Current portion of long-term debt	(32,260)		(34,334)
Long-term debt, net of current maturities	348,947		353,267
Other
Debt Instrument [Line Items]
Total debt	8,534		14,921
BR Exar AR Facility
Debt Instrument [Line Items]
Total debt	8,965		1,257
Less: Current portion of long-term debt	(1,400)		(1,400)
Debt issuance costs	700		200
Second Lien Secured Term Loan
Debt Instrument [Line Items]
Total debt	12,225		15,775
Debt issuance costs	300		0
2028 Term Loan Facilities maturing June 26, 2028
Debt Instrument [Line Items]
Total debt	9,906		10,862
Debt issuance costs	500		600
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	34,849		35,563
Debt issuance costs	400		500
Super Senior Term Loan maturing July 28, 2028
Debt Instrument [Line Items]
Total debt	49,961	$ 50,000	45,957
Aggregate principal amount	5,000	$ 4,000
Super Senior Term Loan maturing July 28, 2028 \| Maximum
Debt Instrument [Line Items]
Debt issuance costs	100		100
Aggregate principal amount				$ 46,000
ABL Facility maturing July 29, 2028
Debt Instrument [Line Items]
Total debt	70,209		76,753
July 2030 Notes maturing July 15, 2030
Debt Instrument [Line Items]
Total debt	186,558		186,513
Aggregate principal amount	$ 14,000		$ 14,000	$ 183,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. 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 condensed consolidated balance sheets, condensed consolidated and combined statements of operations or condensed consolidated and combined statements of cash flows.

Contract-Related Contingencies

The Company has certain contingent obligations that arise in the ordinary course of providing services to its customers. 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 customers 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 condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive loss or condensed consolidated statements of cash flows.

Subsequent Events - Repayments on Second Lien Note (Details) - USD ($) $ in Thousands	1 Months Ended
	May 15, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Amount outstanding		$ 381,207	$ 387,601
Second Lien Secured Term Loan
Subsequent Event [Line Items]
Amount outstanding		$ 12,225	$ 15,775
Subsequent Events \| Second Lien Secured Term Loan
Subsequent Event [Line Items]
Repayments of debt	$ 2,000
Amount outstanding	$ 10,500

- Definition

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

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+ Details

Condensed Consolidated and Combined Statements of Comprehensive Profit (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (26,762)	$ 39,623
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	1,682	(2,113)
Unrealized pension actuarial gains, net of tax	(110)	0
Total other comprehensive income (loss), net of tax	1,572	(2,113)
Comprehensive profit (loss)	$ (25,190)	$ 37,510

- 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.

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+ Details

- Definition

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

+ References + Details

General

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

1. General

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 Company conducts its operations through two reportable segments: Applied Workflow Automation and Technology. 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.”

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 6, 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 6, 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 6, 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 6, 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 6, 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 (3.8%-4.3% 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, an indirect subsidiary of ETI, owned approximately 60.7% of the Company’s Common Stock. Pursuant to the Plan, such shares were distributed to holders of Allowed Notes Claims (including certain Consenting ETI Entities). 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 and with entities affiliated with ETI, Gates Capital Management, Inc. and Avenue Capital Group beneficially owning 10% or more of the Company based on public records. (a dissipation of control rather than 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). As of the date of this report, there are no known arrangements that may result in a further change in control.

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. In accordance with fresh start accounting requirements new fair values were 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 condensed consolidated financial statements subsequent to July 31, 2025 are not comparable to those in the Company’s condensed 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 as presented in the Company’s Form 10-K report for the year ended December 31, 2025.

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 unaudited condensed 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 condensed combined and consolidated 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 in the condensed consolidated and combined statements of operations. The Company recorded an $8.6 million charge in selling, general and administrative in the condensed consolidated and combined statements of operations for the three months ended March 31, 2026 to refine the Company's estimate of the general unsecured claims liability based on updated information from the post-emergence claims reconciliation process, the original measurement adjustment of which was recognized as gain in Reorganization items, net in the Predecessor period.

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


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from January 1, 2026 through March 31,		Period from January 1, 2025 through March 31,
	2026		2025
Legal and professional fees	$	—	$	20,538
Derecognition of unamortized debt discount, premium and issuance costs		—		(81,383)
Total reorganization items, net	$	—	$	(60,845)

Basis of Presentation

Successor:

Predecessor:

combined financial statements and related notes to the condensed consolidated and combined financial statements have been prepared in accordance with GAAP.

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 14, Segment Information.

Certain prior period amounts have been reclassified to conform to the 2026 presentation.

Net Profit (Loss) per Share

Stock-Based Compensation) in the calculation of diluted profit (loss) per share for the three months ended March 31, 2026, because their effects were anti-dilutive.

The following table provides details underlying the Company’s loss per basic and diluted share calculation for the three months ended March 31, 2026 (Successor):


	Successor
	Consolidated
	Three Months Ended March 31,
	2026
Net loss attributable to common stockholders (A)	$	(26,762)
Weighted average common shares outstanding – basic and diluted (B)		11,759,577
Loss Per Share:
Basic and diluted (A/B)	$	(2.28)

Long-term Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of debt instruments


	Successor
	Consolidated
	March 31,		December 31,
	2026		2025
Other (a)	$	8,534	$	14,921
Secured borrowings under BR Exar AR Facility (b)		8,965		1,257
Second Lien Note maturing September 30, 2026 (c)		12,225		15,775
2028 Term Loan Facilities maturing June 26, 2028 (d)		9,906		10,862
Revolving Credit Facility maturing in June 26, 2028		34,849		35,563
Super Senior Term Loan maturing July 28, 2028 (e)		49,961		45,957
ABL Facility maturing July 29, 2028		70,209		76,753
July 2030 Notes maturing July 15, 2030 (f)		186,558		186,513
Total debt		381,207		387,601
Less: Current portion of long-term debt		(32,260)		(34,334)
Long-term debt, net of current maturities	$	348,947	$	353,267

(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.

(b)	Net of unamortized debt issuance cost of $0.7 million and $0.2 million as of March 31, 2026 and December 31, 2025, respectively.

(c)	Net of unamortized debt issuance costs of $0.3 million and $0 as of March 31, 2026 and December 31, 2025, respectively.

(d)	Net of unamortized debt issuance costs of $0.5 million and $0.6 million as of March 31, 2026 and December 31, 2025, respectively.

(e)	Net of unamortized debt issuance costs of less than $0.1 million as of March 31, 2026 and December 31, 2025.

(f)	Net of unamortized debt issuance costs of $0.4 million and $0.5 million as of March 31, 2026 and December 31, 2025, respectively and net of $14.0 million of principal amount of July 2030 Notes internally held by a subsidiary of the Company as of March 31, 2026 and December 31, 2025.

Schedule of maturities of long-term debt

As of March 31, 2026 (Successor), maturities of long-term debt are as follows:


	Maturity
Remainder of 2026	$	32,729
2027		3,655
2028		159,871
2029		—
2030		186,987
Thereafter		—
Total long-term debt		383,242
Less: Unamortized original issue discount and debt issuance cost		(2,035)
	$	381,207

- 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

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+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of segment information


		Successor
		Consolidated
		Three months ended March 31, 2026
		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	178,426	$	18,706		$	197,132
Cost of revenue (exclusive of depreciation and amortization)			142,991		8,906			151,897
Segment profit			35,435		9,800			45,235
Selling, general and administrative expenses (exclusive of depreciation and amortization)								42,814
Depreciation and amortization								14,849
Related party expense								2,653
Interest expense, net								14,069
Sundry income, net								(392)
Other income, net								(561)
Net loss before income taxes							$	(28,197)


		Predecessor
		Combined and Consolidated
		Three months ended March 31, 2025
		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	177,910	$	14,069		$	191,979
Cost of revenue (exclusive of depreciation and amortization)			146,068		4,577			150,645
Segment profit			31,842		9,492			41,334
Selling, general and administrative expenses (exclusive of depreciation and amortization)								22,262
Depreciation and amortization								10,535
Related party expense								2,553
Interest expense, net								23,780
Debt modification and extinguishment costs (gain), net								109
Sundry expense, net								1,312
Other income, net								(23)
Loss before reorganization items and income taxes								(19,194)
Reorganization items								(60,845)
Net profit before income taxes							$	41,651

Stockholders' Equity and Warrants

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Stockholders' Equity and Warrants

12. 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 March 31, 2026, 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 the Common Stock. The holders of shares of Common Stock do not have cumulative voting rights. As of March 31, 2026, there were 11,768,050 shares of Common Stock issued and outstanding.

