---
title: "XWELL 10-K: Revenue $29.21M, Continued Net Losses"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281392064.md"
description: "XWELL reported a total net revenue of $29.21 million for the year, a 14% decrease from the previous year, with an accumulated deficit of $489.697 million. The company faces margin pressure due to reduced volumes and ongoing net losses. Management is taking steps to improve liquidity and cost structure, including right-sizing operations and closing underperforming locations. General and administrative expenses decreased by 20% year-over-year. A Series H private placement was completed to address going-concern doubts and fund operations."
datetime: "2026-04-01T15:05:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281392064.md)
  - [en](https://longbridge.com/en/news/281392064.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281392064.md)
---

# 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, 2026

**Disclaimer**

This 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.

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