XBP Global reported first-quarter 2026 results with revenue of $197.1 million and a net loss of $26.8 million. Gross margin improved to 22.9% and Pro Forma Normalized EBITDA was $15.6 million for the quarter. Management announced a board-approved process to explore strategic alternatives and expects significant operational efficiencies and headcount reductions as it shifts to an AI-first operating model.

Financial Highlights

• Revenue: $197.1 million for Q1 2026 (decline of 14.2% year-over-year on a pro forma basis).
• Gross profit and margin: Gross margin of 22.9% for Q1 2026 (up 70 basis points year-over-year on a pro forma basis).
• Operating profit (loss): Operating loss of $15.1 million (as reported for the successor consolidated quarter).
• Net income (loss): Net loss of $26.8 million for Q1 2026.
• Pro Forma Normalized EBITDA: $15.6 million for the three months ended March 31, 2026 (versus $26.0 million pro forma in Q1 2025).

Business Highlights

• Segment performance: Applied Workflow Automation generated $178.4 million in revenue with a 19.9% gross margin (improving 260 basis points year-over-year); Technology revenue was $18.7 million with a 52.4% gross margin (down 930 basis points year-over-year).
• Bookings momentum: Closed $108.1 million of total TCV in the quarter (up 68.8% year-over-year) and $27.3 million of new ACV.
• Operational transformation: Company expects $55–$60 million in annualized operational efficiencies from automation initiatives, with a significant portion implemented in H1 2026.
• Workforce changes: Company expects approximately a 20% reduction in global headcount by year-end 2026 as it transitions to a high-productivity, AI-first operating model.
• Strategic review: Board approved a formal process to explore strategic alternatives intended to enhance stakeholder value and provide financial flexibility for growth and AI investments.

Original SEC Filing: XBP Global Holdings, Inc. [ XBP ] - 8-K - May. 14, 2026