Warrants — As of March 31, 2026, 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 condensed 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 condensed consolidated balance sheets.

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 condensed consolidated 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 March 31, 2026 and are not subject to redemption by the Company.

Condensed Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		5 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Cash flows from operating activities
Net Income (Loss)	$ (26,762)	$ 39,623
Adjustments to reconcile net profit (loss) to cash used in operating activities
Depreciation and amortization	14,849	10,535
Original issue discount, debt premium and debt issuance cost amortization	1,832	(17,272)
Reorganization items		(81,383)
Interest on BR Exar AR Facility		(669)
Debt modification and extinguishment costs, net	0	109
Impairment of goodwill			$ 320,292
Provision for credit losses	(611)	488
Deferred income tax provision	(4,182)	375
Equity-based compensation expense	484	105
Unrealized foreign currency loss	37	3
Loss on sale of assets	225
Fair value adjustment for private warrants liability	(2)
Payment-in-kind interest	1,174
Change in operating assets and liabilities, net of effect from acquisitions
Accounts receivable	639	(26,379)
Prepaid expenses and other current assets	(1,109)	1,817
Accounts payable and accrued liabilities	9,148	29,181
Related party receivables (payables)	(626)	(185)
Additions to outsourced contract costs	(141)	(67)
Net cash used in operating activities	(5,045)	(43,719)
Cash flows from investing activities
Purchase of property, plant and equipment	(1,088)	(1,270)
Additions to internally developed software	(552)	(506)
Proceeds from sale of assets	84	3
Net cash used in investing activities	(1,556)	(1,773)
Cash flows from financing activities
Cash paid for debt issuance costs	(834)	(57)
Cash paid for withholding taxes on vested RSUs	(73)
Principal payments on finance lease obligations	(1,101)	(1,194)
Borrowings from other loans	10,236	441
Proceeds from Super Senior Term Loan	4,000
Repayment of Second Lien Note	(3,250)
Proceeds from DIP New Money Loans		50,000
Principal repayments on senior secured term loans and other loans	(17,208)	(9,326)
Net cash provided by (used in) financing activities	(8,453)	38,253
Effect of exchange rates on cash, restricted cash and cash equivalents	(509)	108
Net decrease in cash, restricted cash and cash equivalents	(15,563)	(7,131)
Cash, restricted cash and cash equivalents
Beginning of period	68,666	64,067
End of period	53,103	56,936	$ 68,666
Supplemental cash flow data:
Income tax payments, net of refunds received	1,261	1,219
Interest paid	14,705	4,356
Cash paid for reorganization items		20,538
Noncash investing and financing activities:
Assets acquired through right-of-use arrangements	467	2,315
Amendment fee payable on Amended BR Exar Facility accrued	1,000
Accrued capital expenditures	46	3
ABL Facility
Cash flows from financing activities
Proceeds from Facility	133,700
Repayments of Facility	(141,376)
BR Exar AR Facility
Cash flows from financing activities
Proceeds from Facility		10,675
Repayments of Facility	(1,440)	$ (12,286)
Amended BR Exar AR Facility
Cash flows from financing activities
Proceeds from Facility	20,000
Repayments of Facility	(10,290)
2028 Term Loan Facilities
Cash flows from financing activities
Repayments of Facility	$ (817)

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit cost


	Successor
	Consolidated
	Three Months Ended March 31,
	2026
Service cost	$	21
Interest cost		835
Expected return on plan assets		(859)
Amortization:
Amortization of net loss		295
Net periodic (benefit) cost	$	292

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of segments	2

Fair Value Measurement - Schedule of Beginning And Ending Balances of Net Assets And Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value Disclosures [Abstract]
Balance at beginning of period	$ 3
Reduction in the fair value of the Private Warrants liability	$ 2
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	$ 5

Long-term Debt and Credit Facilities - July 2030 Notes (Details) - USD ($) $ in Thousands		1 Months Ended
	Jul. 29, 2025	Dec. 31, 2025	Mar. 31, 2026	Jul. 11, 2023	Dec. 09, 2021
Debt Instrument [Line Items]
Fixed interest rate				11.50%	11.50%
Total maturities of long-term debt			$ 383,242
July 2030 notes
Debt Instrument [Line Items]
Fixed interest rate	12.00%
Amount of new loan	$ 183,000	$ 14,000	14,000
Cash proceeds from debt		3,500
Incremental interest on overdue amounts	2.00%
Total maturities of long-term debt			$ 187,000
Amount of additional borrowing capacity		$ 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 years
July 2030 notes \| Maximum
Debt Instrument [Line Items]
Redemption notice period	30 days

Related-Party Transactions

3 Months Ended

Mar. 31, 2026

Related-Party Transactions

13. 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. Twenty-five percent (25%) of any revenue earned by the Company from such third-party sales is to be shared with the applicable HGM’s venture affiliate. 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 $1.2 million for the three months ended March 31, 2026 (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 attributable to: (i) workflow automation services related to automated document control and field mapping for specialized medical and financial records, (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 Amazon Web Services (“AWS”). The Company earned no revenue from third-party sales under the reseller arrangement contemplated by the Master Agreements for the three months ended March 31, 2026 (Successor).

An operating subsidiary of the Company leased an operating facility from HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited)(“HGM India”), which is an HGM affiliate. The rental expense for this operating lease (the “HOV Lease”) was less than $0.1 million for the three months ended March 31, 2026 (Successor). In addition, HGM India provides the Company data capture and technology services. The expense recognized for these services was approximately $0.2 million for the three months ended March 31, 2026 (Successor). These expenses are included in related party expense in the condensed 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 three months ended March 31, 2026 (Successor).

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 $0.3 million for the three months ended March 31, 2026 (Successor), in related party expenses for these services within the condensed

consolidated statement of operations. The Company capitalized less than $0.1 million towards solutioning work under the Nventr Agreement for the three months ended March 31, 2026 (Successor).

On February 18, 2025, the Company entered into a service agreement with HGM India, 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 $0.8 million for the three months ended March 31, 2026 (Successor), in related party expenses within the condensed consolidated statements of operations.

On February 10, 2026, the Company, through one of its subsidiaries, entered into a Master Services Agreement and Mailroom Services Statement of Work with HealthAxis Group LLC, which is an HGM affiliate. Under the agreements, the Company shall provide mailroom, document scanning, indexing, secure electronic delivery, and ten year archival services to HealthAxis from one of its facilities. The Master Services Agreement has an initial term of three years with automatic one year renewals and may be terminated by either party for convenience. Pricing is tiered based on annual image volume, subject to a $7,500 monthly minimum and an annual cost-of-living adjustment. For the three months ended March 31, 2026, the Company recognized no revenue under these agreements.

In the aggregate, for the three months ended March 31, 2026 (Successor), the Company incurred approximately $2.6 million in expenses and recognized less than $0.1 million in revenues under the arrangements described in this section.

Related-party Indebtedness

As of March 31, 2026, funds managed by Gates Capital Management, Inc. and Avenue Capital Group, each of which is affiliated with beneficial holders of 10% or more of the Company's outstanding Common Stock, are lenders under the Company's Super Senior Term Loan. The aggregate principal amounts of Super Senior Term Loan held by funds managed by Gates Capital Management, Inc. and Avenue Capital Group were approximately $39.0 million and $5.0 million, respectively, as of March 31, 2026. The terms of the Super Senior Term Loan, including interest rate, maturity, and security provisions, are identical for all lenders and were established through the Plan in connection with the Restructuring. For a description of the Super Senior Term Loan, refer to Note 6, Long-term Debt and Credit Facilities.

Predecessor

Relationship with HandsOn Global Management

The Predecessor incurred fees relating to the Master Agreements of $1.7 million for the three months ended March 31, 2025 (Predecessor). The Predecessor earned no revenue from third-party sales under the reseller arrangement contemplated by the Master Agreements for the three months ended March 31, 2025 (Predecessor).

The rental expense for the HOV Lease was less than $0.1 million for the three months ended March 31, 2025 (Predecessor). In addition, HGM India provided the Predecessor data capture and technology services. The expense recognized for these services was approximately $0.7 million for the three months ended March 31, 2025 (Predecessor). These expenses are included in related party expense in the condensed consolidated and combined statements of operations.

On September 1, 2024, the Company, through one of its subsidiaries, entered into a master services agreement with Aideo Technology LLC (“Aideo”) an affiliate of 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 AWS hosting services to Aideo (together with the initial Aideo Agreement, the “Aideo Agreements”). For the three months ended March 31, 2025 (Predecessor), the Predecessor recognized $0.1 million of revenue under the Aideo Agreements.

