XBP Europe (XBP) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40206
Entity Registrant Name	XBP Europe Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2002883
Entity Address, Address Line One	2701 East Grauwyler Road
Entity Address, City or Town	Irving
Entity Address State Or Province	TX
Entity Address, Postal Zip Code	75061
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	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		30,166,102
Entity Central Index Key	0001839530
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Quarterly Report	true
Common Stock, Par Value $0.0001 per share
Title of 12(b) Security	Common Stock, Par Value $0.0001 per share
Trading Symbol	XBP
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for oneshare of common stock at an exercise price of $11.50
Trading Symbol	XBPEW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 3,501	$ 6,905
Accounts receivable, net of allowance for credit losses of $1,489 and $1,272, respectively	30,945	30,795
Inventories, net	4,738	4,740
Prepaid expenses and other current assets	8,488	7,427
Total current assets	47,672	49,867
Property, plant and equipment, net of accumulated depreciation of $42,840 and $42,990, respectively	13,338	13,999
Operating lease right-of-use assets, net	6,940	6,865
Goodwill	22,383	22,910
Intangible assets, net	1,285	1,498
Deferred income tax assets	6,686	6,861
Other noncurrent assets	831	739
Total assets	99,135	102,739
Current liabilities
Accounts payable	15,599	14,414
Related party payables	$ 11,766	$ 13,350
Related party payables	Related Party	Related Party
Accrued liabilities	$ 23,319	$ 24,742
Accrued compensation and benefits	16,288	16,583
Customer deposits	329	536
Deferred revenue	6,403	6,004
Current portion of finance lease liabilities	538	638
Current portion of operating lease liabilities	1,950	1,941
Current portion of long-term debts	4,650	3,863
Total current liabilities	80,842	82,071
Related party notes payable	1,518	1,542
Long-term debt, net of current maturities	12,607	12,763
Finance lease liabilities, net of current portion	8	23
Pension liabilities	11,627	12,208
Operating lease liabilities, net of current portion	5,178	5,065
Other long-term liabilities	1,563	1,635
Total liabilities	113,343	115,307
Commitments and Contingencies (Note 14)
STOCKHOLDERS' DEFICIT
Common Stock, par value of $0.0001 per share; 160,000,000 shares authorized; 30,166,102 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	30	30
Accumulated deficit	(13,547)	(11,339)
Accumulated other comprehensive loss:
Foreign currency translation adjustment	(1,138)	(1,416)
Unrealized pension actuarial gains (losses), net of tax	447	157
Total accumulated other comprehensive loss	(691)	(1,259)
Total stockholders' deficit	(14,208)	(12,568)
Total liabilities and stockholders' deficit	$ 99,135	$ 102,739

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Allowance for credit losses	$ 1,489	$ 1,272
Accumulated Depreciation	$ 42,840	$ 42,990
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock Authorized	10,000,000	10,000,000
Preferred stock Issued	0	0
Preferred stock Outstanding	0	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock Authorized	160,000,000	160,000,000
Common stock Issued	30,166,102	30,166,102
Common stock Outstanding	30,166,102	30,166,102

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Selling, general and administrative expenses (exclusive of depreciation and amortization)	$ 7,946	$ 8,414
Depreciation and amortization	957	910
Operating profit (loss)	71	(1,029)
Other expense (income), net
Foreign exchange losses, net	832	279
Changes in fair value of warrant liability	(37)
Pension income, net	(422)	(192)
Net loss before income taxes	(1,748)	(2,414)
Income tax expense	460	92
Net loss	$ (2,208)	$ (2,506)
Loss per share:
Basic (in dollars per share)	$ (0.07)	$ (0.11)
Diluted (in dollars per share)	$ (0.07)	$ (0.11)
Related Party
Revenue, net	$ 66	$ 23
Cost of revenue (exclusive of depreciation and amortization)	18	51
Related party expense	962	1,165
Other expense (income), net
Interest expense (income), net	19	45
Non-related party
Revenue, net	40,284	42,778
Cost of revenue (exclusive of depreciation and amortization)	30,396	33,290
Other expense (income), net
Interest expense (income), net	$ 1,427	$ 1,253

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Comprehensive Loss
Net Income (Loss)	$ (2,208)	$ (2,506)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	278	(194)
Unrealized pension actuarial gain, net of tax	290	(90)
Total other comprehensive loss, net of tax	$ (1,640)	$ (2,790)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Common Stock	Net Parent Investment	Foreign Currency Translation Adjustment	Unrealized Pension Actuarial Losses, net of tax	Accumulated Deficit	Total
Beginning balance, value at Dec. 31, 2022		$ (5,845)	$ (17,789)	$ (3,298)		$ (26,932)
Consolidated Statements of Stockholders' Deficit
Net Income (Loss)		(2,506)				(2,506)
Foreign currency translation adjustment			(194)			(194)
Net unrealized pension actuarial gains, net of tax				90		90
Ending balance at Mar. 31, 2023		$ (8,351)	(17,983)	(3,388)		(29,722)
Beginning balance, value at Dec. 31, 2023	$ 30		(1,416)	157	$ (11,339)	$ (12,568)
Beginning balance (in shares) at Dec. 31, 2023	30,166,102					30,166,102
Consolidated Statements of Stockholders' Deficit
Net Income (Loss)					(2,208)	$ (2,208)
Foreign currency translation adjustment			278			278
Net unrealized pension actuarial gains, net of tax				290		290
Ending balance at Mar. 31, 2024	$ 30		$ (1,138)	$ 447	$ (13,547)	$ (14,208)
Ending balance (in shares) at Mar. 31, 2024	30,166,102					30,166,102

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net Income (Loss)	$ (2,208)	$ (2,506)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	776	814
Amortization of intangible assets	181	130
Credit loss expense	217	29
Changes in fair value of warrant liability	(37)
Unrealized foreign currency (gains) losses	759	592
Change in deferred income taxes	44	45
Change in operating assets and liabilities
Accounts receivable	(1,160)	2,114
Inventories	(102)	323
Prepaid expense and other assets	(1,342)	(822)
Accounts payable	1,463	(2,488)
Related parties payable	(1,711)	(1,473)
Accrued expenses and other liabilities	(791)	(2,416)
Deferred revenue	492	1,550
Customer deposits	(191)	(639)
Net cash used in operating activities	(3,610)	(4,747)
Cash flows from investing activities
Purchase of property, plant and equipment	(385)	(622)
Net cash used in investing activities	(385)	(622)
Cash flows from financing activities
Borrowings under secured borrowing facility	37	32,080
Principal repayment on borrowings under secured borrowing facility		(31,325)
Principal payments on long-term obligations	(235)	(225)
Proceeds from Secured Credit Facility	976
Principal payments on finance leases	(100)	(196)
Net cash provided by financing activities	678	334
Effect of exchange rates on cash and cash equivalents	(87)	(158)
Net increase (decrease) in cash and cash equivalents	(3,404)	(5,193)
Cash and equivalents, beginning of period	6,905	7,473
Cash and equivalents, end of period	3,501	2,280
Supplemental cash flow data:
Income tax payments, net of refunds received	(16)	493
Interest paid	$ 534	$ 433

General

General	3 Months Ended
	Mar. 31, 2024
General
General	XBP Europe Holdings, Inc. Notes to the Condensed Consolidated Financial Statements ( (Unaudited) ​ 1. XBP Europe Holdings, Inc. (the “ Company XBP Europe we our us The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and operations partner for its clients’ strategic journeys and streamlining their complex, disconnected payment processes. The Company serves over 2,000 clients across Europe, the Middle East and Africa (“ EMEA These condensed consolidated financial statements should be read in conjunction with the below notes and the notes to the consolidated financial statements as of and for the year ended December 31, 2023 included in the XBP Europe annual report on Form 10-K for such period (the “2023 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on April 1, 2024 and available at the SEC’s website at http://www.sec.gov. The accompanying condensed consolidated financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”), as they apply to interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These accounting principles require us to use estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from our estimates. The condensed consolidated financial statements are unaudited, but in our opinion include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. The interim financial results are not necessarily indicative of results that may be expected for any other interim period or the fiscal year. Merger/Business Combination with CF Acquisition Corp. VIII The Company was a special purpose acquisition company called CF Acquisition Corp. VIII (“ CF VIII Business Combination Merger Agreement ETI FASB ASC 805

