X
XWELL, Inc.
XWELCIK 0001410428NasdaqNon-AcceleratedSmaller ReportingServices-Personal ServicesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$29.21M
Net Income
$-16.99M
Total Assets
—
Equity
—
Shares Out
8.44M
Op. Cash Flow
$-8.71M
Business
XWELL, Inc. is a global wellness services organization operating three reportable segments: XpresSpa, XpresTest, and Naples Wax Center. XpresSpa operates airport spa locations offering massage, nail care, skin care, and travel products across domestic and international airports. XpresTest provides biosurveillance monitoring services to government agencies and conducts multi-pathogen testing at U.S. international airports. Naples Wax Center operates upscale hair removal and skincare service locations. The company serves travelers and airport employees across airport and off-airport wellness marketplaces.
Summary from 10-K filed 2026-04-01
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenue, net | 29 | 34 | 30 | 56 | 74 | |
| Labor | 15 | 17 | 18 | 21 | 13 | |
| Occupancy | 4 | 4 | 4 | 4 | 3 | |
| Products and other operating costs | 3 | 4 | 4 | 18 | 25 | |
| Total cost of sales | 22 | 25 | 26 | 44 | 41 | |
| Gross Profit | 8 | 9 | 4 | 12 | 32 | |
| Depreciation and amortization | 862,000 | 938,000 | 2 | 5 | 3 | |
| Impairment of long-lived assets | 3 | 2 | 4 | 5 | 68,000 | |
| Goodwill impairment | 1 | 0 | 4 | — | — | |
| Loss on disposal of assets, net | 40,000 | 90,000 | — | — | — | |
| Impairment of operating lease right-of-use assets | 2 | 3 | 926,000 | 1 | 747,000 | |
| General and administrative | 16 | 20 | 13 | 21 | 24 | |
| Total operating expenses | 23 | 26 | 32 | 43 | 28 | |
| Operating loss | −16 | −17 | −28 | −31 | 4 | |
| Change in fair value of derivative liabilities | −80,000 | — | — | — | — | |
| Change in fair value of warrant liability | 3 | — | — | — | — | |
| Loss on issuance of Series G Preferred Stock | −3 | — | — | — | — | |
| Interest income, net | 661,000 | 380,000 | 448,000 | 384,000 | 43,000 | |
| Foreign exchange loss | −654,000 | −259,000 | −738,000 | −664,000 | −18,000 | |
| Gain on investments, realized and unrealized | 61,000 | 356,000 | 857,000 | — | — | |
| Other non-operating expense, net | −167,000 | −211,000 | −355,000 | −1 | −1 | |
| Loss before income taxes | −16 | −16 | −28 | −33 | 3 | |
| Income tax expense | −29,000 | −49,000 | −35,000 | −55,000 | −56,000 | |
| Net loss | −16 | −16 | −28 | −33 | 3 | |
| Net loss attributable to noncontrolling interests | −885,000 | −363,000 | 288,000 | −208,000 | 456,000 | |
| Net loss attributable to XWELL, Inc. | −17 | −17 | −28 | −33 | 3 | |
| Other comprehensive income (loss) from operations | 467,000 | 69,000 | −1 | −222,000 | −92,000 | |
| Comprehensive loss | −16 | −16 | −29 | −33 | 3 | |
| Preferred stock dividends | −509,000 | 0 | — | — | — | |
| Preferred stock accretion | −4 | 0 | — | — | — | |
| Less: deemed dividend on warrant exchange | −2 | — | — | — | — | |
| Less: deemed dividend on Exchange of Series G Preferred Stock | −4 | — | — | — | — | |
| Net loss attributable to XWELL, Inc. common stockholders | −28 | −17 | — | — | — | |
| Basic loss per share (in dollars per share) | −5.08 | −3.66 | −6.64 | −7.01 | 0.03 | |
| Diluted loss per share (in dollars per share) | −5.08 | −3.66 | −6.64 | −7.01 | 0.03 | |
| Basic (in shares) | 6 | 5 | 4 | 5 | 104 | |
| Diluted (in shares) | 6 | 5 | 4 | 5 | 105 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-10-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-09-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 3 | — | 5 | 8 | 5 | |