In aggregate, for the three months ended March 31, 2025 (Predecessor), the Predecessor incurred approximately $2.5 million in expenses and recognized approximately $0.1 million in revenues under the arrangements described in this section.

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. Below are the transactions that occurred between the Predecessor and XBP Europe during the three months ended March 31, 2025 (Predecessor).

Purchase of Products and Services: the Predecessor purchased products and services from XBP Europe for which $0.1 million in related party expense is reflected in the condensed consolidated and combined statements of operations for the three months ended March 31, 2025 (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 three months ended March 31, 2025 (Predecessor) were $0.8 million, and are included in the related party revenue in the condensed 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. 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: the Predecessor provided certain management services to XBP Europe pursuant to a services agreement, including sales of certain hardware, operations delivery, finance, accounting, human resource and technology support services. The Predecessor earned total fees of $0.7 million for these services for the three months ended March 31, 2025 (Predecessor).

Notes Receivable: The Predecessor entered into four intercompany loan agreements (“Related Party Notes Receivable”) with XBP Europe. Three of the notes were dated September 4, 2023 (and subsequently amended on September 15, 2023) and one note was dated September 15, 2023. The Related Party Notes Receivable had a ten-year term and bore annual interest of 6.0%, due at the end of the term. There were $1.5 million of Related Party Notes Receivable outstanding as of March 31, 2025 (Predecessor). The condensed combined and consolidated statements of operations includes less than $0.1 million of related party interest income for the three months ended March 31, 2025 (Predecessor) in the interest expense, net.

In aggregate, for the three months ended March 31, 2025 (Predecessor), the Predecessor incurred approximately $0.1 million in expenses and recognized approximately $0.7 million in revenues under the arrangements described in this section. Allocated shared service expenses and general corporate expenses for the three months ended March 31, 2025 (Predecessor) were $0.8 million recorded as revenues. Interest income on Related Party Notes Receivable for the three months ended March 31, 2025 (Predecessor) was less than $0.1 million.

Recharges by ETI

In the carve out of the Predecessor as a separate entity from its former Parent ETI in preparing its financial statements, cost incurred by ETI to support the Predecessor business are represented as having been recharged by ETI. During the three months ended March 31, 2025 (Predecessor), the Predecessor reimbursed $1.4 million to ETI primarily on account of salaries, legal and professional fees and other miscellaneous expenses.

April 2026 Notes held by ETI Subsidiaries

As of March 31, 2025 (Predecessor), $362.8 million of aggregate principal amount of the Predecessor’s promissory notes issued pursuant to the 2026 Indentures were held by subsidiaries of ETI that had been formed to acquire and hold such indebtedness. The Predecessor recorded net interest expense of $3.1 million using effective interest rate method on the notes held by such ETI subsidiaries for the three months ended March 31, 2025 (Predecessor).

Payable and Receivable/Prepaid Balances with Affiliates

Payable and receivable/prepaid balances with affiliates as of March 31, 2026 (Successor) and December 31, 2025 (Successor) were as follows:



	Successor
	Consolidated
	March 31, 2026				December 31, 2025
	Receivables and Prepaid Expenses		Payables		Receivables and Prepaid Expenses		Payables
HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited)	$	—	$	2,057	$	—	$	2,050
Rule 14, LLC		—		1,036		—		950
HGM		76		—		—		227
Doctors of Waikiki LLP		—		137		—		137
Aideo Technology, LLC		736		—		736		—
ETI entities		175		1,273		—		1,147
Nventr, LLC		—		465		—		832
	$	987	$	4,968	$	736	$	5,343

- 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
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (26,762)	$ 39,623

- Definition

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

+ References

+ Details

Condensed Consolidated and Combined Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock	Additional Paid in Capital	Net Parent Investment	Foreign Currency Translation Adjustment	Unrealized Pension Actuarial Gains (Losses), net of tax	Accumulated Deficit	Total
Beginning balance, value at Dec. 31, 2024			$ (1,449,634)	$ (7,154)			$ (1,456,788)
Condensed Consolidated Statements of Stockholders' Deficit
Net Income (Loss)			39,623				39,623
Foreign currency translation adjustment				(2,113)			(2,113)
Equity-based compensation			105				105
Net intercompany transactions with parent group entities			1,305				1,305
Ending balance at Mar. 31, 2025			$ (1,408,601)	(9,267)			(1,417,868)
Beginning balance, value at Dec. 31, 2025	$ 12	$ 437,995		(1,263)	$ 1,718	$ (351,123)	$ 87,339
Beginning balance (in shares) at Dec. 31, 2025	11,755,434						11,755,434
Condensed Consolidated Statements of Stockholders' Deficit
Net Income (Loss)						(26,762)	$ (26,762)
Foreign currency translation adjustment				1,682			1,682
Equity-based compensation		484					484
Net unrealized pension actuarial gains, net of tax					(110)		(110)
RSUs vested (in shares)	12,616
Withholding of employee taxes on vested RSUs		(73)					(73)
Ending balance at Mar. 31, 2026	$ 12	$ 438,406		$ 419	$ 1,608	$ (377,885)	$ 62,560
Ending balance (in shares) at Mar. 31, 2026	11,768,050						11,768,050

Business Combination (Tables)

3 Months Ended

Mar. 31, 2026

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		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

Stock-Based Compensation - Restricted Stock Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Average Remaining Contractual Life (Years)
Payment for employee's tax obligations to taxing authorities	$ 73
Restricted Stock Units
Number of Units
Outstanding Balance, Beginning	278,212
Shares granted	0
Shares forfeited	0
Shares vested	(22,046)
Outstanding Balance, Ending	256,166	278,212
Weighted Average Grant Date Fair Value
Outstanding Balance, Beginning	$ 9.96
Shares vested	13.3
Outstanding Balance, Ending	$ 9.67	$ 9.96
Average Remaining Contractual Life (Years)
Outstanding Balance (in years)	7 months 13 days	1 year 1 month 13 days
Number of shares withheld	9,430
Payment for employee's tax obligations to taxing authorities	$ 100
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

Long-term Debt and Credit Facilities - Second Lien Note (Details) $ in Thousands			3 Months Ended		5 Months Ended	7 Months Ended
	Jul. 29, 2025	Feb. 27, 2023 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jul. 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]
Loss on extinguishment of debt			$ 0	$ (109)
Long-term debt, net of current maturities			383,242
Second Lien Note
Debt Instrument [Line Items]
Repayments of debt			3,300		$ 3,800	$ 6,000
Loss on extinguishment of debt			0	$ 100
Long-term debt, net of current maturities			$ 12,500
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]

Business Combination

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Business Combination

4. 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 6, 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		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 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.

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, General.

General - Net Profit (Loss) per Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Product Information [Line Items]
Stock issuable upon exercise	13,267,398
Net loss attributable to common stockholders - basic \| $	$ (26,762)
Net loss attributable to common stockholders - diluted \| $	$ (26,762)
Weighted average common shares outstanding - basic (in shares)	11,759,577
Weighted average common shares outstanding - diluted (in shares)	11,759,577
Basic (in dollars per share) \| $ / shares	$ (2.28)
Diluted (in dollars per share) \| $ / shares	$ (2.28)
Warrants
Product Information [Line Items]
Common stock included effect (in shares)	1,326,740
Restricted Stock
Product Information [Line Items]
Common stock included effect (in shares)	256,166

Segment Information - Reconciliation Of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit	$ 45,235	$ 41,334
Selling, general and administrative expenses (exclusive of depreciation and amortization)	42,814	22,262
Depreciation and amortization	14,849	10,535
Interest expense, net	14,069	23,780
Debt modification and extinguishment costs, net	0	109
Sundry income, net	(392)	1,312
Other income, net	(561)	(23)
Loss before reorganization items and income taxes	(28,197)	(19,194)
Reorganization items	0	(60,845)
Profit (loss) before income taxes	(28,197)	41,651
Related and Nonrelated Parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue (including related party revenue)		191,979
Cost of revenue (exclusive of depreciation and amortization)	151,897	150,645
Related Party
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue (including related party revenue)	197,132
Related party expense	$ 2,653	$ 2,553
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Non-related party
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Cost of revenue (exclusive of depreciation and amortization)	$ 151,897	$ 150,645
Interest expense, net		23,780
Operating segment \| Applied Workflow Automation, Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit	35,435	31,842
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 (including related party revenue)	178,426	177,910
Cost of revenue (exclusive of depreciation and amortization)	142,991	146,068
Operating segment \| Technology, Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment profit	9,800	9,492
Operating segment \| Technology, Segment \| Related and Nonrelated Parties
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue (including related party revenue)	18,706	14,069
Cost of revenue (exclusive of depreciation and amortization)	$ 8,906	$ 4,577

Fair Value Measurement (Details)	Mar. 31, 2026	Dec. 31, 2025
Senior Secured Notes Due July 2030
Fair Value Measurement
Fair value percentage	86.10%	87.90%

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company applies an estimated annual effective tax rate (“ETR”) approach for calculating a tax provision for interim periods, as required under GAAP. The Company recorded an income tax benefit of $(1.4) million and income tax expense of $2.0 million for the three months ended March 31, 2026 (Successor) and 2025 (Predecessor), respectively.