Reverse Recapitalization

Reverse Recapitalization	3 Months Ended
	Mar. 31, 2024
Reverse Recapitalization
Reverse Recapitalization	2. As discussed in Note 1, on November 29, 2023, the Company consummated a business combination pursuant to the Merger Agreement. The Business Combination was accounted for as a Reverse Recapitalization, rather than a business combination, for financial accounting and reporting purposes. Accordingly, XBP Europe was deemed the accounting acquirer (and legal acquiree) and CF VIII was treated as the accounting acquiree (and legal acquirer). Under this method of accounting, the reverse recapitalization was treated as the equivalent of XBP Europe issuing stock for the net assets of CF VIII, accompanied by a recapitalization. XBP Europe has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances: ● XBP Europe pre-combination stockholder has the majority of the voting power in the post-Business Combination company; ● XBP Europe ’ s stockholder has the ability to appoint a majority of the Company ’ s board of directors; ● XBP Europe ’ s management team is the management team of the post-Business Combination company; ● XBP Europe ’ s prior operations is comprised of the ongoing operations of the post-Business Combination company; ● XBP Europe is the larger entity based on historical revenues and business operations; and ● The post-Business Combination company has assumed XBP Europe ’ s operating name. The net assets of CF VIII are stated at historical cost, with no incremental goodwill or other intangible assets recorded for the effects of the Business Combination. The consolidated assets, liabilities, and results of operations prior to the Business Combination are those of XBP Europe. The shares and corresponding capital amounts and earnings per share available for common stockholders, prior to the Business Combination, have been retroactively restated. Upon closing of the Business Combination, the Company received net proceeds of $5.2 million from the Business Combination. Transaction costs consist of directors and officers liability insurance cost, legal and professional fees, and other fees relating to the consummation of the Business Combination. The Company incurred $3.3 million in transaction costs relating to the Merger for the year ended December 31, 2023, $0.3 million of which was recorded to additional paid-in capital and the remaining $3.0 million was expensed. Immediately after giving effect to the Business Combination, there were 30,166,102 shares of Common Stock outstanding, 6,249,980 Public Warrants outstanding and 385,000 Private Warrants outstanding. See Note 14 – Warrants Note 15 – Stockholders’ Deficit

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	3. Recently Adopted Accounting Pronouncements Effective January 1, 2024, the Company adopted ASU No. 2023-01, Leases (Topic 842): Common Control Arrangements. The FASB-issued guidance clarifies the accounting for leasehold improvements associated with common control leases by requiring that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term), as long as the lessee controls the use of the underlying asset through a lease. Additionally, leasehold improvements associated with common control leases should be accounted for as a transfer between entities under common control through an adjustment to equity, if, and when, the lessee no longer controls the use of the underlying asset. The adoption had no impact on the Company’s consolidated results of operations, cash flows, financial position or disclosures. Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements-Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which modifies the disclosure and presentation requirements of a variety of US GAAP codification topics by aligning them with the SEC Regulation S-X or S-K, which are rules about the form and content of financial reports. The provisions of this ASU are contingent upon when the SEC removes the related disclosure provisions from Regulation S-X and S-K. This guidance is effective for the Company no later than June 30, 2027 and is not expected to have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires retrospective disclosure of significant segment expenses and other segment items on an annual and interim basis. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”). This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that adopting this standard will have on its consolidated financial statements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an annual tabular effective tax rate reconciliation disclosure including information for specified categories and jurisdiction levels, as well as, disclosure of income taxes paid, net of refunds received, disaggregated by federal, state/local, and significant foreign jurisdiction. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that adopting this standard will have on its consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	4. The information presented below supplements the Significant Accounting Policies information presented in the 2023 Form 10-K. Revenue Recognition The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Revenue is measured as the amount of consideration that is expected 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 for invoices issued is received shortly after goods are delivered or services are provided. Nature of Services The primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services 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 promise to our 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 variable fees are allocated to the single performance obligation charged to the distinct service period in which the Company performs the service. Revenue from the sale of recurring software licenses is recognized ratably over the contractual term, unless perpetual licenses are granted or a noncancelable license is granted for a nonrefundable fee, which are recognized at a point in time. 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 are recognized ratably over the contractual term. Disaggregation of Revenues The following tables disaggregate revenue from contracts by geographic region for the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2024 2023 France ​ $ 14,227 ​ $ 17,442 Germany ​ 12,437 ​ 10,542 United Kingdom ​ 7,556 ​ 8,191 Sweden ​ 3,979 ​ 4,084 Other ​ 2,085 ​ 2,519 Total Revenue, net ​ $ 40,284 ​ $ 42,778 ​ Contract Balances The following table presents contract assets, contract liabilities and contract costs recognized at March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Accounts receivable, net ​ $ 30,945 ​ $ 30,795 Deferred revenues ​ 6,403 ​ 6,004 Customer deposits ​ 329 ​ 536 Costs to obtain and fulfill a contract ​ 256 ​ 350 ​ Accounts receivable, net includes $11.5 million and $11.2 million as of March 31, 2024 and December 31, 2023, respectively, representing amounts not billed to customers. Unbilled receivables are accrued and represent work performed in accordance with the terms of 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. The advance consideration received from customers is deferred over the contract term. The Company recognized revenue of $1.9 million during the three months ended March 31, 2024 that had been deferred as of December 31, 2023. We recognized revenue of $6.3 million during the year ended December 31, 2023 that had been deferred as of January 1, 2023. 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. 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, 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 the Company’s contracts and identifies each distinct performance obligation. The majority of our 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 our 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 our 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 the 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 the expected costs of satisfying a performance obligation and adds an appropriate margin for that distinct good or service. The adjusted market approach is also used whereby the Company 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 our software implementation performance obligations are 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 considerations. The nature of our contracts gives rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. These amounts are estimated based on the expected amount to be provided to customers and reduce revenues recognized. The Company does not anticipate significant changes to our estimates of variable consideration. Reimbursements from customers, such as postage costs, are included 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 ASC 606, the Company did 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 a fixed monthly fee is received 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, 2024 in each of the future periods below: ​ ​ ​ ​ ​ (dollars in thousands) ​ ​ Remainder of 2024 ​ $ 6,260 2025 ​ 53 2026 ​ 12 2027 ​ 78 Total ​ $ 6,403 ​ Net Loss per Share Earnings per share (“ EPS As the Company experienced net losses for the periods presented, the Company did not include the effect of 6,634,980 shares of Common Stock issuable upon exercise of 6,634,980 warrants sold in the IPO and Private Placement and issued in connection with completion of the Business Combination, in the calculation of diluted loss per share for the three months ended March 31, 2024 and 2023, because their effects were anti-dilutive. The components of basic and diluted EPS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Net loss attributable to common stockholders (A) ​ $ (2,208) ​ $ (2,506) Weighted average common shares outstanding – basic and diluted (B) ​ 30,166,102 ​ 21,802,689 Loss Per Share: ​ ​ Basic and diluted (A/B) ​ $ (0.07) ​ $ (0.11) ​

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventories
Inventories	5. Inventories, net consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Finished goods ​ $ 7,143 ​ $ 7,182 Allowance for obsolescence ​ (2,405) ​ (2,442) Total inventories, net ​ $ 4,738 ​ $ 4,740 ​ Finished goods inventory includes of $2.4 million and $2.4 million of allowance for obsolescence as of March 31, 2024 and December 31, 2023, respectively. Our allowance for obsolescence is based on a policy developed by historical experience and management judgment.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2024
Accounts Receivable
Accounts Receivable	6. Accounts receivable, net consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Billed receivables ​ $ 20,892 ​ $ 20,885 Unbilled receivables ​ 11,542 ​ 11,182 Less: Allowance for credit losses ​ (1,489) ​ (1,272) Total accounts receivable, net ​ $ 30,945 ​ $ 30,795 ​ Unbilled receivables represent balances recognized as revenue that have not been billed to the customer. Our allowance for doubtful accounts is based on a policy developed by historical experience and management judgment. Adjustments to the allowance for credit losses may occur based on market conditions or specific client circumstances. The following table describes the changes in the allowance for expected credit losses for the three months ended March 31, 2024 (all related to accounts receivables): ​ ​ ​ ​ ​ (dollars in thousands) ​ Balance at January 1, 2024 of the allowance for expected credit losses ​ $ 1,272 Change in the provision for expected credit losses for the period ​ 217 Balance at March 31, 2024 of the allowance for expected credit losses ​ $ 1,489 ​

