ibex-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 10-Q

_______________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____________to______________

Commission File Number: 001-38442

_______________________

IBEX LIMITED

(Exact name of registrant as specified in its charter)

_______________________


Bermuda						00-0000000
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1717 Pennsylvania Avenue NW, Suite 825 Washington, DC						20006

(Address of principal executive offices)						(Zip Code)

(202) 580-6200

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

_______________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares, par value $0.0001

IBEX

Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

The number of common shares outstanding of IBEX LIMITED as of October 31, 2025 was 13,467,175.


		Page No.

	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	1



PART I.	FINANCIAL INFORMATION	2

Item 1.	Financial Statements	2

	Consolidated Balance Sheets (unaudited)	3

	Consolidated Statements of Comprehensive Income (unaudited)	4

	Consolidated Statements of Stockholders' Equity (unaudited)	5

	Consolidated Statements of Cash Flows (unaudited)	6

	Notes to the Consolidated Financial Statements (unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33

Item 4.	Controls and Procedures	33

PART II.	OTHER INFORMATION	35

Item 1.	Legal Proceedings	35

Item 1A.	Risk Factors	35

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35

Item 3.	Defaults Upon Senior Securities	36

Item 4.	Mine Safety Disclosures	36

Item 5.	Other Information	36

Item 6.	Exhibits	37

	Signatures	38


	September 30, 2025		June 30, 2025
Assets
Current assets
Cash and cash equivalents	$	22,694	$	15,350
Accounts receivable, net	116,032		117,136
Prepaid expenses	10,492		9,443
Due from related parties	—		40
Tax advances and receivables	1,505		1,522
Other current assets	2,029		2,128
Total current assets	152,752		145,619

Non-current assets
Property and equipment, net	36,541		32,563
Operating lease assets	59,166		62,276
Goodwill	11,832		11,832
Deferred tax asset, net	8,225		7,163
Other non-current assets	15,341		13,762
Total non-current assets	131,105		127,596
Total assets	$	283,857	$	273,215

Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued liabilities	$	25,391	$	18,692
Accrued payroll and employee-related liabilities	36,101		38,588
Current deferred revenue	6,162		5,498
Current operating lease liabilities	14,273		14,332
Current debt	847		823

Due to related parties	—		22
Income taxes payable	1,236		1,986
Total current liabilities	84,010		79,941

Non-current liabilities
Non-current deferred revenue	1,080		1,130
Non-current operating lease liabilities	50,695		53,804
Long-term debt	726		796
Other non-current liabilities	3,721		3,235
Total non-current liabilities	56,222		58,965
Total liabilities	140,232		138,906

Stockholders' equity
Common stock: par value $0.0001, 108,057,967 shares authorized, 13,424,284 and 13,357,990 shares outstanding as of September 30, 2025 and June 30, 2025, respectively	2		1
Additional paid-in capital	221,594		218,241
Treasury stock at cost: 5,607,061 and 5,515,403 shares as of September 30, 2025 and June 30, 2025, respectively	(106,018)		(103,338)
Accumulated other comprehensive loss	(9,736)		(6,336)
Retained earnings	37,783		25,741
Total stockholders' equity	143,625		134,309
Total liabilities and stockholders' equity	$	283,857	$	273,215


	Three Months Ended September 30,
	2025		2024
Revenue	$	151,179	$	129,717

Cost of services (exclusive of depreciation and amortization presented separately below)	106,577		90,041
Selling, general and administrative	26,525		26,215
Depreciation and amortization	4,378		4,369
Total operating expenses	137,480		120,625

Income from operations	13,699		9,092

Interest income	30		583
Interest expense	(217)		(162)
Income before income taxes	13,512		9,513

Provision for income tax expense	(1,470)		(1,982)
Net income	$	12,042	$	7,531

Other comprehensive income
Foreign currency translation adjustments	$	(1,212)	$	1,388
Unrealized (loss) / gain on cash flow hedging instruments, net of tax	(2,188)		379
Total other comprehensive (loss) / income	(3,400)		1,767
Total comprehensive income	$	8,642	$	9,298