The Company's ETR for the three months ended March 31, 2026 (Successor) is 5.0%. The Successor's ETR differed from the expected U.S. statutory tax rate of 21% and was primarily impacted by federal and state change in valuation allowance on disallowed interest coupled with change in valuation allowance related to foreign current year NOL.

The Company's ETR of 4.9% for the three months ended March 31, 2025 (Predecessor) differed from the expected U.S. statutory tax rate of 21.0% and was primarily impacted by permanent tax adjustments, state and local current tax expense, foreign operations, and valuation allowances, including valuation allowances on a portion of the Company’s deferred tax assets on U.S. disallowed interest expense carryforwards under the provisions of The Tax Cuts and Jobs Act (“TCJA”).

As of March 31, 2026, there were no material changes to either the nature or the amounts of the uncertain tax positions previously determined for the year ended December 31, 2025. The Organization of Economic Co-operating and Development has reached agreement on Pillar Two Model Rules ("Pillar Two") to implement a minimum 15.0% tax rate on certain multinational companies. Participating countries are in various stages of proposing and enacting tax laws to implement the Pillar Two framework. The Company determined the Pillar Two rules did not have a material impact on the Company's taxes for the three months ended March 31, 2026 (Successor) and will continue to evaluate the impact of these proposals and legislative changes as new guidance emerges.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of fair value of financial instruments


		Successor
		Consolidated
		Carrying			Fair			Fair Value Measurements
As of March 31, 2026		Amount			Value			Level 1			Level 2			Level 3
Long-term debt		$	348,947		$	322,987		$	—		$	322,987		$	—
Current portion of long-term debts			32,260			32,260			—			32,260			—
Private Warrants liability			5			5			—			—			5


		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

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


		Successor
		Consolidated
		Three Months Ended March 31,
		2026
Balance as at January 1		$	3
Change in the fair value of the Private Warrants liability			2
Balance as at March 31			5

Stock-Based Compensation - Options (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2026 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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of disaggregation of revenue


		Successor						Predecessor
		Consolidated						Combined and Consolidated
		Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
		Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
U.S.A.		$	150,439	$	11,553	$	161,992	$	173,054	$	14,069	$	187,123
EMEA			24,175		7,153		31,328		—		—		—
Other			3,812		—		3,812		4,856		—		4,856
Total		$	178,426	$	18,706	$	197,132	$	177,910	$	14,069	$	191,979

Schedule of contract balances


		Successor				Predecessor
		Consolidated				Combined and Consolidated
		March 31,		December 31,		January 1,
		2026		2025		2025
Accounts receivable, net		$	130,253	$	130,281	$	18,663
Deferred revenues (1)			14,535		12,192		6,940
Customer deposits			18,359		21,691		19,900
Costs to obtain and fulfill a contract			1,037		1,039		1,164

(1)

Schedule of changes in allowance for expected credit losses


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Three Months Ended March 31,		Three Months Ended March 31,
	2026		2025
Balance at January 1 of the allowance for expected credit losses	$	5,660	$	3,279
Provision for expected loss		885		488
Write-off charged against the allowance		(85)		346
Recoveries collected		(1,496)		(212)
Foreign currency exchange rate adjustment		(37)		28
Balance at March 31 of the allowance for expected credit losses	$	4,927	$	3,929

Schedule of remaining performance obligations to be satisfied in future periods


Estimated Remaining Fixed Consideration for Unsatisfied Performance Obligations

Remainder of 2026	$	13,607
2027		8,937
2028		4,364
2029		1,127
2030		903
2031 and thereafter		2,368
Total	$	31,306

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Amended BR Exar AR Facility Amendment and Repayments

On May 14, 2026, certain of the Company’s subsidiaries entered into an additional amendment to the Amended BR Exar AR Facility, pursuant to which such subsidiaries agreed to sell certain existing and future receivables to BREL until such time as BREL shall have collected $4.6 million, net of any costs, expenses or other amounts paid to or owing to the buyer under the agreement. The Company received an aggregate of $4.1 million in net proceeds under this amendment. During the period April 1, 2026 through May 15, 2026, the Company repaid $4.6 million of outstanding principal amount under the Amended BR Exar AR Facility. There was $9.8 million outstanding under the Amended BR Exar AR Facility as of May 15, 2026.

Repayments on Second Lien Note

During the period April 1, 2026 through May 15, 2026, the Company repaid $2.0 million principal amount of the Second Lien Note. Accordingly, the outstanding principal amount under the Second Lien Note was $10.5 million, as of May 15, 2026.

Sale of July 2030 Notes

On May 8, 2026, the Company sold $1.0 million in aggregate principal amount of July 2030 Notes previously held internally by a subsidiary of the Company to Chairman of the Company's board of directors, generating net proceeds of approximately $0.9 million. After giving effect to this transaction, $188.0 million aggregate principal amount of the July 2030 Notes remained outstanding as of May 15, 2026.

Super Senior Term Loan Amendment

On May 7, 2026, the Lead Borrower, Exela Finance Inc., the guarantors party thereto and Ankura Trust Company, LLC, as Administrative Agent and Collateral Agent, entered into an amendment to Super Senior Term Loan with the Required Lenders. The amendment amends and restates the definition of "Permitted Securitization Financing" under the Super Senior Term Loan to permit ongoing sales of designated receivables under the Amended BR Exar AR Facility, subject to a cap of $10.0 million in the aggregate amount of Permitted Securitization Financings incurred and outstanding on or after the effective date of the amendment. All other terms of the Super Senior Term Loan remain in full force and effect.

ABL Facility Amendment

On May 14, 2026, the ABL Borrowers, the Agent and the ABL Lenders entered into an amendment to the ABL Facility. The amendment updated certain definitions and provisions relating to the Company's Amended BR Exar AR Facility, including identifying the originators, capping aggregate outstanding principal under the Amended BR Exar AR Facility at $10.0 million, and requiring the Agent's prior written consent for certain modifications to the Amended BR Exar AR Facility. The amendment did not modify the borrowing commitments, maturity, interest rate, financial covenants or collateral under the ABL Facility.

Stock-Based Compensation - 2024 Stock Incentive Plan (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Jul. 25, 2025
Restricted Stock Units
Stock-Based Compensation
Compensation outstanding award	256,166	278,212
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)	1,283,785
XBP 2024 Equity Plan \| Restricted Stock Units
Stock-Based Compensation
Compensation outstanding award	256,166

- 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

Long-term Debt and Credit Facilities

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-term Debt and Credit Facilities

6. 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, General.

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 March 31, 2026.

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 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. On February 13, 2026, the Company entered into an amendment to the Super Senior Term Loan pursuant to which entities controlled by Avenue Capital Group, one of the three largest beneficial owners of the Company, agreed to extend incremental term loans in an aggregate principal amount of $4.0 million for working capital and general corporate purposes, bringing total outstanding borrowings under the Super Senior Term Loan to $50.0 million. 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, or (b) at Term SOFR, subject to a 4.0% floor, plus 11.7% per annum. 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 March 31, 2026, there were borrowings of $50.0 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 such financial covenants as of March 31, 2026.

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 Second Lien Note matures on 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 Note 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 such financial covenants as of March 31, 2026.

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. During the three months ended March 31, 2026 (Successor), the Company repaid $3.3 million principal amount of the Second Lien Note. The loss on early extinguishment of debt during the three months ended March 31, 2026 (Successor) and March 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 condensed consolidated and combined statements of operations. As of March 31, 2026 (Successor), there were borrowings of $12.5 million outstanding under the Second Lien Note included in the current portion of long-term debt in the condensed 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 March 31, 2026 (Successor), there were borrowings of $70.2 million outstanding under the ABL Facility. There were unamortized debt issuance costs of $1.9 million on the ABL Facility as of March 31, 2026 included in other noncurrent assets on the condensed 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. 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. 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. Among other things, this amendment (i) eliminates a 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. The Company was in compliance with such financial covenants as of March 31, 2026.