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment, Net.
Property, Plant and equipment, Net	7. Property, plant, and equipment, which include assets recorded under finance leases, are stated at cost less accumulated depreciation, and amortization, and consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected Useful Lives March 31, ​ December 31, (dollars in thousands) (in Years) 2024 2023 Buildings and improvements 7 – 40 ​ $ 8,967 ​ $ 9,115 Leasehold improvements Shorter of life of improvement or lease term ​ 696 ​ 709 Machinery and equipment 5 – 15 ​ 8,213 ​ 8,256 Computer equipment and software 3 – 8 ​ 26,198 ​ 26,763 Furniture and Fixtures 5 – 15 ​ 7,820 ​ 7,766 Finance lease right-of use assets Shorter of life of the asset or lease term ​ 4,284 ​ 4,380 ​ ​ ​ ​ 56,178 ​ 56,989 Less: Accumulated depreciation and amortization ​ ​ ​ (42,840) ​ (42,990) Total property, plant and equipment, net ​ ​ ​ $ 13,338 ​ $ 13,999 ​ Depreciation expense related to property, plant and equipment was $0.8 million for both the three months ended March 31, 2024 and 2023, respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2024
Intangible Assets and Goodwill
Intangible Assets and Goodwill	8. Intangible Assets Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ March 31, 2024 ​ ​ Remaining ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible Asset, ​ (in Years) Amount (a) Amortization net Customer relationships 2.8 ​ $ 3,076 ​ $ (2,047) ​ $ 1,029 Outsource contract costs 0.8 ​ 749 ​ (493) ​ 256 Total intangibles, net ​ ​ ​ $ 3,825 ​ $ (2,540) ​ $ 1,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ December 31, 2023 ​ ​ Remaining ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible Asset, ​ (in Years) Amount (a) Amortization net Customer relationships 3.0 ​ $ 3,145 ​ $ (1,997) ​ $ 1,148 Outsource contract costs 1.0 ​ 768 ​ (418) ​ 350 Total intangibles, net ​ ​ ​ $ 3,913 ​ $ (2,415) ​ $ 1,498 (a) Amounts include intangibles acquired in business combinations and asset acquisitions Aggregate amortization expense related to intangibles was $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. Estimated intangibles amortization expense for the three years consists of the following: ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Amortization (dollars in thousands ) Expenses Remainder of 2024 ​ $ 538 2025 ​ 376 2026 ​ 371 ​ ​ $ 1,285 ​ Goodwill The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approach the markets and interacts with customers. The Company is organized into two segments: Bills and Payments and Technology (See Note 18 – Segment Information Goodwill by reporting segment consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Balances at ​ ​ January 1, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ March 31, (dollars in thousands) 2024 Additions Disposals Impairments Adjustments 2024 Bills and Payments ​ $ 10,058 ​ $ — ​ $ — ​ $ — ​ $ (237) ​ $ 9,821 Technology ​ 12,852 ​ — ​ — ​ — ​ (290) ​ 12,562 Total ​ $ 22,910 ​ $ — ​ $ — ​ $ — ​ $ (527) ​ $ 22,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Balances at ​ ​ January 1, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ December 31, (dollars in thousands) 2023 Additions Disposals Impairments Adjustments 2023 Bills and Payments ​ $ 9,689 ​ $ — ​ $ — ​ $ — ​ $ 369 ​ $ 10,058 Technology ​ 12,373 ​ — ​ — ​ — ​ 479 ​ 12,852 Total ​ $ 22,062 ​ $ — ​ $ — ​ $ — ​ $ 848 ​ $ 22,910 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt
Debt	9. Secured Borrowing Facility On August 25, 2020, certain entities entered into an agreement wherein amounts due from clients were pledged to a third party, in exchange for a borrowing facility in amounts up to a total of €31.0 million (the “ Secured Borrowing Facility annual fees and the Secured Borrowing Facility bore interest at Euribor rate plus 0.70% on the unpaid principal amount. During the three months ended March 31, 2024 and 2023, the Company incurred interest expense of $0 and $0.1 million, respectively, related to the Secured Borrowing Facility. As of March 31, 2024 and December 31, 2023, the outstanding balances payable under the Secured Borrowing Facility were $0.1 million. On September 15, 2023, the relevant entities entered into an amendment to the Secured Borrowing Facility (the “ Amended Factoring Agreement Factor The Company accounted for the transactions under the Amended Factoring Agreement as a sale under ASC 860, Transfers and Servicing During the three months ended March 31, 2024, the Company factored accounts receivable invoices totaling approximately $8.8 million pursuant to the Amended Factoring Agreement, representing the face value of the 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 totaling approximately $0.2 million for the three months ended March 31, 2024, which is presented in selling, general and administrative expenses (exclusive of depreciation and amortization) on the condensed consolidated statements of operations. 2019 Credit Agreement In October 2019, a wholly-owned UK subsidiary of XBP Europe (the “ UK Subsidiary 2019 Credit Agreement Secured Credit Facility Term Loan A Facility Term Loan B Facility Revolving Credit Facility The 2019 Credit Agreement contains financial covenants including, but not limited to (a) a Combined Cashflow Coverage Ratio, which measures the ratio of (i) Combined Cashflow and (ii) Debt Service defined as finance charges in addition to mandatory repayments in respect to the 2019 Credit Agreement, (b) Combined Interest Coverage Ratio, which measures the ratio of (i) Combined EBITDA to (ii) Combined Finance Charges, (c) a Combined Total Net Leverage Ratio, which measures the ratio of (i) Combined Net Indebtedness in respect to the last day of the most recent period to (ii) EBITDA, (d) Guaranteed Intragroup Balances, (e) the Loan to Market Value defined as the Facility A Loan outstanding to the market value of the property in each case, as defined in the 2019 Credit Agreement. The term “Combined” refers to the UK Subsidiary and its wholly-owned subsidiaries. The 2019 Credit Agreement and indenture governing the Secured Credit Facility contains limitations on the ability of the UK subsidiary to effect mergers and change of control events as well as certain other limitations, including limitations on: (i) the declaration and payment of dividends or other restricted payments (ii) substantial changes of the general nature of the business, (iii) acquisition of a company, (iv) enter a joint venture, (v) or effect a dormant subsidiary to commence trading or cease to satisfy the criteria of a dormant subsidiary. The UK Subsidiary’s obligations under the 2019 Credit Agreement are jointly and severally guaranteed by certain of its existing and future direct and indirectly wholly owned subsidiaries. The 2019 Credit Agreement and the 2023 Committed Facility Agreement (defined below) contain cross default provisions which relate to the UK Subsidiary and its subsidiaries, but not any other entities within the consolidated group. At inception, borrowings under the Secured Credit Facility bore interest at a rate per annum equal to the LIBOR plus the applicable margin of 2%, 2.5%, and 3% per annum for the Term Loan A Facility, the Term Loan B Facility, and the Revolving Credit Facility respectively. Effective October 29, 2021, borrowings under the Revolving Credit Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 3%. Effective December 31, 2021, borrowings under the Term Loan A Facility and the Term Loan B Facility bore interest at a rate per annum equal to the SONIA plus the applicable margin of 2% and 2.5%, respectively. In June 2020, the UK Subsidiary entered into an amendment to the 2019 Credit Agreement, to provide an additional aggregate principal amount of £4.0 million under a credit agreement (the “ Revolving Working Capital Loan Facility 2020 Credit Agreement Revolving Credit Facilities The maturity of the Revolving Working Capital Loan Facility has since been extended on various dates subject to compliance with financial covenants. On May 10, 2024 the maturity was further extended to August 31, 2025. As of March 31, 2024 and December 31, 2023, the Revolving Working Capital Loan Facility had an outstanding principal balance of $7.3 million and $6.4 million, respectively. As of March 31, 2024, the Company had $11.3 million in outstanding principal balance and less than $0.1 million available for additional borrowings under the Revolving Credit Facilities to the extent the Company’s compliance with financial covenants permits such borrowings. As of March 31, 2024 and 2023, the UK Subsidiary was in compliance with all affirmative and negative covenants under the 2019 Credit Agreement, including any financial covenants, pertaining to its financing arrangements. 2022 Committed Facility Agreement In May 2022, the UK Subsidiary entered into a committed facility agreement (the “ 2022 Committed Facility Agreement Property The 2022 Committed Facility Agreement contains financial covenants including, but not limited to (a) a Combined Debt Service Coverage Ratio, which measures the cashflow less dividends, net capital expenditure, and taxation relative to the debt service for that relevant period, (b) interest cover, which measures EBITDA relative to the aggregate of (i) interest charges and (ii) interest element of finance leases in any relevant period, (c) Total Net Debt to EBITDA, which measures the total net debt relative to EBITDA for any relevant period, and (d) loan to market value, which measures the loan as a percentage of the aggregate market value of The Property. The term “Combined” refers to the UK subsidiary and its wholly-owned subsidiaries. As of March 31, 2024 and 2023, the UK Subsidiary was in compliance with all affirmative and negative covenants under the 2022 Committed Facility Agreement, including any financial covenants pertaining to its financing arrangements. The Company continually monitors its compliance with such covenants. The Company believes it will remain in compliance with all such covenants for the next twelve months; however, due to the inherent uncertainty, management’s estimates of the achievement of its financial covenants may change in the future. Debt Outstanding As of March 31, 2024, and 2023, the following debt instruments were outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Term loan ​ $ 3,518 ​ $ 3,785 Revolvers ​ 13,627 ​ 12,767 Secured borrowings under Securitization Facility ​ 112 ​ 74 Total debt ​ 17,257 ​ 16,626 Less: Current portion of long-term debt ​ 4,650 ​ 3,863 Long-term debt, net of current maturities ​ $ 12,607 ​ $ 12,763 ​ As of March 31, 2024, maturities of long-term debt are as follows: ​ ​ ​ ​ ​ (dollars in thousands) Maturity Remainder of 2024 ​ $ 4,650 2025 ​ 11,503 2026 ​ 177 2027 ​ 927 Total debt ​ 17,257 Less: Unamortized discount and debt issuance costs ​ 14 Total maturities of long-term debt ​ $ 17,243 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	10. The Company applies an estimated annual effective tax rate (“ETR”) approach for calculating tax provision for interim periods, as required under GAAP. The Company recorded an income tax expense of $0.5 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, respectively, from continuing operations. The Company’s ETR of (26.3) % for three months ended March 31, 2024 differed from the expected U.S. statutory tax rate of 21.0% and was primarily impacted by permanent tax adjustments, foreign tax rates that differ from the U.S. federal statutory rate, and valuation allowances on a portion of the Company’s foreign deferred tax assets that are not more likely than not to be realized. For the three months ended March 31, 2023, the Company’s ETR of (5.10) % differed from the expected U.S. statutory tax rate of 21.0%, and was primarily impacted by permanent tax adjustments, foreign tax rates that differ from the U.S. federal statutory rate, and valuation allowances on a portion of the Company’s foreign deferred tax assets that are not more likely than not to be realized. As of March 31, 2024, 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, 2023. ​

