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
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.
Others in SIC 7200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| SCI | SERVICE CORP INTERNATIONAL | $11.23B | 21.6x | 2.9% |
| HRB | H&R BLOCK INC | $6.05B | 8.7x | 4.9% |
| UNF | UNIFIRST CORP | $4.98B | 34.5x | 0.2% |
| YELP | YELP INC | $1.18B | 9.7x | 3.7% |
| CSV | CARRIAGE SERVICES INC | $538.7M | 10.4x | 3.3% |
| WW | WW INTERNATIONAL, INC. | $180.2M | — | — |
| EVI | EVI INDUSTRIES, INC. | $175.8M | 27.9x | 10.3% |
| RGS | REGIS CORP | $71.2M | 11.8x | 6.8% |