European 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 “European 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 4, Business Combination.

The European 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 three months ended March 31, 2026 (Successor), the Company repaid $0.8 million of outstanding principal amounts under the 2028 Term Loan A Facility and 2028 Term Loan B Facility. As of March 31, 2026 (Successor), the outstanding balance of the 2028 Term Loan A Facility, the 2028 Term Loan B Facility, and the Revolving Credit Facility was approximately $2.6 million, $7.8 million, and $34.8 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 March 31, 2026, the Company was not in compliance with the consolidated total leverage ratio covenant and the consolidated interest coverage ratio covenant under the Facilities Agreement. On May 13, 2026, the Company obtained a formal waiver from the lender of all rights and remedies arising out of or in connection with the failure to meet the requirements of the consolidated total leverage ratio covenant and the consolidated interest coverage ratio covenant as of March 31, 2026. As of March 31, 2026, the Company was in compliance with all other affirmative and negative covenants under the Facilities Agreement pertaining to its financing arrangements.

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, there was a $1.4 million of outstanding balance under the BR Exar AR Facility included in the current portion of long-term debt in the condensed consolidated balance sheet. During the three months ended March 31, 2026, BREL collected $1.4 million under the BR Exar AR Facility. There was no amount outstanding under the BR Exar AR Facility as of March 31, 2026.

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 total of $0 and $0.1 million of legal fee and other expense incurred under the BR Exar AR Facility as debt issuances cost, and $0 and $0.4 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 three months ended March 31, 2026 (Successor) and 2025 (Predecessor). 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 condensed consolidated and combined statements of operations.

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 $19.5 million, net of amendment and legal fees of $0.5 million, in cash consideration for sale of these receivables under the Amended BR Exar AR Facility during the three months ended March 31, 2026 (Successor). As of March 31, 2026, the Company accrued $1.0 million of unpaid amendment fee for the amendment executed on March 27, 2026. During the period January 1, 2026 through March 31, 2026, BREL collected $10.3 million of outstanding principal amount under the Amended BR Exar AR Facility. There was $9.7 million outstanding under the Amended BR Exar AR Facility as of March 31, 2026 (Successor).

Under the Amended 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 a total of $1.5 million of amendment and legal fees incurred under the Amended BR Exar AR Facility as debt issuances cost during the three months ended March 31, 2026 (Successor). Amortizations of the debt issuance cost and original issue discount relating to the Amended BR Exar AR Facility are included in interest expense, net in the condensed 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, 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 condensed 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 March 31, 2026, the Company’s outstanding factored accounts receivable totalled approximately $3.3 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 $0.1 million for

the three months ended March 31, 2026 (Successor), which is presented in selling, general and administrative expenses on the condensed consolidated statement of operations.

Long-Term Debt Outstanding

As of March 31, 2026 (Successor), and December 31, 2025 (Successor), the following debt instruments were outstanding:


	Successor
	Consolidated
	March 31,		December 31,
	2026		2025
Other (a)	$	8,534	$	14,921
Secured borrowings under BR Exar AR Facility (b)		8,965		1,257
Second Lien Note maturing September 30, 2026 (c)		12,225		15,775
2028 Term Loan Facilities maturing June 26, 2028 (d)		9,906		10,862
Revolving Credit Facility maturing in June 26, 2028		34,849		35,563
Super Senior Term Loan maturing July 28, 2028 (e)		49,961		45,957
ABL Facility maturing July 29, 2028		70,209		76,753
July 2030 Notes maturing July 15, 2030 (f)		186,558		186,513
Total debt		381,207		387,601
Less: Current portion of long-term debt		(32,260)		(34,334)
Long-term debt, net of current maturities	$	348,947	$	353,267

(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.

(b)	Net of unamortized debt issuance cost of $0.7 million and $0.2 million as of March 31, 2026 and December 31, 2025, respectively.

(c)	Net of unamortized debt issuance costs of $0.3 million and $0 as of March 31, 2026 and December 31, 2025, respectively.

(d)	Net of unamortized debt issuance costs of $0.5 million and $0.6 million as of March 31, 2026 and December 31, 2025, respectively.

(e)	Net of unamortized debt issuance costs of less than $0.1 million as of March 31, 2026 and December 31, 2025.

(f)	Net of unamortized debt issuance costs of $0.4 million and $0.5 million as of March 31, 2026 and December 31, 2025, respectively and net of $14.0 million of principal amount of July 2030 Notes internally held by a subsidiary of the Company as of March 31, 2026 and December 31, 2025.

As of March 31, 2026 (Successor), maturities of long-term debt are as follows:


	Maturity
Remainder of 2026	$	32,729
2027		3,655
2028		159,871
2029		—
2030		186,987
Thereafter		—
Total long-term debt		383,242
Less: Unamortized original issue discount and debt issuance cost		(2,035)
	$	381,207

- 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
-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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Related-Party Transactions - Transaction Details (Details)						3 Months Ended
	Feb. 10, 2026 USD ($)	Jul. 29, 2025	Sep. 15, 2023 agreement	Sep. 04, 2023 agreement	Jan. 01, 2015 agreement	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($) agreement	Dec. 31, 2025 USD ($)
Related Party Transaction [Line Items]
Total Revenue, net						$ 197,132,000	$ 191,979,000
Total maturities of long-term debt						383,242,000
Percentage of common stock owned (%)		60.70%
Related party receivables and prepaid expenses						987,000		$ 736,000
Super Senior Term Loan \| Gates Capital Management
Related Party Transaction [Line Items]
Total maturities of long-term debt						39,000,000
Super Senior Term Loan \| Avenue Capital
Related Party Transaction [Line Items]
Total maturities of long-term debt						$ 5,000,000
Minimum \| Gates Capital Management
Related Party Transaction [Line Items]
Percentage of common stock owned (%)						10.00%
Minimum \| Avenue Capital
Related Party Transaction [Line Items]
Percentage of common stock owned (%)						10.00%
Minimum \| Super Senior Term Loan \| Gates Capital Management
Related Party Transaction [Line Items]
Percentage of common stock owned (%)						10.00%
Minimum \| Super Senior Term Loan \| Avenue Capital
Related Party Transaction [Line Items]
Percentage of common stock owned (%)						10.00%
Service Fee \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Total Revenue, net							700,000
Operating lease arrangements \| HOV RE, LLC and HOV Services Limited \| Maximum
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							700,000
Operating lease arrangements \| HOV Services Limited \| Maximum
Related Party Transaction [Line Items]
Related party expense, net							100,000
Data Capture and Technology Services \| HOV Services Limited
Related Party Transaction [Line Items]
Related party expense, net						200,000
Master service agreements
Related Party Transaction [Line Items]
Related party expense, net						1,200,000
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							1,700,000
Total Revenue, net						0	0
Master service agreements \| Aideo Technology, LLC \| Maximum
Related Party Transaction [Line Items]
Total Revenue, net						100,000
Service Agreements \| HOV Services Limited
Related Party Transaction [Line Items]
Related party expense, net						800,000
Service Agreements \| Aideo Technology, LLC
Related Party Transaction [Line Items]
Total Revenue, net							100,000
Service Agreements \| Nventr, LLC
Related Party Transaction [Line Items]
Related party expense, net						300,000
Service Agreements \| Nventr, LLC \| Maximum
Related Party Transaction [Line Items]
Related party expense, net						100,000
Senior Secured Notes Due April 2026 \| ETI (Exela Technologies, Inc.)
Related Party Transaction [Line Items]
Total maturities of long-term debt							362,800,000
Interest expense, debt							3,100,000
Recharges Reimbursement \| ETI (Exela Technologies, Inc.)
Related Party Transaction [Line Items]
Related party expense, net							$ 1,400,000
Notes Receivable \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Number of intercompany loan agreements entered \| agreement			1	3			4
Annual term							10 years
Annual Interest							6.00%
Related party receivables and prepaid expenses							$ 1,500,000
Notes Receivable \| XBP Europe Holdings, Inc \| Maximum \| Non operating income (expense)
Related Party Transaction [Line Items]
Related party interest income							100,000
Related Party
Related Party Transaction [Line Items]
Related party expense, net						2,653,000	2,553,000
Total Revenue, net						47,000	1,484,000
Related Party \| HGM
Related Party Transaction [Line Items]
Related party expense, net						2,600,000	2,500,000
Related Party \| HGM \| Maximum
Related Party Transaction [Line Items]
Total Revenue, net						100,000	100,000
Related Party \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Related party expense, net							100,000
Total Revenue, net							700,000
Related Party \| Shared Services \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Related party expense, net							800,000
Related Party \| Service Fee \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Related party expense, net							800,000
Related Party \| Purchase of Products and Services \| XBP Europe Holdings, Inc
Related Party Transaction [Line Items]
Related party expense, net							100,000
Related Party \| Notes Receivable \| XBP Europe Holdings, Inc \| Maximum
Related Party Transaction [Line Items]
Related party interest income							$ 100,000
Affiliates
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses						987,000		736,000
Affiliates \| HGM
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses						76,000
Affiliates \| Aideo Technology, LLC
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses						736,000		$ 736,000
Affiliates \| ETI (Exela Technologies, Inc.)
Related Party Transaction [Line Items]
Related party receivables and prepaid expenses						175,000
Affiliates \| HealthAxis Group LLC
Related Party Transaction [Line Items]
Total Revenue, net						$ 0
Archival services	10 years
Initial term of agreement	3 years
Renewal term of agreement	1 year
Service fee	$ 7,500