| Marketable Securities | 7,000 | — | 7 | 15 | 21 | |
| Accounts receivable, net of allowance for credit losses | 2 | — | 2 | 2 | 1 | |
| Inventory | 509,000 | — | 501,000 | 900,000 | 968,000 | |
| Other current assets | 1 | — | 1 | 949,000 | 2 | |
| Total current assets | 6 | — | 15 | 27 | 30 | |
| Restricted cash | 251,000 | — | 751,000 | 751,000 | 751,000 | |
| Property and equipment, net | 2 | — | 2 | 2 | 3 | |
| Intangible assets, net | 101,000 | — | 1 | 1 | 2 | |
| Operating lease right of use assets, net | 1 | — | 3 | 5 | 6 | |
| Goodwill | — | — | 1 | 1 | — | |
| Security deposits | 2 | — | 2 | — | — | |
| Other assets | 124,000 | — | 99,000 | 2 | 2 | |
| Total assets | 11 | — | 25 | 39 | 43 | |
| Accounts payable | 3 | — | 2 | 1 | 2 | |
| Accrued expenses and other current liabilities | 3 | — | 4 | 5 | 4 | |
| Accrued Series G Convertible Preferred payable | 538,000 | — | — | — | — | |
| Current portion of operating lease liabilities | 2 | — | 2 | 2 | 2 | |
| Deferred revenue | 1 | — | 1 | 861,000 | — | |
| Convertible senior secured note, net | 4 | — | — | — | — | |
| Total current liabilities | 13 | — | 9 | 9 | 8 | |
| Derivative liabilities | 4 | 234,000 | 1 | — | — | |
| Operating lease liabilities | 7 | — | 8 | 9 | 9 | |
| Total liabilities | 24 | — | 18 | 18 | 17 | |
| Commitments and contingencies (see Note 17) | — | — | — | — | — | |
| Series G Convertible Preferred Stock, $0.01 par value per share and $1,000 stated value per share, 4,000 shares authorized; 196 and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; Liquidation preference of $380 as of December 31, 2025 | 224,000 | 4 | — | — | — | |
| Common Stock, $0.01 par value per share, 150,000,000 shares authorized; 6,071,324 and 5,261,024 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 61,000 | — | 53,000 | 42,000 | 42,000 | |
| Additional paid-in capital | 469 | — | 474 | 471 | 470 | |
| Accumulated deficit | −490 | — | −473 | −456 | −451 | |
| Accumulated other comprehensive loss | −2 | — | −2 | −2 | −2 | |
| Total deficit attributable to XWELL, Inc. | −22 | — | −788,000 | 13 | 18 | |
| Noncontrolling interests | 9 | — | 9 | 8 | 8 | |
| Total equity (deficit) | −13 | — | 8 | 21 | 26 | |
| Total liabilities and equity (deficit) | 11 | — | 25 | 39 | 43 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Impairment of long-lived assets | 3 | 2 | 1 | 5 | 68,000 | |
| Impairment of intangible assets | 620,000 | 5,000 | 3 | 110,000 | 0 | |
| Impairment of operating lease right-of-use assets | 2 | 3 | 926,000 | — | — | |
| Unrealized gain on marketable securities | −33,000 | −321,000 | −877,000 | — | — | |
| Gain on lease termination | −410,000 | −655,000 | −821,000 | — | — | |
| Loss on disposal of assets, net | 29,000 | 90,000 | — | — | — | |
| Amortization of operating lease right of use asset | 916,000 | 1 | — | — | — | |
| Provision for credit losses | — | 50,000 | 0 | — | — | |
| Stock-based compensation | 1 | 893,000 | 2 | 4 | 3 | |
| (Gain) loss on equity investment | −27,000 | −35,000 | 54,000 | 618,000 | 1 | |
| (Increase) decrease in inventory | −8,000 | 399,000 | 261,000 | 592,000 | −1 | |
| (Increase) decrease in accounts receivable | 247,000 | −193,000 | 1 | −2 | −1 | |
| (Decrease) increase in deferred revenue | −17,000 | 281,000 | −289,000 | — | — | |
| (Increase) in other assets, current and non-current | −596,000 | −103,000 | 512,000 | −457,000 | −1 | |
