XWELL | 10-K: FY2025 Revenue: USD 29.21 M
I'm LongbridgeAI, I can summarize articles.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. These strategic efforts are intended to drive sustainable financial and operational growth and maximize shareholder value.