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2024
Employee Benefit Plans
Employee Benefit Plans	11. U.K. Pension Plan Two of our 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 participants 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 Europe’s subsidiaries 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 Our 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 or April 30, 2018. Asterion Pension Plan In 2018, Exela Technologies Holding GmbH (through the Asterion Business Combination), 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 participants leaving the Company or April 10, 2018. Tax Effect on Accumulated Other Comprehensive Loss As of March 31, 2024, and December 31, 2023, the Company had actuarial gain of $0.4 million and $0.2 million, respectively, which is net of a deferred tax benefit of $1.3 million for each period. Pension and Postretirement Expense The components of the net periodic benefit cost are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (dollars in thousands) 2024 2023 Service cost ​ $ 9 ​ $ 10 Interest cost ​ 744 ​ 749 Expected return on plan assets ​ (729) ​ (667) Amortization ​ ​ ​ ​ ​ ​ Amortization of prior service cost ​ — ​ 88 Amortization of net loss ​ 307 ​ 385 Net periodic benefit cost ​ $ 331 ​ $ 565 ​ 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 pension income, net. Service cost is recorded within cost of revenue. Employer Contributions XBP Europe’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 and $0.6 million to its pension plans during the three months ended March 31, 2024 and 2023, respectively. The Company has a plan to fund the pension plans with the required contributions for 2024 based on current plan provisions.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies
Commitments and Contingencies	12. 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 these actions will have a material, adverse effect on our condensed consolidated balance sheets, condensed consolidated statements of operations or condensed consolidated statements of cash flows. Company Subsidiary Litigation A group of 71 former employees brought a claim against a subsidiary of XBP Europe related to their dismissal resulting from the closure of two production sites in France in 2020. The employees filed complaints with the Labor Court on June 9, 2022. Conciliation hearings at the Labor Court were held on September 27, 2022, December 13, 2022, March 7, 2023, September 5, 2023 and November 14, 2023. In March 2023, 67 claimants (after the in principle settlement was agreed with the first 4 claimants) filed an application for summary proceedings in respect of part of the claim for a total claim of $1.1 million. The summary proceedings hearing was held on April 11, 2023 and the court issued its decision on May 9, 2023 upholding all of the plaintiffs’ claims for a total amount of $1.1 million, however the court’s decision does not increase the Company’s anticipated exposure for the overall claim. The Company has appealed against the decision (and paid the amount of $1.1 million on November 10, 2023 pending the appeal), the appeal hearing was scheduled for March 7, 2024 and was rescheduled for April 8, 2024 and subsequently to June 3, 2024. The substantive hearing was held on February 16, 2024 and a decision is expected at the end of June 2024. The Company is in discussions with plaintiff’s counsel and has reached a number of in principle settlements with a certain number of claimants. The settlement negotiations for the remaining claimants are ongoing simultaneously with the court proceedings although there is no certainty the in principle settlements or ongoing negotiations will result in settlement agreements. The Company accrued $2.2 million and $2.2 million in accrued liabilities on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively, based on the estimate of the range of possible losses. 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 statement of comprehensive loss or condensed consolidated statements of cash flows.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2024
Fair Value Measurement
Fair Value Measurement	13. Fair Value of Financial Instruments The carrying amount of assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable and current portion of long-term debt approximated their fair value as of March 31, 2024 and 2023, due to the relative short maturity of these instruments. The fair values of the Company’s loans and receivables under the factoring arrangement entered into by subsidiaries of the Company are equal to the carrying values. 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. As of March 31, 2024 and December 31, 2024, the Company determined the fair value of Private Warrants’ liability as less than $0.1 million, included in the other long-term liabilities in the condensed consolidated balance sheets under Level 3 fair value measurement using the Black-Scholes option pricing model. The significant unobservable inputs used in the fair value of the Private Warrants liability 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: ​ ​ ​ ​ ​ ​ March 31, (dollars in thousands) ​ 2024 Balance at beginning of period ​ $ 50 Change in the fair value of the private warrants liability ​ (37) Balance at end of period ​ $ 13 ​

Warrants

Warrants	3 Months Ended
	Mar. 31, 2024
Warrants
Warrants	14. As of March 31, 2024, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants Exercise Price Issuance Date Expiration Private Placement Warrants 135,000 11.50 3/11/2021 11/29/2028 Forward Purchase Warrants 250,000 11.50 3/11/2021 11/29/2028 Public Warrants 6,249,980 11.50 3/11/2021 11/29/2028 Total 6,634,980 ​ 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. They may only be exercised for a whole number of shares at a price of $11.50. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants are currently exercisable and will expire five years from the completion of the Business Combination 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 $18.00 (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 warrantholder; and ● if, and only if, the closing price of the Common stock equals or exceeds $18.00 per share (as adjusted) for any of 20 trading days within a 30 - trading day period commencing once the Warrants become exercisable and ending three trading days before the Company sends the notice of redemption to the warrantholders. If and when the Public Warrants become redeemable by us, we may not exercise our 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 we are unable to effect such registration or qualification. Private Warrants The Private Warrants are identical to the Public Warrants, except that so long as they are held by Cantor or any Permitted Transferees, as applicable, the Private Warrants (i) may be exercised for cash or on a cashless basis, (ii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination, and (iii) 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.

Stockholders' Deficit

Stockholders' Deficit	3 Months Ended
	Mar. 31, 2024
Stockholders' Deficit
Stockholders' Deficit	15. Preferred Stock outstanding Common Stock of the Common Stock. The holders of shares of Common Stock will not have cumulative voting rights. As of March 31, 2024, there were 30,166,102 shares of Common stock issued and outstanding

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring
Restructuring	16. The Company periodically takes actions to improve operating efficiencies, typically in connection with rationalizing the cost structure of the Company. The Company’s footprint and headcount reductions and organizational integration actions relate to discrete, unique restructuring events, primarily reflected in approved plans for reductions in force. In the fourth quarter of 2023, the Company’s management approved a restructuring plan to realign the Company’s business and strategic priorities by rightsizing its workforce in certain regions. The Company’s restructuring activity and balance of the restructuring liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) ​ 2024 2023 Balance at beginning of the period ​ $ 5,454 ​ $ 2,036 Restructuring charges ​ — ​ 4,484 Payment of benefits ​ (841) ​ (1,066) Balance at end of the period ​ $ 4,613 ​ $ 5,454 ​ As of March 31, 2024 and December 31, 2023, the current portion of the restructuring liability was $4.6 million and $5.5 million respectively, and was included in accrued compensation and benefits in the condensed consolidated balance sheets.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Parties
Related Parties	17. The components of related party expense in the condensed consolidated statements of operations are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) ​ 2024 2023 Related party shared services ​ $ 744 ​ $ 907 Related party royalty ​ — ​ 130 Related party service fee ​ 218 ​ 128 Total related party expense ​ $ 962 ​ $ 1,165 ​ Historically, the Company has been managed and operated in the ordinary course of business with other affiliates of ETI. Accordingly, certain shared costs have been allocated to the Company and reflected as expenses in the condensed consolidated financial statements. Sales of Products and Services During the historical periods presented, the Company sold products and services to non-XBP Europe subsidiaries of ETI. Revenue, net in the condensed consolidated statements of operations include sales to affiliates of ETI of $0.1 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, respectively. Purchases During the historical periods presented, the Company purchased high-speed scanners and related products from non-XBP Europe subsidiaries of ETI. These purchases totaled $0 and $0.8 million for the three months ended March 31, 2024 and 2023, respectively. Shared Service Center Costs The historical costs and expenses reflected in our financial statements include costs for certain shared service functions historically provided by the non-XBP Europe subsidiaries of the Company’s parent, ETI, including, but not limited to accounting and finance, IT and business process operations. Where possible, these charges were allocated based on full-time equivalents (FTE’s), formal agreements between XBP Europe and subsidiaries of ETI, 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 all costs of operating XBP Europe during the periods presented. The allocated shared service expenses and general corporate expenses incurred pursuant to the Services Agreement for the three months ended March 31, 2024 and 2023 were $0.7 million and $0.9 million, respectively, and are included in the related party expenses in the condensed consolidated statements of operations. In the opinion of management of ETI and the Company, the expense and cost allocations have been determined on a basis considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Company during 2024 and 2023. 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 had the Company operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position and cash flows could differ materially from the historical results presented herein. Royalty Expenses During the historical periods presented, subsidiaries of the Company’s parent, ETI, charged royalty fees for allowing the Company to use tradenames and trademarks owned by subsidiaries of ETI. The Company incurred royalty expense of $0 and $0.1 million for the three months ended March 31, 2024 and 2023, respectively, included in related party expense within the condensed consolidated statements of operations. Service Fee During the historical periods presented, subsidiaries of ETI provided management services to the Company in exchange for a management fee. These management services included provision of legal, human resources, corporate finance, and marketing support. The management fee was calculated based on a weighted average of total external revenue, headcount and total assets attributable to the Company. On October 9, 2022 the management fee was terminated when the Merger Agreement was entered into and was replaced by the related party service fee pursuant to the Services Agreement, which reduced the fee and modified the services provided. Services provided under Annex A of the Services Agreement include sales of certain hardware, operations delivery, finance, accounting, human resource and technology support services. The Company incurred total fees of $0.2 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. Note Receivable The Company entered into an Intercompany Loan Agreement with an affiliate of ETI on January 1, 2016, where the Company agreed to lend up to €20 million to the affiliate. The related party note receivable had a six year term with the option to extend for an additional one year term and bore annual interest of 9.5%, due at the end of the term. On January 1, 2023, the Company amended its Intercompany Loan Agreement, extending the maturity of the Intercompany Loan Agreement to March 31, 2024. In accordance with the Ultimate Parent Support Agreement, related party note receivable was eliminated at Closing against related party payables with a residual amount recorded to additional paid-in capital. No related party note receivable was recorded in the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. The condensed consolidated statements of operations included $0 and $0.3 million of related party interest income for the three months ended March 31, 2024 and 2023, respectively. Notes Payable The Company entered into three Intercompany Loan Agreements with an affiliate of ETI, in September 2009 and May 2010, whereby the affiliate of ETI agreed to lend up to £9.3 million to the Company (“ related party notes payable one Further, the Company entered into another four Intercompany Loan Agreements (“ new related party notes payable

