IBEX Limited reported a strong Q2 FY2025, delivering record quarterly revenue of $140.7 million, up 6.1% year-over-year, and expanding adjusted EBITDA margin by 100 basis points to 11.8%. Net income rose to $9.3–$9.6 million (GAAP vs non-GAAP figures cited in the call) with adjusted EPS of $0.59 and GAAP EPS of $0.57, reflecting a favorable mix shift toward higher-margin offshore delivery and digital/omnichannel services. Management emphasized a differentiating land-and-expand strategy, a disciplined share-repurchase program, and a growing WaveIX AI solutions stack (translate and automate) as key tailwinds that bolster revenue, margin, and client stickiness. The company raised its full-year revenue guidance to $525–$535 million and adjusted EBITDA guidance to $68–$69 million, signaling confidence in sustained profitability as AI-enabled capabilities scale. While balance-sheet dynamics show meaningful cash usage tied to strategic investments and a large prior-year share repurchase, the company also highlighted ongoing diversification of the client base and improved offshore mix, which supports margin resilience over the medium term.