Subsequent Events - Sale of July 2030 Notes (Details) - USD ($) $ in Thousands		1 Months Ended
	May 08, 2026	Dec. 31, 2025	May 15, 2026	Mar. 31, 2026	Jul. 29, 2025
Subsequent Event [Line Items]
Long-term debt, net of current maturities				$ 383,242
July 2030 notes
Subsequent Event [Line Items]
Aggregate principal amount		$ 14,000		14,000	$ 183,000
Cash proceeds from debt		$ 3,500
Long-term debt, net of current maturities				$ 187,000
Subsequent Events \| July 2030 notes
Subsequent Event [Line Items]
Aggregate principal amount	$ 1,000
Cash proceeds from debt	$ 900
Long-term debt, net of current maturities			$ 188,000

Stockholders' Equity and Warrants - Common stock warrants outstanding (Details) - $ / shares	Mar. 31, 2026	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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 28,464	$ 37,113
Restricted cash	24,639	31,553
Accounts receivable, net of allowance for credit losses of $4,927 and $5,660, respectively	130,253	130,281
Related party receivables and prepaid expenses	$ 987	$ 736
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Inventories, net	$ 11,385	$ 11,365
Prepaid expenses and other current assets	26,681	28,699
Total current assets	222,409	239,747
Property, plant and equipment, net of accumulated depreciation of $15,074 and $11,094, respectively	78,055	82,956
Operating lease right-of-use assets, net	27,856	30,339
Goodwill	189,881	189,881
Intangible assets, net	335,232	344,080
Other noncurrent assets	18,008	15,094
Total assets	871,441	902,097
Current liabilities
Current portion of long-term debt	32,260	34,334
Accounts payable	69,775	55,700
Related party payables	$ 4,968	$ 5,343
Related party payables	Related Party	Related Party
Income tax payable	$ 5,747	$ 6,158
Accrued liabilities	51,987	47,101
Accrued compensation and benefits	56,892	56,314
Accrued interest	9,374	13,685
Customer deposits	18,359	21,691
Deferred revenue	14,197	11,881
Obligation for claim payment	53,203	55,632
Current portion of finance lease liabilities	4,325	4,390
Current portion of operating lease liabilities	9,592	9,814
Total current liabilities	330,679	322,043
Long-term debt, net of current maturities	348,947	353,267
Finance lease liabilities, net of current portion	5,818	6,857
Net defined benefit liability	6,161	6,241
Deferred income tax liabilities	48,546	52,595
Long-term income tax liabilities	11,188	10,554
Operating lease liabilities, net of current portion	20,224	22,530
Other long-term liabilities	37,318	40,671
Total liabilities	808,881	814,758
Commitments and Contingencies (Note 9)
Stockholders' Equity
Common stock, par value of $0.0001 per share; 400,000,000 shares authorized; 11,768,050 shares issued and outstanding as of March 31, 2026 and 11,755,434 shares issued and outstanding as of December 31, 2025	12	12
Preferred stock, par value of $0.0001 per share; 20,000,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Additional paid in capital	438,406	437,995
Accumulated deficit	(377,885)	(351,123)
Accumulated other comprehensive profit (loss):
Foreign currency translation adjustment	419	(1,263)
Unrealized pension actuarial gains, net of tax	1,608	1,718
Total accumulated other comprehensive profit	2,027	455
Total stockholder's equity	62,560	87,339
Total liabilities and stockholder's equity	$ 871,441	$ 902,097

Business Combination - Identifiable intangible assets (Details) - XBP Europe Holdings, Inc - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 38,360		$ 38,360
Weighted Average Useful Life (in years)		11 years 8 months 12 days
Trade name and trademarks
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 9,030
Weighted Average Useful Life (in years)	8 years
Customer relationships
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 28,840
Weighted Average Useful Life (in years)	13 years
Internally developed software
Intangible Asset, Acquired, Finite-Lived [Line Items]
Intangible assets, net	$ 490
Weighted Average Useful Life (in years)	5 years

Long-term Debt and Credit Facilities - European Senior Credit Facilities Agreement (Details) € in Thousands, £ in Thousands, $ in Thousands				1 Months Ended		3 Months Ended
	Jul. 29, 2025	Jul. 25, 2025 EUR (€)	Jul. 25, 2025 GBP (£)	Jun. 30, 2024 EUR (€) item installment	Jun. 30, 2024 GBP (£) item	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2024 GBP (£) installment
Debt Instrument [Line Items]
Spread on variable rate	7.50%
Additional borrowings		€ 16,100	£ 14,000
Amount outstanding						$ 381,207	$ 387,601
2024 Facilities Agreement
Debt Instrument [Line Items]
Maximum borrowing facility amount				€ 10,500				£ 15,000
2024 Facilities Agreement \| Minimum
Debt Instrument [Line Items]
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
Cash flow coverage ratio				1.1				1.1
2028 Term Loan Facilities
Debt Instrument [Line Items]
Amount outstanding						9,906	10,862
2028 Term Loan Facilities \| Maximum
Debt Instrument [Line Items]
Amount repaid						800
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						2,600
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						7,800
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						$ 34,849	$ 35,563
Revolvers \| Reference Rate
Debt Instrument [Line Items]
Spread on variable rate				3.25%	3.25%

Intangible Assets and Goodwill - Schedule of goodwill (Details) $ in Thousands	3 Months Ended	5 Months Ended	7 Months Ended
	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)	Jul. 31, 2025 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment	2
Goodwill
Beginning balance	$ 189,881	$ 510,064
Additions		792
Deletions	0	(683)
Impairments		(320,292)
Ending balance	189,881	189,881	$ 510,064
Predecessor
Goodwill
Beginning balance		39,718	39,718
Deletions			0
Ending balance			39,718
Applied Workflow Automation
Goodwill
Beginning balance	115,802	356,777
Additions		0
Deletions	0	(683)
Impairments		(240,292)
Currency Translation Adjustments		0
Ending balance	115,802	115,802	356,777
Applied Workflow Automation \| Predecessor
Goodwill
Beginning balance		39,718	39,718
Deletions			0
Ending balance			39,718
Technology
Goodwill
Beginning balance	74,079	153,287
Additions		792
Deletions	0	0
Impairments		(80,000)
Currency Translation Adjustments		0
Ending balance	$ 74,079	$ 74,079	153,287
Technology \| Predecessor
Goodwill
Deletions			$ 0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (1,435)	$ 2,028
Effective tax rate, percent	5.00%	4.90%
U.S. Federal Statutory Tax Rate, percent	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Section 55
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-Name Accounting Standards Codification
-Section S50
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (ee)
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-Topic 740
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-04(9))
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Subsequent Events - ABL Facility Amendment (Details) - USD ($) $ in Thousands	May 15, 2026	May 14, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Amount outstanding			$ 381,207	$ 387,601
Subsequent Events \| Amended BR Exar AR Facility
Subsequent Event [Line Items]
Amount outstanding	$ 9,800
Subsequent Events \| ABL Facility \| Amended BR Exar AR Facility \| Maximum
Subsequent Event [Line Items]
Amount outstanding		$ 10,000