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Information
Segment Information	18. 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: Bills and Payments and Technology. Bills and Payments The Bills & Payments business unit primarily focuses on optimizing how bills and payments are processed by businesses of all sizes and industries. It offers automation of Accounts Payable (“ AP AR Technology The Technology business unit primarily focuses on sales of recurring software licenses and related maintenance, hardware solutions and related maintenance and professional services. The chief operating decision maker 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, interest expense and foreign exchange losses, net. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 ​ ​ Bills & Payments Technology Total Revenue, net (including related party revenue of $0.1 million) ​ $ 28,874 ​ $ 11,476 ​ $ 40,350 Cost of revenue (including related party cost of revenue of $0.0 million, exclusive of depreciation and amortization) ​ 25,317 ​ 5,097 ​ 30,414 Segment profit ​ 3,557 ​ 6,379 ​ 9,936 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ 7,946 Related party expense ​ ​ ​ ​ ​ 962 Depreciation and amortization ​ ​ ​ ​ ​ 957 Interest expense, net ​ ​ ​ ​ ​ 1,427 Related party interest income, net ​ ​ ​ ​ ​ 19 Foreign exchange losses, net ​ ​ ​ ​ ​ 832 Changes in fair value of warrant liability ​ ​ ​ ​ ​ (37) Pension income, net ​ ​ ​ ​ ​ (422) Net loss before income taxes ​ ​ ​ ​ ​ $ (1,748) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ Bills & Payments Technology Total Revenue, net (including related party revenue of $0.0 million) ​ $ 33,568 ​ $ 9,233 ​ $ 42,801 Cost of revenue (including related party cost of revenue of $0.1 million, exclusive of depreciation and amortization) ​ 28,725 ​ 4,616 ​ 33,341 Segment profit ​ 4,843 ​ 4,617 ​ 9,460 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ 8,414 Related party expense ​ ​ ​ ​ ​ 1,165 Depreciation and amortization ​ ​ ​ ​ ​ 910 Interest expense, net ​ ​ ​ ​ ​ 1,253 Related party interest income, net ​ ​ ​ ​ ​ 45 Foreign exchange losses, net ​ ​ ​ ​ ​ 279 Pension income, net ​ ​ ​ ​ ​ (192) Net loss before income taxes ​ ​ ​ ​ ​ $ (2,414) ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation	The information presented below supplements the Significant Accounting Policies information presented in the 2023 Form 10-K.
Revenue Recognition	Revenue Recognition The Company accounts for revenue in accordance with ASC 606, Revenue from Contracts with Customers. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Revenue is measured as the amount of consideration that is expected 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 for invoices issued is received shortly after goods are delivered or services are provided. Nature of Services The primary performance obligations are to stand ready to provide various forms of business processing services, consisting of a series of distinct services 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 promise to our 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 variable fees are allocated to the single performance obligation charged to the distinct service period in which the Company performs the service. Revenue from the sale of recurring software licenses is recognized ratably over the contractual term, unless perpetual licenses are granted or a noncancelable license is granted for a nonrefundable fee, which are recognized at a point in time. 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 are recognized ratably over the contractual term. Disaggregation of Revenues The following tables disaggregate revenue from contracts by geographic region for the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2024 2023 France ​ $ 14,227 ​ $ 17,442 Germany ​ 12,437 ​ 10,542 United Kingdom ​ 7,556 ​ 8,191 Sweden ​ 3,979 ​ 4,084 Other ​ 2,085 ​ 2,519 Total Revenue, net ​ $ 40,284 ​ $ 42,778 ​ Contract Balances The following table presents contract assets, contract liabilities and contract costs recognized at March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Accounts receivable, net ​ $ 30,945 ​ $ 30,795 Deferred revenues ​ 6,403 ​ 6,004 Customer deposits ​ 329 ​ 536 Costs to obtain and fulfill a contract ​ 256 ​ 350 ​ Accounts receivable, net includes $11.5 million and $11.2 million as of March 31, 2024 and December 31, 2023, respectively, representing amounts not billed to customers. Unbilled receivables are accrued and represent work performed in accordance with the terms of 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. The advance consideration received from customers is deferred over the contract term. The Company recognized revenue of $1.9 million during the three months ended March 31, 2024 that had been deferred as of December 31, 2023. We recognized revenue of $6.3 million during the year ended December 31, 2023 that had been deferred as of January 1, 2023. 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. 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, 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 the Company’s contracts and identifies each distinct performance obligation. The majority of our 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 our 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 our 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 the 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 the expected costs of satisfying a performance obligation and adds an appropriate margin for that distinct good or service. The adjusted market approach is also used whereby the Company 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 our software implementation performance obligations are 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 considerations. The nature of our contracts gives rise to variable consideration, including volume discounts, contract penalties, and other similar items that generally decrease the transaction price. These amounts are estimated based on the expected amount to be provided to customers and reduce revenues recognized. The Company does not anticipate significant changes to our estimates of variable consideration. Reimbursements from customers, such as postage costs, are included 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 ASC 606, the Company did 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 a fixed monthly fee is received 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, 2024 in each of the future periods below: ​ ​ ​ ​ ​ (dollars in thousands) ​ ​ Remainder of 2024 ​ $ 6,260 2025 ​ 53 2026 ​ 12 2027 ​ 78 Total ​ $ 6,403
Net Loss per Share	Net Loss per Share Earnings per share (“ EPS As the Company experienced net losses for the periods presented, the Company did not include the effect of 6,634,980 shares of Common Stock issuable upon exercise of 6,634,980 warrants sold in the IPO and Private Placement and issued in connection with completion of the Business Combination, in the calculation of diluted loss per share for the three months ended March 31, 2024 and 2023, because their effects were anti-dilutive. The components of basic and diluted EPS are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Net loss attributable to common stockholders (A) ​ $ (2,208) ​ $ (2,506) Weighted average common shares outstanding – basic and diluted (B) ​ 30,166,102 ​ 21,802,689 Loss Per Share: ​ ​ Basic and diluted (A/B) ​ $ (0.07) ​ $ (0.11) ​

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) 2024 2023 France ​ $ 14,227 ​ $ 17,442 Germany ​ 12,437 ​ 10,542 United Kingdom ​ 7,556 ​ 8,191 Sweden ​ 3,979 ​ 4,084 Other ​ 2,085 ​ 2,519 Total Revenue, net ​ $ 40,284 ​ $ 42,778
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Accounts receivable, net ​ $ 30,945 ​ $ 30,795 Deferred revenues ​ 6,403 ​ 6,004 Customer deposits ​ 329 ​ 536 Costs to obtain and fulfill a contract ​ 256 ​ 350
Schedule of remaining performance obligations to be satisfied in future periods	​ ​ ​ ​ ​ (dollars in thousands) ​ ​ Remainder of 2024 ​ $ 6,260 2025 ​ 53 2026 ​ 12 2027 ​ 78 Total ​ $ 6,403
Schedule of components of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Net loss attributable to common stockholders (A) ​ $ (2,208) ​ $ (2,506) Weighted average common shares outstanding – basic and diluted (B) ​ 30,166,102 ​ 21,802,689 Loss Per Share: ​ ​ Basic and diluted (A/B) ​ $ (0.07) ​ $ (0.11) ​

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventories
Schedule of Inventories, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Finished goods ​ $ 7,143 ​ $ 7,182 Allowance for obsolescence ​ (2,405) ​ (2,442) Total inventories, net ​ $ 4,738 ​ $ 4,740

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2024
Accounts Receivable
Accounts Receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Billed receivables ​ $ 20,892 ​ $ 20,885 Unbilled receivables ​ 11,542 ​ 11,182 Less: Allowance for credit losses ​ (1,489) ​ (1,272) Total accounts receivable, net ​ $ 30,945 ​ $ 30,795
Schedule of changes in allowance for expected credit losses	​ ​ ​ ​ ​ (dollars in thousands) ​ Balance at January 1, 2024 of the allowance for expected credit losses ​ $ 1,272 Change in the provision for expected credit losses for the period ​ 217 Balance at March 31, 2024 of the allowance for expected credit losses ​ $ 1,489 ​

