XWELL 10-K: Revenue $29.21M, Continued Net Losses

XWELL reported total net revenue of $29.210 million for the year, down 14% from the prior year, and continues to show accumulated deficits with an accumulated deficit of $489.697 million. The filing highlights margin pressure from reduced volumes and ongoing net losses while signaling steps taken to address liquidity and cost structure. Management notes actions to right-size operations and completed financing transactions to resolve going-concern doubt and fund near-term operations. Financial Highlights Total revenue, net: $29.210 million, decreased $4.687 million (14%) versus 2024 driven by lower XpresTest volumes.Total cost of sales: $21.704 million, decreased $3.274 million (13%) versus 2024 reflecting closures and lower location labor/occupancy.Gross Profit: $7.506 million (reported as derived from revenue less cost of sales), with margin pressure from reduced volumes.General and administrative expense: $16.000 million, decreased $4.082 million (20%) year over year, reflecting improved efficiency.Net income / (loss): Accumulated deficit of $489.697 million, indicating continued net losses (no single-line net income figure provided).Net income per share: Not provided explicitly in Item 7/Item 8 disclosures. Business Highlights Revenue trend and drivers: Overall revenue declined 14% year over year to $29.2 million, primarily due to lower volumes from the XpresTest channel, partially offset by modest growth from Naples Wax service revenue.Channel and portfolio adjustments: Company is right-sizing its airport footprint by closing underperforming locations, including Treat and three XpresSpa sites, to improve margins and reduce operating drag.Brand and segment performance: Naples Wax expansion contributed to service revenue growth, though goodwill impairment indicates some assets underperformed relative to expectations.Operational cost actions: Management reduced overhead and occupancy costs, achieving approximately a 20% reduction in G&A to improve cash burn.Liquidity and strategic actions: Completed a Series H private placement and related repurchase transactions aimed at resolving going-concern doubt and providing funding for operations.Original SEC Filing: XWELL, Inc. [ XWEL ] - 10-K - Apr. 01, 2026DisclaimerThis is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.