--- title: "XWELL | 10-K: FY2025 Revenue: USD 29.21 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/281391343.md" datetime: "2026-04-01T15:04:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281391343.md) - [en](https://longbridge.com/en/news/281391343.md) - [zh-HK](https://longbridge.com/zh-HK/news/281391343.md) --- # XWELL | 10-K: FY2025 Revenue: USD 29.21 M Revenue: As of FY2025, the actual value is USD 29.21 M. EPS: As of FY2025, the actual value is USD -5.08. EBIT: As of FY2025, the actual value is USD -16.33 M. #### Segment Revenue - **Total Revenue, Net** - For the year ended December 31, 2025, total revenue was $29,210, a decrease of $4,687 or 14% compared to $33,897 for the year ended December 31, 2024. This decrease was primarily due to a decline in the XpresTest segment, partially offset by growth in Naples Wax locations. - **Revenue by Segment (2025)** - XpresSpa: $18,649 - XpresTest: $8,249 - Naples Wax Center: $2,312 - Corporate and other: $0 - **Revenue by Segment (2024)** - XpresSpa: $18,765 - XpresTest: $13,055 - Naples Wax Center: $2,077 - Corporate and other: $0 #### Operational Metrics - **Gross Profit** - For the year ended December 31, 2025, gross profit was $7,506, compared to $8,919 for the year ended December 31, 2024. - **Operating Loss/Income by Segment (2025)** - XpresSpa: - $40 - XpresTest: $4,314 - Naples Wax Center: - $5,845 - Corporate and other: - $14,099 - **Operating Loss/Income by Segment (2024)** - XpresSpa: - $12,301 - XpresTest: $5,192 - Naples Wax Center: - $496 - Corporate and other: - $9,102 - **Total Operating Loss** - For the year ended December 31, 2025, total operating loss was - $15,670, compared to - $16,707 for the year ended December 31, 2024. - **Cost of Sales** - For the year ended December 31, 2025, total cost of sales was $21,704, a decrease of $3,274 or 13% compared to $24,978 for the year ended December 31, 2024, primarily due to the closure of the Treat business and three underperforming XpresSpa locations. - **Labor Costs (2025):** $15,337 total; XpresSpa: $9,250; XpresTest: $4,682; Naples Wax: $1,405. - **Labor Costs (2024):** $17,477 total; XpresSpa: $10,039; XpresTest: $6,148; Naples Wax: $1,258. - **Occupancy Costs (2025):** $3,625 total; XpresSpa: $2,738; XpresTest: $51; Naples Wax: $836. - **Occupancy Costs (2024):** $3,712 total; XpresSpa: $3,417; XpresTest: $35; Naples Wax: $260. - **General and Administrative Expenses** - For the year ended December 31, 2025, general and administrative expenses decreased by $4,082 or 20% to $16,000, compared to $20,082 for the year ended December 31, 2024, mainly due to rightsizing and cost optimization. - **Depreciation and Amortization** - For the year ended December 31, 2025, depreciation and amortization expense decreased by $76 or 8% to $862, compared to $938 for the year ended December 31, 2024, primarily due to fewer long-lived assets. - **Depreciation and Amortization by Segment (2025):** XpresSpa: $481; XpresTest: $8; Naples Wax: $308; Corporate and other: $65. - **Depreciation and Amortization by Segment (2024):** XpresSpa: $672; XpresTest: $74; Naples Wax: $136; Corporate and other: $56. - **Impairment and Loss on Disposal of Assets** - **Impairment of long-lived assets:** $3,149 in 2025 (XpresSpa: $959; Naples Wax: $2,190) compared to $1,711 in 2024. - **Impairment of operating lease right-of-use assets:** $1,736 in 2025 (XpresSpa: $673; Naples Wax: $1,063) compared to $2,805 in 2024. - **Goodwill impairment:** $1,389 in 2025 (related to Naples Wax business) compared to $0 in 2024. - **Loss on disposal of assets, net:** $40 in 2025 compared to $90 in 2024. - **Net Loss Attributable to XWELL, Inc.** - For the year ended December 31, 2025, net loss attributable to XWELL, Inc. was - $16,991, compared to - $16,853 for the year ended December 31, 2024. #### Cash Flow - **Net Cash Used in Operating Activities** - For the year ended December 31, 2025, net cash used in operating activities was - $8,713, compared to - $11,005 for the year ended December 31, 2024, primarily due to reduced operating and overhead expenses. - **Net Cash Provided by Investing Activities** - For the year ended December 31, 2025, net cash provided by investing activities was $4,332, compared to $5,895 for the year ended December 31, 2024. - **Net Cash Provided by Financing Activities** - For the year ended December 31, 2025, net cash provided by financing activities was $1,942, compared to $1,359 for the year ended December 31, 2024. #### Unique Metrics - **XpresTest Bio-surveillance Program Revenue:** - For the year ended December 31, 2025, revenue recognized from the CDC program was $6,984, compared to $11,123 for the year ended December 31, 2024. - The program was extended in February 2025 through a three-year contract with a total base value of $22,200 and a maximum ceiling value of $24,800. - **Capital Expenditures by Segment (2025):** - XpresSpa: $1,780 - XpresTest: $0 - Naples Wax: $932 - Corporate and other: $147 - Total: $2,859 - **Capital Expenditures by Segment (2024):** - XpresSpa: $755 - XpresTest: $49 - Naples Wax: $959 - Corporate and other: $18 - Total: $1,781 - **Stock-based Compensation by Segment (2025):** - XpresSpa: $176 - XpresTest: $3 - Naples Wax: $0 - Corporate and other: $903 - Total: $1,082 - **Stock-based Compensation by Segment (2024):** - XpresSpa: $799 - XpresTest: $94 - Naples Wax: $0 - Corporate and other: $0 - Total: $893 #### Outlook / Guidance XWELL, Inc. aims to expand and integrate offerings across its brands, unifying airport and off-airport locations under the XWELL brand to develop membership programs and enhance brand loyalty. The company plans to optimize its airport portfolio for profitability and pursue off-airport growth through acquisitions, particularly in the med spa sector, while expanding bio-security services internationally through partnerships. 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