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment, Net.
Schedule of property, plant and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected Useful Lives March 31, ​ December 31, (dollars in thousands) (in Years) 2024 2023 Buildings and improvements 7 – 40 ​ $ 8,967 ​ $ 9,115 Leasehold improvements Shorter of life of improvement or lease term ​ 696 ​ 709 Machinery and equipment 5 – 15 ​ 8,213 ​ 8,256 Computer equipment and software 3 – 8 ​ 26,198 ​ 26,763 Furniture and Fixtures 5 – 15 ​ 7,820 ​ 7,766 Finance lease right-of use assets Shorter of life of the asset or lease term ​ 4,284 ​ 4,380 ​ ​ ​ ​ 56,178 ​ 56,989 Less: Accumulated depreciation and amortization ​ ​ ​ (42,840) ​ (42,990) Total property, plant and equipment, net ​ ​ ​ $ 13,338 ​ $ 13,999

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets and Goodwill
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ March 31, 2024 ​ ​ Remaining ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible Asset, ​ (in Years) Amount (a) Amortization net Customer relationships 2.8 ​ $ 3,076 ​ $ (2,047) ​ $ 1,029 Outsource contract costs 0.8 ​ 749 ​ (493) ​ 256 Total intangibles, net ​ ​ ​ $ 3,825 ​ $ (2,540) ​ $ 1,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ December 31, 2023 ​ ​ Remaining ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ Carrying ​ Accumulated ​ Intangible Asset, ​ (in Years) Amount (a) Amortization net Customer relationships 3.0 ​ $ 3,145 ​ $ (1,997) ​ $ 1,148 Outsource contract costs 1.0 ​ 768 ​ (418) ​ 350 Total intangibles, net ​ ​ ​ $ 3,913 ​ $ (2,415) ​ $ 1,498 (a) Amounts include intangibles acquired in business combinations and asset acquisitions
Schedule of estimated intangibles amortization expense	​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Amortization (dollars in thousands ) Expenses Remainder of 2024 ​ $ 538 2025 ​ 376 2026 ​ 371 ​ ​ $ 1,285
Schedule of goodwill by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Balances at ​ ​ January 1, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ March 31, (dollars in thousands) 2024 Additions Disposals Impairments Adjustments 2024 Bills and Payments ​ $ 10,058 ​ $ — ​ $ — ​ $ — ​ $ (237) ​ $ 9,821 Technology ​ 12,852 ​ — ​ — ​ — ​ (290) ​ 12,562 Total ​ $ 22,910 ​ $ — ​ $ — ​ $ — ​ $ (527) ​ $ 22,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balances at ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Currency ​ Balances at ​ ​ January 1, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Translation ​ December 31, (dollars in thousands) 2023 Additions Disposals Impairments Adjustments 2023 Bills and Payments ​ $ 9,689 ​ $ — ​ $ — ​ $ — ​ $ 369 ​ $ 10,058 Technology ​ 12,373 ​ — ​ — ​ — ​ 479 ​ 12,852 Total ​ $ 22,062 ​ $ — ​ $ — ​ $ — ​ $ 848 ​ $ 22,910 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt
Schedule of debt instruments outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, (dollars in thousands) 2024 2023 Term loan ​ $ 3,518 ​ $ 3,785 Revolvers ​ 13,627 ​ 12,767 Secured borrowings under Securitization Facility ​ 112 ​ 74 Total debt ​ 17,257 ​ 16,626 Less: Current portion of long-term debt ​ 4,650 ​ 3,863 Long-term debt, net of current maturities ​ $ 12,607 ​ $ 12,763
Schedule of maturities of long-term debt	​ ​ ​ ​ ​ (dollars in thousands) Maturity Remainder of 2024 ​ $ 4,650 2025 ​ 11,503 2026 ​ 177 2027 ​ 927 Total debt ​ 17,257 Less: Unamortized discount and debt issuance costs ​ 14 Total maturities of long-term debt ​ $ 17,243 ​

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Employee Benefit Plans
Schedule of components of net periodic benefit cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, (dollars in thousands) 2024 2023 Service cost ​ $ 9 ​ $ 10 Interest cost ​ 744 ​ 749 Expected return on plan assets ​ (729) ​ (667) Amortization ​ ​ ​ ​ ​ ​ Amortization of prior service cost ​ — ​ 88 Amortization of net loss ​ 307 ​ 385 Net periodic benefit cost ​ $ 331 ​ $ 565

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurement
Schedule of beginning and ending balances of net assets and liabilities classified as Level 3	The following table reconciles the beginning and ending balances of net assets and liabilities classified as Level 3: ​ ​ ​ ​ ​ ​ March 31, (dollars in thousands) ​ 2024 Balance at beginning of period ​ $ 50 Change in the fair value of the private warrants liability ​ (37) Balance at end of period ​ $ 13 ​

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Mar. 31, 2024
Warrants
Schedule of common stock warrants outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants Exercise Price Issuance Date Expiration Private Placement Warrants 135,000 11.50 3/11/2021 11/29/2028 Forward Purchase Warrants 250,000 11.50 3/11/2021 11/29/2028 Public Warrants 6,249,980 11.50 3/11/2021 11/29/2028 Total 6,634,980

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring
Schedule of restructuring activity and balance of restructuring liability	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, (dollars in thousands) ​ 2024 2023 Balance at beginning of the period ​ $ 5,454 ​ $ 2,036 Restructuring charges ​ — ​ 4,484 Payment of benefits ​ (841) ​ (1,066) Balance at end of the period ​ $ 4,613 ​ $ 5,454

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2024
Related Parties
Schedule of components of Related party expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, (dollars in thousands) ​ 2024 2023 Related party shared services ​ $ 744 ​ $ 907 Related party royalty ​ — ​ 130 Related party service fee ​ 218 ​ 128 Total related party expense ​ $ 962 ​ $ 1,165

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Information
Reconciliation of segment profit to net loss before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2024 ​ ​ Bills & Payments Technology Total Revenue, net (including related party revenue of $0.1 million) ​ $ 28,874 ​ $ 11,476 ​ $ 40,350 Cost of revenue (including related party cost of revenue of $0.0 million, exclusive of depreciation and amortization) ​ 25,317 ​ 5,097 ​ 30,414 Segment profit ​ 3,557 ​ 6,379 ​ 9,936 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ 7,946 Related party expense ​ ​ ​ ​ ​ 962 Depreciation and amortization ​ ​ ​ ​ ​ 957 Interest expense, net ​ ​ ​ ​ ​ 1,427 Related party interest income, net ​ ​ ​ ​ ​ 19 Foreign exchange losses, net ​ ​ ​ ​ ​ 832 Changes in fair value of warrant liability ​ ​ ​ ​ ​ (37) Pension income, net ​ ​ ​ ​ ​ (422) Net loss before income taxes ​ ​ ​ ​ ​ $ (1,748) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ Bills & Payments Technology Total Revenue, net (including related party revenue of $0.0 million) ​ $ 33,568 ​ $ 9,233 ​ $ 42,801 Cost of revenue (including related party cost of revenue of $0.1 million, exclusive of depreciation and amortization) ​ 28,725 ​ 4,616 ​ 33,341 Segment profit ​ 4,843 ​ 4,617 ​ 9,460 Selling, general and administrative expenses (exclusive of depreciation and amortization) ​ ​ ​ ​ ​ 8,414 Related party expense ​ ​ ​ ​ ​ 1,165 Depreciation and amortization ​ ​ ​ ​ ​ 910 Interest expense, net ​ ​ ​ ​ ​ 1,253 Related party interest income, net ​ ​ ​ ​ ​ 45 Foreign exchange losses, net ​ ​ ​ ​ ​ 279 Pension income, net ​ ​ ​ ​ ​ (192) Net loss before income taxes ​ ​ ​ ​ ​ $ (2,414) ​

General (Details)

General (Details) $ in Thousands	Mar. 31, 2024 USD ($) client country location	Dec. 31, 2023 USD ($)
General
Number of clients served | client	2,000
Number of Countries | country	15
Number of Locations | location	32
Increase to foreign currency translation adjustment | $	$ (1,138)	$ (1,416)

Reverse Recapitalization (Detai

Reverse Recapitalization (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Reverse Recapitalization
Common stock Outstanding	30,166,102	30,166,102
Warrants	6,634,980
Private Warrants
Reverse Recapitalization
Warrants	385,000
Public Warrants
Reverse Recapitalization
Warrants	6,249,980
CF Acquisition Corp. VIII
Reverse Recapitalization
Proceeds from Business Combination, net of transaction expenses	$ 5.2
Transaction costs	3.3
Transaction costs related to the Merger	0.3
Additional paid-in capital and remaining expense	$ 3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-related party
Disaggregation of Revenue
Total Revenue, net	$ 40,284	$ 42,778
France
Disaggregation of Revenue
Total Revenue, net	14,227	17,442
Germany
Disaggregation of Revenue
Total Revenue, net	12,437	10,542
United Kingdom
Disaggregation of Revenue
Total Revenue, net	7,556	8,191
Sweden
Disaggregation of Revenue
Total Revenue, net	3,979	4,084
Other
Disaggregation of Revenue
Total Revenue, net	$ 2,085	$ 2,519

