Exela Technologies, Inc. reported its financial results for the second quarter of 2024 on August 15, 2024. The company experienced a revenue decrease of 10.0% year-over-year, totaling $245.7 million, which was attributed to the sale of its high-speed scanner business and declines in its Information and Transaction Processing Solutions segment. Despite the revenue drop, Exela saw a gross margin increase to 23.5%, reflecting cost management efforts and real estate rationalization. Interest expenses decreased by 48.7% due to debt modification, while SG&A expenses rose by 30.5% year-over-year, largely due to a non-cash write-down related to a partner contract amendment. The company reported an operating loss of $2.4 million, compared to an operating profit of $11.2 million in the same quarter of the previous year. The net loss improved by $4.0 million year-over-year to $26.9 million, with $25.7 million attributable to Exela. Adjusted EBITDA was down 39.0% to $13.7 million. Exela's management remains cautiously optimistic as they continue to add new clients and focus on operational efficiency.

Exela Technologies, Inc. reported its financial results for the second quarter of 2024 on August 15, 2024. The company experienced a revenue decrease of 10.0% year-over-year, totaling $245.7 million, which was attributed to the sale of its high-speed scanner business and declines in its Information and Transaction Processing Solutions segment. Despite the revenue drop, Exela saw a gross margin increase to 23.5%, reflecting cost management efforts and real estate rationalization. Interest expenses decreased by 48.7% due to debt modification, while SG&A expenses rose by 30.5% year-over-year, largely due to a non-cash write-down related to a partner contract amendment. The company reported an operating loss of $2.4 million, compared to an operating profit of $11.2 million in the same quarter of the previous year. The net loss improved by $4.0 million year-over-year to $26.9 million, with $25.7 million attributable to Exela. Adjusted EBITDA was down 39.0% to $13.7 million. Exela's management remains cautiously optimistic as they continue to add new clients and focus on operational efficiency.