Net income per share
Basic	$	0.90	$	0.45
Diluted	$	0.82	$	0.43

Weighted average common shares outstanding
Basic	13,360		16,880
Diluted	14,609		17,490


Three months ended September 30, 2024 and 2025
	Common shares			Treasury Stock		Additional Paid-in Capital		Accumulated Other Comprehensive Income / (Loss)		Accumulated Deficit		Total Stockholders' Equity
	Shares	Amount		Amount
Balance, June 30, 2024	17,017	$	2	$	(25,367)	$	210,200	$	(7,913)	$	(11,123)	$	165,799
Net income	—	—		—		—		—		7,531		7,531
Foreign currency translation adjustment	—	—		—		—		1,388		—		1,388
Changes in fair value of cash flow hedges	—	—		—		—		379		—		379

Purchase of treasury shares	(282)	—		(4,678)		—		—		—		(4,678)

Issuance of common shares	30	—		—		382		—		—		382
Stock-based compensation expense	—	—		—		290		—		—		290
Balance, September 30, 2024	16,765	$	2	$	(30,045)	$	210,872	$	(6,146)	$	(3,592)	$	171,091


	Three Months Ended September 30,
($000s)	2025		2024
United States	$	146,216	$	124,648
Other countries	4,963		5,069
Total Revenue	$	151,179	$	129,717


	September 30,		June 30,
($000s)	2025		2025
Accounts receivable	$	116,316	$	117,368
Less: Allowance for credit losses	(284)		(232)
Accounts receivable, net	$	116,032	$	117,136


($000s)	Operating Leases		Finance Leases
2026-remainder of year	$	14,767	$	806
2027	19,254		742
2028	18,283		286
2029	16,092		2
2030	7,209		—
Thereafter	7,381		—
Total undiscounted lease payments	82,986		1,836
Less: liability accretion	(18,018)		(263)
Total lease liabilities	$	64,968	$	1,573


	Three Months Ended September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	12,042	$	7,531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,378		4,369
Noncash lease expense	3,437		3,326

Deferred income tax	(1,062)		(130)
Stock-based compensation expense	2,550		670
Allowance for expected credit losses	52		83


Change in assets and liabilities:
Decrease / (increase) in accounts receivable	1,015		(7,649)
Increase in prepaid expenses and other current assets	(3,472)		(1,735)
(Decrease) / increase in accounts payable and accrued liabilities	(311)		4,574
Increase in deferred revenue	614		79
Decrease in operating lease liabilities	(3,573)		(3,356)
Net cash inflow from operating activities	15,670		7,762

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(7,639)		(3,630)
Net cash outflow from investing activities	(7,639)		(3,630)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	—		60
Repayments of line of credit	—		(60)
Proceeds from the exercise of options	2,412		382
Principal payments on finance leases	(292)		(171)

Purchase of treasury shares	(2,767)		(4,807)
Net cash outflow from financing activities	(647)		(4,596)
Effects of exchange rate difference on cash and cash equivalents	(40)		49
Net increase / (decrease) in cash and cash equivalents	7,344		(415)
Cash and cash equivalents, beginning	15,350		62,720
Cash and cash equivalents, ending	$	22,694	$	62,305

Supplemental cash flow disclosures


	Three Months Ended September 30,
($000s)	2025		2024
Onshore (United States)	$	37,602	$	31,099
Offshore (Philippines, Pakistan, India)	77,047		64,436
Nearshore (Jamaica, Nicaragua, Honduras)	36,530		34,182
Total Revenue	$	151,179	$	129,717


	Three Months Ended September 30,
($000s)	2025		2024
Services transferred over time	$	133,057	$	120,938
Services transferred at a point in time	18,122		8,779
Total Revenue	$	151,179	$	129,717


	Three Months Ended September 30,
($000s)	2025		2024
Beginning balance	$	6,628	$	5,877
Revenue recognized	(2,148)		(2,161)
Revenue deferred	2,762		2,240
Ending balance	$	7,242	$	5,956

SEC Form 10-Q filed by IBEX Limited