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Basis of Presentation and Summary of Significant Accounting Policies
Accounts receivable, net	$ 30,945	$ 30,795
Deferred revenues	6,403	6,004
Customer deposits	329	536
Costs to obtain and fulfill a contract	256	350
Amounts not billed to customers (included in Accounts receivable)	11,500	11,200
Deferred revenue recognized during the period	$ 1,900	$ 6,300

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	$ 6,403
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 6,260
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 53
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation - Period of satisfaction (in years)	1 year
Total	$ 12
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)	3 years
Total	$ 78

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basis of Presentation and Summary of Significant Accounting Policies
Common Stock excluded in calculation of diluted net-loss per share (in shares)	6,634,980	6,634,980
Exercise of warrants sold in IPO and Private Placement (in shares)	6,634,980	6,634,980
Net income (loss) attributable to common stockholders	$ (2,208)	$ (2,506)
Weighted average common shares outstanding - basic (in shares)	30,166,102	21,802,689
Weighted average common shares outstanding - diluted (in shares)	30,166,102	21,802,689
Loss Per Share - basic (in $ per share)	$ (0.07)	$ (0.11)
Loss Per Share - diluted (in $ per share)	$ (0.07)	$ (0.11)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventories
Finished goods	$ 7,143	$ 7,182
Allowance for obsolescence	(2,405)	(2,442)
Total inventories, net	4,738	4,740
Allowance for obsolescence finished goods	$ 2,400	$ 2,400

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable
Less: Allowance for credit losses	$ (1,489)	$ (1,272)
Total accounts receivable, net	30,945	30,795
Billed receivables
Accounts Receivable
Accounts receivables, gross	20,892	20,885
Unbilled receivables
Accounts Receivable
Accounts receivables, gross	$ 11,542	$ 11,182

Accounts Receivable - Allowance

Accounts Receivable - Allowance for expected credit losses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in allowance for expected credit losses:
Balance of the allowance for expected credit losses, beginning	$ 1,272
Change in the provision for expected credit losses for the period	217
Balance of the allowance for expected credit losses, ending	$ 1,489

Property, Plant and Equipment_3

Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, plant and equipment, net
Finance lease right-of use assets, gross	$ 4,284		$ 4,380
Property, plant and equipment including finance lease right-of use assets, gross	56,178		56,989
Less: Accumulated depreciation and amortization	(42,840)		(42,990)
Total property, plant and equipment, net	13,338		13,999
Depreciation expense	800	$ 800
Buildings and improvements
Property, plant and equipment, net
Property, plant and equipment, gross	$ 8,967		9,115
Buildings and improvements | Minimum
Property, plant and equipment, net
Expected useful lives	7 years
Buildings and improvements | Maximum
Property, plant and equipment, net
Expected useful lives	40 years
Leasehold improvements
Property, plant and equipment, net
Property, plant and equipment, gross	$ 696		709
Machinery and equipment
Property, plant and equipment, net
Property, plant and equipment, gross	$ 8,213		8,256
Machinery and equipment | Minimum
Property, plant and equipment, net
Expected useful lives	5 years
Machinery and equipment | Maximum
Property, plant and equipment, net
Expected useful lives	15 years
Computer equipment and software
Property, plant and equipment, net
Property, plant and equipment, gross	$ 26,198		26,763
Computer equipment and software | Minimum
Property, plant and equipment, net
Expected useful lives	3 years
Computer equipment and software | Maximum
Property, plant and equipment, net
Expected useful lives	8 years
Furniture and Fixtures
Property, plant and equipment, net
Property, plant and equipment, gross	$ 7,820		$ 7,766
Furniture and Fixtures | Minimum
Property, plant and equipment, net
Expected useful lives	5 years
Furniture and Fixtures | Maximum
Property, plant and equipment, net
Expected useful lives	15 years

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Intangibles, net
Gross Carrying Amount	$ 3,825		$ 3,913
Accumulated Amortization	(2,540)		(2,415)
Total intangibles, net	1,285		$ 1,498
Amortization of intangible assets	$ 181	$ 130
Customer relationships
Intangible Assets and Goodwill
Weighted Average Remaining Useful Life (in Years)	2 years 9 months 18 days		3 years
Intangibles, net
Gross Carrying Amount	$ 3,076		$ 3,145
Accumulated Amortization	(2,047)		(1,997)
Total intangibles, net	$ 1,029		$ 1,148
Outsource contract costs
Intangible Assets and Goodwill
Weighted Average Remaining Useful Life (in Years)	9 months 18 days		1 year
Intangibles, net
Gross Carrying Amount	$ 749		$ 768
Accumulated Amortization	(493)		(418)
Total intangibles, net	$ 256		$ 350

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Estimated intangibles amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Estimated Amortization Expenses
Remainder of 2024	$ 538
2025	376
2026	371
Total intangibles, net	$ 1,285	$ 1,498

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of goodwill (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Goodwill
Number of operating segments | segment	2
Goodwill
Beginning balance	$ 22,910	$ 22,062
Currency Translation Adjustments	(527)	848
Ending balance	22,383	22,910
Bills and payments
Goodwill
Beginning balance	10,058	9,689
Currency Translation Adjustments	(237)	369
Ending balance	9,821	10,058
Technology
Goodwill
Beginning balance	12,852	12,373
Currency Translation Adjustments	(290)	479
Ending balance	$ 12,562	$ 12,852

Debt (Details)

Debt (Details) € in Millions, £ in Millions, $ in Millions					1 Months Ended			3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2021	Oct. 29, 2021	Aug. 25, 2020 EUR (€)	May 31, 2022 GBP (£)	Jun. 30, 2020 GBP (£)	Oct. 31, 2019 GBP (£)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 15, 2023 EUR (€)
Secured borrowing facility
Debt
Maximum borrowing facility amount | €				€ 31
Cost of secured borrowing facility (in percent)				0.10%
Interest expenses								$ 0	$ 0.1
Outstanding balances payable under the Secured Borrowing Facility								0.1	0.1
Secured borrowing facility | Minimum
Debt
Annual fee | €				€ 0.1
Secured borrowing facility | Euro dollar
Debt
Spread on variable rate				0.70%
Amended factoring agreement
Debt
Maximum amount of accounts receivables under factoring | €										€ 15
Amount of account receivables factored								8.8
Loss on sale of accounts receivables								0.2
2019 credit agreement
Debt
Outstanding balance of credit facility amount								11.3
2019 credit agreement | Secured borrowings under Securitization Facility
Debt
Maximum borrowing facility amount | £							£ 9
2019 credit agreement | Secured Term loan A debt
Debt
Aggregate principal amount | £							2
Outstanding balance of credit facility amount								1.7	1.9
2019 credit agreement | Secured Term loan B debt
Debt
Aggregate principal amount | £							2
Outstanding balance of credit facility amount								0.3	0.4
2019 credit agreement | Revolvers
Debt
Aggregate principal amount | £							£ 5
Outstanding balance of credit facility amount								6.3	6.4
2019 credit agreement | Revolving working capital loan facility
Debt
Aggregate principal amount | £						£ 4
Outstanding balance of credit facility amount								7.3	6.4
2019 credit agreement | Maximum
Debt
Available for additional borrowings								0.1
2019 credit agreement | LIBOR | Secured Term loan A debt
Debt
Spread on variable rate							2%
2019 credit agreement | LIBOR | Secured Term loan B debt
Debt
Spread on variable rate							2.50%
2019 credit agreement | LIBOR | Revolvers
Debt
Spread on variable rate							3%
2019 credit agreement | LIBOR | Revolving working capital loan facility
Debt
Spread on variable rate						3.50%
2019 credit agreement | SONIA | Secured Term loan A debt
Debt
Spread on variable rate		2%
2019 credit agreement | SONIA | Secured Term loan B debt
Debt
Spread on variable rate		2.50%
2019 credit agreement | SONIA | Revolvers
Debt
Spread on variable rate			3%
2019 credit agreement | SONIA | Revolving working capital loan facility
Debt
Spread on variable rate	3.50%
2022 committed facility agreement
Debt
Outstanding balance of credit facility amount								$ 1.5	$ 1.5
2022 committed facility agreement | Term loan
Debt
Maximum borrowing facility amount | £					£ 1.4
2022 committed facility agreement | Base Rate of Bank of England | Term loan
Debt
Spread on variable rate					3.50%

Debt - Debt Outstanding (Detail

Debt - Debt Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt
Total debt	$ 17,257	$ 16,626
Current portion of long-term debts	4,650	3,863
Long-term debt, net of current maturities	12,607	12,763
Term loan
Debt
Total debt	3,518	3,785
Revolvers
Debt
Total debt	13,627	12,767
Secured borrowings under Securitization Facility
Debt
Total debt	$ 112	$ 74

