IBEX Limited delivered a record Q3 2025 with revenue of $140.7 million, up 11% year over year, driven by strength in higher-margin offshore delivery and growth in digital/omnichannel services. GAAP operating income rose to $13.3 million, and adjusted EBITDA reached $19.4 million (adjusted EBITDA margin 13.8%), reflecting ongoing investments in India and in scaling the Wave iX AI solution stack. Management raised full-year guidance on both revenue and EBITDA to reflect favorable demand dynamics, and announced a new $15 million share repurchase program in addition to repaying TRGI-related debt, underscoring confidence in the trajectory and capital allocation framework. The quarter also featured meaningful strategic progress, including the first entry into India for a leading healthcare client, a robust AI pipeline (75 opportunities with nine deployments expected in Q4), and four new logo wins across health tech, fintech, and retail/e-commerce verticals. While near-term margin pressure partly reflects investments in India and AI-scale initiatives, IBEX is positioned to drive margin expansion through offshore strength, higher-margin digital/omnichannel mix (now 81% of revenue), and AI-driven deployments that are moving from pilots to full production.
Looking ahead, the company expects FY2025 revenue of $540–$545 million and adjusted EBITDA of $68–$70 million, with capital expenditures of $15–$20 million. The combination of a diversified client base, an expanding offshore footprint, an expanding AI toolkit, and a growing Indian footprint provides a constructive setup for sustained growth into FY2026, though investors should monitor AI deployment ramp timing, client concentration dynamics, and macro-related demand volatility.