| (Decrease) in other liabilities, current and non-current | −3 | −2 | — | — | — | |
| Increase in accounts payable | 1 | 387,000 | −488,000 | −3 | 7 | |
| Net cash used in operating activities | −9 | −11 | −16 | −24 | 15 | |
| Acquisition of property and equipment | −3 | −2 | −2 | −6 | −4 | |
| Investment in marketable securities | −95,000 | −299,000 | — | −23 | — | |
| Sale of marketable securities | 7 | 8 | 9 | — | — | |
| Acquisition of intangibles | — | −9,000 | −468,000 | −373,000 | −3 | |
| Net cash provided by investing activities | 4 | 6 | 6 | −35 | −5 | |
| Stock option exercised | — | 4,000 | — | — | 13,000 | |
| Proceeds from registered offering, net of offering costs | 4 | 1 | — | — | — | |
| Redemption of preferred stock | −2 | — | — | — | — | |
| Distributions to noncontrolling interests | −9,000 | — | −120,000 | −956,000 | −1 | |
| Net cash provided by financing activities | 2 | 1 | 8,000 | −27 | 6 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 6,000 | −136,000 | −185,000 | −60,000 | 0 | |
| Decrease in cash, cash equivalents and restricted cash | −2 | −4 | −11 | −86 | 16 | |
| Income taxes | 58,000 | 59,000 | 35,000 | 55,000 | — | |
| Issuance of shares of Common Stock for legal settlement | — | 940,000 | — | — | — | |
| Capital expenditures included in Accounts payable, accrued expenses and other current liabilities | 14,000 | 152,000 | 17,000 | 544,000 | 1 | |
| Accrual of Series convertible preferred stock dividends | 267,000 | — | — | — | — | |
| Accretion of Series G convertible preferred stock to redemption value | 4 | — | — | — | — | |
| Initial fair value of warrant liability | 6 | — | — | — | — | |
| Initial fair value of derivative liability | 1 | — | — | — | — | |
| Accrued Series G convertible preferred stock redemption payable | 538,000 | — | — | — | — | |
| Noncash conversion of Series G convertible preferred stock | 177,000 | — | — | — | — | |
| Deemed dividend on Exchange of Series G Preferred Stock | 4 | — | — | — | — | |
| Deemed dividend on warrant exchange | 2 | — | — | — | — | |
| Initial fair value of derivative liability on convertible debt | 3 | — | — | — | — | |
| Extinguishment of convertible preferred stock with bifurcated embedded derivative | 630,000 | — | — | — | — | |
| Fair value of convertible note on exchange | 7 | — | — | — | — | |
| Reclass of warrant liability upon modification | 3 | — | — | — | — | |
| Lease liability remeasurement due to modification | 79,000 | — | — | — | — | |
| Right-of-use asset and lease liability recognized for new operating lease | 204,000 | 3 | — | — | — |
Filings
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Frequently asked questions
What is XWELL, Inc.'s CIK number?
XWELL, Inc.'s SEC CIK number is 0001410428 (1410428). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find XWELL, Inc.'s SEC filings?
All of XWELL, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did XWELL, Inc. last report earnings?
XWELL, Inc. (XWEL) most recently filed an earnings 8-K with the SEC on Apr 1, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-038550). This is XWELL, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is XWELL, Inc.'s most recent earnings 8-K?
XWELL, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 1, 2026 under accession 0001104659-26-038550. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View XWELL, Inc.'s latest earnings 8-K →
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