Exela Technologies reported Q2 2024 revenue of $245.7 million, down 10% from $272.9 million in Q2 2023, while net loss improved to $26.9 million from $30.9 million. The ITPS segment revenue declined 15.2% to $156.8 million, HS segment decreased 1.1% to $62.9 million, while LLPS segment grew 6.3% to $25.9 million. Interest expense decreased significantly to $23.1 million from $45.1 million year-over-year.Operating loss was $2.4 million compared to operating profit of $11.2 million in Q2 2023, impacted by higher SG&A expenses of $41.8 million. Cost of revenue decreased 11.4% to $188.0 million, driven by lower employee-related costs and infrastructure expenses. Adjusted EBITDA was $13.7 million compared to $22.5 million in the prior year period.The company faces liquidity challenges with a working capital deficit of $254.4 million as of June 30, 2024. Management is pursuing debt reduction initiatives and exploring strategic options, including a potential spin-off of its BPA business announced on July 1, 2024. The company must also address Nasdaq listing compliance requirements by October 25, 2024.

Exela Technologies reported Q2 2024 revenue of $245.7 million, down 10% from $272.9 million in Q2 2023, while net loss improved to $26.9 million from $30.9 million. The ITPS segment revenue declined 15.2% to $156.8 million, HS segment decreased 1.1% to $62.9 million, while LLPS segment grew 6.3% to $25.9 million. Interest expense decreased significantly to $23.1 million from $45.1 million year-over-year.Operating loss was $2.4 million compared to operating profit of $11.2 million in Q2 2023, impacted by higher SG&A expenses of $41.8 million. Cost of revenue decreased 11.4% to $188.0 million, driven by lower employee-related costs and infrastructure expenses. Adjusted EBITDA was $13.7 million compared to $22.5 million in the prior year period.The company faces liquidity challenges with a working capital deficit of $254.4 million as of June 30, 2024. Management is pursuing debt reduction initiatives and exploring strategic options, including a potential spin-off of its BPA business announced on July 1, 2024. The company must also address Nasdaq listing compliance requirements by October 25, 2024.