XWELL, Inc.

Listed Company

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 company operating multiple brands that deliver restorative and regenerative products and services to travelers. It offers premium spa services (massage, nail and skin care), wellness and retail products, bio-surveillance and diagnostic-related services, direct-to-business marketing support, and upscale hair removal and skincare services. The company reports four operating segments: XpresSpa, XpresTest (including bio-surveillance), Naples Wax Center and Treat. XWELL distributes its offerings primarily through airport concession locations and related travel hubs, select off-airport centers, international airport sites, government partnerships and digital channels.

Summary from filing dated 2025-04-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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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