XWELL, Inc. XWEL
XWELL is a global wellness organization dedicated to delivering restorative and health-focused services to travelers through its three reportable operating segments: XpresSpa®, XpresTest®, and Naples Wax Center®. As of the date of this Annual Report on Form 10-K, XWELL currently has three reportable operating segments: XpresSpa®, XpresTest® and Naples Wax Center®.
On October 25, 2022, the Company changed its name to XWELL, Inc. ("XWELL" or the "Company") from XpresSpa Group, Inc. The Company's common stock, par value $0.01 per share, which had previously been listed under the trading symbol "XSPA" on Nasdaq, now trades under the trading symbol "XWEL". The Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State on October 24, 2022 (as amended, the "Amended and Restated Certificate") reflecting the name change. Rebranding to XWELL aligned the Company's corporate strategy to build a pure-play wellness services company, in both the airport and off-airport marketplaces.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- All other countries
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $23.4M | $27.8M |
| All other countries | $5.8M | $6.1M |
As the company reported it, from the “Segment Information - Information About Geographical Revenue and Long-Lived Assets (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Revenue by segment
- XpresSpa
- XpresTest
- Naples Wax
| Segment | FY2025 | FY2024 |
|---|---|---|
| XpresSpa | $18.6M | $18.8M |
| XpresTest | $8.2M | $13.1M |
| Naples Wax | $2.3M | $2.1M |
As the company reported it, from the “Segment Information - Information About Reported Segments (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.2M | $33.9M | $30.1M | $55.9M | $73.7M | $8.4M | $48.5M | $800.0K | $450.0K | $12.0M |
| Cost of revenue | $21.7M | $25.0M | $26.4M | $43.9M | $41.4M | $12.0M | $37.9M | $39.5M | $39.0M | $6.7M |
| Gross profit | $7.5M | $8.9M | $3.7M | $12.0M | $32.3M | -$3.6M | $10.7M | -$38.7M | -$38.5M | $5.2M |
| SG&A | $16.0M | $20.1M | $13.0M | $21.2M | $24.2M | $15.9M | $14.3M | $16.2M | $16.6M | $9.7M |
| Total operating expenses | $23.2M | $25.6M | $31.9M | $43.2M | $28.2M | $48.5M | $64.4M | $84.8M | $63.5M | $29.7M |
| Operating income | -$15.7M | -$16.7M | -$28.2M | -$31.2M | $4.1M | -$40.1M | -$15.9M | -$34.7M | -$14.7M | -$17.7M |
| Interest expense | $661.0K | $380.0K | $448.0K | $384.0K | $43.0K | $1.8M | $2.9M | $1.8M | $731.0K | $1.7M |
| Pre-tax income | -$16.1M | -$16.4M | -$28.0M | -$32.6M | $2.9M | -$92.2M | -$20.7M | -$35.9M | -$16.0M | -$19.3M |
| Income tax | $29.0K | $49.0K | $35.0K | $55.0K | $56.0K | $7.0K | $146.0K | $278.0K | $111.0K | $0 |
| Net income | -$17.0M | -$16.9M | -$27.7M | -$32.8M | $3.3M | -$90.5M | -$21.2M | -$37.2M | -$28.8M | -$24.0M |
| EPS, basic | -5.08 | -3.66 | -6.64 | -7.01 | 0.03 | -2.05 | — | — | -1.29 | -1.58 |
| EPS, diluted | -5.08 | -3.66 | -6.64 | -7.01 | 0.03 | -2.05 | -12.99 | -25.60 | -25.88 | -1.58 |
