IBEX (IBEX) Turns The AI Threat Into Its Biggest Growth Engine
On September 10, IBEX Limited (NASDAQ:IBEX) released its fourth-quarter and full fiscal year 2026 earnings, posting record revenue, adjusted EBITDA, and free cash flow. The company claims its AI-driven solutions have turned the AI threat into its biggest growth engine. Full-year revenue reached $644.1 million, a 15.4% increase from the previous year, with Q4 revenue hitting $164.3 million, growing 11.6% YoY.
HealthTech was the top performer, up 38.5% to $114 million, surpassing the $100 million target. Technology grew 27.4%, travel and logistics added 17.8%, and the new AI agent partnership with Philippine Airlines drove these gains. The AI agent, part of Sierra AI partnership, handled interactions in English, Tagalog, and Taglish, achieving a 4.7 customer satisfaction score, on par with human agents.
New client additions reached 17, with the top five clients accounting for 33% of revenue, down slightly from 36%. However, GAAP net income fell to $8.7 million, and diluted EPS decreased to $0.59. Capital expenditures increased to $27.8 million, as the company expanded offshore capacity and IT infrastructure. Despite the telecommunications vertical shrinking to 9.4% of revenue, IBEX's stock trades at a forward P/E of 11.09, a low valuation for a company guiding to double-digit EBITDA growth.
The report highlights the potential of IBEX's AI solutions, but advises caution compared to other AI stocks.
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