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.<h4>Segment Revenue</h4><ul><li>Total Revenue, Net<ul><li>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.</li></ul></li><li>Revenue by Segment (2025)<ul><li>XpresSpa: $18,649</li><li>XpresTest: $8,249</li><li>Naples Wax Center: $2,312</li><li>Corporate and other: $0</li></ul></li><li>Revenue by Segment (2024)<ul><li>XpresSpa: $18,765</li><li>XpresTest: $13,055</li><li>Naples Wax Center: $2,077</li><li>Corporate and other: $0</li></ul></li></ul><h4>Operational Metrics</h4><ul><li>Gross Profit<ul><li>For the year ended December 31, 2025, gross profit was $7,506, compared to $8,919 for the year ended December 31, 2024.</li></ul></li><li>Operating Loss/Income by Segment (2025)<ul><li>XpresSpa: - $40</li><li>XpresTest: $4,314</li><li>Naples Wax Center: - $5,845</li><li>Corporate and other: - $14,099</li></ul></li><li>Operating Loss/Income by Segment (2024)<ul><li>XpresSpa: - $12,301</li><li>XpresTest: $5,192</li><li>Naples Wax Center: - $496</li><li>Corporate and other: - $9,102</li></ul></li><li>Total Operating Loss<ul><li>For the year ended December 31, 2025, total operating loss was - $15,670, compared to - $16,707 for the year ended December 31, 2024.</li></ul></li><li>Cost of Sales<ul><li>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.</li><li>Labor Costs (2025): $15,337 total; XpresSpa: $9,250; XpresTest: $4,682; Naples Wax: $1,405.</li><li>Labor Costs (2024): $17,477 total; XpresSpa: $10,039; XpresTest: $6,148; Naples Wax: $1,258.</li><li>Occupancy Costs (2025): $3,625 total; XpresSpa: $2,738; XpresTest: $51; Naples Wax: $836.</li><li>Occupancy Costs (2024): $3,712 total; XpresSpa: $3,417; XpresTest: $35; Naples Wax: $260.</li></ul></li><li>General and Administrative Expenses<ul><li>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.</li></ul></li><li>Depreciation and Amortization<ul><li>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.</li><li>Depreciation and Amortization by Segment (2025): XpresSpa: $481; XpresTest: $8; Naples Wax: $308; Corporate and other: $65.</li><li>Depreciation and Amortization by Segment (2024): XpresSpa: $672; XpresTest: $74; Naples Wax: $136; Corporate and other: $56.</li></ul></li><li>Impairment and Loss on Disposal of Assets<ul><li>Impairment of long-lived assets: $3,149 in 2025 (XpresSpa: $959; Naples Wax: $2,190) compared to $1,711 in 2024.</li><li>Impairment of operating lease right-of-use assets: $1,736 in 2025 (XpresSpa: $673; Naples Wax: $1,063) compared to $2,805 in 2024.</li><li>Goodwill impairment: $1,389 in 2025 (related to Naples Wax business) compared to $0 in 2024.</li><li>Loss on disposal of assets, net: $40 in 2025 compared to $90 in 2024.</li></ul></li><li>Net Loss Attributable to XWELL, Inc.<ul><li>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.</li></ul></li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities<ul><li>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.</li></ul></li><li>Net Cash Provided by Investing Activities<ul><li>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.</li></ul></li><li>Net Cash Provided by Financing Activities<ul><li>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.</li></ul></li></ul><h4>Unique Metrics</h4><ul><li>XpresTest Bio-surveillance Program Revenue:<ul><li>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.</li><li>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.</li></ul></li><li>Capital Expenditures by Segment (2025):<ul><li>XpresSpa: $1,780</li><li>XpresTest: $0</li><li>Naples Wax: $932</li><li>Corporate and other: $147</li><li>Total: $2,859</li></ul></li><li>Capital Expenditures by Segment (2024):<ul><li>XpresSpa: $755</li><li>XpresTest: $49</li><li>Naples Wax: $959</li><li>Corporate and other: $18</li><li>Total: $1,781</li></ul></li><li>Stock-based Compensation by Segment (2025):<ul><li>XpresSpa: $176</li><li>XpresTest: $3</li><li>Naples Wax: $0</li><li>Corporate and other: $903</li><li>Total: $1,082</li></ul></li><li>Stock-based Compensation by Segment (2024):<ul><li>XpresSpa: $799</li><li>XpresTest: $94</li><li>Naples Wax: $0</li><li>Corporate and other: $0</li><li>Total: $893</li></ul></li></ul><h4>Outlook / Guidance</h4>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. These strategic efforts are intended to drive sustainable financial and operational growth and maximize shareholder value.

XWELL | 10-K: FY2025 Revenue: USD 29.21 M