| Shares, diluted (wtd. avg.) | 5.6M | 4.6M | 4.2M | 4.7M | 105.1M | 44.6M | 1.6M | 1.5M | 1.1M | 15.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.6M | $4.5M | $9.2M | $19.8M | $106.3M | $90.5M | $2.6M | $3.9M | $6.9M | $18.4M |
| Short-term investments | $7.0K | $7.2M | $14.6M | $23.2M | — | — | — | — | — | — |
| Receivables | $1.6M | $1.8M | $1.7M | $2.9M | $615.0K | — | — | — | — | $449.0K |
| Inventory | $509.0K | $501.0K | $900.0K | $1.2M | $1.8M | $657.0K | $647.0K | $782.0K | $1.2M | $2.5M |
| Total current assets | $5.9M | $15.3M | $26.6M | $47.3M | $109.0M | $91.8M | $3.9M | $5.8M | $16.1M | $30.5M |
| Property, plant and equipment | $1.7M | $1.8M | $2.5M | $3.7M | $6.7M | $4.2M | $8.1M | $11.8M | $15.8M | $16.3M |
| Goodwill | — | $1.4M | $1.4M | $4.0M | — | — | — | $0 | $19.6M | $20.3M |
| Other intangibles | $101.0K | $1.0M | $1.4M | $4.0M | $3.7M | $870.0K | $6.8M | $9.2M | $11.5M | $13.7M |
| Total assets | $11.2M | $25.4M | $39.0M | $70.4M | $127.3M | $103.1M | $28.7M | $30.6M | $65.2M | $82.8M |
| Accounts payable | $2.8M | $1.6M | $1.1M | $2.3M | $5.5M | $2.4M | $7.1M | $4.6M | $3.4M | $5.2M |
| Short-term debt | — | — | — | — | — | — | — | $6.5M | $0 | — |
| Total current liabilities | $12.9M | $9.2M | $9.3M | $11.0M | $19.8M | $13.5M | $16.2M | $16.7M | $12.5M | $11.8M |
| Long-term debt | — | — | — | — | $3.6M | $5.7M | $5.8M | $0 | $6.5M | $6.5M |
| Total liabilities | $23.8M | $17.6M | $18.0M | $22.5M | $27.3M | $22.8M | $31.3M | $17.4M | $19.4M | $18.6M |
| Retained earnings | -$489.7M | -$472.7M | -$455.9M | -$428.1M | -$395.3M | -$398.6M | -$308.1M | -$286.9M | -$249.7M | -$220.9M |
| Total equity | -$22.3M | -$788.0K | $21.0M | $47.9M | $99.9M | $80.4M | -$2.5M | $13.1M | $45.8M | $64.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.7M | -$11.0M | -$16.1M | -$24.2M | $14.6M | -$25.0M | -$113.0K | -$6.6M | -$12.2M | -$8.4M |
| Depreciation and amortisation | $862.0K | $938.0K | $2.1M | $5.4M | $3.2M | $5.2M | $6.1M | $7.4M | $8.0M | $1.3M |
| Stock-based compensation | $1.1M | $893.0K | $2.3M | $3.8M | $2.9M | $1.3M | $335.0K | $916.0K | $2.2M | $2.4M |
| Capital expenditure | $3.0M | $1.8M | $1.9M | $6.5M | $4.3M | $4.0M | $2.3M | $3.0M | $4.5M | $66.0K |
| Investing cash flow | $4.3M | $5.9M | $5.7M | -$34.8M | -$5.2M | -$4.3M | -$2.3M | -$1.9M | -$5.4M | $3.5M |
| Financing cash flow | $1.9M | $1.4M | $8.0K | -$27.4M | $6.3M | $117.2M | $1.2M | $5.6M | $6.1M | -$2.1M |
| Buybacks | — | — | — | $23.8M | $7.8M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052926.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.0M | $450.0K | $800.0K | $48.5M | $8.4M | $73.7M | $55.9M | $30.1M | $33.9M | $29.2M |
| Gross profit | $5.2M | -$38.5M | -$38.7M | $10.7M | -$3.6M | $32.3M | $12.0M | $3.7M | $8.9M | $7.5M |
| Net income | -$24.0M | -$28.8M | -$37.2M | -$21.2M | -$90.5M | $3.3M | -$32.8M | -$27.7M | -$16.9M | -$17.0M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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