- Definition

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

+ References

+ Details

Condensed Consolidated and Combined Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue	$ 197,132	$ 191,979
Selling, general and administrative expenses (exclusive of depreciation and amortization)	42,814	22,262
Depreciation and amortization	14,849	10,535
Operating profit (loss)	(15,081)	5,984
Other expense (income), net:
Interest expense, net	14,069	23,780
Debt modification and extinguishment costs, net	0	109
Sundry expense (income), net	(392)	1,312
Other income, net	(561)	(23)
Loss before reorganization items and income taxes	(28,197)	(19,194)
Reorganization items	0	(60,845)
Profit (loss) before income taxes	(28,197)	41,651
Income tax expense (benefit)	(1,435)	2,028
Net profit (loss)	$ (26,762)	39,623
Net loss per common share
Basic (in dollars per share)	$ (2.28)
Diluted (in dollars per share)	$ (2.28)
Related Party
Revenue	$ 47	1,484
Related party expense, net	2,653	2,553
Non-related party
Revenue	197,085	190,495
Cost of revenue (exclusive of depreciation and amortization)	$ 151,897	150,645
Other expense (income), net:
Interest expense, net		$ 23,780

Condensed Consolidated and Combined Statements of Stockholders' Equity (Deficit) (Parenthetical)	Jul. 29, 2025 shares
Statement of Stockholders' Equity [Abstract]
Number of shares issued to holders of Allowed Notes Claims (in shares)	8,179,982

Related-Party Transactions - Related Party Payables and Related Party Notes Payables Balances with Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	$ 987	$ 736
Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	987	736
Payables	4,968	5,343
HOV Services Limited \| Affiliates
Related Party Transaction [Line Items]
Payables	2,057	2,050
Rule 14, LLC \| Affiliates
Related Party Transaction [Line Items]
Payables	1,036	950
HGM \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	76
Payables		227
DOW \| Affiliates
Related Party Transaction [Line Items]
Payables	137	137
Aideo Technology, LLC \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	736	736
ETI \| Affiliates
Related Party Transaction [Line Items]
Receivables and Prepaid Expenses	175
Payables	1,273	1,147
Nventr, LLC \| Affiliates
Related Party Transaction [Line Items]
Payables	$ 465	$ 832

Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jan. 01, 2025
Business Combination [Line Items]
Accounts receivable, net	$ 130,253		$ 130,281	$ 18,663
Deferred revenues	14,535		12,192	6,940
Customer deposits	18,359		21,691	19,900
Costs to obtain and fulfill a contract	1,037		1,039	1,164
Non-current portion of deferred revenue	300		300	$ 400
Amortized cost	100	$ 100
Deferred revenue as of January 1, 2025
Business Combination [Line Items]
Revenue recognized from deferred revenue	$ 5,200	$ 4,000
XBP Europe Holdings, Inc
Business Combination [Line Items]
Deferred revenue, Acquired			$ 5,123

Stock-Based Compensation - Compensation expense (Details) - Restricted Stock Units $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Stock-Based Compensation
Total unrecognized compensation expense	$ 0.9
Stock-based compensation expense	$ 0.5

- 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 - Net periodic benefit cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Net periodic benefit cost
Service cost	$ 21
Interest cost	$ 835
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	$ (859)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Amortization of net loss	$ 295
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	$ 292

Long-term Debt and Credit Facilities - Maturities of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Maturities of long-term debt
Remainder of 2025	$ 32,729
2026	3,655
2027	159,871
2029	186,987
Total long-term debt	383,242
Less: Unamortized original issue discount and debt issuance cost	(2,035)
Total debt	$ 381,207	$ 387,601

- 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

+ Details

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Definite-lived intangible asset
Accumulated Amortization	$ (25,730)		$ (16,202)
Finite-lived, net	332,357
Intangible Assets, Gross Carrying Amount	360,962		360,282
Intangible assets, net	335,232		344,080
Aggregate amortization expense related to intangible assets	9,500	$ 6,800
Trade names
Definite-lived intangible asset
Intangible Assets, Gross Carrying Amount	2,875		2,875
Intangible assets, net	2,875		2,875
Accumulated impairment losses	0		0
Customer relationships
Definite-lived intangible asset
Accumulated Amortization	(17,716)		(11,076)
Intangible Assets, Gross Carrying Amount	292,844		292,855
Intangible assets, net	275,128		281,779
Trade names
Definite-lived intangible asset
Accumulated Amortization	(752)		(470)
Intangible Assets, Gross Carrying Amount	9,029		9,029
Intangible assets, net	8,277		8,559
Accumulated impairment losses	0		0
Outsourced Contract Costs
Definite-lived intangible asset
Accumulated Amortization	(255)		(94)
Intangible Assets, Gross Carrying Amount	1,292		1,133
Intangible assets, net	1,037		1,039
Internally developed software
Definite-lived intangible asset
Accumulated Amortization	(5,326)		(3,311)
Intangible Assets, Gross Carrying Amount	39,913		39,381
Intangible assets, net	34,587		36,070
Purchased software
Definite-lived intangible asset
Accumulated Amortization	(1,681)		(1,251)
Intangible Assets, Gross Carrying Amount	15,009		15,009
Intangible assets, net	$ 13,328		$ 13,758

Long-term Debt and Credit Facilities - BR Exar AR Facility (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	7 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jul. 31, 2025
Debt Instrument [Line Items]
Current portion of long-term debt	$ 32,260		$ 34,334
Amended BR Exar AR Facility
Debt Instrument [Line Items]
Amount received			15,200	$ 22,100
Legal fee and other expense	0	$ 100	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		$ 1,400
Original issue discount	$ 0	$ 400

- 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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-Section 50
-Paragraph 8A
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Significant Accounting Policies - Allowance for expected credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in allowance for expected credit losses:
Balance at beginning of period, of the allowance for expected credit losses	$ 5,660	$ 3,279
Provision for expected loss	885	488
Write-off charged against the allowance	(85)
Write-off charged against the allowance		346
Recoveries collected	(1,496)	(212)
Foreign currency exchange rate adjustment	(37)	28
Balance at end of period, of the allowance for expected credit losses	$ 4,927	$ 3,929

Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) category	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 23.6		$ 25.4
Amortized cost	$ 0.1	$ 0.1
Number of principal categories \| category	2
Practical expedient on incremental costs of obtaining contracts	true
Deferred revenue as of January 1, 2025
Disaggregation of Revenue [Line Items]
Revenue recognized from deferred revenue	$ 5.2	$ 4.0

- 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.

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+ Details

Related-Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of components of Related party expense



	Successor
	Consolidated
	March 31, 2026				December 31, 2025
	Receivables and Prepaid Expenses		Payables		Receivables and Prepaid Expenses		Payables
HandsOn Global Management (HGM) Limited (f/k/a HOV Services Limited)	$	—	$	2,057	$	—	$	2,050
Rule 14, LLC		—		1,036		—		950
HGM		76		—		—		227
Doctors of Waikiki LLP		—		137		—		137
Aideo Technology, LLC		736		—		736		—
ETI entities		175		1,273		—		1,147
Nventr, LLC		—		465		—		832
	$	987	$	4,968	$	736	$	5,343

Long-term Debt and Credit Facilities - Super senior term loan (Details) $ in Thousands	Jul. 29, 2025 USD ($) D	Mar. 31, 2026 USD ($)	Feb. 13, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Spread on variable rate	7.50%
Total maturities of long-term debt		$ 383,242
Amount outstanding		381,207		$ 387,601
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		5,000	$ 4,000
DIP Obligation, amount cancelled	$ 10,000
Incremental interest rate in event of default	2.00%
Amount outstanding		$ 49,961	$ 50,000	$ 45,957
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%
Super Senior Term Loan \| Interest rate election, scenario one \| 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 \| 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

Stockholders' Equity and Warrants (Tables)

3 Months Ended

Mar. 31, 2026

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

General (Details)			3 Months Ended
General (Details)	Jul. 29, 2025 USD ($) $ / shares shares	Jul. 03, 2025 USD ($)	Mar. 31, 2026 segment $ / shares shares	Dec. 31, 2025 shares	Apr. 16, 2025	Jul. 11, 2023	Dec. 09, 2021
Product Information [Line Items]
Number of reportable segments \| segment			2
Fixed interest rate						11.50%	11.50%
Common stock Authorized \| shares	400,000,000		400,000,000
Common stock par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001
Preferred stock Authorized \| shares	20,000,000		20,000,000
Number of shares issued to holders of Allowed Notes Claims (in shares) \| shares	8,179,982
Common stock Issued \| shares	11,751,597		11,768,050	11,755,434
Common stock Outstanding \| shares			11,768,050	11,755,434
Warrants to purchase number of shares (in shares) \| shares	663,242		1,326,740
Reorganization, plan equity value per share \| $ / shares	$ 49.8
Equity Valuation of BPA	$ 407,000,000
Equity Valuation of combined Company, Implied	$ 585,700,000
Basis spread on variable interest (%)	7.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Percentage of common stock owned (%)	60.70%
Acquisition Of Exela Technologies BPA, LLC And Subsidiaries
Product Information [Line Items]
Purchase consideration	$ 1,000	$ 1
Minimum
Product Information [Line Items]
Tax Funding Agreement, Initial funding obligations	15,000,000
Minimum \| ETI
Product Information [Line Items]
Percentage of common stock owned (%)			10.00%
Minimum \| Gates Capital Management
Product Information [Line Items]
Percentage of common stock owned (%)			10.00%
Minimum \| Avenue Capital
Product Information [Line Items]
Percentage of common stock owned (%)			10.00%
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 (%)	3.80%
ABL Credit Agreement \| Maximum
Product Information [Line Items]
Basis spread on variable interest (%)	4.30%
First Priority Senior Secured Notes Due 2026
Product Information [Line Items]
Fixed interest rate					11.50%