Debt - Maturities of long-term

Debt - Maturities of long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Maturities of long-term debt
Remainder of 2024	$ 4,650
2025	11,503
2026	177
2027	927
Total debt	17,257	$ 16,626
Less: Unamortized discount and debt issuance costs	14
Total maturities of long-term debt	$ 17,243

Income Taxes reconciliation (De

Income Taxes reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Income tax expense	$ 460	$ 92
Effective tax rate	(26.30%)	(5.10%)
Statutory income tax rate	21%	21%

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) employee subsidiary	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Employee Benefit Plans
Accumulated actuarial (gain) loss | $	$ 400		$ 200
Deferred tax benefit | $			$ 1,300
Pension Plan
Employee Benefit Plans
Employer contributions | $	$ 0	$ 600
Pension Plan | Maximum [Member]
Employee Benefit Plans
Period of historical performance achieved	20 years
Pension Plan | Minimum [Member]
Employee Benefit Plans
Period of historical performance achieved	15 years
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 | employee	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 | employee	0
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 | employee	0
Aggregate fair value of plan assets | $	$ 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 | employee	0

Employee Benefit Plans - Net pe

Employee Benefit Plans - Net periodic benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net periodic benefit cost
Service cost	$ 9	$ 10
Interest cost	$ 744	$ 749
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Nonoperating, Net	Interest Income (Expense), Nonoperating, Net
Expected return on plan assets	$ (729)	$ (667)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)
Amortization of prior service cost		$ 88
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)
Amortization of net loss	$ 307	$ 385
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)	Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss)
Net periodic benefit cost	$ 331	$ 565

Commitments and Contingencies -

Commitments and Contingencies - Company Subsidiary Litigation (Details) - Claim brought by former employees for their dismissal $ in Millions			1 Months Ended
	Nov. 10, 2023 USD ($)	May 09, 2023 USD ($)	Mar. 31, 2023 USD ($) claim	Apr. 30, 2020 location employee	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of plaintiff employees | employee				71
Number Of Production Sites Closed | location				2
Accrued Liabilities					$ 2.2	$ 2.2
Number of claimants who filed an application for summary proceedings | claim			67
Principle settlement | claim			4
Amount claimed by the claimants who filed an application for summary proceedings			$ 1.1
Settlement value decided by the court		$ 1.1
Settlement paid by the company	$ 1.1

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurement
Changes in fair value of warrant liability	$ (37)
Level 3 | Private Warrants | Maximum
Fair Value Measurement
Value of private warrants	$ 100	$ 100

Fair Value Measurement - Schedu

Fair Value Measurement - Schedule of Beginning And Ending Balances of Net Assets And Liabilities (Details) - Private Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning	$ 50
Change in the fair value of the private warrants liability	$ (37)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Balance, ending	$ 13

Warrants - Common stock warrant

Warrants - Common stock warrants outstanding (Details)	Mar. 31, 2024 $ / shares shares
Stockholders' Deficit
Warrants	6,634,980
Private Placement Warrants
Stockholders' Deficit
Warrants	135,000
Exercise price of warrants | $ / shares	$ 11.50
Forward Purchase Warrants
Stockholders' Deficit
Warrants	250,000
Exercise price of warrants | $ / shares	$ 11.50
Public Warrants
Stockholders' Deficit
Warrants	6,249,980
Exercise price of warrants | $ / shares	$ 11.50

Warrants - Public Warrants and

Warrants - Public Warrants and Private Warrants (Details)	3 Months Ended
	Mar. 31, 2024 D $ / shares shares
Public Warrants
Warrants
Exercise price of warrants | $ / shares	$ 11.50
Fractional shares issued upon exercise of warrants (in shares) | shares	0
Term of warrants	5 years
Warrants redemption, stock price trigger | $ / shares	$ 18
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
Private Warrants
Warrants
Threshold period for not to transfer, assign or sell any of their warrants after the completion of the initial business combination	30 days

Stockholders' Deficit - Narrati

Stockholders' Deficit - Narratives (Details)	3 Months Ended
	Mar. 31, 2024 Vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Stockholders' Deficit
Preferred stock Authorized	10,000,000	10,000,000
Preferred stock par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred stock Outstanding	0	0
Common stock Authorized	160,000,000	160,000,000
Number of vote per share | Vote	1
Common stock par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Common stock Issued	30,166,102	30,166,102
Common stock Outstanding	30,166,102	30,166,102
Common Stock
Stockholders' Deficit
Common stock Outstanding	30,166,102	30,166,102

Restructuring - Schedule of res

Restructuring - Schedule of restructuring activity and balance of restructuring liability (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restructuring
Balance, beginning	$ 5,454	$ 2,036
Restructuring charges		4,484
Payment of benefits	(841)	(1,066)
Balance, ending	4,613	5,454
Current portion of the restructuring liability included in Accrued compensation and benefits	$ 4,600	$ 5,500

Related Parties - Components of

Related Parties - Components of related party expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shared Services [Member]
Related Party Transaction [Line Items]
Total related party expense	$ 744	$ 907
Royalty [Member]
Related Party Transaction [Line Items]
Total related party expense		130
Service Fee [Member]
Related Party Transaction [Line Items]
Total related party expense	218	128
Related Party [Member]
Related Party Transaction [Line Items]
Total related party expense	$ 962	$ 1,165
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Related Party [Member] | Shared Services [Member]
Related Party Transaction [Line Items]
Total related party expense	$ 700	$ 900
Related Party [Member] | Royalty [Member]
Related Party Transaction [Line Items]
Total related party expense	0	100
Related Party [Member] | Service Fee [Member]
Related Party Transaction [Line Items]
Total related party expense	$ 200	$ 100

Related Parties - Transaction D

Related Parties - Transaction Details (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Shared Services [Member]
Related Parties
Related party expense	$ 744	$ 907
Royalty [Member]
Related Parties
Related party expense		130
Service Fee [Member]
Related Parties
Related party expense	218	128
Related Party
Related Parties
Revenue, net	100	0
Related party expense	962	1,165
Purchases	0	800
Related Party | Maximum
Related Parties
Revenue, net		100
Related Party | Shared Services [Member]
Related Parties
Related party expense	700	900
Related Party | Royalty [Member]
Related Parties
Related party expense	0	100
Related Party | Service Fee [Member]
Related Parties
Related party expense	$ 200	$ 100

Related Parties - Notes receiva

Related Parties - Notes receivable and payables (Details)				3 Months Ended		12 Months Ended	123 Months Ended
	Sep. 15, 2023 loan	Sep. 04, 2023 loan	Jan. 01, 2016 EUR (€)	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($)	Dec. 31, 2013	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2012	May 31, 2010 EUR (€)	Sep. 30, 2009 EUR (€)
Related Parties
Related party notes payable				$ 1,518,000			$ 1,518,000	$ 1,542,000
Related Party
Related Parties
Maximum amount agreed to be lent to related party | €			€ 20,000,000
Term of Notes Receivables			6 years
Number of years extendable			1 year
Annual Interest rate of Notes Receivable			9.50%
Related party note receivable				0			$ 0	0
Related party interest income				$ 0	$ 300,000
Related Party | Related party notes payable
Related Parties
Number of intercompany loan agreements entered | loan				3
Maximum amount agreed to be lent by related party | €										€ 9,300,000	€ 9,300,000
Additional maturity period				1 year
Related party interest expense				$ 0	$ 400,000
Related Party | Related party notes payable | LIBOR
Related Parties
Spread on variable rate				4%		12%	13.50%
Original Maturity Period				1 year
Fixed interest rate									4%
Related Party | New related party notes payable
Related Parties
Number of intercompany loan agreements entered | loan	1	3		4
Original Maturity Period				10 years
Related party notes payable				$ 1,500,000			$ 1,500,000	$ 1,500,000
Related party interest expense				$ 100,000
Related Party | New related party notes payable | LIBOR
Related Parties
Spread on variable rate				0%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Information
Number of segments | segment	2
Segment profit	$ 9,936	$ 9,460
Selling, general and administrative expenses (exclusive of depreciation and amortization)	7,946	8,414
Depreciation and amortization	957	910
Foreign exchange losses, net	832	279
Changes in fair value of warrant liability	(37)
Pension income, net	(422)	(192)
Net loss before income taxes	(1,748)	(2,414)
Related and Nonrelated Parties
Segment Information
Revenue, net (including related party revenue)	40,350	42,801
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	30,414	33,341
Related Party
Segment Information
Revenue, net (including related party revenue)	100	0
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	18	51
Related party expense	$ 962	$ 1,165
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]	Related Party	Related Party
Interest expense (income), net	$ 19	$ 45
Non-related party
Segment Information
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	30,396	33,290
Interest expense (income), net	1,427	1,253
Operating segment | Bills & Payments
Segment Information
Segment profit	3,557	4,843
Operating segment | Bills & Payments | Related and Nonrelated Parties
Segment Information
Revenue, net (including related party revenue)	28,874	33,568
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	25,317	28,725
Operating segment | Technology
Segment Information
Segment profit	6,379	4,617
Operating segment | Technology | Related and Nonrelated Parties
Segment Information
Revenue, net (including related party revenue)	11,476	9,233
Cost of revenue (including related party cost of revenue, exclusive of depreciation and amortization)	$ 5,097	$ 4,616

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,208)	$ (2,506)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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