Why XBP Global (XBP) Shares Have Slumped as Revenue and EBITDA Came Under Pressure

XBP Global Holdings, Inc. (NASDAQ:XBP) is one of the worst-performing agentic AI stocks so far in 2026.

As of April 2, 2026, XBP shares closed at $3.63, down 50.0% from their January 2, 2026 close of $7.26.

XBP Global’s March 30 results did little to hide the strain underneath the “transition year” framing. For full-year 2025, reported revenue fell 9.4% year over year to $791.0 million, while combined pro forma revenue declined 13.6% to $879.6 million.

Pro forma adjusted EBITDA also dropped 13.1% to $90.7 million. In the fourth quarter, revenue came in at $207.0 million, down 15.1% year over year on a pro forma basis, while pro forma adjusted EBITDA fell 33.0% to $19.8 million. Segment data showed further pressure in the core Applied Workflow Automation business, where full-year revenue declined 11.4% and gross margin slipped 60 basis points to 17.9%.

There were some offsets. Gross margin improved modestly at the consolidated level, new contract value rose, and year-end cash and cash equivalents stood at $37.1 million, with cash, restricted cash, and cash equivalents totaling $68.7 million. Still, the revenue declines and weaker EBITDA help explain why the stock has been crushed this year.

XBP Global Holdings, Inc. (NASDAQ:XBP) provides workflow automation, document processing, payment, and digital transformation services for enterprises and public-sector clients across 20 countries.

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