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 15, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,768,050
Entity Central Index Key	0001839530
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
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

General (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of losses (gains) on reorganization items


	Successor		Predecessor
	Consolidated		Combined and Consolidated
	Period from January 1, 2026 through March 31,		Period from January 1, 2025 through March 31,
	2026		2025
Legal and professional fees	$	—	$	20,538
Derecognition of unamortized debt discount, premium and issuance costs		—		(81,383)
Total reorganization items, net	$	—	$	(60,845)

Schedule of components of basic and diluted EPS


	Successor
	Consolidated
	Three Months Ended March 31,
	2026
Net loss attributable to common stockholders (A)	$	(26,762)
Weighted average common shares outstanding – basic and diluted (B)		11,759,577
Loss Per Share:
Basic and diluted (A/B)	$	(2.28)

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	5 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Impairment of goodwill	$ 320,292
Applied Workflow Automation
Goodwill [Line Items]
Accumulated impairment losses	240,300	$ 309,300
Impairment of goodwill	240,292
Technology
Goodwill [Line Items]
Accumulated impairment losses	80,000
Impairment of goodwill	$ 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

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

14. 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, debt modification and extinguishment costs (gain), 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
		Consolidated
		Three months ended March 31, 2026
		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	178,426	$	18,706		$	197,132
Cost of revenue (exclusive of depreciation and amortization)			142,991		8,906			151,897
Segment profit			35,435		9,800			45,235
Selling, general and administrative expenses (exclusive of depreciation and amortization)								42,814
Depreciation and amortization								14,849
Related party expense								2,653
Interest expense, net								14,069
Sundry income, net								(392)
Other income, net								(561)
Net loss before income taxes							$	(28,197)


		Predecessor
		Combined and Consolidated
		Three months ended March 31, 2025
		Applied Workflow Automation		Technology			Total
Revenue (including related party revenue)		$	177,910	$	14,069		$	191,979
Cost of revenue (exclusive of depreciation and amortization)			146,068		4,577			150,645
Segment profit			31,842		9,492			41,334
Selling, general and administrative expenses (exclusive of depreciation and amortization)								22,262
Depreciation and amortization								10,535
Related party expense								2,553
Interest expense, net								23,780
Debt modification and extinguishment costs (gain), net								109
Sundry expense, net								1,312
Other income, net								(23)
Loss before reorganization items and income taxes								(19,194)
Reorganization items								(60,845)
Net profit before income taxes							$	41,651

- 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.

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+ Details

Subsequent Events - Amended BR Exar AR Facility Amendment and Repayments (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	4 Months Ended
	Jan. 21, 2026	May 15, 2026	Mar. 31, 2026	May 15, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Amount outstanding			$ 381,207		$ 387,601
Amended 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	$ 19,500
Repayments of debt			$ 10,300
Subsequent Events \| Amended BR Exar AR Facility
Subsequent Event [Line Items]
Agreed to sell receivables upon collection of minimum amount				$ 4,600
Proceeds from the sale of receivables				4,100
Repayments of debt		$ 4,600
Amount outstanding		$ 9,800		$ 9,800

- Definition

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

+ References

+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

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 January 1, 2026 (Successor)		278,212		$	9.96		1.12
Granted		—			—		—
Forfeited		—
Vested		(22,046)			13.30
Outstanding Balance as of March 31, 2026 (Successor)		256,166		$	9.67		0.62

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. 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 the 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 1,283,785 shares remain available for issuance (including 256,166 shares subject to outstanding awards), as of March 31, 2026. 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 Unit

Restricted stock unit awards generally vest ratably over a 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.

A summary of restricted stock unit activities under the XBP 2024 Equity Plan for the three months ended March 31, 2026 (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 January 1, 2026 (Successor)		278,212		$	9.96		1.12
Granted		—			—		—
Forfeited		—
Vested		(22,046)			13.30
Outstanding Balance as of March 31, 2026 (Successor)		256,166		$	9.67		0.62

All of the RSUs that vested in the first quarter of 2026 were net-share settled such that the Company withheld shares with value equivalent to the employee’s minimum statutory obligation for applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were 9,430 shares and were based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total payment for the employee’s tax obligations to taxing authorities were approximately $0.1 million and is reflected as a financing activity within the condensed consolidated statement of cash flows for the three months ended March 31, 2026 (Successor).

As of March 31, 2026 (Successor), there was $0.9 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 $0.5 million related to restricted stock unit awards under the XBP 2024 Equity Plan for the three months ended March 31, 2026 (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 three months ended March 31, 2026 and no stock options outstanding as of March 31, 2026 under the XBP 2024 Equity Plan.

Long-term Debt and Credit Facilities - Amended BR Exar AR Facility (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 21, 2026	Mar. 31, 2026
Long-term Debt and Credit Facilities
Amendment fee payable on Amended BR Exar Facility accrued		$ 1,000
Amended BR Exar AR Facility
Long-term Debt and Credit Facilities
Agreed to sell receivables upon collection of minimum amount	$ 20,000
Proceeds from the sale of receivables	$ 19,500
Legal fee and other expense		500
Amendment fee payable on Amended BR Exar Facility accrued		1,000
Repayments of debt		10,300
Adjusted outstanding other loans		9,700
Amortization of Debt Issuance Costs		$ 1,500

- 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.

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+ Details

Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total Revenue, net	$ 197,132	$ 191,979
Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	178,426	177,910
Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	18,706	14,069
U.S.A.
Disaggregation of Revenue [Line Items]
Total Revenue, net	161,992	187,123
U.S.A. \| Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	150,439	173,054
U.S.A. \| Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	11,553	14,069
EMEA
Disaggregation of Revenue [Line Items]
Total Revenue, net	31,328
EMEA \| Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	24,175
EMEA \| Technology
Disaggregation of Revenue [Line Items]
Total Revenue, net	7,153
Other
Disaggregation of Revenue [Line Items]
Total Revenue, net	3,812	4,856
Other \| Applied Workflow Automation
Disaggregation of Revenue [Line Items]
Total Revenue, net	$ 3,812	$ 4,856

- 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

- 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.

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+ Details

Stockholders' Equity and Warrants - Narratives (Details)	3 Months Ended
	Mar. 31, 2026 Vote $ / shares shares	Dec. 31, 2025 $ / 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	$ 0.0001
Preferred stock Issued	0	0
Preferred stock Outstanding	0	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	11,768,050	11,755,434	11,751,597
Common stock Outstanding	11,768,050	11,755,434

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 4,927	$ 5,660
Accumulated Depreciation	$ 15,074	$ 11,094
Common stock par value (in dollars per share)	$ 0.0001
Common stock Authorized	400,000,000
Common stock Issued	11,768,050	11,755,434
Common stock Outstanding	11,768,050	11,755,434
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock Authorized	20,000,000
Preferred stock Issued	0	0
Preferred stock Outstanding	0	0

General - Summarizes the losses (gains) on reorganization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Expense related to general unsecured claims liability, post-emergence	$ 8,600
Legal and professional fees		$ 20,538
Derecognition of unamortized debt discount, premium and issuance costs		(81,383)
Total reorganization items, net	$ 0	$ (60,845)

Business Combination (Details)			1 Months Ended
Business Combination (Details)	Jul. 29, 2025 USD ($) shares	Jul. 03, 2025 USD ($)	Jul. 31, 2025 USD ($) director shares	Mar. 31, 2026 USD ($) shares	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			11,768,050	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
Transaction costs				$ 2,500,000
Business combination, debt issuance costs			$ 100,000

Significant Accounting Policies - Performance Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracts with an original expected length	true
Total	$ 31,306
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	9 months
Total	$ 13,607
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	$ 8,937
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	$ 4,364
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	$ 1,127
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	$ 903
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	$ 2,368